(TheNewswire)
April 13 th , 2023 – TheNewswire - Rockport,Ontario - New Age Metals Inc. (TSXV:NAM ) ; ( OTC:NMTLF ) ; ( FSE:P7J2) (“NAM” or“Company”) is pleased to announce the procurement of 30, 668hectares of mineral exploration license (MEL) area around Red CrossLake, Manitoba. The Northman Lithium project is the Company’s thirdproperty acquisition of 2023. The MEL covers approximately a 28 km strike length of theNorth Kenyon Shear Zone and surrounds anassociated LCT pegmatite swarm documented at Red Cross Lake withhistorical assays up to 1.25%Li 2 O and 2.86% Cs 2 O (LPG pegmatite) and 2.97% Li 2 O (SPG pegmatite). 1
The newly acquired Northman Lithium Project lies within the Oxford-Stull domain in Northern Manitoba’sRed Cross Lake greenstone belt (figure 1) which hosts highlyfractionated lithium-bearing pegmatites and is significantlyunderexplored. All the claims are held by Lithium Canada Development,a 100% owned Lithium Division of New Age Metals.
KEY HIGHLIGHTS OF THE NORTHMANLITHIUM PROJECT
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Along trend of lithium bearing pegmatites documented atRed Cross Lake
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LPG Pegmatite:
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Lepidolite and Pollucite rich pegmatite swarm with 17parallel and sheared dykes up to 4 meters in width over an area of ~50meters
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Work by the Geological Survey of Canada in the 1960’sidentified the rubidium and cesium potential of these pegmatites, withone sample assaying 2.86% Cs O, 1.29%Rb O, and 1.26% Li 1
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SPG Pegmatite:
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Spodumene-bearing dyke with grab samples assaying up to2.97% Li O
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In terms of K/Rb ratios, the pegmatites in the RedCross area are ranked with the most evolved spodumene pegmatitesworldwide
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Large leucogranite intrusions within the MEL zone thatoccur up to 5 km long and attain a maximum width of 90 meters.Thin-section analysis of these units identified the presence ofspodumene and quartz replacing petalite
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Property covers 30 km of strike extent of the NorthKenyon Shear Zone, a regional-scale structure in which “thepegmatitic rocks are situated within, or closely adjacent to” 4,5
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Identified targets from regional magnetics that areanalogous to those hosting rare-metal pegmatites at Red CrossLake.
Figure 1 : Overview of NewlyAcquired Northman Lithium Project
Harry Barr, Chairman and CEO of New Age Metals Inc.commented “It is fantastic to see our research efforts and diligencepaying off with the addition of this highly prospective ground. Whilewe work and develop our Southeast Manitoba projects through the jointventure with Mineral Resources Ltd., we intend to be a leader andprospect generator for green metals in Canada. Our three recent 100%owned project acquisitions now give us a large lithium focusedportfolio with excellent exploration targets in Northern Manitoba.Together with our technical team from Axiom Exploration Group Ltd., weare currently working on a comprehensive go-forward exploration planfor these properties as we patiently await the snow to melt so ourcrew can get boots on the ground.”
New Age Metals continues to expand it’s ManitobaLithium Division’s land holdings as a leading explorer for batterymetals in the province. The recent acquisitions bring the total landholdings to 74,448 hectares (figure 2). New Age Metals has 11 projectscovering 20,211 hectares in Southern Manitoba which are under optionto Mineral Resources Limited, one of the top 5 lithium producersworldwide. The recentacquisitions of South Bay -, McLaughlin Lake -, and Northman LithiumProjects make up 54,289 hectares for which the Company is looking tofind a strategic partnership.
