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  • Bolt Metals (BOLT) anticipates restarting activities at the company’s Cyclops Nickel-Cobalt Project in 2021
  • The company expects that will coincide with the re-opening of domestic travel, availability of personnel and supplies and access to the project
  • The company’s planned development activities for Cyclops were put on hold because of the COVID-19 pandemic
  • Bolt Metals has a 100-per-cent-stake in the 5,000-hectare Cyclops nickel-cobalt project located in Indonesia
  • Bolt Metals is up 2.70 per cent on the day, with shares trading at C$0.38 per share at 3:03 pm ET

Bolt Metals (BOLT) anticipates restarting activities at the company’s Cyclops Nickel-Cobalt Project in 2021.

The company expects that will coincide with the re-opening of domestic travel, availability of personnel and supplies and access to the project.

The company’s planned development activities for Cyclops were put on hold as access to the project was rendered virtually impossible due to the COVID-19 pandemic.

Bolt Metals has a 100-per-cent-stake in the 5,000-hectare Cyclops nickel-cobalt project located in Papua province, Indonesia.

Cyclops features strong near-surface nickel and cobalt mineralization, environmental and mining permits, and comprehensive infrastructure including year-round road access.

“Nickel has shown strong resiliency in the face of the ongoing health crisis, rising from approximately $5 per pound in March to currently $7.40 per pound today. The company’s Cyclops project has produced robust drilling results, 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,” said Bolt Metals President and Chief Executive Officer Ranjeet Sundher.

Last year Indonesia’s parliament passed revisions to its mining law aimed at removing red tape and attracting investment into the sector.

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.

Bolt Metals is up 2.70 per cent on the day, with shares trading at C$0.38 per share at 3:03 pm ET.

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