Bolt Metals Enters into Definitive Agreement to Acquire Switchback Copper-Silver Property
BOLT METALS ENTERS INTO DEFINITIVE AGREEMENT TO ACQUIRE
SWITCHBACK COPPER-SILVER PROPERTY
Vancouver, B.C. – October 3, 2024 – Bolt Metals Corp. (“Bolt” or the “Company”) (CSE: BOLT)
(FRANKFURT: A2QEUB) (OTCQB: PCRCF) is pleased to announce that further to it’s press
release on September 19, 2024, it has entered into a definitive agreement (the “ Definitive
Agreement”) with 1436060 B.C. Ltd. (“143 BC”) dated September 30, 2024, providing for the
acquisition by the Company of 143 BC, which holds a beneficial interest in the Switchback
Copper-Silver property (the “Property”), located in the Omineca Mining Division of British
Columbia, from the shareholders of 143 BC (the “Transaction”).
The Switchback Copper-Silver Property is an exploration stage property located 55 kilometres
east of Terrace, British Columbia, via forest service roads. The Property consists of eight
contiguous mineral claims totalling 2,560 hectares and is prospective for volcanic redbed copper
and polymetallic Cu - Ag – Pb – Zn deposits. Exploration to date, including mapping, sampling,
and drilling has outlined significant anomalous areas and prospective targets1.
Under the terms of the Definitive Agreement, at closing of the Transaction, the Company will issue
an aggregate of 4,000,000 common shares in the Company (the “Consideration Shares”) to the
shareholders of 143 BC pro rata to their respective shareholdings in 143 BC. The Company will
also make a cash payment of CAD$20,000 on execution of the Definitive Agreement in payment
of 143 BC’s legal and professional costs for the Transaction. The Transaction arm's length and
there are no finder's fees payable in connection therewith. The Consideration Shares issued
pursuant to the Transaction will be subject to a 6-month voluntary lock-up period, whereby the
recipients of the Consideration Shares will be restricted from trading the Consideration Shares
(the “Initial Lockup Period”). Following the Initial Lockup Period, the Consideration Shares will
be released at a rate of 20% per month. The Company anticipates closing the Transaction on or
around October 7, 2024 (the “Closing”).
The Closing of the Transaction is subject to a range of conditions, including, but not limited to, the
receipt of all required shareholder and regulatory approvals, including the approval of the
Canadian Securities Exchange.
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.
1The company has not completed any quality assurance program or applied quality control measures to the historical
data.
Bolt Metals Corp.
Branden Haynes – Director and CEO
(604) 817-1595
Reader Advisory
This news release may contain statements which constitute “forward-looking information”. 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.