Figure 2 : Overview of New AgeMetals Inc. Land Holdings in Manitoba, Canada
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. The company plans tohave an updated Preliminary Economic Assessment (PEA) completed on theproject by mid-summer and will announce it’s exploration planswithin the next 60 days. In addition to River Valley, NAM owns 100% ofthe road accessible Genesis PGM-Cu-Ni Project inAlaska and plans to complete a Option-Joint Venture arrangement with athird party mining company to develop 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 cesium. The company recentlycompleted a phase two drill program at LithiumTwo Project and is beginning to receive initial assay results.Further exploration plans for 2023/24 include continuedmapping/sampling field programs following up on prospective trendsoutlined in the magnetic data and 2022 surface sampling, additionalgeophysical surveys, and diamond drilling. The company has apartnership with Mineral Resource Limited (MRL, ASX: MIN), a topglobal lithium producer to explore and develop the Company’s lithiumproject portfolio. The 2023/24budget for our Manitoba Lithium Division has been submitted to MRL anda final budget is expected by mid-April 2023. The company is currentlycompleting its 2022/23 $ 2.3 million budget.
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 an option/ joint venture partner forour newly acquired Northman, McLaughlin Lake, and South Bay LithiumProjects in Northern Manitoba, as well as its road-accessible GenesisPGM-Cu-Ni Project 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 FaridMammadov at faridm@newagemetals.com or call 613 659 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 ) 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 norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of thisrelease. Cautionary Note Regarding Forward Looking Statements: Thisrelease contains forward-looking statements that involve risks anduncertainties. 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 be deemedto 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 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 review orconfirm analysts’ expectations or estimates or to release publiclyany revisions to any forward-looking statements to reflect events orcircumstances after the date hereof or to reflect the occurrence ofunanticipated events. Investors should not place undue reliance onforward-looking statements.
References
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Jambor, J L; Potter, R R. 1967, Rubidium-bearing Dykes, Gods Riverarea, Manitoba; Geological Survey of Canada, Paper 67-15, 1967
2. Cerny, P., Corkery, M.T., N.M.,Ferreira, K., Brisbin, W.C. Chackowsky, L.E., Meintzer, R.E.,Longstaff, F.J. & Trueman, D.L., (2012a): Extreme Fractionationand deformation of the leucogranite-pegmatite suite at Red Cross Lake,Manitoba, Canada. I. Geological setting. Can. Mineral. 50. 1793-1806
3. ?erný, Petr & Halden, Norman& Ferreira, Karen & Meintzer, Robert & Brisbin, William& Chackowsky, Leonard & Longstaffe, Fred & Trueman, David.(2012). Extreme fractionation and deformation of the leucogranite –Pegmatite suite at Red Cross Lake, Manitoba, Canada. II. Petrology ofthe leucogranites and pegmatites. The Canadian Mineralogist. 50.10.3749/canmin.50.6.1807.
4. Brisbin, William & Eby, Ray& Corkery, Timothy & Cerny, Petr & Chackowsky, Leonard& Fierreira, Karen & Halden, Norman & Meintzer, Robert& Trueman, David. (2012). Extreme fractionation and deformation ofthe leucogranite - Pegmatite suite at Red Cross Lake, Manitoba,Canada. III. Description Of shearing and mylonitization textures inthe lepidolite pegmatites. The Canadian Mineralogist. 50. 1823-1838.10.3749/canmin.50.6.1823.
5. Cerny, Petr & Teertstra, David& Chapman, Ron & Selway, Julie & Hawthorne, Frank &Ferreira, Karen & Chackowsky, Leonard & Wang, X.-J &Meintzer, Robert. (2013). Extreme fractionation and deformation of theleucogranite - Pegmatite suite at Red Cross Lake, Manitoba, Canada.IV. Mineralogy. The Canadian Mineralogist. 50. 1839-1875.10.3749/canmin.50.6.1839.
6. Manitoba Assessment Report# 94002– Report on Diamond Drilling Sucker 1&2 Claim Blocks, Red CrossLake (1981) by Tantalum Mining Corporation of Canada
7. Manitoba Assessment Report# 95009– Report on Red Cross Lake Ta-Li-Cs-Rb Property (2001) by William C.Hood, P.Geo
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