Bolt Metals (CSE:BOLT) will change its name to 26 Metals and begin trading under the ticker IRON at market open on 19 August.
The rebrand occurs as the Canadian company’s shift towards advancing the Florália Iron Project in Minas Gerais, Brazil. The number 26 refers to iron’s atomic number, according to Bolt.
CEO Zachary Kotowych says the new identity signals the company’s focus on the project.
“26 Metals and the ticker IRON tell our shareholders and the market exactly who we are and what we are building,” Kotowych says.
“The work now is simple to state and relentless to execute: drill it, define it, permit it, and take it toward production.”
Florália is located within Brazil’s Iron Quadrangle, a long-established mining region supported by roads, railways, power infrastructure, ports, and domestic steel producers.
Bolt entered a definitive option agreement with Max Iron Brazil in May, giving it the right to acquire a 100% interest in the property. Max Iron Brazil is controlled by Max Resource (TSX-V:MAX).
Meanwhile, the company is conducting drilling intended to support a maiden mineral resource estimate, while progressing environmental licensing and permitting work. Any development decision would be subject to further technical and economic studies.
Bolt reports beneficiation test work has produced a sinter-feed product grading above 61% iron, with silica, alumina, and phosphorus levels below the specifications for the Platts IODEX benchmark.
It is also evaluating dry magnetic separation as a potential processing method. The company says the proposed approach could avoid the need for a wet tailings storage facility, although the flowsheet has not been finalised.
The company also notes the name change will not affect the number of shares on issue, and existing shareholders do not need to take any action. Current share certificates will remain valid.
Write to France Pinzon at Mining.com.au
Images: Mining.com.au
