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Voltaic Minerals to buy cobalt group with assets in Montana

L2 Cobalt's major asset is the Soap Gulch property option agreement from February this year
Voltaic Minerals to buy cobalt group with assets in Montana
The Soap Gulch property is in Montana

Voltaic Minerals Corp (CVE:VLT) told investors it was to buy L2 Cobalt Inc, which the firm believes is sitting on a cobalt-rich base metal deposit in Montana, for 4.8 million shares.

L2 Cobalt's major asset is the Soap Gulch property option agreement from February this year with 1132144 BC Ltd.

That grants to L2 Cobalt the right to earn 100% interest in the Soap Gulch site.

READ: Voltaic Minerals completes placement financing

The option payments, payable by Voltaic to 1132144 BC Ltd. to earn the 100% interest in the mineral claims listed in the Soap Gulch Option include:

The payment of $150,000 and issue 500,000 shares within seven days of TSX Venture Exchange approval of the transaction.

The firm will also pay $50,000 and issue $250,000 in company shares on the one year anniversary of the approval date.

Voltaic said it was acquiring 378 highly prospective lode claims in Silver Bow County, Montana, which total 7,5600 acres.

The land package is underlain by Proterozoic meta-sedimentary rocks, which are age equivalent to the important past producing Sullivan Mine in British Columbia.

Historic drilling hit 38.5feet of 1.2% copper, 0.04% cobalt and 0.2 gram per tonne gold.

A recent airborne geophysical survey delineated numerous high-priority electromagnetic anomalies within the property, which require follow-up drilling.

An independent valuation concluded that the fair market value of L2 Cobalt was in the range of $632,000 to $738,000, the firm revealed.

Voltaic shares were unchanged at $0.15.

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