Volta Announces Channel Assay Results from Recently Discovered AM Pegmatite at Its Falcon West Lithium Project of 1.28% Li2O over 5.08m Including 1.70% Li20 over 1.01m

Toronto, Ontario--(Newsfile Corp. - October 23, 2023) - Volta Metals Ltd. (CSE: VLTA) ("Volta" or the "Company") is pleased to report channel sample assay results collected from the recently discovered spodumene-bearing AM pegmatite, located at its Falcon West Project in the emerging Seymour-Falcon Lithium field in Northwestern Ontario, Canada (Figure 1). The channel sample results from AM pegmatite are shown in Table 1.

Figure 1. Regional location and claim boundaries for Falcon West Lithium Property, along with Crescent Lake and Junior Lake properties.

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AM Pegmatite Channel Sample Assay Results

All channel samples taken from the spodumene-bearing AM pegmatite returned intervals containing lithium with grades of up to 1.70 Li₂O (Table 1). The Company is starting to remove overburden around all five spodumene pegmatites that have been identified to date as part of ongoing drill target generation.

Table 1. All channel sample results from Falcon West AM Pegmatite

The Company's technical advisor, Dr. Fred Breaks, P.Geo., commented, "Analysis of the lithochemistry data collected to date reveals a progressive increase in pegmatite fractionation from east to west as documented by key indicator ratios K/Rb (17.5 -->8.2) and K/Cs (415-->105). This suggests the potential presence of additional pegmatite bodies to the west of the newly discovered AM pegmatite."

The Company also collected channel samples from the CDC pegmatite outcrop, the latest spodumene pegmatite discovery (see the Company's news release dated October 11, 2023). Channel samples are at the laboratory for analyses.

The Phase 2 exploration program will include mechanized stripping of the overburden around the lithium-bearing pegmatites, mechanized soil trenching, in addition to diamond drilling to test the orientation and size of lithium-cesium-tantalum ("LCT") pegmatites. The exact drill collars are subject to the mechanized stripping outcome.

The Company continues to explore the Falcon West Lithium Project for more LCT pegmatites by prospecting, detailed mapping, and soil sampling for geochemical analyses.

Qualified Person

The technical content of this news release has been reviewed and approved by Andrew Tims, P.Geo., who is an independent Qualified Person ("QP") as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects. The QP and the Company have not completed sufficient work to verify the historical information on the property, particularly regarding historical exploration, neighbouring companies, and government geological work.

ABOUT VOLTA METALS LTD.

Volta Metals Ltd. (CSE: VLTA) is a mineral exploration company focused on lithium, cesium, and tantalum and is based in Toronto, Ontario. It has optioned and is currently exploring a critical minerals portfolio of lithium, cesium, and tantalum projects in Northwestern Ontario, which is considered to be one of the most prolific emerging hard-rock lithium districts in the world. To find out more about Volta and its flagship Falcon West Project, please visit www.voltametals.ca.

ON BEHALF OF THE BOARD

For further information, contact:

Kerem Usenmez, President & CEO
Tel: 416.919.9060
Email: info@voltametals.ca
Website: www.voltametals.ca

Neither the CSE nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

This news release contains forward-looking statements relating to product development, plans, strategies, and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact included in this news release are forward-looking statements that involve risks and uncertainties. Forward-looking information in this news release includes but is not limited to, the Company's planned exploration activities and the Company's aim to prevent and minimize impacts on the First Nations through a variety of mitigation measures and offsetting benefits. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include: the risks detailed from time to time in the filings made by the Company with securities regulators; the fact that Volta's interests in most of its properties are options only and there is no guarantee that such interest, if earned, will be certain; the future prices and demand for lithium; and delays or the inability of the Company to obtain any necessary approvals, permits, and authorizations required to carry out its business plans. The reader is cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking statements. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect, and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, other than as required by law.

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