TORONTO, Nov. 28, 2022 /CNW/ – Voltage Metals Corp. (CSE: VOLT) (OTC: VLTMF) (FSE: 8L10); (the “Company” or “Voltage”), is pleased to provide this corporate update to its shareholders.
Voltage has made progress on several fronts during the second half of 2022, as detailed below:
Completed 2,457 metre diamond drill program at the Company’s St Laurent Project in northeastern Ontario. All assays from this drill program have now been received from the lab and the Company will provide a news release on the St Laurent program in coming days.
Entered into a definitive option and joint venture agreement with Mink Ventures (TSX-V: MINK) whereby MINK may acquire an 80% interest in Voltage’s 100% owned Montcalm nickel-copper-cobalt project, located 60km northwest of Timmins Ontario. The Montcalm Project covers 38.8 sq. km and is located adjacent to Glencore’s past producing Montcalm Mine, which had historical production of approximately 3.9 million tonnes grading 1.25% Ni, 0.67% Cu and 0.051% Co (Ontario Geological Survey, Atkinson, 2011). See VOLT news release of August 11, 2022 for terms of the definitive agreement. Separate from the ground optioned to MINK, Voltage still controls over 60 square kilometres of prospective gabbro in the Montcalm camp area.
Completed 285 line-kilometre airborne VTEM at the Company’s Jerry Lake project, located approximately 50km to the west of the Company’s St Laurent Project. Voltage will report on the geophysical results of this survey when the requisite compilation and interpretation is concluded.
Listed successfully to the U.S. OTCQB market, (OTC: VLTMF), with DTC eligibility. Also listed on Germany’s Frankfurt Exchange (FSE: 8L10)
In addition to the above, Voltage continues to review new projects and strategic opportunities which will enhance shareholder value, and looks forward to frequently updating the market throughout the remainder of 2022 and into 2023.
Property Acquisition:
The Company has acquired forty (40) mining claims known as the Strachan Property located in Strachan Township, Cochrane District in the Province of Ontario. These claims augment the Montcalm Gabbro complex projects already held within Voltage. Strachan is considered highly prospective and has seen no recent airborne geophysics or state of the art VTEM, which Voltage intends to deploy as a next step. Gabbro complexes like Montcalm and Strachan represent attractive nickel-copper targets, in light of the nickel rush underway in and around Timmins since mid 2020.
Pursuant to the terms of the purchase agreement with the vendor, the Company has: (i) issued 900,000 common shares to the vendor, and (ii) granted to the vendor a 1.5% net smelter royalty (NSR), which the Company shall have the right at any time, at its sole option, to acquire 1% of the NSR from the vendor for the sum of $1,000,000.
About Voltage Metals
Voltage is a mineral exploration company with a highly experienced team focused on nickel and other battery metals exploration in the Canadian provinces of Ontario and Newfoundland. The Company looks to create shareholder value by aggregating and exploring projects that possess sound geology and brand-new discovery potential. Voltage has a deep roster among management and key stakeholders that are well-versed in the essential resource trifecta of exploration, operations and finance.
Forward Looking Statements
This press release contains forward-looking statements and forward-looking information within the meaning of applicable Canadian and U.S. securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information or statements. The forward-looking statements and information are based on certain key expectations and assumptions made by management. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information. There can be no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward- looking information for anything other than its intended purpose. Management of the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
TORONTO, June 28, 2022 /CNW/ – Voltage Metals Corp., (“Voltage” or the “Company”) (CSE: VOLT) (OTC: VLTMF) is pleased to announce that it has completed a diamond drill program at the Company’s 100% owned St. Laurent Nickel-Copper-Cobalt Project, located 160 km northeast of Timmins, Ontario. The drilling consisted of 2,460 metres in seven holes, with downhole geophysical surveys completed on six of the seven holes. A total of 570 samples, representing 800 metres of core were split for analysis. All samples have been shipped to the lab, with results expected periodically over the next eight weeks.
The St. Laurent Project has received minimal exploration activity since the initial work in the mid 1960’s when nickel-copper mineralization was first identified in a limited number of shallow drill holes. Subsequent airborne geophysical surveys defined a strong electromagnetic (EM) anomaly with an associated bullseye magnetic response, both of which are coincident with the reported disseminated mineralized zone. Diamond drilling in 2008 and 2019 identified geological characteristics indicative of gabbro breccia/conduit hosted nickel mineralization similar to the Lynn Lake Deposit (28.4 million tons @ 0.91% Ni, 0.49% Cu) the Kenbridge deposit (7.5 million tonnes @ 0.58% Ni, 0.32% Cu), and the Montcalm Deposit (3.9 million tonnes @ 1.3% Ni, 0.67% Cu, 0.05 Co).
The recently completed drill program followed up on the results of the 2019 diamond drilling, where the highest nickel grades on the project were intersected with three separate intervals of >1.0% Ni, as well as the widest intersection (113.4 m) of lower grade nickel mineralization, Table 1. Nickel assays in conjunction with the associated sulphur results indicate a high nickel tenor1 of 5% Ni for massive sulphides (35% S) in the magmatic system. Two priority Borehole EM anomalies from the 2019 program and a deeper Heligeotem II Anomaly modelled from a 2007 Survey were also targeted in this drill program.
