Company Drills Rare Earth Deposit in Canada, Discovers 400-Meter Mineralization and Intersects 5% Oxides

Volta Metals Finds Neodymium, Praseodymium, and Gallium in Two New Holes at the Springer Project in Ontario. Deposit Already Contains 56.6 Million Tons of Indicated Resources and 119.5 Million Inferred, but Company Still Needs to Prove Economic Viability Before Considering a Mine

A drilling campaign initiated to explore a rare earth deposit in Canada has ended with the drill bit still crossing mineralization hundreds of meters below the area designated for a potential pit. According to results released by Volta Metals via Newsfile on September 3, 2026, drill SL26-37 intercepted 414 continuous meters averaging 0.41% TREO, an abbreviation for total rare earth oxides, along with 35 g/t of gallium oxide. Within this vast interval, a small section of 0.65 meters reached 5.00% TREO, with high concentrations of neodymium and praseodymium.

In addition, the drilling extended the mineralized system of the Springer deposit near Sturgeon Falls, Ontario, approximately 275 meters below the current conceptual pit. A second hole, SL26-39, also remained mineralized for nearly the entire length analyzed: it reported 417.5 meters at 0.42% TREO and 38.4 g/t of gallium oxide. Therefore, the new results are noteworthy not only for the high-grade intersection but primarily for the continuity of mineralization from surface to great depths.

However, the numbers need to be interpreted with caution. Volta has not announced a new mine; the mineral resources at Springer are not reserves and do not have demonstrated economic viability. Moreover, gallium is not yet included in the current resource estimate for the project. The company plans to update the rare earths estimate and, depending on ongoing metallurgical and analytical work, aims to establish a first specific estimate for gallium.

ARTICLE CONTINUES BELOW

The Drill Descends Over 400 Meters and Encounters Mineralization Almost from Top to Bottom

The most intriguing result appeared in SL26-37, a hole measuring 420 meters in length. Starting at 6 meters, Volta recorded continuous mineralization down to 420 meters, totaling an analyzed intersection of 414 meters. During this interval, the average grade was 0.407% TREO, along with 35 g/t of Ga₂O₃.

Additionally, the results became stronger in certain deep zones. Between 301.35 and 407 meters, for example, the company found 105.65 meters averaging 0.629% TREO. From 398.25 to 407 meters, the results reached 1.463% TREO over 8.75 meters.

Thus, the most crucial point is not merely that the drilling found rare earths hundreds of meters deep. Volta states that SL26-37 extended the system about 275 meters below the currently modeled conceptual pit, while some of the highest grades appeared near the bottom of the hole.

This suggests that the known mineralization does not necessarily end where the current model ends. However, only further drilling will be able to define its geometry, continuity, and potential contribution to a future resource update.

In just 65 centimeters, the grade jumps to 5% and the sample concentrates neodymium and praseodymium

Within the 414 meters of mineralization, an extremely narrow section caught attention. Between 301.35 and 302 meters, the analysis returned 5.001% TREO and 74.1 g/t of Ga₂O₃ over 0.65 meters. This is the third highest individual grade recorded in the winter 2026 program to date, according to the company.

Moreover, this small interval yielded 9.366 g/t of neodymium oxide, 2.549 g/t of praseodymium oxide, 96 g/t of dysprosium oxide, and 32 g/t of terbium oxide. It also recorded 2.41% cerium oxide and 1.20% lanthanum oxide.

These numbers help explain why Springer is of interest to the company. Neodymium, praseodymium, dysprosium, and terbium are part of a group of elements that are particularly important for high-performance permanent magnets.

In practice, these magnets are found in various modern technologies, including electric motors and certain wind turbine generators. Consequently, projects capable of concentrating these elements have gained strategic importance as governments and companies seek to diversify supply chains.

However, there is a crucial caveat: 0.65 meters at 5% TREO does not imply that the entire 414 meters has a grade of 5%. The average grade for the larger interval was much lower, at 0.41% TREO. Confusing the peak with the average would create a completely misleading impression of the deposit.

Nearly a quarter of the rare earths in the large interval belong to the four elements used in magnets

Another important figure appears in the composition of SL26-37. According to Volta, 24.3% of the TREO along the 414-meter interval corresponds to the four oxides associated with rare earths for magnets: neodymium, praseodymium, terbium, and dysprosium.

However, the company itself issues a technical warning. This percentage represents a compositional ratio calculated directly from the assays. It does not mean that 24.3% will necessarily be recovered during any eventual industrial processing, nor does it incorporate a metallurgical recovery rate.

This difference is fundamental in mining. Finding a specific element in the rock is just the beginning. It is then necessary to demonstrate that it can be technically concentrated and recovered, as well as to prove that costs allow for economically sustainable operations.

Still, the significant presence of magnetic elements places Springer within a larger discussion about new technologies related to electrification, since electric motors and various advanced equipment depend on critical materials whose production remains concentrated in a few countries.

The second drill hole begins to encounter mineralized material practically at the surface and continues for 417.5 meters

While SL26-37 caught attention for its depth, the SL26-39 showcased another important characteristic: continuity from near the surface.

