Bolt Metals completes IP surveys at Northwind

Executive Summary

• Bolt Metals Corp. completed ground Induced Polarization (IP) surveys at its Northwind property in Quebec, identifying eight primary IP axes and highlighting three high-priority drill targets (IPG-1, IPG-3, and IPG-4) indicative of potential gold mineralization.
• The company entered into a non-binding letter of intent to acquire an option to earn a 100% interest in an iron property in Brazil’s Iron Quadrangle, involving cash payments and share issuances to Max Iron Brazil Ltd. and Max Resource Corp.
• Bolt announced two non-brokered private placements totaling up to $3.513 million (including a LIFE offering) and debt settlement agreements, requiring shareholder consent as the transactions will result in the issuance of more than 100% of the currently issued and outstanding common shares.

Key Details

• Northwind Property Exploration:
  • Completed ground IP surveys over five geophysical high-potential zones identified by historical heliborne TDEM surveys.
  • Survey covered 11.125 line kilometers across five grids using 20 survey lines spaced 200 meters apart with a dipole-dipole electrode array.
  • Analysis revealed eight primary IP axes (polarizable anomalies) correlating with low resistivity conductors and some EM/magnetic anomalies.
  • IP-RES signatures suggest disseminated to sulphide-rich mineralization, potentially remobilized along faults or shear zones, favorable for gold.
  • Most promising targets identified within IPG-1, IPG-3, and IPG-4; drill targets will be proposed to confirm mineral potential.
  • Property comprises 53 claims covering ~2,986 hectares in the Urban-Barry greenstone belt of Quebec, proximal to the Windfall gold deposit.
• Brazil Iron Property Acquisition:
  • Non-binding letter of intent with Max Iron Brazil Ltd. (Max Brazil) to acquire an option to earn 100% interest in an iron property.
  • Property located in the Iron Quadrangle, Brazil (Mineral Right 832.022/2018).
  • Consideration: Bolt to pay $200,000 USD to Jaguar Mining Inc. on behalf of Max Brazil, keep property in good standing, and issue 26.2 million common shares to Max Brazil and 6,094,679 common shares to Max Resource Corp. over 30 months.
  • Transaction subject to due diligence, definitive documentation, and regulatory approvals.
• Financing and Capital Raising:
  • Private Placement 1: Up to $3 million in units at $0.20 per unit.
    • Each unit consists of one common share and one share purchase warrant.
    • Warrants exercisable at $0.40 per share for 36 months.
    • Proceeds for general working capital.
  • Private Placement 2 (LIFE): Up to 2,565,000 LIFE units at $0.20 per unit for gross proceeds of up to $513,000.
    • Each LIFE unit consists of one common share and one common share purchase warrant.
    • Warrants exercisable at $0.40 per share for 24 months, exercisable 60 days post-closing.
  • Debt Settlement: Agreements to settle outstanding debts of $328,250 to arm's-length creditors.
    • Settlement via issuance of 1,641,250 common shares at a deemed price of $0.20 per share.
  • Shareholder Consent: Required because the combined private placements and debt settlement will result in issuing more than 100% of currently issued and outstanding common shares.
  • Statutory Hold: All securities subject to a 4-month and 1-day hold period.

Notable Quotes

• "Gold prices have recently witnessed a historic surge, reaching an unprecedented all-time high of approximately $4,381 (U.S.) per ounce earlier this week. This monumental increase, driven by sustained central bank accumulation, ongoing geopolitical uncertainties and heightened global inflationary pressures, substantially enhances the projected economic viability and strategic importance of gold exploration assets worldwide, including Bolt's Northwind project." — Zac Kotowych, CEO