Table 1 – St. Laurent Diamond Drill Assay Results 2019
DDH #
Year
From m
To m
Width m*
Ni %
Cu %
Co ppm
Au ppb
Pt ppb
Pd ppb
S %
SL-19-01
2019
238.5
248.6
10.1
0.32
0.33
155.4
66.9
23.9
31.8
2.2
SL-19-01
2019
252.4
256.0
3.6
1.10
0.45
503.9
46.0
279.6
84.4
5.1
SL-19-01
2019
256.7
260.9
4.2
1.30
0.47
567.5
690.2
132.9
124.7
5.6
SL-19-01
2019
265.8
270.5
4.7
1.00
0.83
506.0
119.9
243.9
91.4
4.8
SL-19-03
2019
328.0
441.4
113.4
0.22
0.17
139.4
16.3
23.7
20.5
3.4
*Reported width represents core measurements as insufficient information available to determine true thickness.
Bob Bresee, CEO of Voltage stated “The St. Laurent Project represents a previously unrecognized Ni-Sulphide system with very limited past exploration work. As we receive the borehole and assay results over the next while we are reminded that the Ontario Government recently announced (March 17, 2022), a Critical Minerals Strategy for the coming 5 year period to focus on exploration and development of Ni, Cu, Co, Pt, Pd, the very metals specifically contained within the St. Laurent project. We look forward to reporting on the assay and geophysical results in the coming weeks.”
Jerry Lake Property
A 285-line km Geotech VTEM survey has been completed on the Jerry Lake Project, situated 57 km northwest of the St. Laurent Project. The Jerry Lake gabbro represents the only sizeable gabbro body within the Burntbush Assemblage outside of the St. Laurent Gabbro. The Jerry Lake property has never been evaluated with an airborne EM survey, nor has any ground-based exploration been conducted. A well-defined glacial dispersal fan2 of chalcopyrite and nickel suggests the unrecognized Ni-sulphide potential of the Jerry Lake Gabbro. CEO Bob Bresee commented “Jerry Lake is a very good opportunity for Voltage to evaluate an unexplored target with exploration features similar to our Montcalm and St. Laurent Projects. We expect to report the VTEM survey results over the next few weeks.”
About Voltage Metals
Voltage is a mineral exploration company with a highly experienced team focused on nickel and other battery metals exploration in the Canadian provinces of Ontario and Newfoundland. The Company looks to create shareholder value by aggregating and exploring projects that display sound geology and brand-new discovery potential. Voltage has a deep roster of management and key stakeholders, who are expert in the essential resource trifecta of exploration, operations and finance.
Qualified Person:
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in NI 43-101 and reviewed and approved by Todd Keast, P.Geo., a Qualified Person as defined by NI 43-101.
References:
Nickel Tenor is a common practice in magmatic nickel-copper exploration where the nickel vs S ratio is extrapolated to 100% sulphides (35% S), to estimate the grade of massive sulphide. Nickel tenor does not provide certainty that massive sulphides will be discovered.
Gao, C. 2015 Results of regional till sampling in the Detour and Burntbush area, northern Ontario; Ontario Geological Survey,Open File Report 6297, 120p.
Forward Looking Statements
This press release contains forward-looking statements and forward-looking information within the meaning of applicable Canadian and U.S. securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information or statements. The forward-looking statements and information are based on certain key expectations and assumptions made by management. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information. There can be no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward- looking information for anything other than its intended purpose. Management of the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
TORONTO, May 31, 2022 /CNW/ – Voltage Metals Corp. (CSE: VOLT) (OTC: VLTMF) (the “Company” or “Voltage”) is pleased to provide this update on the Company’s 100% owned Wheeler Project in Newfoundland.
Voltage Metals Newfoundland Wheeler Project (CNW Group/Voltage Metals Corp.)
The Wheeler property (“Wheeler”) is situated on the west coast of Newfoundland, 25 kilometres north of the deep-water port town of Stephenville. The property covers the southern extent of the Bay of Islands ophiolite complex and is composed of mafic and ultramafic assemblages dominated by gabbros, pyroxenites and peridotites. The target on the Wheeler property is magmatic Ni-Cu-PGE (plus Co-Cr) mineralization hosted within a mafic intrusion, similar to Norilsk in Russia, Lynn Lake and Namew Lake in Manitoba, Nkomati in South Africa, and Voisey’s Bay in the province of Newfoundland and Labrador.
Wheeler includes the locations of extremely anomalous lake-sediment samples collected as part of the federal and provincial government’s lake-sediment survey (a 35,768 lake-sediment sample database) including the four highest nickel values in the province with values of 4,980, 4,750, 4,390 and 4,230 parts per million (ppm) Ni (nickel), respectively. The property also hosts copper, chromium and cobalt sediment values that are in the 99.9th percentile of the same dataset.
In August of 2021 the Company completed a 726-line-kilometre VTEM airborne geophysical survey at Wheeler, flown by Geotech Ltd, on northeast-southwest-oriented lines spaced 200 metres apart. Recent interpretation of that survey has identified several high-priority drill targets.