Volta drilled this location between two previous holes to improve deposit definition. The result revealed 417.5 continuous meters, from 5.5 to 423 meters, with an average of 0.417% TREO and 38.4 g/t of Ga₂O₃.

In the first 72.5 meters of this interval, the average grade increased to 0.617% TREO and 45.6 g/t of Ga₂O₃. Additionally, between 17 and 18.1 meters, a small section of 1.1 meters with 3.313% TREO was found.

Deeper, between 231 and 319.5 meters, another extensive zone delivered 88.5 meters at 0.679% TREO. Within it, a section of 37.4 meters reached 0.914% TREO, while another 4.5-meter section achieved 1.617%.

Therefore, the two drill holes tell complementary stories: one significantly expands the system below the conceptual pit, while the other reinforces the presence of mineralization from shallow levels to hundreds of meters deep.

Another strategic metal emerges behind rare earths: gallium traverses both drill holes

The announcement draws attention for the rare earths, but there is a second protagonist.

Gallium.

SL26-37 recorded an averaged 35 g/t of Ga₂O₃ over the 414 meters analyzed. Meanwhile, SL26-39 recorded 38.4 g/t of Ga₂O₃ over 417.5 meters. According to Volta, both contained continuous gallium mineralization along the entire tested length.

The metal has significant applications in specialized semiconductors, optoelectronics, and high-frequency and high-power devices. Therefore, its presence alongside rare earths adds a strategic dimension to the project.

However, again, there is a difference between finding gallium in the samples and having an economically viable resource.

The current mineral estimate for Springer does not include gallium. Volta aims to produce a preliminary separate estimate but conditions this work on confirming metallurgical results, pending analyses, and the availability of independent consultants. The company itself warns that there is no guarantee that a gallium resource will be effectively defined.

The deposit already has hundreds of millions of tons classified as resources, but this is not yet a reserve

Springer already has an updated mineral estimate, released in February 2026, effective as of December 31, 2025.

According to Volta, the deposit contains 56.6 million tons of indicated resources with an average grade of 0.70% TREO. Within this volume, there is a shallow core with a higher grade, containing 11.5 million tons at 1.10% TREO.

Additionally, the estimate presents 119.5 million tons of inferred resources at 0.58% TREO, including another core of 3 million tons with an average of 1.16% TREO.

If purely arithmetically summed, the categories represent 176.1 million tons, but they should not be treated as equivalent. Indicated resources have a higher geological confidence level than inferred resources.

Above all, none of these numbers can be automatically referred to as “reserves.” The company itself emphasizes that mineral resources are not mineral reserves and do not have demonstrated economic viability.

Therefore, headlines stating that Canada “discovered 176 million tons ready for mining” would be inaccurate.

Neodymium and praseodymium account for about 90% of the net metal value calculated in the current resource

The economic composition is also noteworthy.

According to the company, praseodymium and neodymium together represent approximately 90% of the total net metal value utilized in the current estimate of Springer.

This helps explain why the ratio of elements for magnets receives so much attention in each new drilling.

The two elements appear in high-power permanent magnets used in technologies that have gained immense scale with electrification.

At the same time, this demand is directly connected to the growth of electric cars and new propulsion architectures, as well as industrial, energy, and electronic applications.

Thus, a mineral discovery that a few decades ago may have seemed highly specialized is now at the center of an industrial rivalry involving automobiles, power generation, defense, and technology.

Company ranks Springer among the 10 largest rare earth deposits in North America, but comparison requires caution

Based on the 2025 database from S&P Global Market Intelligence, Volta claims that the estimate ranks Springer among the ten largest rare earth element deposits in North America.

However, geological size alone does not determine a project’s value.

A gigantic deposit may face complex mineralogy, difficult recovery, high costs, or inadequate infrastructure. On the other hand, smaller deposits may become competitive if they have favorable grades, mineralogy, location, and processing.

Therefore, Springer’s position among large deposits serves as an indicator of geological scale, not as a guarantee that it will become one of the largest mines on the continent.

In fact, Springer is not yet a mine.

It is a mineral deposit under evaluation.

The highest-grade material appears in small hematite-rich carbonatite veins

Researchers are also trying to understand why certain areas show much higher concentrations.

The section with 5.00% TREO of SL26-37 appears within a hematite-rich carbonatite vein cutting through granitic gneiss.

Previous metallurgical studies conducted on Springer drill cores identified synchysite as the primary rare earth host mineral in the deposit, strongly associated with the hematite present in the carbonatite veins.

Consequently, mapping these structures may help geologists understand where the most enriched zones are located.

In SL26-39, the company also found mineralization associated with veins containing hematite and fluorite, in addition to different rock types. Ongoing mineralogy and petrology studies continue to detail these relationships.

The deeper the drilling went, the more interesting a section of the first hole became

This behavior may be one of the most striking elements of SL26-37.

In the 414 meters completed, the average was 0.41% TREO.

