Microcap watchers take note: there’s a new player on the ASX today.
Voltaic Resources (ASX:VSR) has commenced trading today at 2c a share following a successful “re-compliance capital raise” of $4.55m that sees the company re-listed on the bourse.
Voltaic today issues 225m shares at 2c each; the company also issues 100m options at $0.0005. For clarity, that’s a twentieth of a cent.
Formerly EonNRG, Voltaic is now re-focusing on its WA assets in the Gascoyne region focusing on exploration for rare earth elements (REE) and battery metals. That includes lithium, of course, and the company is also targeting gold and nickel-copper mineralisation.
In short, Voltaic is pretty much exploring for everything. This isn’t particularly unusual for exploration smallcaps, though, and investors will likely be keeping an eye on Voltaic to see what kind of results it turns over in the coming months.
Funds raised will be used to advance three projects:
Gascoyne REE and Battery Metals Project
Meekatharra Gold and Base Metals Project
Nevada Battery Metals Project (USA)
“We are pleased to receive a strong backing from the market and eagerly anticipate implementing our exploration strategy,” Voltaic chair John Hannaford said.
“Our initial focus will be the Gascoyne project, which we look forward to rapidly exploring in pursuit of a globally significant REE, lithium or nickel-copper orebody.”
Voltaic geotechs are already in the field conducting initial “reconnaissance” (read: early-stage surface mapping) and shareholders were promised regular updates by the company today.
That team will have a bit of work to do.
The Gascoyne project is broken up into four main target areas:
West Well / Paddy’s Well (potential for lithium, REEs)
Talga / Talga West (potential for nickel-copper, manganese)
Ti Tree (lithium, REEs, uranium, gold)
Kooline (lithium, REEs)
The West Well target is of interest to the company given that geological datasets for previous drilling conducted in the 1990s exists. That data was formerly put together by geotechs exploring for uranium.
The company notes validation of that historical data is in progress.
The Ti Tree project, meanwhile, sits nearby Red Dirt’s lithium acreage which it recently picked up for $25m.
There’s another big move happening at Ti Tree: Minerals 260 (ASX:MI6) is buying some 4,000km² of land nextdoor to the project for $15.5m. That deal sees Minerals 260 purchase a private entity with 100% ownership over that part of the acreage.
(Worth noting is that the wording Ti Tree often refers to the area the project is located in, as opposed to any one project itself.)
Voltaic has less to say about its other two projects, Meekatharra in northern WA, and the battery metals project in Nevada, USA.
At this stage, Voltaic is holding the Meekatharra land, but has no immediate comments on when exploration will commence.
The same goes for its Nevada USA acreage, though, the company notes upcoming exploration there will include surface sampling and general mapping.
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