“Results from the 2021 VTEM survey show 6 discrete, moderate to strong-amplitude VTEM AEM anomalies over the ophiolite complex,” stated Alan King, the company’s consulting geophysicist. “Potential geological sources of the VTEM responses include conductive serpentinization, graphitic /black shales in sediments, or conductive sulphides. Based on known geology, the most likely source for the strongest two anomalies is pyrrhotite-dominated sulphides, due to local associated magnetic anomalies and the mafic to ultramafic host rocks.”
“We are eager to drill the Wheeler project and test these priority conductors,” stated Voltage CEO Bob Bresee. “This area of southwestern Newfoundland has become very prospective for base metals, as evidenced by the success of our next-door neighbour York Harbour Metals, whose quality drill results have been driving shareholder value in recent months. The historic results on Wheeler demonstrate the excellent potential for nickel, copper, cobalt and platinum group element mineralization.”
Historically documented occurrences on the Wheeler property consist of both net-textured pentlandite (nickel sulphide) and PGE-rich chalcopyrite (copper sulphide) mineralization, indicating that the minerals formed within a magma chamber. Voltage has applied for drill permits at Wheeler and is currently receiving quotations for a summer drilling program of approximately 2,000 metres, to test up to five near-surface EM anomalies.
Appointment of Technical Advisor
Voltage is pleased to announce the appointment of Alan King to its technical advisory board. Alan is a geophysics expert having consulted for decades on projects in Canada, Australia, South America, Africa and Asia. From 1990 to 2012, he was employed by Inco/Vale as a senior geophysicist and then as Manager of Geophysics with responsibility for global exploration. He was a member of the technical team that performed Inco’s due diligence during its review of Voisey’s Bay, prior to its eventual purchase from Diamond Fields in 1995. Subsequent to the acquisition, Alan continued in a supervisory role on Voisey’s Bay geophysics as the project was developed, as well as on other Inco green field and mine area projects. In his capacity as Chief Geophysicist for Vale Global Exploration, Alan worked on geophysical applications for base metals, gold, iron, manganese, coal and fertilizers (potash and phosphate), as well as target generation using regional and global data sets.
Qualified Person
The technical information contained in this news release has been reviewed and approved by Dr. Stephen Amor, PhD, PGeo, who is a qualified person, as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About Voltage Metals
Voltage is a mineral exploration company with a highly experienced team focused on nickel and other battery metals exploration in the Canadian provinces of Ontario and Newfoundland. The Company looks to create shareholder value by aggregating and exploring projects that possess sound geology and brand-new discovery potential. Voltage has a deep roster of management and key stakeholders, who are expert in the essential resource trifecta of exploration, operations and finance.
Forward Looking Statements
This press release contains forward-looking statements and forward-looking information within the meaning of applicable Canadian and U.S. securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information or statements. The forward-looking statements and information are based on certain key expectations and assumptions made by management. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information. There can be no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward- looking information for anything other than its intended purpose. Management of the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
April 19, 2022 – Toronto, Ontario: Voltage Metals Corp., (“Voltage” or the “Company”) (CSE: VOLT) has commenced a diamond drill exploration program at the Company’s 100% owned St. Laurent Nickel-Copper-Cobalt Project, located 160 km northeast of Timmins, Ontario. The program consists of approximately 3,000 metres of drilling with downhole geophysical surveys to define deeper conductive targets for testing in the later phases of the program.
The St. Laurent Project has received minimal exploration activity since the initial discovery in the mid 1960’s when nickel-copper mineralization was first identified in a series of shallow drill holes. Subsequent airborne geophysical surveys defined a strong electromagnetic (EM) anomaly with an associated bullseye magnetic response, both of which are coincident with the mineralized zone. Diamond drilling in 2008 and 2019 identified geological characteristics indicative of a gabbro breccia/conduit hosted style nickel mineralization comparable to the Lynn Lake Deposit (28.4 million tons @ 0.91% Ni, 0.49% Cu)1 the Kenbridge deposit (7.5 million tonnes @ 0.58% Ni, 0.32% Cu)2, and the Montcalm Deposit (3.9 million tonnes @ 1.3% Ni, 0.67% Cu, 0.05 Co)3.
During the last phase of diamond drilling (2019), the highest nickel grades on the project were intersected with three separate intervals of >1.0% Ni, as well as the widest intersection (113.4 m) of low-grade nickel mineralization, (see Table 1). Nickel assays in conjunction with the associated sulphur results indicate a high nickel tenor4 of 5% Ni for massive sulphides (35% S) in the magmatic system. Drilling to date has failed to intersect massive sulphides, yet strong airborne and borehole EM anomalies suggest the presence of strongly conductive sulphides.
