Volt Lithium Corp. (TSX-V: VLT, OTCQB: VLTLF, FSE: I2D)
(“
Volt” or the “
Company”) is
pleased to announce the completion of an initial resource report,
prepared in accordance with National Instrument 43-101 – Standards
of Disclosure for Mineral Projects (“
NI 43-101”)
(the “
Technical Report”),
indicating an inferred mineral resource of 4.3 million tonnes of
lithium carbonate equivalent (“
LCE”) at the
Company’s Rainbow Lake Property.
Key
Highlights:
-
4.3 million tonnes of LCE in the
Inferred Mineral Resource category from the Devonian aged Sulphur
Point, Muskeg and Keg River (the “Elk Point
Group”) aquifers.
-
Rainbow Lake Property has an estimated 99.0 billion
barrels (15.7 billion cubic metres (m3)) of brine, more
than 20 billion barrels higher than the 78 billion barrels
previously estimated, with lithium concentrations as high
as 121 mg/L and an estimated average associated lithium
concentration of 51 mg/L.
-
The Inferred Mineral Resource equates to 215
times the estimated peak
production of 20,000 tonnes per
year, demonstrating the sheer size and
scale of this lithium asset.
-
Results from Volt’s current pilot project are anticipated
before the end of Q2/23.
-
Volt’s total land position at Rainbow Lake equals
~430,000
acres (~670 sections) and features over
1,300 producing wells from which to source
brine.
- Volt intends to
focus development on those areas of its asset base featuring the
highest lithium concentrations, including the
regions highlighted on the map below, where testing demonstrated
concentrations between 101 and 121 mg/L in the
Muskeg Formation , levels that are expected to drive strong
economic returns and robust cash flows.
“Receipt of this Technical Report represents a
landmark milestone and defining moment for Volt as we confirm an
estimated 4.3 million tonnes of LCE with concentrations as high as
121 mg/L across parts of our land base, underpinning our commitment
to be an integral part of the clean energy transition,” commented
Alex Wylie, President and CEO of Volt. “With this Technical Report
in hand, we have a strong foundation to continue developing our
assets with the goal of increasing the resource estimate and
further expanding our high lithium concentrations. We are at a true
inflection point in Volt’s journey as we advance our goal of
becoming North America’s first commercial producer of lithium from
oilfield brine, which will set the stage for the Company to secure
additional assets and oil and gas company partnerships where we can
apply our proprietary technology to target the efficient and
profitable extraction of lithium from brine.”
The Company would like to thank its staff and
contractors for their diligence, tireless efforts and safe
execution in achieving this significant corporate milestone, as
well as the cooperation of the producing oil and gas partners
across Volt’s permit areas to obtain the brine samples.
NI 43-101 Technical Report:
Mineral Resource Estimate at
Rainbow Lake Property
The NI 43-101 Technical Report for the Rainbow
Lake Property is being prepared and will be filed on SEDAR and the
Company’s website within the coming week, and no later than 45
days. Following is a summary of the key technical highlights from
the Technical Report:
Qualified Persons
The Resource estimate, along with various
scientific and technical information in this press release, has
been prepared by Volt’s multi-disciplinary team of Meghan Klein,
P.Eng and Doug Ashton, P. Eng of Sproule Associates Limited
("Sproule"), a global leader in subsurface fluid resource
evaluations with over seventy years of experience. Dmitry
Deryushkin. P. Geo., M.Eng and Jesse Williams-Kovacs, P.Eng. of
Subsurface Dynamics Inc. co-authored the Technical Report and were
responsible for the preparation and completion of the geological
portion of the Technical Report including geomodelling. Each of the
above persons meet the qualifications for a Qualified Person (QP)
within the meaning of NI 43-101.
Estimate Methodology
The estimate was completed using volumetric
analytics based on geological parameters that include aquifer
geometry, porosity, permeability, pressure, and lithium
concentrations. The mineral resource estimate benefited from a
considerable amount of data compiled by the oil and gas industry
and made public by the Government of Alberta.
Key data sets used to determine aquifer brine parameters in the
resource area include:
-
drill stem tests (pressure, water quality, and permeability),
-
core plug analyses (porosity and permeability),
-
core logging and facies description (geometry of the aquifer),
-
downhole wireline logs (lithology, total porosity, effective
porosity, and permeability),
-
sampling compositional analysis (lithium concentration), and
-
historical production volumes of hydrocarbons and water (context
for aquifer pressure and continuity).
Within each of the three Elk Point Group
aquifers, the lithium concentrations are as follows:
-
Muskeg aquifer: concentrations in
the range of 34.2 to 121.0 mg/L, with an
average of 92.3 mg/L based on testing conducted by
Volt and verified by third party labs, while Government Data was in
the range of 36.0 to 52.0 mg/L with an average of 42.7 mg/L.
-
Keg River aquifer: concentrations
in the range of 36.7 to 62.1 mg/L, with an
average of 48.7 mg/L based on
testing conducted by Volt and verified by third party labs, while
Government Data was in the range of 32.0 to 54.0 mg/L with an
average of 40.4 mg/L.
-
Sulphur Point
aquifer: concentrations in the range of
29.0 to 51.0 mg/L with an average of 40.3
mg/L, based on Government Data.
A total of 41 samples of lithium measurements,
including public and private data, were used to generate the
estimated lithium concentration across the Rainbow Lake Property.
