Bolt Metals Provides Clarification of Disclosure in March 5, 2020 Press Release

VANCOUVER, British Columbia, March 05, 2020 (GLOBE NEWSWIRE) -- Bolt Metals Corp. (CSE: BOLT) (FRANKFURT: NXFE) (OTCQB: PCRCF) (the “Company” or “Bolt Metals”) is providing the following clarifications to its press releases of March 5, 2020, March 4, 2020 and February 27, 2020.

The Company’s Cyclops project was the subject of historical estimates completed in 1952 and 1970.  The Project does not currently host a mineral resource and the Company retracts any reference to the existence, of current mineral resources in the news releases either specifically stated or implied. The Company also retracts any reference to the property hosting “ore”.  “Ore” is a restricted term only to be used when referencing mineral reserves supported by a preliminary feasibility study or feasibility study. The economic viability or technical feasibility of the project is not supported at any level of confidence by a preliminary economic assessment, preliminary feasibility study or feasibility study, thus certain statements contained in the press release are incorrect and are retracted. These statements include; “everything solidified as to what we hoped the project was and what it actually is”, “a rich source of cobalt and nickel”, and “the mine’s location, as much as its resources”.

The several references to entering into “offtake agreements” may inadvertently imply that the Company has made a decision to proceed to production without first establishing mineral reserves. The Company has not made the decision to proceed to production and clarifies that any such statement if made in the future would be made in compliance with Companion Policy 43-101CP, 4.2(6) – Production Decision, which requires details of the significant risks associated with such a decision.

National Instrument 43-101 Disclosure
The technical content of this news release has been reviewed and approved by Mr. Garry Clark, PGeo, independent director of Bolt Metals and a Qualified Person as defined by National Instrument 43-101.

About Bolt Metals
BOLT Metals Corp. 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. Visit https://boltmetals.com/ to find out more.

Bolt Metals Corp.

Ranjeet Sundher – President and CEO
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Steve Vanry – CFO & Director
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