Table 1 – St. Laurent Diamond Drill Assay Results, 1966-2019
DDH #
Year
From m
To m
Width m*
Ni %
Cu %
Co ppm
Au ppb
Pt ppb
Pd ppb
S %
SL-19-01
2019
238.5
248.6
10.1
0.32
0.33
155.4
66.9
23.9
31.8
2.2
SL-19-01
2019
252.4
256.0
3.6
1.10
0.45
503.9
46.0
279.6
84.4
5.1
SL-19-01
2019
256.7
260.9
4.2
1.30
0.47
567.5
690.2
132.9
124.7
5.6
SL-19-01
2019
265.8
270.5
4.7
1.00
0.83
506.0
119.9
243.9
91.4
4.8
SL-19-03
2019
328.0
441.4
113.4
0.22
0.17
139.4
16.3
23.7
20.5
3.4
SL-08-01
2008
57.4
82.4
25.0
0.14
0.16
88.5
45.1
17.5
21.3
1.1
SL-08-01
2008
101.9
112.4
10.5
0.23
0.16
182.0
25.4
24.2
12.3
3.3
SL-08-01
2008
120.3
125.4
5.1
0.21
0.09
149.3
12.9
19.6
19.7
2.0
SL-08-02
2008
65.2
81.1
15.9
0.27
0.23
148.7
34.5
33.7
16.7
1.9
SL-08-02
2008
84.4
104.3
19.8
0.32
0.34
189.2
45.7
31.0
26.8
2.7
SL-08-03
2008
157.1
187.7
30.6
0.24
0.19
143.8
40.0
32.7
19.8
2.0
SL-08-03
2008
191.2
205.7
14.5
0.13
0.14
109.2
15.0
8.7
8.1
1.7
PA-1
1966
48
50.7
2.7
0.78
0.23
PA-5
1966
45
64.3
19.3
0.37
0.33
PA-5
1966
73
78.7
5.8
0.15
0.12
PA-7
1966
112
138.5
26.5
0.16
0.23
*Reported width represents core measurements as insufficient information available to determine true thickness.
Bob Bresee, CEO of Voltage states: “The high nickel tenor of the St. Laurent magmatic system includes appreciable amounts of cobalt and PGE’s, which combined with a high nickel grade provides an extremely exciting exploration target due to the high dollar value of the contained minerals. A series of borehole and airborne EM anomalies extending along an 800-metre-long corridor allows us to focus our drilling activities in this most prospective area. Massive sulphides and high-grade nickel are the primary exploration focus, but we are also keeping in mind the historical wide, low grade nickel intersections, which are interesting given the current robust metal prices.”
About the St. Laurent Project:
The St. Laurent Project covers 4,170 hectares and is located in St. Laurent Township, Northern Ontario, 160 kilometres northeast of Timmins, 50 kilometres south of the Detour Lake Mine and 20 kilometres southwest of the Casa Berardi Mine.
Past shallow drilling at the St. Laurent Project encountered disseminated, multi-element sulphide mineralization across notable widths, trending towards a large gabbro-hosted magnetic feature.
The Ni-Cu-Co-Au-Pt-Pd zone is open along strike and at depth. This mineralized zone is coincident with a strong 800-metre-long EM anomaly.
Drilling to date has not yet intersected massive sulphides, and the strong airborne EM anomaly has not yet been explained. The disseminated sulphide halo provides an important vector to guide upcoming exploration work.
Nickel tenor at St Laurent is high at 5% in the system.
References:
Pinsent R.H., 1980, Nickel Copper Mineralization in the Lynn Lake Gabbro, Manitoba Department of Energy and Mines Minerals Resources Division Economic Geology Report ER-79-3.
Tartisan Nickel Corp. Sedar Website P & E Mining Consultants, Sept 17,2020, Technical Report and Updated Mineral Resource Estimate of the Kenbridge Nickel Project.
Atkinson, 2011, Ministry of Northern Development and Mines.
Nickel Tenor is a common practice in magmatic nickel-copper exploration where the nickel vs S ratio is extrapolated to 100% sulphides (35% S), to estimate the grade of massive sulphide. Nickel tenor does not provide certainty that massive sulphides will be discovered.
Qualified Person:
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in NI 43-101 and reviewed and approved by Todd Keast, P.Geo., a Qualified Person as defined by NI 43-101.
About Voltage Metals
Voltage is a mineral exploration company with a highly experienced team focused on nickel and other battery metals exploration in the Canadian provinces of Ontario and Newfoundland. The Company looks to create shareholder value by aggregating and exploring projects that possess sound geology and brand-new discovery potential. Voltage has a deep roster among management and key stakeholders, that are fluent in the essential resource trifecta of exploration, operations and finance.
Forward Looking Statements
This press release contains forward-looking statements and forward-looking information within the meaning of applicable Canadian and U.S. securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information or statements. The forward-looking statements and information are based on certain key expectations and assumptions made by management. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information. There can be no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward- looking information for anything other than its intended purpose. Management of the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
TORONTO, Feb. 23, 2023 /CNW/ – Voltage Metals Corp., (“Voltage” or the “Company”) (TSXV: VOLT) is pleased to report final assay results from the diamond drill program at the Company’s 100% owned St. Laurent Nickel-Copper-Cobalt Project, located 160 km northeast of Timmins, Ontario. Exploration consisted of seven holes, (2,457m), with borehole EM geophysical surveys completed on six holes. The 2022 program was a follow up to encouraging results from a 2019 program by a previous operator, with SL-19-01 intersecting three separate intervals of >1.0% Ni, and SL-19-03 intersecting 113.4 m 0.22% Ni, 0.17% Cu
Highlights
Six out of Seven holes intersected encouraging Ni-Cu sulphide mineralization.
SL-22-07 intersected 51.8 metres of 0.24% Ni 0.18% Cu, was drilled to provide definition on the broad zone of mineralization intersected in SL-19-03 which included 113.4 metres 0.22% Ni, 0.17% Cu.
