(TheNewswire)
16 th January, 2024 – TheNewswire - Rockport, Ontario - New Age Metals Inc. (TSXV:NAM ) ; ( OTC:NMTLF ) ; ( FSE:P7J.F) (“NAM” orthe “Company”) in conjunction with its Farm-in/Joint Ventureagreement with Mineral Resources Ltd. (“MinRes”) is pleased toannounce that as part of our $7 million 2023/2024 exploration budgetit has commenced drilling operations at its Winnipeg River-Cat Lake Lithiumproject in Southeast Manitoba. The explorationprogram is being carried out by Platinum Diamond Drilling Inc.( “ Platinum”) with technical and geological oversight by AxiomExploration Group Ltd. (“Axiom”).
2024 Drill Program Overview
The 2024 winter drill program has commenced and willcomprise up to 15,000 meters of planned exploration drilling. Drillingwill be conducted over four of the Company’s properties within theproject area including Lithium Two, Bird River, Lithman West, andLithman East.
The program will focus on high-priority targetsidentified from the extensive 2023 geochemical and geophysicalsurveying program. Targeted drilling is aimed at quantifying andexpanding the existing spodumene mineralization on the Lithium Two andBird River properties. Additionally, significant meterage will beallocated to exploration drilling on the Lithman East and Westproperties that are contiguous with the Tanco Mine property and sharesimilar geological and structural settings. These properties hostnumerous pegmatites with anomalous geochemical indicators that alignwith demagnetized trends and dilation zones that could serve asstructural conduits for LCT pegmatites.
Chairman and CEO Harry Barr commented; “Afterextensive project development and planning to get to this point, weare proud to announce the commencement of our most aggressive drillprogram to date for our Lithium Division. Together with our partnersfrom Mineral Resources and consultants from Axiom, we havesystematically developed our understanding of the project area overthe last few years and now have well-defined, high priority targetsthat give us great confidence for this program. On behalf of New AgeMetals, we wish for a safe drill program for our contractors andconsultants and look forward to positive results.”
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Targeted drilling, aimed at expandingthe existing surface spodumene mineralization on the Bird RiverLithium and Lithium Two Properties.
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Exploration drilling of the Rush Laketrend extending 7 km from the Tanco Mine property following up onelevated lithium and cesium in rock samples on the Lithman EastProperty.
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Numerous priority geophysical targetson the Lithman West property that correlate with elevated lithiumvalues in MMI samples and could indicate blind LCT-style pegmatitesoccurring at depth.
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All drill areas are road accessibleand are located within a 25 km radius of the Tanco Mine which hascommercially produced tin, tantalum, cesium, lithium, and rubidiumsince 1969.
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NAM has an active explorationagreement with the Sagkeeng First Nation and will be working inpartnership with Sagkeeng on its winter drilling program.
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The Company’s explorationactivities are being funded by Mineral Resources Limited, a top 5global lithium producer.
Figure 1 : New Age Metals SoutheastManitoba Property Overview
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 Element division and a Lithium/RareElement division.
The PGE Division includes the 100% owned,multi-million-ounce, district-scale River Valley Project, one of NorthAmerica’s largest undeveloped Platinum Group Element Projects,situated 100 km by road east of Sudbury,Ontario. In addition to River Valley, NAM owns 100% of the GenesisPGE-Cu-Ni Project in Alaska and plans to complete a surface mappingand sampling program in 2023.
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. Exploration plans for 2024include up to 15,000 meters of diamond drilling following up on theanomalous results from the geochemical samples collected during summer2023 and geophysical/structural interpretation. The Company has a partnership with Mineral Resource Limited(MRL, ASX: MIN), a top global lithium producer to explore and developthe Company’s lithium project portfolio in Southern Manitoba. Ourphilosophy is to be a project generator with the objective ofoptioning our projects with major and junior mining companies throughto production.
The Company isactively seeking an option/joint venture partner for our newlyacquired Northman and South Bay Lithium Projects in northern Manitoba,and its road-accessible Genesis PGE-Cu-Ni Project inAlaska.
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 Farid Mammadov at faridm@newagemetals.com or call 613659 2773.
The technical information in this news release has beenreviewed and approved by Lynde Guillaume (Senior Geologist, AxiomExploration Ltd.), an independent consultant of the Company, and a“Qualified Person” as defined by NI 43-101.
If you have not done so already, we encourage you tosign up on our website ( www.newagemetals.com ) toreceive 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 actual future events or results and are basedon current expectations or beliefs. For this purpose, statements of historicalfact may be deemed 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 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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