MegaWatt Lithium Provides Project Update, Exploration Summary and Acceleration of Expiry Date of Warrants
MegaWatt Lithium Provides Project Update, Exploration Summary and Acceleration of
Expiry Date of Warrants
Vancouver, British Columbia – February 4, 2021 –MegaWatt Lithium and Battery Metals Corp. (CSE:
MEGA) (the "Company" or "MegaWatt") in conjunction with the previously announced name and symbol
change is pleased to provide a project portfolio review and exploration summary. The Company anticipates
growth in markets for cobalt, lithium, copper and silver as well as other battery metals as global
electrification gathers momentum.
Cobalt Hill
The Cobalt Hill Property, consists of eight mineral claims covering an area of appro ximately 1,727.43
hectares located in the Trail Creek Mining Division in the Province of British Columbia, Canada. The
Company was initially attracted to the property for its numerous narrow intrusive -hosted high-grade quartz
veins containing visible gold sampling over 30 gpt.
1,2
A large gold soil anomaly is untested by drilling and
is a high priority target for follow -up. The Company is considering a program of induced polarization to
provide further definition. Copper-cobalt mineralization was recently identified on the property during on -
going prospecting and sampling programs. A rock grab sample from a massive pyritechalcopyrite band with
a breccia zone, assayed 0.49% copper and 0.12% cobalt (Doyle, 2016) and was con firmed with sampling
returning 0.63% copper and 0.125% cobalt.3with a breccia zone,
zone, assayed 0.49% copper and 0.12% cobalt (Doyle, 2016)
381 Lithium
The use of lithium in EV and rechargeable batteries is widely understood. The Route 381 Lithium Property
is comprised of 40 mineral claims located in James Bay Territory, north of Matagami in the Province of
Quebec, Canada covering 2,126 hectares. The Route 381 Lithium Property is located directly west of and
adjacent to Stria Lithium Inc.’s Pontax -Lithium project. It is located in an exciting and prolific hard -rock
lithium jurisdiction with several actively advancing lithium projects including Critical Ele ments Lithium
Corporation’s Rose Project, the Whabouchi Lithium Project and Galaxy Lithium (Canada) Inc.’s James Bay
Lithium Project. An initial exploration field reconnaissance program is being planned for the upcoming
season.
Tyr Project and Century South Silver-Zinc Property
The Company’s silver focused projects in Australia remain a priority as silver plays an important role in EVs
and the shift towards renewable energy sources. Silver’s high electrical conductivity make it an important
input in the electrical components of electric vehicles and solar cells. MegaWatt owns a 60% interest in a
company that indirectly holds a 100% interest (subject to a 2% NSR) in two prospective silver-zinc projects
in Australia, being the Tyr Silver Project and the Centur y South Silver -Zinc Project. The combined
tenements consist of over 550 square kms.
At the Tyr project in norther n New South Wales, the Company sampled over 500 gpt silver with additional
lead and zinc values in grab samples from historic mine dumps. Revi ew of the recent sampling program
and further reporting is being carried out in advance of a drill program decision.
Acceleration of Expiry Date of Warrants
The Company also announces today it has elected to exercise its right under the terms and conditions of
the common share purchase warrants of the Company issued on August 6 , 2020 (the "Warrants") to
accelerate the expiry date of the Warrants. The original expiry date of the Warrants was August 6, 2022.
Each Warrant is exercisable to acquire one common share at an exercise price of $0. 15.
Pursuant to the terms of the Warrants, the Company may accelerate the expiry date of the Warrants at any
time prior to their expiry, in th e event the closing price of the common shares of the Company on the
Canadian Securities Exchange is greater than or equal to $0. 22 for twenty (20) consecutive trading days
by providing written notice to the Warrant holders, which may be provided by press release. The Warrants
will, unless exercised, expire on the 30th day after the Company provides notice.
As of the close of markets on February 3, 2021, the closing share price of the Company has traded at or
above $0.22 for over twenty (20) consecutive trading days. Accordingly, the expiry date for the Warrants is
accelerated to March 5, 2021 at 5:00 pm (Vancouver time) (the "Accelerated Expiry Date"). Holders are
reminded that all Warrants not exercised by 5:00 pm (Vancouver time) on the Accelerated Expir y Date will
automatically terminate in accordance with their terms. Holders who wish to exercise their Warrants are
encouraged to read the terms of the Warrants contained in the certificates representing such Warrants for
instructions on how to exercise the Warrants and to contact the Company with any questions.
As of February 4, 2021, 2,210,000 Warrants remain outstanding. If all outstanding Warrants are exercised,
proceeds to the Company will total $331,500, however there can be no assurance that any of the Warrants
will be exercised prior to the Accelerated Expiry Date.
Qualified Person
Mr. Geoffrey Reed (MAusMM (CP)) (MAIG), Consultant for the Company, is a qualified person as defined
by National Instrument 43-101 – Standards of Disclosure or Mineral Projects and has prepared or reviewed
the preparation of the scientific and technical information in this press release.
1 Caron, L., 2010. 2010 Work Program Soil and Rock Geochemistry on the Amazing Grace Property: BC
Ministry of Energy and Mines Assessment Report #31929.
2 Schulze, C. 2005a,b. Assessment Report on 2005 Exploration Program Claim, Amazing Grace Property:
BC Ministry of Energy and Mines Assessment Reports #27824 and #27969.
3 Dandy, L. 2018. Technical Report on the Cobalt Hill Property, prepared for MegaWatt Lithium and Battery
Metals Corp. (formerly Walcott Resources Ltd.).
About MegaWatt Lithium and Battery Metals Corp.
MegaWatt is a British Columbia based company involved in the acquisition and exploration of mineral
properties in Canada. The Company holds an option to acquire a 100% undivided interest, subject to a
1.5% NSR on all base, rare earth elements and precious metals, in the Cobalt Hill Property, consisting of
eight mineral claims covering an area of approximately 1,727.43 hectares located in the Trail Creek Mining
Division in the Province of British Columbia, Canada.
Additionally, the Company has acquired a 60 % interest in a company that indirectly holds a 100% interest
(subject to a 2% NSR) in two prospective silver -zinc projects in Australia, being the Tyr Silver Project and
the Century South Silver-Zinc Project (see press release dated August 13, 2020).
Investors can learn more about the Company and team at https://www.walcottresources.com
FOR FURTHER INFORMATION PLEASE CONTACT:
David Thornley-Hall
Chief Executive Officer
604.306.7821
The CSE does not accept responsibility for the adequacy or accuracy of this release.
This press release includes "forward-looking information" that is subject to a number of assumptions, risks
and uncertainties, many of which are beyond the control of the Company. Forward-looking statements may
include but are not limited to, statements relating to the trading of the Company's common shares on the
Exchange and the Company's use of proceeds and are subject to all of the risks and uncertainties normally
incident to such events. Investors are cautioned that any such statements are not guarantees of future
events and that actual events or developments may differ materially f rom those projected in the forward -
looking statements. Such forward -looking statements represent management's best judgment based on
information currently available. No securities regulatory authority has either approved or disapproved of
the contents of this news release.