SL-22-09 intersected 23.1 metres of 0.36% Ni, 0.23% Cu, including a higher-grade section of 6.0 metres of 0.62% Ni, 0.36% Cu. A deeper intersection in this hole returned 14.0 metres of 0.25% Ni, 0.14% Cu.
SL-22-10 intersected 10.3 metres of 0.29% Ni, 0.17 % Cu and a deeper higher-grade interval of 0.67% Ni, 0.44% Cu over 4.0 metres..
SL-22-11 intersected multiple intervals of mineralization including 17.5m of 0.28% Ni 0.19% Cu, an intermediate interval of 13.0 metres of 0.53% Ni, 0.27 % Cu, and a deeper intersection of 14.4 metres of 0.36% Ni, 0.32% Cu.
A newly identified Maxwell Plate EM anomaly positioned between SL-10-01 and SL-19-02 suggests size and continuity of mineralization for follow-up drill testing.
A recently defined Maxwell Plate EM anomaly proximal to SL-19-06 providing a priority target for follow-up work and suggests continuity of the mineralized system to the northeast.
St. Laurent Nickel Sulphide Mineralized System
The St. Laurent Project displays geological characteristics indicative of a gabbro breccia/conduit hosted style of nickel mineralization, comparable to the Lynn Lake Deposit (28.4 million tons @ 0.91% Ni, 0.49% Cu)1 the Kenbridge deposit (7.5 million tonnes @ 0.58% Ni, 0.32% Cu)2, and the Montcalm Deposit (3.9 million tonnes @ 1.3% Ni, 0.67% Cu, 0.05 Co)3. Characteristics of these systems include, irregular massive sulphide lenses contained within broad intervals of lower grade mineralization, often disrupted by barren xenoliths of gabbro intrusion material and the surrounding wall rock material.
Nickel and sulphur assay data from St Laurent predicts a high nickel tenor4 of 5% Ni for massive sulphides (35% S) in the St. Laurent system. Drilling to date has intersected multiple intervals of wide, lower grade disseminated, stringers and blebby sulphide mineralization.
2022 Drill Hole Results
SL-22-05 was drilled 45 metres up-dip from the three closely spaced mineralized zones intersected in SL-19-01 (1.1% Ni, 0.5% Cu, 503 ppm Co, 5.1% S over 3.6m, 1.3% Ni, 0.5 % Cu, 568 ppm Co, 5.6% S over 4.2m, 1.0% Ni, 0.8% Cu, 506 ppm Co, 4.8% S over 4.7m) coincident with the center of a strong Maxwell Plate EM anomaly. The hole encountered sulphide mineralization at the expected depth with 0.7% Ni, 0.3% Cu over 2.6 m, but was abruptly terminated by the presence of mafic volcanic xenoliths. Several narrow intervals were intersected, including 3.9 m of 0.21% Ni, 0.25% Cu, and a deeper section of 0.8m of 0.81% Ni, 0.14% Cu. The presence of mafic volcanic xenoliths is an expected component of the conduit type system. Identifying the position of the larger xenoliths is important for future drill planning.
SL-22-06 was drilled to test the north-east extension of the mineralized system in the down plunge direction, targeting a deep-strong Maxwell Plate EM anomaly. Non mineralized Gabbro and Diorite were intersected throughout the entirety of hole with no explanation for the anomaly. Follow up Borehole EM surveys have defined a strong, large off-hole anomaly indicating the presence of conductive material continuing in the northeast down-plunge direction.
SL-22-07 was drilled 400 metres in front and oriented back towards SL-19-03. The purpose of the hole was to further define the width and orientation of the low- grade mineralization in SL-19-03, while at the same time testing multiple Maxwell Plate EM anomalies. SL-22-07 intersected 51.8m of 0.24% Ni, 0.18% Cu. The broad zone of mineralization was cut-off early by the presence of a large mafic volcanic xenolith. The mineralized zone in this area is interpreted to be approximately 75 metres wide. Borehole EM surveys have defined a large continuous Maxwell Plate EM anomaly coincident with the broad zone of mineralization, suggesting good continuity to the system.
SL-22-08 was drilled 80 metres east of SL-22-05 to test the edge of a Maxwell Plate EM anomaly. A wide interval of 52.7 metres of 0.12% Ni, 0.09% Cu with a higher-grade interval of 0.25% Ni, 0.18% Cu over 9.0 metres was intersected.
SL-22-09 was drilled from the same setup as SL-22-08 at a steeper dip. SL-22-09 intersected 0.62% Ni, 0.36% Cu over 6.0 m within a broader interval of 23.1 metres of 0.34% Ni, 0.23% Cu. Variation in grade of mineralization between SL-22-09, SL-22-08 drilled 60 metres above, and SL-19-01 drilled 65 metres to the west, highlight the expected variations in this style of a mineralized system. SL-22-09 encountered a large mafic volcanic xenolith interpreted to have cut off a portion of the mineralized zone.
SL-22-10 was drilled to test wide sections of mineralization reported in drill holes PA-2 and PA-4 (1966). Drill casings for these two holes were located in the field, which allows the historical data to be accurately incorporated into the current model. SL-22-10 was positioned between the two older setups and planned to evaluate the western portion of the mineralized system. SL-22-10 intersected 10.3 metres of 0.29% Ni, 0.17% Cu and a second interval of 4.0 metres of 0.70% Ni, 0.44% Cu.
