Bolt Metals Corp., Vancouver, Canada, (CSE: BOLT) (FRANKFURT: A2QEUB) (OTCQB: PCRCF) has provided an update on the company’s 100-per-cent-controlled, 5,000-hectare Cyclops nickel-cobalt project located in Papua province, Indonesia.
During 2020 the Company’s planned development activities for Cyclops were put on hold as travel in Indonesia and access to the project were rendered virtually impossible due to the COVID-19 pandemic. The Company did however continue to pursue nickel and cobalt processing strategies and remained in discussions for possible relationships with Asia based end-users of nickel and cobalt. Restart of activities at Cyclops is anticipated in 2021 and will coincide with the re-opening of domestic travel, availability of personnel and supplies and access to the project.
Cyclops features strong near-surface nickel and cobalt mineralization, environmental and mining permits, and comprehensive infrastructure including year-round road access.
Mr. Ranjeet Sundher, President and Chief Executive Officer, commented, “Nickel has shown strong resiliency in the face of the ongoing health crisis, rising from approximately $5/lb in March to currently $7.40/lb today. The Company’s Cyclops project has produced robust drilling results (see press release dated Sept. 24, 2019), with a strongly mineralized laterite profile delineated over 1200Ha with high-grade nickel intersected to a maximum depth of 25 metres from surface. Bolt continues to optimize exploration data while preparing for next stage development including plans for a full-scale pilot plant for the recovery of nickel and cobalt suitable for battery applications. Indonesia is at the forefront of global nickel production, and Bolt Metals is excited to continue to move Cyclops forward.”
Last year Indonesia’s parliament has passed revisions to its mining law aimed at removing red tape and attracting investment into the sector. A leader in nickel production, Indonesia continues to update its national strategy and laws governing the minerals and mining sector, supporting their mandate to lead the world in battery metals and cathode material production capacity.
On May 8, 2020 Bloomberg NEF stated, “Indonesia’s desire to move up the value chain and leverage its nickel wealth into becoming an EV and battery manufacturing hub is supported by the fact that it may have the lowest manufacturing costs in Asia.”
The Company remains in dialogue with key industry players in the commodity suppliers to the international energy storage and electric vehicle battery space, and will provide updates in due course,
Private Placement
The Company is also pleased to announce that is has closed a non-brokered private placement for aggregate gross proceeds of $722,400. The Company intends to use the net proceeds from the Offering as working capital for the Cyclops project as well as general working capital purposes.
About Bolt Metals
Bolt Metals is a Canadian‐based exploration company focused on the acquisition and development of production grade nickel and cobalt deposits, key raw material inputs for the growing lithium‐ion battery industry.