Guinea And Zambia Gold Projects Update

Guinea And Zambia Gold Projects Update

Volt is pleased to provide the following update regarding its progress in establishing a new African focussed gold business whilst progressing the development of its Bunyu Graphite Project in Tanzania.

Volt Resources Limited (ASX: VRC) (“Volt” or the “Company”) is pleased to provide the following update regarding its progress in establishing a new African focussed gold business whilst progressing the development of its Bunyu Graphite Project in Tanzania.

Completion of acquisition of Guinea Gold Projects

Volt is pleased to advise that it has now completed the acquisition of all of the issued shares in Gold Republic Pty Ltd (“Gold Republic”). Gold Republic holds the permits for three gold projects (Mandiana, Konsolon and Kouroussa) located in Guinea, Africa. The projects comprise six permits located in the prolific Suiguri Basin with a total area of 388km2.

Luiri Hill Gold Project in Zambia

Volt has substantially completed its due diligence enquiries on the Luiri Hill Gold Project and is progressing to completion.

Under the terms of the Binding Term Sheet dated 18 May 20201, Volt conditionally agreed to acquire an 85% interest in the Luiri Hill Gold Project via an acquisition of an interest in each of Cupriferous Resources Limited and Bukomo Mining Limited. Volt’s Zambian partners would continue to retain a 15% ownership in the project and remain actively involved in the funding and development of the Luiri Hill Gold Project.

Cupriferous Resources Limited is the holder of a Large Scale Exploration Licence No. 23009-HQ-LEL covering an area of approximately 31km2 in south-central Zambia and Bukomo Mining Limited and Cupriferous together hold a Mineral Processing Licence No. 20943-HQ-MPL which falls within the Cupriferous Licence area.

The Company also notes the article in yesterday’s edition of The Australian entitled “Three-way fight For Zambia’s Luiri Hill gold mine”. The article refers to a claim by a company called Westate Capital Ltd (Westate) regarding its purported ownership of information relating to the Luiri Hill Gold Project and raises concerns over Volt’s entitlement to access and make use of that information.

Volt is currently seeking clarification from the Zambian Government regarding its right to use and access the relevant information. Volt understands that the Zambian Government has the rights to this information, such that Westate may not have any proprietary interest in that information. Volt has already obtained the necessary approval from the existing licence holders to access and obtain information regarding the Luiri Hill Gold Project from the Zambian Government.

Volt will keep shareholders informed of all material developments.

Authorised by:

Trevor Matthews
Managing Director
Volt Resources Limited

1 Refer to ASX announcement dated 21 May 2020 entitled “Binding Term Sheet to Acquire Advanced Gold Project


FOR PERSONAL USE ONLY
For further information please contact:

Trevor Matthews
Managing Director
Tel: +61 8 9486 7788