(TheNewswire)
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- NAM has contracted EarthExGeophysical Solutions (EarthEx) to conduct several UAV-BorneMagnetometry Surveys on the Company’s Lithium Projects in southeast(SE) Manitoba
- The program is being co-funded by the Company and theManitoba Mineral Development Fund (MMDF) which is administered by theChamber of Commerce
- NAM has 100% ownership of sevenpegmatite hosted Lithium and Rare Element Projects in the WinnipegRiver Pegmatite Field, located in SE Manitoba
- NAM’s exploration focus on SE Manitoba is onLithium-bearing pegmatites
- The seven projects are strategically situated withinthe Winnipeg River Pegmatite Field, which hosts the world-class TancoPegmatite that has been mined for Tantalum, Cesium and Spodumene (oneof the primary Lithium minerals) in varying capacities, since1969
- The company has signed an Exploration Agreement withthe Sagkeeng First Nation ( see Oct 25 th , 2018 News Release )
Rockport, Canada – TheNewswire- April 6, 2021 - New Age Metals Inc. (NAM)(TSXV:NAM ) ; ( OTC:NMTLF ) ; ( FSE:P7J) (“NAM” or the “Company”) is pleased toannounce that a Drone Magnetic Survey is being initiated on theirLithium Projects in SE Manitoba through their wholly owned subsidiary,Lithium Canada Development.
The Drone Magnetic Survey is a UAV-Borne Magnetometrysurvey. The present system being used by EarthEx is the highestresolution drone magnetics system on the market today. EarthEx is aManitoba-based geophysical consulting company. Daniel Card, ChiefGeophysicist and President of EarthEx said “We are excited to beworking with such a highly reputable company as New Age Metals, inthis prolific pegmatite district, providing services which willaccelerate the path to new discoveries.” The EarthEx airbornemagnetic geophysical survey technology will be used to further definefuture drill targets for the Company’s Lithium Two, Lithman West andCat Lake Lithium Projects, Figure 1.
Harry Barr, Chairman and CEO stated, “Our team isbusy advancing the Lithium Projects in SE Manitoba. Drilling isoccurring in the next few weeks on one of our Lithium Projects and theDrone Magnetic Survey will help us better determine other drilltargets. The potential for economic Lithium Deposits in Manitoba isstrong and New Age with its Lithium Division, Lithium CanadaDevelopment are pleased to be fully funded and active in the Lithiumspace in Manitoba. We are also very fortunate to be partnering withthe Manitoba Mineral Development Fund again on this work program tohelp develop this underexplored lithium region.”
Figure 1: New Age Metals lithium project map,southeast, Manitoba. The UAV-Borne Magnetometry Survey will beconducted on the Lithium Two, Lithman West and Cat Lake LithiumProjects.
The UAV-Borne Magnetometry Survey will be co-funded bythe Manitoba Mineral Development Fund, a mineral fund sponsored andmanaged by the Manitoba Chamber of Commerce.
Lithium pegmatites are known toexpress anomalously low magnetic susceptibility, resulting in amagnetic low anomaly in most terrains. Theadvent of the high-resolution low-flying UAV magnetometric surveyingsystem used by EarthEx represents a new and efficient way to defineexploration targets and map the presence and extent of these types ofdeposits both at and below surface.
Manitoba Mineral Development Fund
In June 2020, the Manitoba Government openedapplication to the MMDF which offered $20 million in funding tojump-start mineral and economic development initiatives in the northand throughout the province. The MMDF, delivered and administered bythe Manitoba Chambers of Commerce, will support new economicdevelopment opportunities that capitalize on existing assets in thenorth and across Manitoba. Projects funded by MMDF will benefitManitoba’s economy and local communities alike with apartnership-based approach to help grow and diversify the provincialeconomy together with Indigenous communities.
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 from Sudbury, Ontario. The Company has recentlycompleted a Preliminary Economic Assessment on the project and plans are to complete aPrefeasibility Study by the end of the first quarter of2022 . In Alaska, the Company owns 100% of theGenesis PGM-Cu-Ni Project.
The Lithium Division is one of the largest mineralclaim holders in the Winnipeg River Pegmatite Field, where the Companyis exploring for hard rock lithium and various rare elements such astantalum and rubidium. 2021plans include drone geophysics on three of the Company’s sevenprojects and a drill program on the Company’s Lithium TwoProject.
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 for all or part of our LithiumDivision in Manitoba.
Investors are invited to visit theNew Age Metals website at www.newagemetals.com where they can reviewthe company and its corporate activities. Any questions or commentscan be directed to info@newagemetals.com or Harry Barr at Hbarr@newagemetals.com or Cody Hunt at Codyh@newagemetals.com or call 613 659 2773.
If you have not done so already, we encourage you tosign up on our website ( www.newagemetals.com ) to receive our updated news.
On behalf of the Board of Directors
“ Harry Barr”
Harry G. Barr
Chairman and CEO
Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release. Cautionary Note Regarding Forward Looking Statements:This release contains forward-looking statements that involve risksand uncertainties. These statements may differ materially fromactual future events or results and are based on current expectationsor beliefs. For this purpose, statements of historical fact may bedeemed to be forward-looking statements. In addition,forward-looking statements include statements in which the Companyuses words such as “continue”, “efforts”, “expect”,“believe”, “anticipate”, “confident”, “intend”,“strategy”, “plan”, “will”, “estimate”, “project”,“goal”, “target”, “prospects”, “optimistic” or similarexpressions. These statements by their nature involve risks anduncertainties, and actual results may differ materially depending on avariety of important factors, including, among others, the Company’sability and continuation of efforts to timely and completely makeavailable adequate current public information, additional or differentregulatory and legal requirements and restrictions that may beimposed, and other factors as may be discussed in the documents filedby the Company on SEDAR (www.sedar.com), including the most recentreports that identify important risk factors that could cause actualresults to differ from those contained in the forward-lookingstatements. The Company does not undertake any obligation to reviewor confirm analysts’ expectations or estimates or to releasepublicly any revisions to any forward-looking statements to reflectevents or circumstances after the date hereof or to reflect theoccurrence of unanticipated events. Investors should not place unduereliance on forward-looking statements.
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