Multiple productive pegmatites now discovered over a 100m by 250m area - remains open for expansion

HIGHLIGHTS

• Discovery of lithium (spodumene) bearing pegmatite dyke, with a minimum width of 4m, approximately 47m west of the FWS pegmatite and 57m NE of newly discovered AM pegmatite.
• All five lithium pegmatite outcrops discovered to date are open for expansion along strike and down dip.
• Channel samples are at the lab, and the Volta exploration team continues to investigate this under-explored property.

Toronto, Ontario--(Newsfile Corp. - October 11, 2023) - Volta Metals Ltd. (CSE: VLTA) ("Volta" or the "Company") is pleased to announce the discovery of another lithium-bearing pegmatite dyke at its Falcon West property in the emerging Seymour-Falcon Lithium field in Northwestern Ontario, Canada. The lithium pegmatite system extends intermittently over a 100m by 250m area and remains open for expansion in all directions (Figure 1). The full extent of this spodumene-bearing pegmatite swarm has yet to be determined and will be the focus of ongoing exploration.

The new undocumented spodumene pegmatite, named "CDC", lies 47m west of the Falcon FWS showing (Figure 1), which returned channel samples of up to 1.95% Li₂O (see news release dated June 19, 2023), and 57m northeast of the AM showing (channel results pending). This newly discovered showing partially outcrops through the continuous and thick glacial till, and consequently, the dyke's width and strike are currently unknown.

In detail, the pegmatite is hosted in metasediments and has a minimum width of 4m. Spodumene crystals of up to 20cm in length were noted, and detailed field mapping estimates a visible spodumene content of approximately 30% (Figure 2), based on the visual observations of limited outcrop exposure noted. Follow-up exploration will include mechanized removal of overburden to further delineate this potentially significant discovery as part of the ongoing drill target definition.

The Company has channel-sampled the previously announced AM pegmatite in addition to screening overburden-covered areas with geochemical soil sampling. Rock samples are sent to ActLabs in Thunder Bay for geochemical analyses, and soil samples are sent to SGS Mineral Services Lab in Burnaby, B.C. Contingent on receiving the necessary approvals, the Company is planning to drill test these targets in Q4.

Volta's CEO, Kerem Usenmez, P.Eng., commented, "Falcon West Lithium Property keeps delivering. This is now the third Lithium discovery in just over a month at Falcon West. We are confident we will find more and extend this high-grade, albite-spodumene-type pegmatite system."

The Company's technical advisor, Dr. Fred Breaks, commented, "This newest discovery adds to an expanding spodumene pegmatite inventory within the Falcon West Lithium Property. We are optimistic that further exploration will continue to produce more spodumene pegmatite discoveries."

Figure 1. Newly discovered "CDC" spodumene-bearing pegmatite outcrop location in relation to known Lithium showings within the property (extensions are open for expansion).

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Figure 2. Representative spodumene (primary high grade lithium mineral) crystals in the newly discovered CDC pegmatite showing, which comprise approximately 30% of the discovery outcrop.

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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 Properties, particularly regarding historical exploration, neighbouring companies, and government geological work.

For more information about the Company, view Volta's website at www.voltametals.ca.

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 includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition, belief, estimate or opinion, or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "interpreted", "pending", "suggests", "preliminary", "estimates", "confident", "may", "aims", "targets", "could", "would", "will", or "plans" and similar expressions, or that events or conditions "will, "would", "may", "can", "could" or "should" occur, or are those statements, which, by their nature, refer to future events. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based upon information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties, and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information.

Forward-looking information in this news release could include, but is not limited to the Company's objectives, goals or future plans, statements, potential mineralization, the interpretation of drilling, assay results, and other analytical test work, cost estimates and plans to execute and complete exploration programs; future exploration and mine development plans; and the timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to the failure to identify mineral resources, the preliminary nature of assay and metallurgical test results, unusual geological or technical problems, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations, legislative and regulatory changes, uncertainties relating to the availability and costs of financing needed in the future to fund outstanding property option payments and continued exploration programs, changes in equity markets, inflation, the cost of skilled and unskilled labour, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and travel and supply chains, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. 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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