However, in the 140 meters between 267 and 407 meters, it increased to 0.574%. Then, considering the 105.65 meters between 301.35 and 407 meters, it rose to 0.629%. Finally, in the last 25 meters analyzed between 382 and 407 meters, it reached 1.178% TREO.

Additionally, within these 25 meters are four meters at 1.767% TREO and the aforementioned 8.75 meters at 1.463%.

This explains Volta’s statement that some of the strongest grades appeared near the bottom of the hole.

Still, it would be premature to conclude that the grade will continue to increase indefinitely with depth. New drillings will need to test what exists below and around these points.

The Deposit Remains Open: Geologists Have Not Closed Its Edges in All Directions

According to the company, the mineralization of Springer remains open in all directions.

In the language of mineral exploration, this means that drilling has not yet fully defined where the system ends.

This detail helps explain the 2026 program.

The more holes find continuity beyond the previous model, the more data can contribute to a future resource estimate.

However, this does not automatically mean that the estimate will increase.

Geologists need to integrate geometry, grades, density, continuity, and different levels of statistical confidence. Furthermore, a reportable estimate must adhere to specific technical standards.

For this reason, Volta explicitly warns that there is no guarantee that the next rare earth estimate will be higher or indicate a higher grade than the current one.

2026 Program Drilled 5,452 Meters, But Results from Six Holes Are Still Pending

The winter campaign includes 13 holes and 5,452 meters of drilling.

At the time of the announcement, Volta was still awaiting laboratory results from six of the 13 holes.

The samples are sent to the Saskatchewan Research Council in Saskatoon. Additionally, the company claims to implement quality control procedures that include certified reference materials, blank samples, and duplicates of drill cores.

After receiving all assays from 2026, Volta aims to finalize an updated mineral resource estimate for Springer by the end of 2026.

Simultaneously, the company is working on a potential first estimate for gallium.

Therefore, the two holes disclosed now represent a step in a larger program, not the definitive result of the deposit.

The Discovery Comes Just When Critical Minerals Have Gained Strategic Weight for Industry and Energy

Rare earth elements hold a peculiar position in the modern economy.

They appear in relatively small quantities within many products, but certain equipment heavily relies on their magnetic, optical, or chemical properties.

Consequently, supply security has become a concern for governments and manufacturers.

Neodymium and praseodymium are especially important in high-performance magnets. Meanwhile, terbium and dysprosium can help these materials maintain performance under more demanding conditions.

At the same time, the expansion of renewable energy and electrification increases interest in supply chains for strategic materials.

Thus, Springer draws attention not only for the size of the mineralized system but also for the combination of rare earths for magnets + potential gallium presence in the same project.

But There Is a Huge Gap Between Finding 5% TREO in a Sample and Opening a Commercial Mine

This is the most critical caution in the whole story.

First, the company needs to finish the campaign and receive the remaining assays. Then, it must update the geological model and resource estimate.

Moreover, metallurgical studies need to demonstrate how much of the elements present in the rock can actually be recovered.

Costs for mining, crushing, concentration, separation, infrastructure, energy, water, environmental licensing, future prices of products, and dozens of other variables come into play.

Only after sufficiently advanced economic studies can a company demonstrate whether a particular deposit can support a commercial operation.

Therefore, the new results represent exploration success, not approval for a mine.

Not even the additional 275 meters mean that a future pit will necessarily reach them

There is another distinction.

The phrase “275 meters below the pit” might suggest that the company already plans to excavate to that depth.

That is not the case.

The hole SL26-37 intersected mineralization approximately 275 meters below the current conceptual pit limit.

This material may influence future studies, but several scenarios are possible.

A new modeling could alter the pit. Some of the deep mineralization could remain outside of it. In other contexts, deep deposits may even be assessed for underground mining.

However, none of these alternatives should be treated as a decision made in Springer.

For now, the result merely demonstrates that the mineralized system continues well beyond the limit used in the current conceptual model.

What seemed to end in the model continues in the rock, and now Volta needs to discover how far

The two holes help to change the geological image of Springer.

The SL26-39 shows mineralization almost from the surface and extends for 417.5 meters. The SL26-37, in turn, delivers 414 meters of mineralization, crosses a small zone with 5.00% TREO, and extends the system approximately 275 meters below the conceptual pit.

Additionally, both present gallium throughout the entire analyzed extent.

Now, results from six holes in the program still need to be released, as the company prepares the work that could update rare earth resources and potentially establish an initial gallium resource.

Therefore, the most relevant data may not simply be the peak of 5%.

It is the fact that, after hundreds of meters of drilling, the mineralization has not yet disappeared.

If future results confirm continuity and additional studies demonstrate recovery and economic viability, Springer could gain significance in the U.S. search for new sources of critical minerals.

However, until then, it remains exactly what the data allows to assert today: a large mineral deposit under exploration, with new and promising results, but still without a demonstrated commercial mine.

In light of the growing dependence on rare earths and gallium for electric cars, energy, and electronics, should countries fast-track domestic projects like Springer or maintain longer processes until environmental impacts and economic viability are fully defined?

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