(TheNewswire)
-
- NAM has 100% ownership of sevenpegmatite hosted Lithium and Rare Element Projects in the WinnipegRiver Pegmatite Field, located in southeast (SE) Manitoba.
- NAM’s exploration focus in SE Manitoba is onLithium-bearing pegmatites.
- A drill permit has been issued bythe Manitoba government for a drill program on the company’s LithiumTwo Project and the Company is awaiting a drill permit for the LithiumOne Project
- 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 ).
- NAM’s technical team is finalizing a plan for its2021 lithium division exploration and development program.
Rockport, Canada – TheNewswire- February 17, 2021 - New Age Metals Inc. (NAM)(TSXV:NAM ) ; ( OTC:NMTLF ) ; ( FSE:P7J) (“NAM” or the “Company”). The purpose ofthis press release is to provide shareholders with an update on ourwholly owned subsidiary, Lithium Canada Development. Management is actively planning strategic alternatives for thefuture development of the lithium division in Manitoba,Canada . The financing alternatives may includeadditional corporate funding, an option / joint venture developmentagreement on one or more of the projects and/or a spinout of thelithium division at an opportune time. Since the beginning of 2021 investorsentiment for lithium companies has been overwhelminglypositive likely due to the Bidenadministration’s green energy campaign, future North Americanautomaker electric vehicle production targets, and what many industryparticipants are calling the beginning of a super-cycle for greenmetals.
Since 2016 the Company has aggressively acquired andexplored an extensive project portfolio representing seven lithiumexploration projects in Southeast Manitoba, some of which are alongtrend of the Tanco Mine, making it one of the largest claim holders inthe Winnipeg River Pegmatite Field. See Figure 1 below for the projectmap. Since acquisition, the Company has conducted surface explorationwork on a number of the claims. As a result, two of the projects are drill ready and a thirdapplication is being prepared . In 2020 theCompany completed follow up field reconnaissance work on the LithiumOne Project, see press releasehere .
Figure 1: NewAge Metals lithium project map, southeast, Manitoba.
The Company has made an application to the ManitobaMineral Development Fund to further its exploration programs on theproject portfolio this year. Initial plans are for a UAV magnetometry geophysicalsurvey . The Company plans to engage EarthExGeophysical Solutions (EarthEx) out of Selkirk, Manitoba to utilizetheir airborne magnetic geophysical survey technology to furtherdefine future drill targets for the Company’s Lithium Two, LithmanWest and Cat Lake Lithium Projects.
Lithium pegmatites are known to express anomalously lowmagnetic susceptibility, resulting in a magnetic low anomaly in mostterrains. The advent of the high-resolution low-flying UAVmagnetometric surveying system proposed here represents a new andefficient way to define exploration targets and map the presence andextent of these types of deposits both at and below surface.
Lithium Two Project
The Lithium Two Project has several historically knownSpodumene bearing pegmatites (see Figure 2). The Eagle Pegmatite wasdrilled in 1947 with a historic (non 43-101 compliant) tonnageestimate of 544,460 tonnes with a grade of 1.4% Li2O to the 61-meterlevel. This historic reported tonnage has not been reviewed by anindependent source and therefore no core exists from this work.Therefore, the reader is cautioned not to rely on this estimate. Thedeposit was reported during the historic drilling that the EaglePegmatite remained open to depth and along strike. The Eagle Pegmatiteis exposed on surface. The FD5 Pegmatite, located east of the EaglePegmatite has never been drilled. Historicassessment reports revealed a Spodumene bearing pegmatite drilled inthe late 1940’s, located approximately 500 meters southeast of theEagle Pegmatite but not exposed on surface. No grades were provided inthe report. A drill work permit for the Project wasreceived in December 2020 and our technical team are currentlydefining targets on the Eagle and FD5 pegmatites for futuredrilling.
Subject to a grant application which is currently beingreviewed by the MMDF, the Company plans to complete a UAV magneticgeophysical program highlighting the three known pegmatites on LithiumTwo and to further identify other buried pegmatites outside of theknown targets on the project.
Figure 2 :Lithium Assays at the Lithium Two Project, SE Manitoba
A surface exploration program was conducted in 2018 onLithium Two which returned assayresults up to 3.8% Li2O .
Lithium One Project
Since 2018 the Company has actively explored the Annieand Silverleaf pegmatites on the Lithium One Project. The project contains at least 40 knownpegmatites and several more that have not been explored. The Lithium One Project is located 125 kilometres northeastof Winnipeg, Manitoba and is geologically characterized as being apart of the Cat Lake-Winnipeg River Pegmatite Field. See Figure 3below for the Lithium One Project map.
