(TheNewswire)
September 6 th , 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 a budget of C$7 million has been approved to fundadvancement of the Company’s Winnipeg River-Cat Lake LithiumProjects. The approved budget includes ongoing and recently completedgeophysical surveys, soil and rock geochemical sampling grids,mapping/prospecting, as well as 15,000 meters of diamond drilling setto commence early January 2024. The program is designed to testseveral target areas on the Lithium Two, Lithman West, Lithman East,Cat Lake and Bird River properties.
New Age Metals maintains an active exploration agreement with theSagkeeng First Nation and will be working with Sagkeeng on theseprojects. The company is conducting its program with the support ofits partners Mineral Resource Limited (MRL, ASX: MIN), a top globallithium producer, and its consultants Axiom Exploration Group.
Chairman and CEO Harry Barr states; “We areexceptionally pleased to announce the largest lithium exploration budget in Manitoba for the2023/24 season . Our partner Mineral Resourcesclearly understands the exploration business and we are happy fortheir technical and financial support. New Age Metals was early in theManitoba rush to acquire large tracts of lithium and REE projects. Our2023/24 budget illustrates the confidence our combined companies havein the future of lithium and REEs in Manitoba.”
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The Company has recently completed 4,354 line-kms ofAirborne Triaxial Magnetics, Radiometrics and LiDAR flown across allproperties. The results from the survey are currently being processedand will be used to assist in targeting.
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1,180 rock samples collected to date across the LithiumTwo, Cat Lake, Lithman East and Bird River properties to gathergeochemical data and develop drill targets. Results arepending.
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2,186 Mobile Metal Ion (MMI) soil samples collected onthe Lithman West and Bird River properties to identify pegmatiteextensions and anomalous areas where surficial cover prohibits bedrockanalysis. Results are pending.
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Channel sampling and outcrop stripping permits havebeen approved over the Eagle and FD5 pegmatites on the Lithium Twoproperty. Channel sampling is set to commence in October.
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Permit applications have been submitted and areundergoing final review in preparation for winter drilling.
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Figure 1 : Spodumene bearing TappyPegmatite located on the New Age Metal's Bird River Property
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 Element division and a Lithium/RareElement division.
The PGE Division includes the 100% owned,multi-million-ounce, district-scale River Valley Project, one of NorthAmerica’s largest undeveloped Platinum Group Element Projects,situated 100 km by road east of Sudbury, Ontario. In addition to RiverValley, NAM owns 100% of the Genesis PGE-Cu-Ni Project in Alaska andplans to complete a surface mapping and sampling program in2023.
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 the anomalous results from the soil and rock samples collectedpreviously during summer 2023. The Company has apartnership with Mineral Resource Limited (MRL, ASX: MIN), a topglobal lithium producer to explore and develop the Company’s lithiumproject portfolio in Southern Manitoba. In Northern Manitoba, theCompany recently signed an option/joint venture binding term sheetwith Native Mineral Resources to develop the McLaughlin Lake LithiumProject. Our philosophy isto be a project generator with the objective of optioning our projectswith major and junior mining companies through toproduction .
The Company isactively seeking an option/joint venture partner for our newlyacquired Northman and South Bay Lithium Projects in northern Manitoba,and its road-accessible Genesis PGE-Cu-Ni Project inAlaska.
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 reflectthe occurrence of unanticipated events. Investors should not placeundue reliance on forward-looking statements.
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