Volt Energy Corp., is pleased to announce that it has acquired the Lac Saint Simon Lithium Property in west-central Quebec from PUF Ventures Inc.. In consideration for the purchase of 100% of the Property, VOLT will issue 2.5 million common shares to PUF Ventures. The proposed transaction is subject to approval from the TSX Venture Exchange.
The Lac Saint Simon Lithium Property is located approximately 2km from the boundary of Nemaska Lithium’s Whabouchi Project (“Whabouchi”) and is roughly 480 hectares in size. According to Nemaska, Whabouchi is one of the most important spodumene lithium hard rock deposits in the world both in volume and grade. A Mineral Reserve estimate prepared by Met-Chem using the updated Mineral Resource block model suggests that Whabouchi hosts an estimated 20 million tonnes of Proven and Probable Reserves with a grade of 1.53% Li2O Open Pit and 7.3 million tonnes of Proven and Probable Reserves with a grade of 1.28% Li2O Underground. The mineralization hosted on the Whabouchi property is not necessarily indicative of the mineralization hosted on the Company’s Lac Saint Simon Lithium Property. The bedrock geology of the Property is composed primarily of pink granite with pegmatites and porphyritic granodiorite. Accessory amounts of amphibolite and diabase have been mapped on the Property. All geological information is based on data available for download by the Quebec government and not by the Company. Future work by VOLT will assist in verifying this data as well as gaining a better understanding of the geology and potential of the Property.
The most prospective geology appears to be pegmatites set within the pink granite. Generally, lithium mineralization in the region has been concentrated in pegmatites, with Whabouchi being the classic example. Historically, Tuscana Lithium completed a NI 43-101 technical report on their Abigail property, which covered a large land position in the belt that went as far north as the southern boundary of the Property. More recently, PUF conducted an initial exploration program on the Property and is expecting completion of an updated NI 43-101 report in short order. The technical report encompasses the preliminary reconnaissance exploration program that was conducted, along with the recently completed unmanned aerial vehicle (“UAV”) geophysical survey.
Mr. Thomas Clarke, a geological advisor to the Company, stated, “We are intrigued with the initial findings of the Phase 1 work program. Although still early stage, there are areas of interest that warrant follow-up, ideally through a prospecting and sampling program. Prospecting for pegmatites should be the key focus going forward. We are eager to assess the potential of the Property in upcoming work programs.”
President and CEO, Mr. Lew Dillman stated, “With heightened demand for ‘Energy Metals’, specifically Cobalt and Lithium, VOLT is well positioned with a robust mineral exploration portfolio in the mining friendly jurisdiction of Quebec. The newly acquired Lac Saint Simon Lithium Property coupled with the previously acquired Temiskaming & Fabre Cobalt – Silver project will be the focus of near term development efforts either through direct investment or through potential JV partnership.” He continued, “Recent research reports out of UBS Group estimate that electric cars will account for over 9% of global light vehicle sales by 2020, up from only 1% today. Similarly, analysts at Goldman Sachs Group have suggested that burgeoning energy storage markets could see demand for Lithium surpass that of all other products combined. The strategic acquisition of the Lac Saint Simon Lithium Property will assist in diversifying our asset base of conventional energy projects and will position VOLT in a highly prospective area for Lithium exploration.”
The scientific and technical content of this news release has been approved by Thomas Clarke, P.Geo., Pr.Sci.Nat. Mr. Clarke is a Qualified Person as defined by NI 43-101.