Bolt Metals Completes Induced Polarization Survey at the Northwind Property
Executive Summary
- Completed ground IP surveys on the Northwind property, identifying eight polarizable anomalies and three high‑priority drill targets.
- Entered a non‑binding LOI to acquire an option for a 100 % interest in a Brazil iron property, with $200k cash payment and issuance of ~32.3 M shares over 30 months.
- Announced multiple private placements (up to $2.013 M total) and a debt settlement issuing ~1.64 M shares, which together will significantly dilute existing shareholders but provide needed capital for exploration.
Key Details
- IP Survey Scope: 11.125 line‑km across five grids; 20 lines spaced 200 m using dipole‑dipole array.
- Anomalies Identified: Eight primary IP axes correlating with low‑resistivity conductors and some EM/MAG anomalies; most promising in grids IPG‑1, IPG‑3, IPG‑4.
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Future Work: Drill targets will be proposed to test the mineral potential of the identified IP anomalies.
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LOI – Brazil Iron Property:
- Non‑binding letter of intent with Max Iron Brazil Ltd. to earn a 100 % interest in an iron property (Mineral Right 832.022/2018) in the Iron Quadrangle.
- Bolt to pay US$200,000 to Jaguar Mining Inc. on behalf of Max Iron Brazil.
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Share issuance: 26,200,000 common shares to Max Iron Brazil and 6,094,679 common shares to Max Resource Corp. over 30 months, subject to due diligence and regulatory approvals.
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Private Placement – Units:
- Up to $1,500,000 for up to 7,500,000 units at $0.20 per unit.
- Each unit = 1 common share + 1 warrant (exercisable at $0.40 for 36 months).
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Proceeds earmarked for general working capital.
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Private Placement – Life Units:
- Up to 2,565,000 “Life Units” at $0.20 each for gross proceeds up to $513,000.
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Each Life Unit = 1 common share + 1 warrant (exercisable at $0.40 for 24 months; warrants exercisable 60 days after closing).
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Debt Settlement:
- Settlement of $328,250 outstanding debt to arm’s‑length creditors.
- Issuance of 1,641,250 common shares at a deemed price of $0.20 per share.
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Shareholder consent required under CSE Policy 4 due to dilution >100 % of existing shares.
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Overall Capital Impact: Combined issuances (private placements, Life Units, debt settlement) will increase the share count substantially, providing up to ~$2.0 M in financing for exploration and corporate purposes.
Notable Quotes
“Gold prices have recently witnessed a historic surge… substantially enhances the projected economic viability and strategic importance of gold exploration assets worldwide, including Bolt’s Northwinds project.” – Zac Kotowych, CEO
Qualified person: Babak Vakili Azar, P.Geo. (EGBC#62313, OGQ#10876) reviewed technical content per NI 43‑101.