(TheNewswire)
May 24th, 2023 – TheNewswire - Rockport, Ontario - New Age Metals Inc. (TSXV:NAM ) ; ( OTC:NMTLF ) ; ( FSE:P7J.F) (“NAM” orthe “Company”) in regards with its Farm-in/Joint Venture agreementwith Mineral Resources Ltd. (“MinRes”). NAM is pleased to announcethat an interim budget of C$2 million has been approved by MinRes tofund the Project’s summer exploration program. The interim budget will cover all expensesrelated to the comprehensive summer work program includinggeophysical, geochemical, and archaeological surveys that are pivotalto preparing for the winter drill program. Theapproved interim budget will commence with the summer program, whilethe full budget is slated to be approved in July 2023. The Summer/Fallexploration work commenced on May 15 th and includes:
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Airborne Triaxial Magnetics – High-resolution surveyto identify regional structural trends and localized controls ofpegmatite bodies to aid drill targeting
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Radiometrics - Efficient to identify U-, Th- andK-enriched pegmatites less than 0.5 m below ground surface.
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LiDAR – Identify outcroppings to guide summer fieldwork and can be used for environmental assessments
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Mapping – Complete updated property bedrock geologymaps with detailed structural analysis of pegmatite distribution andinternal zonation
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Lithogeochemistry – Property wide rock sampling togather geochemical data on identified targets and develop drilltargets
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Mobile Metal Ion (MMI) Soil Geochemistry – Targetedsampling grids to identify pegmatite extensions and anomalous areaswhere surficial cover prohibits bedrock analysis
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Biogeochemistry – Orientation test lines overmineralization on the Lithium Two property to determine the validityof the technique to be used in areas where the terrain does not permitMMI soil sampling
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Channel Sampling and Outcrop Stripping (permitspending) – Channel sampling and outcrop stripping is planned overthe Eagle and FD5 pegmatites on the Lithium Two property as well asnew targets on the Lithman East property identified from 2022fieldwork
Permits/Archaeological Surveys
- Numerous permitapplications have been submitted and are undergoing final review inpreparation for winter drilling
- Archeological assessments have beenarranged and will take place this summer
- Any new targets identified from2023 fieldwork will be submitted as permit amendments in advance ofthe planned winter drilling
Winter Drill Programs
All of the above work is slated for Summer/Fall of 2023will help establish drill targets for an aggressive multi-projectWinter 2023/24 drill campaign. The budget for the Winter drill programs have been submitted toMinRes.
Figure 1: New Age Metals South Eastern Manitoba Lithium Division ProjectMap
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. NAM is currentlycompeting a updated Preliminary Economic Assessment (PEA) on the RiverValley Project and hopes to have announcement on the PEA results bymid Summer 2023.
In addition to River Valley, NAM owns 100% of the road accessibleGenesis PGM-Cu-Ni Project in Alaska and plans to complete anOption-Joint Venture arrangement with a third-party mining company todevelop 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/samplingfield programs following up on prospective trends outlined in themagnetic data and 2022 surface sampling. The company has a partnership with MineralResource Limited (MinRes, ASX: MIN), a top global lithium producer toexplore and develop the Company’s lithium project portfolio inSoutheast Manitoba. The 2023/24 budget for ourManitoba Lithium Division has been submitted to MinRes and a interimbudget of $2 million has been approved to begin the Summer/Fall workprograms. A final budget is expected before the end of July2023.
Our philosophy is to be a projectgenerator with the objective of optioning our projects with major andjunior mining companies through to production. The Company is activelyseeking an option/ joint venture partner for our newly acquired 100%owned Northman, McLaughlin Lake, and South Bay Lithium Projects inNorthern Manitoba, as well as its road-accessible Genesis PGM-Cu-NiProject in Alaska.
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 differ materially depending ona variety of important factors, including, among others, theCompany’s ability and continuation of efforts to timely andcompletely make available adequate current public information,additional or different regulatory and legal requirements andrestrictions 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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