(TheNewswire)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |- NAM owns 100% of eightpegmatite hosted Lithium Projects in theWinnipeg River Pegmatite Field, located in SE Manitoba | |- The eight projects are strategically situated within the WinnipegRiver Pegmatite Field, which hosts the world class Tanco Pegmatitethat has been mined for Tantalum, Cesium and Spodumene (one of theprimary Lithium bearing minerals) in varying capacities, since 1969| |- The program is being jointly funded by the Company and the newManitoba Mineral Development Fund (MMDF) from the Manitoba Chamber ofCommerce | |- The 2020 field work program will focus on follow up exploration ofthe company’s 2018 field reconnaissance efforts on the Lithium OneProject | |-2018 surface exploration completed on the Lithium Oneprojectyielded field samples grading up to 4.1% Li2O and 6.11% Rb2O | |- The Company has an exploration agreement in place with theSagkeeng First Nation who the Company has engaged to workcollaboratively with on completing the 2020 program at Lithium One | |- NAMs flagship project is the 100% owned River Valley PalladiumProject, one of North America’s largest undeveloped primaryPalladium Projects | | | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
October 6, 2020 - TheNewswire - Rockport, Canada - New Age Metals Inc.(NAM) (TSXV:NAM ) ; ( OTC:NMTLF ) ; ( FSE:P7J) ("NAM" or the "Company") is pleased to announce that the fieldwork planned at the Company's Lithium One Project in South eastManitoba, has begun. Harry Barr, Chairman & CEO stated; "Withthe help of a grant from the Manitoba Mineral Development Fund we arepleased to have our technical team and consultants in the fieldcompleting the fall program on our Lithium One Project."
Lithium One Work Program
To complete this program, NAM plans to contract bothCarey Galeschuk and Dave Owens, the Company's consulting geologists inaddition to the Twohearts Foundation, a Sagkeeng First Nationsexploration service company. The fall 2020 program will include rocksampling, mapping and prospecting at the Company's Lithium One projectin the Greer Lake region. Theobjective of the program is to surface sample areas that have not beenlooked at to date at the project and further outline future drilltargets.
Figure 1 : NAMProject Location Map - Winnipeg River Pegmatite Field. Lithium OneProject is highlighted.
Manitoba Mineral DevelopmentFund
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.
Manitoba COVID-19 Relief
The Company is taking advantage of relief measures putin place by the Manitoba government for mineral/mining claim holdersin 2020. A one-year extensionof time on all mining claims and mineral exploration licenses has beengranted for claims and licences expiring prior to April 30, 2021. Allof New Age Metals claims are eligible for this extension . Furthermore, the Manitoba Agriculture and ResourceDevelopment Department has extended double-assessment credits forexploration work completed in 2020. Both of these relief measures willassist the company in maintaining its landposition in the Winnipeg River Pegmatite Field and the work completedat Lithium One will provide extended work credits for the Company onthat project.
Lithium One Project
The project is geologically situated in the southernextension of the Bird River Greenstone Belt. The pegmatites areassociated with the Greer Lake and Shatford Lake Pegmatite Group ofthe Cat Lake - Winnipeg River Pegmatite Field. The Winnipeg RiverPegmatite Field hosts the World-Class Tanco Pegmatite which has beenmined since 1969 at the Tanco Mine Site, in various capacities and forvarious commodities. This pegmatite field is hosted in the Archean ageBird River Greenstone Belt and into the surrounding granites.
The Silverleaf Pegmatite was historically mined in thelate 1920's for spodumene and probably represents one of the firstspodumene operations in North America. Thecentral, most economic, portion of the pegmatite is composed oflepidolite surrounded by an envelope of spodumene and quartz. Thelepidolite zone outcrops as three large masses with lengths andmaximum widths as follows: 23 m x 6 m (75 x 20 ft); 12 m x 4 m (40 x12 ft); 5.5 m x 3 m (18 x 11 ft); it is also found in a westerly cutover a width of 2 m (6.5 ft). Spodumene is known to outcrop over a 334m 2 (3600 sq ft). A quartz-spodumene crystal measuring 91 cm x 17 cm (3 ftx 7 inch) was reported near the core zone back in 1933.