SL-22-11 was drilled from the same setup as SL-22-10 at a shallower dip. Multiple zones of mineralization were intersected throughout the hole, including 5.5 metres of 0.28% Ni, 0.18% Cu, 6.5 metres of 0.22% Ni, 0.21% Cu, 17.5 metres of 0.28% Ni, 0.42% Cu, and 13.0 metres of 0.53% Ni, 0.27% Cu. The mineralized zone is interpreted to be approximately 100 metres thick based on drilling in this area.
Assay results are included in Table 1. Drill intervals in the table are core lengths, as true widths have not been determined due to insufficient drill detail.
Table 1 – St. Laurent 2022 Diamond Drill Program Assay Results
BHID
From m
To m
Width m
Ni ppm
Cu ppm
Co ppm
Au ppm
Pt ppm
Pd ppm
S %
SL-22-05
196.4
204.9
8.5
2978
2116
155
0.01
0.02
0.04
1.9
SL-22-05 incl
196.4
199.0
2.6
6733
3127
315
0.03
0.04
0.07
3.6
SL-22-05
216.6
220.5
3.9
2108
2491
135
0.05
0.03
0.04
2.2
Sl-22-05
256.2
257.0
0.8
8060
1395
408
0.02
0.21
0.13
4.5
SL-22-06
NSA
SL-22-07
289.2
341.0
51.8
2356
1817
159
0.03
0.07
0.07
3.7
SL-22-07 incl
330.5
339.8
9.3
3447
3130
192
0.07
0.14
0.09
3.7
SL-22-07 incl
334.0
339.8
5.8
4176
3718
232
0.09
0.18
0.12
4.3
SL-22-08
190.0
242.7
52.7
1203
917
98
0.01
0.02
0.02
2.5
SL-22-08 incl
190.0
199.0
9.0
2482
1806
129
0.01
0.02
0.02
2.2
SL-22-08
274.5
280.5
6.0
1332
777
112
0.01
0.04
0.04
2.5
SL-22-09
237.4
260.5
23.1
3577
2332
178
0.02
0.02
0.03
2.3
SL-22-09 incl
240.0
246.0
6.0
6183
3564
278
0.02
0.04
0.04
3.4
SL-22-09
284.0
298.0
14.0
2458
1372
149
0.02
0.01
0.03
2.3
SL-22-10
86.0
96.3
10.3
2938
1692
193
0.02
0.07
0.06
3.1
SL-22-10
164.0
168.0
4.0
6696
4352
329
0.16
0.06
0.03
4.5
SL-22-10 incl
165.3
168.0
2.7
8346
5885
408
0.22
0.07
0.04
5.3
SL-22-11
25.0
30.5
5.5
2701
1749
174
0.02
0.06
0.04
2.6
SL-22-11
85.0
91.5
6.5
2148
2183
146
0.03
0.05
0.04
2.2
SL-22-11
106.4
114.0
7.6
1561
770
116
0.01
0.04
0.03
1.6
SL-22-11
134.5
152.0
17.5
2801
1859
178
0.02
0.04
0.02
2.8
SL-22-11
175.5
188.5
13.0
5270
2674
314
0.01
0.04
0.05
3.7
SL-22-11 incl
185.4
186.5
1.1
13445
4480
810
0.01
0.10
0.12
6.9
SL-22-11
209.1
223.5
14.4
3603
3208
196
0.02
0.09
0.04
3.1
2022 Drill Program
Exploration consisted of seven holes, (2,457m), with borehole EM geophysical surveys completed on six holes. A total of 570 samples, representing 800 metres of core were split for analysis. All drill holes, with the exception of SL-22-06, intersected multiple intervals of sulphide mineralization. The St. Laurent mineralized system has been sporadically tested along 650 metres strike extent, with only 4,792 metres of drilling in three separate programs since 2008. In 1966, 13 holes were competed, with drill logs (limited assay data) provided for 7 of the 13 holes (1,081m). Drill Hole locations for the 2022 program are included in Table 2.
Table 2- 2022 Drill Hole Locations
BHID
UTM E
UTM N
Elev Z
Az
Dip
EOH m
SL-22-05
603758
5469208
290
330
-55
300.0
SL-22-06
603988
5469744
290
150
-70
486.0
SL-22-07
603835
5469675
290
150
-55
471.0
SL-22-08
603828
5469243
290
330
-55
309.0
SL-22-09
603828
5469243
290
330
-68
384.0
SL-22-10
603590
5469409
290
150
-65
219.0
SL-22-11
603590
5469409
290
150
-50
288.0
2457.0
Borehole EM Surveys
Borehole EM surveys were performed on the majority of 2019 and 2022 drill holes. The interpreted Maxwell Plate modeling is an effective method at tracking the trend of the mineralization and provides a high level of confidence for future drill targeting.
