ALLIED COPPER REPORTS ADDITIONAL FINANCIAL AND TECHNICAL INFORMATION FOR VOLT LITHIUM CORP.

Allied Copper Corp. is pleased to announce additional technical information and financial information regarding Volt Lithium Corp. As announced on October 31, 2022, Allied Copper has agreed to acquire 100% of the issued and outstanding shares of privately-held Volt, pursuant to a share purchase agreement dated October 31, 2022, among each of the shareholders of Volt. Through this Acquisition, Allied Copper is afforded a strategic opportunity to expand both its asset base and development focus to include a broader range of battery metals that represent key inputs supporting the global energy transition.

Rainbow Lake Property
Volt has acquired a 100% minerals interest in a lithium-brine project in northwest Alberta which is defined by nineteen contiguous Alberta Metallic and Industrial Mineral Permits. Details of the mineral permits are summarized in Schedule B of the Agreement, which has been filed on SEDAR at www.sedar.com. The Rainbow Lake Property is in northwest Alberta, approximately 80 kilometres west of the Town of High Level, Alberta. The west-central portion of the Property surrounds the Town of Rainbow Lake, Alberta, which region is historically famous for its substantial oil and gas reserves within the carbonate platform and reef complex portions of the Middle Devonian Elk Point Group. The Property can be accessed by Provincial Highway 58, and numerous secondary all weather and dry weather gravel roads and tracks that are serviced year-round due to oil and gas production operations in the area.

Upper Keg River Formation Aquifer Brine Evaluation
Volt’s initial exploration objective at the Rainbow Lake Property was to assess stratigraphically deep  hypersaline formation water, or brine, from oil and gas reservoirs, or aquifers, within the porous portions of the Elk Point Group’s Upper Keg River Formations reef complexes for its lithium-brine potential.

As per Government of Alberta subsurface brine compilations, historical Upper Keg River Formation lithium-brine analytical results within the boundaries of the Rainbow Lake Property include nine historical lithium assays of Upper Keg River Formation and Elk Point Group brines (the latter at depths that are correlative with the Upper Keg River Formation). The assays yield lithium-brine values that range between 29 and 44 milligrams per litre (“mg/L”) lithium with an average concentration of 38.3 mg/L lithium.

To validate the historical lithium-brine assays, Volt commissioned a petro-company leasehold owner and active hydrocarbon producer from within a portion of the Property and Mr. Roy Eccles P. Geol. of APEX Geoscience Ltd. to complete two separate 2022 brine sampling programs at the Rainbow Lake Property. The Petro-Company collected two brine samples from two separate wells; one of which was not within the boundaries of the Property. The samples were analyzed by Sterling Chemical Inc.’s subsidiary lab, Camber Resource Services Ltd., who is not independent of Volt.

The QP collected 25 brine samples from three oil and gas facilities and four producing wells within the Rainbow Lake Property in conjunction with the Petro-Company that is actively producing hydrocarbons from Upper Keg River Formation reservoirs. Quality assessment-quality control samples included four duplicate samples, seven brine lab-prepared lithium-brine standards, two blank samples (containing no lithium), and two check lab samples. The QP brine samples were analyzed at independent, commercial laboratories who are accredited and experienced in analysing petro-fluids.

The QP assessed both the Petro-Company and QP-collected sample analyses, and concluded that the analytical results yield both ‘valid’ and ‘invalid’ Upper Keg River Formation brine geochemical results. The Petro-Company collected samples were removed because the samples were either from an off-property well or analyzed at a non-independent lab that returned lithium results that did not correlate well with the analytical results of the QP-collected samples. Four QP-collected sample analyses were also removed from the dataset because of suspected issues with contamination or the brine geochemical results were not compatible with representative Upper Keg River Formation aquifer brine. The contamination relates to high oil contents in the brine sample, or elevated iron and metal contents believed to be related to corrosiveness inhibitors used by the Petro-Company at a specific well that may have precipitated metals that are not representative of the true brine. With respect to the assessment of representative brine genuine Upper Keg River Formation samples in this dataset contain between 72,200 and 156,000 mg/L sodium; however, the QP-assessed invalid samples had very low sodium.

Once the invalid brine analyses were removed from the database (n=6 analyses), the QP had no further significant issues or inconsistencies that would cause one to question the validity of the data. Brine analytical results are presented in Table 1 and include lithium-brine values from the three facilities and two wells.

With respect to the QP-collected valid Upper Keg River Formation aquifer brine samples, brine from the wells yielded between 29.3 and 36.1 mg/L lithium with an average concentration of 33.0 mg/L lithium. Brine from the facilities yielded between 24.5 and 37.3 mg/L lithium with an average concentration of 33.6 mg/L lithium. Collectively, the brine analyses from Volt’s primary lab yielded between 30.6 mg/L and 37.3 mg/L lithium with an average concentration of 35.0 mg/L lithium.

The QP concluded that the Volt sampling program validated the historical lithium-brine analytical results: 38.3 mg/L lithium versus 35.0 mg/L lithium. The similar lithium concentrations potentially demonstrates the chemical homogeneity of the Upper Keg River Formation aquifer underlying the Rainbow Lake Property. The sample program results also show that Volt could utilize the facilities for any future demonstration, or pilot direct lithium extraction test work, which is beneficial because the facilities represent multi-well collection points with high brine volume.

Based on the results of the Rainbow Lake Property brine sampling program, Volt has commissioned APEX Geoscience Ltd. to prepare a technical report that will provide a geological introduction and exploration results of the Upper Keg River Formation aquifer brine assessment and include recommendations to advance the lithium-brine project. The technical report will be prepared in accordance with the Canadian Mining and Metallurgy Mineral Exploration Best Practice Guidelines (2018) and the disclosure requirements set out in National Instrument 43-101 Standards of Disclosure for Mineral Projects.