Bolt Metals Enters into Option Agreement to Acquire Ontario Gold Project
NEWS RELEASE
Bolt Metals Enters Into Option Agreement to Acquire Ontario Gold Project
Vancouver, B.C. – July 4, 2024 – Bolt Metals Corp. (“Bolt” or the “Company”) (CSE: BOLT)
(FRANKFURT: A2QEUB) (OTCQB: PCRCF) is pleased to announce that it has entered into an
agreement with 1395548 BC Ltd. (the “Option Agreement”), pursuant to which the Company
may acquire (“Option”) a 100% ownership interest in and to the Thundercloud South gold
property in the Kenora Mining Division, Northwestern Ontario, Canada (“Property”).
Highlights
• contiguous with Dynasty Gold Corp (TSX-V:DYG) “Thundercloud Project” which reported
on January 13, 2023, drill intercepts of; 1.5m of 246g/t, 3m of 101g/t, 12.5m of 25.66g/t,
28.5m of 13g/t, 51m of 7.35g/t Gold
• area actively being explored by several companies including Kinross, Treasury Metals,
Kenorland Minerals and Dryden Gold
• part of prolific central Wabigoon greenstone belt in Western Ontario
• property easily accessible by network of roads
Wabigoon Greenstone Belt
The Thundercloud South Property is located in the central Wabigoon Greenstone belt in Western
Ontario. The geological setting is analogous to the Abitibi belt in Eastern Ontario but area is much
less explored. The belt contains numerous gold showings, several deposits and historic past
producers including the Elora, Big Master Mine (1902-1943), Laurentian Mine (1906-1909), and
the Goldlund & Goliath Deposit (Treasury Metals).
Several large scale mining operations in the area include New Gold's Rainy River Mine (6.4 Million
oz Au and 18.7 Million oz Ag), and Evolution Mining's Red Lake Gold Mine (9.25 Million oz Au)
as well as several multi-million ounce gold reserves, defined at the Canadian Malartic Hammond
Reef deposit (5.8 Million oz Au) by Agnico Eagle, and First Mining Gold's Springpole deposit (4.9
Million oz Au) as well as the Goliath Gold Complex held by Treasury Metals (2.1 Million oz Au &
3.52 Million oz Ag)
Thundercloud
The Thundercloud South Property consists of 160 single cell claims totaling ~3364ha and is
located 51km south southeast of Dryden, Ontario. The Property is accessed by paved highway
and a network of logging roads that intersect the Property. The Property is underlain by Mafic
Metavolcanics with Gabbro and Quartz-Feldspar Porphyry with several north trending faults.
Key Transaction Details
In order to exercise the Option and thereby acquire a 100% ownership interest in the Property
(the “Option Closing”), the Company would be required to make the following cash and share
payments (the “Option Payments”) to the Vendor:
• CAD$25,000 and 400,000 common shares of the Company within five business days of
signing (“the Effective Date”):
• 500,000 common shares on the first anniversary of the Effective Date;
• 600,000 common shares on the second anniversary of the Effective Date;
Whether or not to exercise the Option is within the discretion of the Company. In addition, t he
Company may accelerate the Option Payments, in its discretion, at any time during the term of
the Agreement.
Qualified Person
Mr. Garry Clark, P. Geo., a member of the Company's Board of Directors, a "Qualified Person"
under NI 43-101, has reviewed the technical contents of this news release and has approved the
disclosure of the technical information contained herein.
Clarifying Remark
The Company would like to clarify certain statements contained in the news release dated June
18, 2024. The Company previously announced that Mr. William Page is a Chartered Financial
Analyst (“CFA”). The Company would like to clarify that Mr. William Page has successfully passed
all three CFA exams and is currently working towards earning the CFA designation.
Bolt Metals Corp.
Ranjeet Sundher – President and CEO
(604) 922-8272
Reader Advisory
This news release may contain statements which constitute “forward -looking information”,
including statements relating to the exercise of the Option and the making of Option Payments.
The words “may”, “potential”, “should”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”,
“believe”, “estimate”, “expect”, and similar expressions, are intended to identify such forward-
looking statements. Investors are cautioned that any such forward-looking statements are not
guarantees of future business activities and involve risks and uncertainties, and that the
Company’s future business activities may differ materially from those in the forward -looking
statements. There can be no assurances that such information will prove accurate and, therefore,
readers are advised to rely on their own evaluation of such uncertainties. The Company does not
assume any obligation to update any forward-looking information except as required under the
applicable securities laws.
The Canadian Securities Exchange has not approved or disapproved this news release.