Comment on Results
The 2022 Voltage diamond drill program has improved the geological understanding of the St. Laurent project and greatly expanded the footprint of the mineralized system. Bob Bresee, President of Voltage states “The objective of the 2022 drill program was to identify massive sulphide mineralization, which based on the nickel tenor of this system indicates high grade 5% nickel. The St. Laurent magmatic system includes appreciable amounts of cobalt and PGE’s which combined with a high nickel grade provides an extremely desirable exploration target due to the high dollar value of the contained minerals. Although massive sulphides are the primary exploration focus, wide lower grade nickel mineralization in conjunction with the current high metal prices present exploration opportunities to evaluate lower nickel grade, larger volume material. The broad zones of lower grade mineralization at St. Laurent indicate a large continuous system that has been lightly drill tested with 5,873 metres total drilling since 1966, along a strike distance of 650 metres.”
Assaying & QAQC
Core was logged, tagged and sawn at the Company’s logging facility in Cochrane, Ontario. Samples were transported in sealed bags to ALS Canada Ltd. facility in Timmins for preparation. Pulps were transported to Vancouver, British Columbia for 35 element MEICP41 Aqua regia ICP AES analysis, PGM ICP23 analysis for Au- Pt- Pd analysis, S-IR08 for Sulphur analysis, Cu OG46 analysis for >10000 ppm Cu and NiOG46 analysis for >10000 ppm Ni. the sampling of, and assay data, from drill core is monitored through the implementation of a quality assurance – quality control (QA-QC) program designed to follow industry best practice.
Qualified Person
The St. Laurent 2022 diamond drill project was completed under the direct supervision of Todd Keast, P.Geo, a consultant to Voltage Metals Corp. Todd Keast, P.Geo. is a Qualified Person as defined in National Instrument 43-101. He has reviewed and approved the technical content of this press release.
References:
Pinsent R.H., 1980, Nickel Copper Mineralization in the Lynn Lake Gabbro, Manitoba Department of Energy and Mines Minerals Resources Division Economic Geology Report ER-79-3.
Tartisan Nickel Corp. Sedar Website P & E Mining Consultants, Sept 17,2020, Technical Report and Updated Mineral Resource Estimate of the Kenbridge Nickel Project.
Atkinson, 2011, Ministry of Northern Development and Mines.
Nickel Tenor is a common practice in magmatic nickel-copper exploration where the nickel vs S ratio is extrapolated to 100% sulphides (35% S), to estimate the grade of massive sulphide. Nickel tenor does not provide certainty that massive sulphides will be discovered.
TORONTO, Aug. 16, 2021 /CNW/ – Mansa Exploration Inc. (“Mansa” or the “Company”) (CSE: MANS) is pleased to announce that it has entered into a binding letter of intent dated August 13, 2021 (the “Agreement”) with Voltage Metals Inc. (“Voltage”). Pursuant to the Agreement, Mansa will acquire all of the issued and outstanding shares of Voltage in exchange for shares of Mansa (the “Transaction”). The Transaction will constitute a reverse takeover of Mansa by Voltage and will be a “fundamental change” of Mansa pursuant to the policies of the Canadian Securities Exchange (“CSE”), requiring approval from the CSE. Approval of the shareholders of Mansa and Voltage will also be required.
Shareholders of Voltage will receive an aggregate of 36,000,000 common shares in the capital of Mansa in exchange for the outstanding common shares of Voltage.
ABOUT VOLTAGE METALS INC.
Voltage is a mineral exploration company with a highly experienced team focused on the St. Laurent Project which covers 4,170 hectares and is located in St. Laurent Township, Northern Ontario, 160 kilometres northeast of Timmins, 50 kilometres south of Detour Lake Mine and 20 kilometres southwest of Casa Berardi Mine.
Past shallow drilling at the St. Laurent Project identified disseminated multi-element sulphide mineralization across notable widths trending towards a large gabbro-hosted magnetic feature. The Ni-Cu-Co-Au-Pt-Pd zone is open along strike and at depth. This mineralized zone, importantly, is coincident with a strong 600-metre long EM anomaly.
Drilling to date has not yet intersected massive sulphides, and the EM anomaly has not yet been explained. The disseminated sulphide halo provides an important vector to guide the upcoming future exploration work.
Voltage is party to a purchase agreement (the “Purchase Agreement”) dated June 20, 2020, as amended March 1, 2021, with Pancontinental Resources Corp. (“Pancon”), pursuant to which Voltage will be acquiring from Pancon a 100% interest in the St. Laurent Project, along with the Montcalm Project, the Nova Project and the Gambler Project, with the latter three projects being early-stage exploration projects located in the Montcalm Greenstone Belt, approximately 65 kilometres northwest of Timmins, Ontario. Pursuant to the terms of the Purchase Agreement, Voltage has two remaining payments to Pancon as follows: (i) $300,000 no later than September 30, 2021; and (ii) $200,000 no later than December 31, 2021.
PRIVATE PLACEMENT
Prior to or concurrently with the completion of the Transaction, it is anticipated that Mansa will carry out a private placement financing (the “Concurrent Financing“) to raise up to $2 million in gross proceeds for the purposes of funding its working capital requirements and carrying out exploration work on the properties of Voltage and Mansa. The terms of the Concurrent Financing will be determined by Voltage and Mansa.