Historic drilling of the Silverleaf Pegmatite from the1950's indicated a tabular pegmatite body dipping 30? S and extending168 m (550 ft), while ranging in thickness from 5 to 11 m over adrilled length of 245 m.
The Company's Phase OneExploration Program in 2018 , sampledseveral of the known lithium-bearing pegmatites. The purpose of theexploration program was to obtain modern-day assay analyses of thePegmatites and to ground proof some of the historic Pegmatitelocations. Numerous Pegmatites and Pegmatite swarms were not sampledin the 2018 program and will be explored during the 2020 fallprogram.
Figure 2: Annie Pegmatite showingan outcrop with abundant SQUI (Spodumene Quartz Intergrowths)mineralization - The pen in the photo is 8 cm in length.
About NAM
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, situated100 km from Sudbury, Ontario. The Company has recently completed aPreliminary Economic Assessment on the project and is working towardsPrefeasibility. In Alaska the Company owns 100% of the GenesisPGM-Cu-Ni Project in Alaska. The Lithium division is the largestmineral claim holder in the Winnipeg River Pegmatite Field, where theCompany is exploring for hard rock lithium and various rare elementssuch as tantalum and rubidium. 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 actively seeking an option/joint venture partner for its road-accessible Genesis PGM Cu-Niproject in Alaska and for our Lithium division in Manitoba.
Figure 4: White spodumene bladesin a matrix of lepidolite (Lithium Mica) from the Silverleafshowing.
New Age Metals is a junior resourcecompany on the TSX Venture Exchange, trading symbol NAM, OTCQB: NMTLF;FSE: P7J with 138,854,511 shares issued to date. Investors are invited to visit the New Age Metals website atwww.newagemetals.com where they can review the company and itscorporate activities. Any questions or comments can be directed toinfo@newagemetals.com or Harry Barr at Hbarr@newagemetals.com or Cody Hunt at Codyh@newagemetals.com orcall 613 659 2773.
About the River Valley PalladiumProject
The details of the updated Mineral Resource Estimate(MRE) and Preliminary Economic Assessment (PEA) were announced in thepress release dated August 9, 2019 and are described on NAM's website. The pit constrained Updated Mineral ResourceEstimate formed the basis of the PEA . At acut-off grade of 0.35 g/t PdEq, the Updated Mineral Resource Estimatecontains 2.867 Moz PdEq in the Measured plus Indicated classificationsand 1.059 Moz PdEq in the Inferred classification. The PEA is a preliminary report, but it demonstrates thatthere are potentially positive economics for a large-scale mining openpit operation, with 14 years of Palladium production. Refer to the NAM website (www.newagemetals.com) fordetails.
Opt-in List
If you have not done so already, we encourage you tosign up on our website ( www.newagemetals.com ) to receive our updated news.
Qualified Person
The contents contained herein that relate toExploration Results or Mineral Resources is based on informationcompiled, reviewed or prepared by Carey Galeschuk, a consultinggeoscientist for New Age Metals. Mr. Galeschuk is the QualifiedPerson as defined by National Instrument 43-101 and has reviewed andapproved the technical content of this news release with regard totechnical aspects of the Lithium Division.
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 from actualfuture events or results and are based on current expectations orbeliefs. For this purpose, statements of historical fact may bedeemed to be forward-looking statements. In addition, forward-lookingstatements include statements in which the Company 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 bytheir nature involve risks and uncertainties, and actual results maydiffer materially depending on a variety of important factors,including, among others, the Company's ability and continuation ofefforts to timely and completely make available adequate currentpublic information, additional or different regulatory and legalrequirements and restrictions that may be imposed, and other factorsas may be discussed 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 forw ard-looking statements.
Copyright (c) 2020 TheNewswire - All rights reserved.