(TheNewswire)
February 22, 2023 – TheNewswire - Rockport, Ontario - New Age Metals Inc. (TSXV:NAM ) ; ( OTC:NMTLF ) ; ( FSE:P7J.F) (“NAM” orthe “Company”) in conjunction with its Farm-in/Joint Ventureagreement with Mineral Resources Ltd. (“MRL”) is pleased toannounce that the companies have agreed to extend the current budgetof $1.8 million to $2.3 million. The funds will be used to add an additional 1500 meters to thecurrent Lithium Two drill budget. The 2022/2023budget of $2.3 million is expected to take the project to early April2023.
Included in this release is theresults of the 2022 exploration activities with regards to thecompany’s Manitoba Lithium Projects. Propertywide reconnaissance, geological mapping, first pass surface sampling,and helicopter-borne magnetics were completed from early June tomid-September 2022. The summerprogram successfully outlined several new target areas for furthersampling and drilling. In addition, 1063 metersof drilling was completed on the Lithium One Property’s Silverleafshowing to test the extent of the mineralization exposed at surface. The company is encouraged bythe first preliminary exploration program that confirmed anomalouslithium values on multiple properties.
• Property wide prospecting and rock samplingidentified previously unmapped LCT pegmatites and multiple areas ofelevated lithium, cesium, tantalum, and rubidium values
• Lithium One Drill results show anomalous lithiumand cesium values extending 300 m along strike of the Silver LeafShowing.
• 5600 hectares of helicopter gradiometermagnetics with simultaneous LiDAR completed to guide futureexploration efforts.
• NAM’s projects cover 21,611 hectares. Additional2022 acquisitions took NAM up from 7 to 11 projects, all of which arestrategically situated within the Winnipeg River Pegmatite Field,which hosts the world class Tanco Pegmatite which is currentlyCanada’s only lithium producer. Tanco has been mined for Tantalum,Cesium and Lithium in varying capacities, since 1969.
• NAM’s exploration activities are being funded byMineral Resources Limited (MRL), a top 5 global lithium producer.
• The 2023/2024 budget for our Manitoba LithiumDivision has been submitted to MRL and a final budget is expected byearly April 2023.
• An additional 1500 meters for a total of 2500meters has been added to the Lithium Two Second Phase drilling.
Figure 1 : Lithium One and LithmanEast 2022 Outcrop Sample Locations
Samples and geological data have been collected fromfive of the company’s properties with numerous rock samples showinganomalous values for lithium, cesium, tantalum, and rubidium acrossthe Cat Lake, Lithium Two, Bird River, Lithman East, and Lithium OneProperties. The program involved visiting locations identified asprospective based on a historic data compilation, as well asstructural trends identified in the 2022 airborne magnetic survey. 283 bedrock samples were collected and submittedto SRC Laboratories in Saskatoon, SK for analysis. The results identified geochemicallyprospective areas indicating that more intensive exploration of theproperties is warranted.
Lithium One Property
Grab sample assay highlights from the Lithium Oneproperty include:
2022 Lithium One Drilling
New Age Metals completed a 1063-meterhelicopter-supported exploratory drill program along strike and downdip of the Silver Leaf Showing based on magnetic low trends identifiedin the 2022 Airborne Magnetics Survey over the Lithium One Property.Mineralization encountered included 0.227% Li2O and 3216 ppm Cs over4.7 m (LO-22-01) and 0.402% Li2O, 2029.5 ppm Cs over 1.5 m (LO-22-03).The results of this drilling encountered pegmatite intervals withanomalous lithium and cesium values 100 meters down dip and 300 metersto the west of the outcropping mineralization and remains open in thisdirection. The company plansto further define drill targets in this area by surface grid samplingalong trend.
Table 2 : 2022 Lithium One DrillHole Information
Lithman East, Lithman West, and BirdRiver Lithium Properties
Grab sample assays from the Lithman East Propertyincluded up to 0.842 % Li 2 O and 0.428 % Li 2 O on two separate pegmatites along the prospective Rush LakeTrend (See Figure 1). The Lithman East Property is road accessible andis located about 7 km to the East of Tanco Mine. The Bird River andLithman West Properties included anomalous lithium values as wellpegmatite samples grading up to 337 ppm Ta.
The summer field program has confirmed that multipleprospective trends exist on the Company’s extensive land holdingswithin the Winnipeg River Pegmatite Field. The company plans to conduct numerous rockchip and MMI soil sampling grids over the areas consideredgeochemically elevated in lithium and other indicator elements. Definition of prospective areas as well as furtherreconnaissance work over underexplored geologically prospective groundwill be the focus of the coming field season with goal of addingadditional drill-ready targets.
In February 2023, a new technical study has beenapproved and is being carried out by NAM and MRL’s lithiumexploration teams, with input from well-respected Australian basedgeophysical consulting group Resource Potentials Pty Ltd, who haveextensive global lithium exploration expertise. Through datacompilation, reprocessing and integration, especially employing newinformation acquired by the NAM team, this study will encompass regional toprospect scale assessments to provide additional and new insights fortargeting and prioritising key areas for follow-up explorationactivities in 2023, such as drill planning, mapping and samplingprograms, and high-resolution geophysical surveys, to be funded underthe NAM-MRL Farm-in / Joint Venture.