The Silverleaf Pegmatite is a zoned complexLithium-bearing Pegmatite with a surface exposure of approximately 80metres x 45 metres. The Pegmatite is exposed in the northeast andstrikes under cover to the southwest. Samples taken from the Lepidolite-SpodumeneZone in 2018 yielded assays from 1.81% to 4.09% Li2O and 0.63% to6.11% Rb2O.
In 2020 the Company conducted a follow up surfaceexploration program focused on sampling and mapping the Annie andSilverleaf pegmatites. Over 75 samples werecollected and returned assay results up to 3.12%Li2O . A drill permit has been appliedfor on the project.
Figure 3 :Historical Pegmatite location map – Northern Portion, Lithium OneProject
Lithman West Project
The mineral claims were previously held by the TantalumMining Corporation of Canada (Tanco). Most of the historic workfocused on the northern portion of the Lithman West Project area, withsoil geochemistry completed over most of the project area. Soilsamples were analyzed using the Enzyme Leach technique at ActivationLaboratory. The rocklithogeochemistry targets are identified based on enrichment ofLithium, Rubidium and Cesium in host rocks . When pegmatites are emplaced, metasomatic fluids enrich the hostcountry rocks in these elements.
All lithogeochemical anomalies appear to be orientedEast-West, which is the general orientation of other lithium-bearingpegmatites in the Winnipeg River-Cat Lake Pegmatite Field. SixLi+Rb+Cs lithogeochemical anomalies are recognized from compilation ofhistorical assessment files on the Lithman West Project.
The two largest of thelithogeochemical anomalies is the Krista’s Pond Anomaly and BernesBay Anomaly (Figure 4) . The Krista’s PondAnomaly is tear-drop shaped and approximately 1,200 metres long and150 metres maximum width. This anomaly has not been drill tested,even though it appears to be a moderate to strong lithogeochemicaltarget. The Bernes Bay anomalyon the project area is approximately 1,000 metres long by 1,500 metreswide . Previous work indicates that this anomalyextends eastward to the westernmost bay of Bernic Lake.
Click Image To View Full Size Figure 4: Historic Rock (Li+Rb+Cs) GeochemicalAnomalies – Lithman West Project
Seven soil Enzyme Leach anomalies have been definedfrom compilation of past Tanco exploration work (Figure 5). Theseanomalies are varying shapes and sizes. Areas where the soil and rockgeochemistry overlap or nearly overlap are considered to be thehighest priorities for follow-up drilling.
Click Image To View Full Size Figure 5 : Historic Soil (Enzyme Leach)Geochemical Anomalies – Lithman West Project
The Lithman West Project is being considered as atarget for a UAV magnetometry geophysical survey. Recommendations werepreviously made to drill test the soil and rock geochemical anomalies(Figure 4 and Figure 5); however, the Company intends to add to theinitial exploration results by completing a proposed UAV geophysicalsurvey to better define future drill targets.
Lithman East, Lithman North andLithman East Extension Projects
-
- All projects were staked to cover numerous surfacepegmatites and pegmatitic granites.
- The projects cover portions of the Bernic LakePegmatite Group, (hosts the Tanco Pegmatite as well as a few otherLithium Pegmatites) Rush Lake Pegmatite Group, Birse Lake PegmatiteGroup and the Axial Pegmatite Group.
- Future plans for these claims include surfacemapping, sampling, prospecting and UAV geophysical surveys.
Cat Lake Lithium Project
-
- Surface exploration and UAV magnetometry geophysicalstudies are planned for 2021.
- Situated north and adjacent to the Lithium TwoProject which contains known surface Lithium-bearingPegmatites.
About NAM
New Age Metals is ajunior mineral exploration and development company focused on thediscovery, exploration and development of green metal projects inNorth America. The Company has two divisions; aPlatinum Group Metals division and a Lithium/Rare Element division.
The PGM Division includes the 100% owned, multi-million-ounce,district scale River Valley Project, one of North America’s largestundeveloped Platinum Group Metals Projects, situated 100 km fromSudbury, Ontario. The Company has recently completed a PreliminaryEconomic Assessment on the project and is working towardsPrefeasibility. In Alaska, the Company owns 100% of the GenesisPGM-Cu-Ni Project.
The Lithium Division is one of the largest mineralclaim holder in the Winnipeg River Pegmatite Field, where the Companyis exploring for hard rock lithium and various rare elements such astantalum and rubidium. Our philosophy is to be a project generatorwith the objective of optioning our projects with major and juniormining 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.
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.
The contents contained herein that relate toExploration Results or Mineral Resources is based on informationcompiled, reviewed or prepared by Carey Galeschuk, P.Geo., aconsulting geoscientist for New Age Metals. Mr. Galeschuk is theQualified Person as defined by National Instrument 43-101 and hasreviewed and approved the technical content of this newsrelease.
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.
Copyright (c) 2021 TheNewswire - All rights reserved.