- Volt Resources (VRC) is progressing with the Luiri Hill mineral resource estimate after entering a binding term sheet to purchase 85 per cent of the gold project
- The proposed purchase of Luiri continues to grow Volt into a new gold business
- However, the deal will only be complete once Volt receives shareholder approval and completes due diligence
- To date, Volt has completed a technical site visit at the project, which has confirmed the existence of large stockpiles, pads and dumps
- Company shares remain steady on the market today and are selling shares for two cents each
Volt Resources (VRC) is progressing with the Luiri Hill mineral resource estimate after entering a binding term sheet to purchase 85 per cent of the gold project.
Luiri is an advanced project with metallurgical and historic mineral resource estimates and feasibility studies. It is located in south-central Zambia, 120 kilometres west-northwest of the Zambian capital of Luska.
Currently, over US$20 million has been invested in the project, which includes reverse circulation and diamond drilling programs.
The proposed purchase of Luiri continues to grow Volt into a new gold business while continuing with the development of its Bunyu Graphite Project in Tanzania.
However, the deal will only be complete once it receives Volt shareholder approval and completes due diligence.
A shareholder meeting is scheduled on July 20 to approve the issue of Volt shares to the Luiri Hill Gold Project vendors.
To date, Volt has completed a technical site visit at the project, which was part of the due diligence program and confirmed the existence of large stockpiles, pads and dumps.
“The creation of a new gold business provides Volt shareholders with the opportunity to participate in the potential value accretion from gold exploration and development activities, particularly through leveraging the company’s existing extensive networks in Africa,” the company told the market.
Volt Resources remains steady on the market today and is selling shares for two cents each at 12:07 pm AEST.