Sampling, analytical methods and QA\QC protocols
All samples were submitted for analysis to SRCGeoanalytical Laboratories in Saskatoon, Saskatchewan. Samples were tobe prepped with SRC’s agate pulverization procedure. All sampleswere subject to three separate analyses following four-acid digestionincluding: ICP-MS on partial digestion, ICP-OES for major and minorelements on the total digestion, and ICP-MS for trace elements ontotal digestion. Quality assurance and quality control proceduresincluded the insertion of approximately 20% control materials ofeither blank or certified reference material (Oreas) by the company.SRC Geoanalytical Laboratories include inhouse QAQC protocols andoperates in accordance with ISO/IEC 17025.
New Age Metals is a junior mineral exploration anddevelopment company focused on the discovery, exploration, anddevelopment of green metal projects in North America. The Company hastwo divisions: a Platinum Group Metals division and a Lithium/RareElement division.
The PGM Division includes the 100% owned,multi-million-ounce, district-scale River Valley Project, one of NorthAmerica’s largest undeveloped Platinum Group Metals Projects,situated 100 km by road east of Sudbury, Ontario. In addition to RiverValley, NAM owns 100% of theroad accessible Genesis PGM-Cu-Ni Project in Alaska and plans tocomplete an Option-Joint Venture arrangement with a third-party miningcompany to develop the project.
The Company’s Lithium Division is one of the largestmineral claim holders in the Winnipeg River Pegmatite Field, where theCompany is exploring for hard rock lithium and various rare elementssuch as tantalum, rubidium, and caesium. Further Exploration plansfor 2023 include continued mapping/sampling field programs followingup on prospective trends outlined in the magnetic data and 2022surface sampling The company is currently completing a phase two drillprogram at the Lithium Two Project. The company has a partnership withMineral Resource Limited (MRL, ASX: MIN), a top global lithiumproducer to explore and develop the Company’s lithium projectportfolio. The 2023 budget for our Manitoba Lithium Division has beensubmitted to MRL and a final budget is expected by early April2023. The company is currentlycompleting a $2.3 million budget and has submitted its 2023/2024budget and exploration plans to MRL.
In Northern Manitoba, the companyowns a 100% of the SouthBay Lithium Project and plans to complete anOption/Joint Venture agreement with a third-party mining company todevelop the project.
Our philosophy is to be a project generator with theobjective of optioning our projects with major and junior miningcompanies through to production. The Company is actively seeking anoption/ joint venture partner for its road-accessible GenesisPGM-Cu-Ni project in Alaska and our SouthBay Lithium Project inNorthern Manitoba.
Investors are invited to visit the New Age Metalswebsite at www.newagemetals.com where they can review the company andits corporate activities. Any questions or comments can be directed toinfo@newagemetals.com or Harry Barr at Hbarr@newagemetals.com or Farid Mammadov at faridm@newagemetals.com or call 613659 2773.
The technical information in this news release has beenreviewed and approved by Lynde Guillaume (Senior Geologist, AxiomExploration Ltd.), a Qualified Person, and a Professional Geoscientist(P.Geo) who is a registered member of the ‘Engineer and Geosciencesof Manitoba’ (no. 47952).
If you have not done so already, we encourage you tosign up on our website ( www.newagemetals.com ) toreceive our updated news.
On behalf of the Board of Directors
“Harry Barr”
Harry G. Barr
Chairman and CEO
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release. Cautionary Note RegardingForward Looking Statements: This release contains forward-lookingstatements that involve risks and uncertainties. These statements maydiffer materially from actual future events or results and are basedon current expectations or beliefs. For this purpose, statements ofhistorical fact may be deemed to be forward-looking statements. Inaddition, forward-looking statements include statements in which theCompany uses words such as “continue”, “efforts”,“expect”, “believe”, “anticipate”, “confident”,“intend”, “strategy”, “plan”, “will”, “estimate”,“project”, “goal”, “target”, “prospects”,“optimistic” or similar expressions. These statements by theirnature involve risks and uncertainties, and actual results may differmaterially depending on a variety of important factors, including,among others, the Company’s ability and continuation of efforts totimely and completely make available adequate current publicinformation, additional or different regulatory and legal requirementsand restrictions that may be imposed, and other factors as may bediscussed in the documents filed by the Company on SEDAR(www.sedar.com), including the most recent reports that identifyimportant risk factors that could cause actual results to differ fromthose contained in the forward-looking statements. The Company doesnot undertake any obligation to review or confirm analysts’expectations or estimates or to release publicly any revisions to anyforward-looking statements to reflect events or circumstances afterthe date hereof or to reflect the occurrence of unanticipated events.Investors should not place undue reliance on forward-lookingstatements.
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