Numerous lithium brine samples were available for all three
formations in the area of interest, including both historical
public samples, as well as samples that had been compiled for an
open file report prepared by the Alberta Energy Regulator and
Alberta Geological Survey, led by Lyster et al., and samples
collected by Volt in 2022 and 2023.
To estimate a lithium Inferred Mineral Resource
across the Rainbow Lake Property area, a volumetric analysis based
on bulk rock volume, petrophysical properties, and lithium
concentration data was used to define the initial estimates of
reservoir in-place volumes. Based on sensitivity analysis, it is
reasonable to expect that most of the Inferred Mineral Resource
volume estimated can be moved into Indicated and Measured Resources
as exploration activities, geomodel enhancements and additional
statistical modeling resolve and manage uncertainties related to
the geological parameters associated with the project.
As of the effective date of the Technical
Report, Inferred Mineral Resources, estimated in accordance with NI
43-101 and using CIM definition standards (2014), and CIM (2012,
2019) and OSC (2011) guidance, and documented above are considered
uncertain based on current known geological attributes across the
Rainbow Lake Property to be defined as reserves. The mineral
resources documented in this Technical Report do not demonstrate
the economic viability necessary to be classified as mineral
reserves at this time.
About Volt
Volt is a lithium development and technology
company aiming to be North America’s first commercial producer of
lithium hydroxide and lithium carbonates from oilfield brine. Our
strategy is to generate value for shareholders by leveraging
management’s hydrocarbon experience and existing infrastructure to
extract lithium deposits from existing wells, thereby reducing
capital costs, lowering risks and supporting the world’s clean
energy transition. With four differentiating pillars, and a
proprietary Direct Lithium Extraction (“DLE”) technology, Volt’s
innovative approach to development is focused on allowing the
highest lithium recoveries with lowest costs, positioning us well
for future commercialization. We are committed to operating
efficiently and with transparency across all areas of the business
staying sharply focused on creating long-term, sustainable
shareholder value. Investors and/or other interested parties may
sign up for updates about the Company’s continued progress on its
website: https://voltlithium.com/.
Contact Information
For Investor Relations inquiries or further
information, please contact:
Alex Wylie, President &
CEO awylie@voltlithium.com M:
+1.403.830.5811
Forward Looking Statements
This news release includes certain
“forward-looking statements” and “forward-looking information”
within the meaning of applicable Canadian securities laws. When
used in this news release, the words “anticipate”, “believe”,
“estimate”, expect”, “target”, “plan”, “forecast”, “may”, “would”,
“could”, “schedule” and similar words or expressions, identify
forward-looking statements or information. Statements, other than
statements of historical fact, may constitute forward looking
information and include, without limitation, statements about
future exploration activities; the preparation and disclosure of a
NI 43-101 technical report; the merits of the Rainbow Lake Project;
the disclosure of additional technical information and recommended
exploration activities for the Rainbow Lake Project; the financial
position, assets, liabilities and loss position of Volt; Volt’s
future financial commitments; Volt’s expected financial position
and financial commitments following completion of the Acquisition;
the satisfaction of closing conditions and completion of the
Acquisition; the merits of the Acquisition; the ownership and
management of the Company upon closing; the minerals targeted by
Volt; that the Acquisition accelerates the execution of the
Company’s strategy; and the expected closing of the Acquisition.
Forward-looking statements and forward-looking information also
include any statements relating to future mineral production,
liquidity, enhanced value and capital markets profile of Volt,
future growth potential for Volt and its business, and future
exploration plans. With respect to the forward-looking information
contained in this news release, the Company has made numerous
assumptions regarding, among other things, the closing of the
Acquisition; the approval of the TSXV; and the ability of the
parties to complete the Acquisition as contemplated in the
Agreement. Assumptions have also been made regarding, among other
things, the price of copper, lithium and other metals; no
escalation in the severity of the COVID-19 pandemic; costs of
exploration and development; the estimated costs of development of
exploration projects; Volt’s ability to operate in a safe and
effective manner and its ability to obtain financing on reasonable
terms, that the geological, metallurgical, engineering, financial
and economic advice that the Company has received is reliable and
are based upon practices and methodologies which are consistent
with industry standards. While the Company considers these
assumptions to be reasonable, these assumptions are inherently
subject to significant uncertainties and contingencies and may
prove to be incorrect. Additionally, there are known and unknown
risk factors which could cause the Company’s actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking information contained herein. Known risk
factors include, among others: fluctuations in commodity prices and
currency exchange rates; uncertainties relating to interpretation
of well results and the geology, continuity and grade of mineral
deposits; uncertainty of estimates of capital and operating costs,
recovery rates, production estimates and estimated economic return;
inability to obtain TSXV approval on terms acceptable to the
Company and the Vendors; inability to satisfy the closing
conditions of the Agreement; inability to realize the expected
synergies from the Acquisition; the need for cooperation of
government agencies in the exploration and development of
properties and the issuance of required permits; the need to obtain
additional financing to develop properties and uncertainty as to
the availability and terms of future financing; the possibility of
delay in exploration or development programs or in construction
projects and uncertainty of meeting anticipated program milestones;
uncertainty as to timely availability of permits and other
governmental approvals; increased costs and restrictions on
operations due to compliance with environmental and other
requirements; increased costs affecting the metals industry and
increased competition in the metals industry for properties,
qualified personnel, and management. All forward-looking
information herein is qualified in its entirety by this cautionary
statement, and the Company disclaims any obligation to revise or
update any such forward-looking information or to publicly announce
the result of any revisions to any of the forward-looking
information contained herein to reflect future results, events or
developments, except as required by law.
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