(TheNewswire)
February 14 th , 2023 – TheNewswire - Rockport, Ontario - New Age Metals Inc. (TSXV:NAM ) ; ( OTC:NMTLF ) ; ( FSE:P7J2) (“NAM” or“Company”) is pleased to report that it has acquired 4,338hectares of mineral claims in Northern Manitoba’s South Baypegmatite field which comprise the SouthBay Lithium project (figure1). All the claims are held by Lithium Canada Development, a 100%owned Lithium Division of New Age Metals, and are independent of theagreement NAM has with our partner, Mineral Resources Limited, inSouthern Manitoba (Winnipeg River Pegmatite Field). The South Bay pegmatite field is known tohost LCT type rare metal pegmatites of the beryl-columbite subtype,and the area is prospective for lithium and cesium.
Harry Barr, CEO of New Age Metals, commented: “Theproperty has excellent potential for lithium in a region that has beenhistorically underexplored. These acquisitions confirm our commitmentto our lithium division, adding another road-accessible property in afavorable mining jurisdiction”.
Figure 1 - New Age Metal'sSouthBay Lithium Project Location
New Age Metals continues to expand it’s ManitobaLithium Division’s land holdings as a leading explorer for batterymetals in the province. NewAge Metals has 11 projects in Southern Manitoba which are under optionto Mineral Resources Limited, one of the top 5 lithium producersworldwide.
Aboutthe SouthBay Lithium Project
The SouthBay Lithium Project consists of 19 claimscovering 4,338 hectares and encapsulates theSouth Bay rare metal pegmatite dyke swarm in northwestern Manitoba.The property is transected by an all-weather road and a power line.The property is 65 kilometers east of the historic mining town of LeafRapids and 40 kilometres east of the past producing Ruttan zinc-copperbase metal deposit.
The SouthBay Lithium project hosts numerous pegmatiteswhich are interpreted to be part of a large granite-associatedpegmatite field that extends for several kilometres both north andsouth of the property. Severalpegmatite dykes have been identified by previous operators on theclaims which have not yet been subject to geochemical sampling. These pegmatites are reported to carry a varietyof uncommon minerals including beryl and tourmaline.
In 2019, a biogeochemical surveycompleted by the previous operator, Mount Morgan Resources, definedanomalous responses in numerous elements including lithium andcesium. The anomalies correspond with historicenzyme leach soil geochemical anomalies from a 2005 survey completedby Tantalum Mining Corporation of Canada. Both survey types documented elevated Li,Cs, Ta, and a host of other metals in association with complexpegmatites.
New Age Metals working with its consultants, AxiomExploration Group, are currently preparing a Go-Forward explorationplan for the project, recommendations will be forthcoming.
WARRANT AMENDMENTS
The Company also announces thatit intends to apply to the TSX Venture Exchange to amend the expirydate of an aggregate of 31,116,675 share purchase warrants (the"Warrants") to extend the original expiry dates by twoyears. All other terms and conditions of the Warrants will remainthe same.
Of the 31,116,675 Warrants proposed for amendment,26,741,673 Warrants entitle the holders to purchase one common shareof the Company at a purchase price of $0.20 per share and 4,375,002Warrants entitle the holders to purchase one common share of theCompany at a purchase price of $0.25 per share.
The Warrants proposed for amendment, have originalexpiry dates of March 18, 2023, March 23, 2023, March 31, 2023 andAugust 25, 2023. The Warrants were issued pursuant to privateplacements which closed on March 23, 2021 and August 25, 2021. Inaccordance with Exchange policy, no agent warrants will be extended. The proposed amendments are subject to regulatory approval.
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. In addition to RiverValley, NAM owns 100% of the road accessibleGenesis PGM-Cu-Ni Project in Alaska and plans to complete aOption-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/sampling field programs followingup on prospective trends outlined in the magnetic data and 2022surface sampling. The company is currently completing a phase twodrill program at the Lithium Two Project. 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 2023budget for our Manitoba Lithium Division has been submitted to MRL anda final budget is expected by early April 2023. The company is currently completing a $1.8million 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 SouthBay Lithium Project in Northern Manitoba andits road-accessible Genesis PGM-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 this release. Cautionary Note RegardingForward Looking Statements: This release contains forward-lookingstatements that involve risks and uncertainties. These statements maydiffer 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.
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