CONDITIONS TO CLOSING TRANSACTION
A listing statement of Mansa will be prepared and filed in respect of the Transaction. Investors are cautioned that, except as disclosed in the listing statement, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Completion of the Transaction is subject to a number of conditions, including, but not limited to, receipt of regulatory approval, compliance with applicable securities laws, and the receipt of all requisite shareholder approvals. Trading in the common shares of Mansa will remain halted pending review of the Transaction by the CSE. There can be no assurance that trading in the common shares will resume prior to completion of the Transaction.
QUALIFIED PERSON STATEMENT
All scientific and technical information contained in this news release was prepared and approved by Todd Keast, P. Geo, who is a Qualified Person as defined in NI 43-101.
The CSE has not, in any way, passed upon the merits of the Transaction and associated transactions and has not, in any way, approved or disapproved of the contents of this news release. The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
ABOUT MANSA EXPLORATION
Mansa Exploration is a Canadian mineral exploration company listed on the Canadian Securities Exchange (CSE) under the symbol MANS. Mansa currently has an option to acquire a 100% interest in the 1,900-hectare Skyfire property located in the Caribou mining area of central British Columbia, Canada. Mansa may earn 100% interest by incurring an aggregate of $1,250,000 in exploration expenditures on the property by December 31, 2022. Mansa is also exploring for Ni-Cu-PGE mineralization on its 100% owned, 19,750-hectare Wheeler Property located in southwestern Newfoundland and Labrador.
FORWARD-LOOKING INFORMATION
Certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Transaction, the completion thereof and the use of proceeds. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “will” or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including the receipt of all necessary regulatory and shareholder approvals. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
As the world moves to meet stringent targets for cutting carbon emissions — partly by phasing out internal-combustion engine cars — demand for lithium, cobalt and nickel vital for electric vehicle batteries will soar, raising the prospect of shortages.
High lithium prices have failed to spur investment in new capacity due to lower long-term contract prices, while the problem for cobalt supply is that it is mainly a byproduct of copper, meaning investment decisions are based on copper prices.
For nickel, new projects in Indonesia, which has the world’s largest reserves, mean the likelihood of major shortfalls may only come into play towards the end of this decade.
Lithium
Electric vehicle batteries can use lithium carbonate or lithium hydroxide, but the industry typically talks of lithium carbonate equivalent (LCE) which contains both.
LCE prices on the spot market have risen above $12,000 a tonne, more than double the levels seen in November last year and the highest since January 2019, Benchmark Mineral Intelligence (BMI) says.
Those levels are high enough to incentivise investment in new capacity, but annual or longer term contracts signed in the last quarter of 2020 with lower prices are a barrier.
BMI’s George Miller forecasts a LCE deficit of 25,000 tonnes this year and expects to see acute deficits from 2022.
“Unless we see significant and imminent investment into large, commercially viable lithium deposits, these shortages will extend out to the end of the decade,” Miller said.
The location of more than 60% of processing capacity in China is a concern as it could pose a risk to electric vehicle supply chains in the United States and Europe.
Roskill’s analysts estimate lithium carbonate equivalent demand will rise above two million tonnes by 2030, a more than 4.5 fold increase from 2020.
Cobalt
Cobalt content in batteries has been cut significantly in recent years, but soaring sales of EVs mean demand for the minor metal is expected to rise overall, leaving deficits.
Analysts at Roskill forecast cobalt demand will rise to 270,000 tonnes by 2030 from 141,000 last year.
Indonesia’s high pressure acid leach (HPAL) projects will help cover some of the shortfall.
But the problem remains that cobalt is mostly a byproduct.
“It’s difficult to invest in cobalt specific capacity because it is a byproduct. There isn’t a mechanism within which supply can react to demand and prices,” said George Heppel, a consultant at CRU.
“If we look out to the mid-2020s, we could really do with another Katanga.”
Glencore expects its Katanga mine in Democratic Republic of Congo to produce 30,000 tonnes of cobalt this year.
CRU forecasts cobalt demand from electric vehicles to account for more than 120,000 tonnes, or nearly 45% of the total, by 2025 compared with nearly 39,000 tonnes, or 27%, in 2020.
The world’s largest cobalt producer is the Democratic Republic of Congo, which is taking steps to develop controls and traceability of artisanal material to make it acceptable to those worried about human rights abuses.
Nickel
Concerns about nickel supply for battery chemicals dissipated after Chinese nickel pig iron (NPI) producer Tsingshan Holding Group said it would convert NPI into matte, which can be used to make chemicals for batteries.
“There are now projects totaling 300,000 tonnes per annum to convert NPI into a product that can be turned into sulphate for batteries,” Macquarie analyst Jim Lennon said.
“That nickel is on the verge of a surpercycle is hype. It will be over-supplied until at least the mid-2020s.”
Lennon also expects Indonesia’s high pressure acid leach (HPAL) projects to produce between 400,000-600,000 tonnes of nickel a year for much of this decade.
Global nickel supply is estimated at around 2.6 million tonnes this year. Of that about two-thirds will be used by stainless steel mills, most of them in China, while electric vehicles account for less than 10% of consumption.
Tsingshan said in March it would supply 100,000 tonnes of nickel matte to customers.
“There are other operators in Indonesia who could follow Tsingshan,” said BoA Securities analyst Michael Widmer, who expcts NPI supply to contribute to surpluses in 2024 and 2025.
