Volta Metals drills 0.85% TREO over 383.5 m at Springer

Executive Summary

• Volta Metals Ltd. released assay results from the first borehole (SL25-23) at its Springer Rare Earth Element (REE) project in Ontario, confirming high-grade mineralization and continuity at depth.
• The drill hole intersected a thick total rare earth oxide (TREO) intercept dominated by light rare earths (LREEs) with significant heavy rare earths (HREOs), validating the historical resource and extending the host carbonatite complex.
• Drilling continued beyond the planned depth of 350m to 453m due to persistent mineralization, providing strong confidence for the upcoming mineral resource update and remaining drill holes.

Key Details

• Drill Hole ID: SL25-23
• Location: Springer REE Project, outside Sturgeon Falls, Ontario, Canada.
• Objective: Confirm mineralization grade and continuity in the top 200m of the historical resource estimate and test for additional mineralization at depth.
• Drilling Depth: Planned 350m; terminated at 453m downhole due to continued mineralization.
• Intercept Characteristics:
  • Thick TREO intercept with multiple higher-grade zones.
  • Predominantly Light Rare Earth Elements (LREEs): praseodymium, neodymium, lanthanum, and cerium.
  • Significant Heavy Rare Earths (HREOs) encountered: dysprosium, terbium, and yttrium.
  • Intercepts represent core lengths, not true widths.
• Historical Resource Context (2012 Tetra Tech Wardrop Report):
  • Indicated: 4.167 million tonnes at 1.073% TREO.
  • Inferred: 12.73 million tonnes at 1.119% TREO.
  • Cut-off Grade: 0.9% TREO.
  • Note: The company states this historical resource is not treated as a current mineral resource and requires further work to verify.
• Current Resource Estimate Reference (2012 CIM Standards):
  • Indicated: 4.2 million tonnes at 1.14% TREO, 0.02% ThO2 (~6% HREO).
  • Inferred: 12.7 million tonnes at 1.17% TREO, 0.01% ThO2 (~4% HREO).
• QA/QC Protocol:
  • Rig: Orbit Garant diamond drill rig (NQ-size core).
  • Laboratory: Activation Laboratories Ltd. (North Bay and Ancaster, Ontario).
  • Method: Code RX1 preparation (drying, crush, riffle split, pulverize) and Code 8-REE assay (lithium metaborate/tetraborate fusion, ICP/ICP-MS).
  • Standards: High-concentration and low-concentration certified REE standards, blanks, and core duplicates inserted.
• Next Steps:
  • Gallium assays for SL25-23 are pending.
  • Assay results from the second borehole expected in two weeks.
  • Geological modeling to determine true widths is ongoing.

Notable Quotes

• "We're very pleased with the outcome of our first Springer borehole... Not only does it validate the historical resource, but it also confirms that high-grade mineralization continues at depth. This strong start gives us great confidence in the remaining drill holes and the upcoming mineral resource update." — Kerem Usenmez, President and CEO of Volta.