(TheNewswire)
March 30, 2022 – TheNewswire- Rockport, Ontario - New Age Metals Inc.(TSXV:NAM ) ; ( OTC:NMTLF ) ; ( FSE:P7J.F) (“NAM” or the “Company”) is pleased toreport assay results for its maiden drill program consisting of 15diamond drill holes totalling 1,630 metres at the Lithium Two Projectin Manitoba, Canada.
Highlights
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High grade lithium mineralizationintersected in 11 drill holes along the Eagle Pegmatite confirminghistoric drilling grades.
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Mineralization encountered assayed upto 2.47% Li 2 O over 3.0 m(estimated true width of 1.93 m) within 21.8 m (estimated true widthof 14.0 m) of 0.83% Li 2 O .
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Two step-back holes confirm lithiumgrades extend down dip and the deposit remains open at depth.
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Spodumene bearing pegmatiteencountered beneath the FD5 Pegmatite warrants further explorationdrilling.
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Tantalum values up to 334 ppm over 1m.
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A comprehensive exploration plan for2022 has been delivered to Mineral Resources Limited for approval anda final budget for the year is expected to be approved in the next 30days.
Harry Barr, Chairman & CEO stated, “We areencouraged by the results of our first drilling campaign on theLithium Two Property. This gives us confidence in the property’spotential to host more significant mineralization, and that by usingmodern exploration techniques we can expand on the historic results.We have received our permit for an additional 10 drill holes and ourteam is currently in the process of planning our next steps. With thesupport of our partners, Mineral Resources Limited, we are lookingforward to the advancement our projects this comingseason. ”
Table 1 : 2021 Lithium TwoDrill Hole Assay Highlights Table
*core length (interval) is not truewidth
Figure 1 : DDH LT-21-09Cross-Section
The Company is encouraged by the overall results of thefirst phase of drilling on the Lithium Two Property. Individualsamples graded up to 3.34% Li 2 O . Hole LT-21-09 encountered 20.33 m of 0.83% Li 2 O and included 7.8 m of 1.72% Li 2 O and included 2.84 m of 2.23% Li 2 O (Figure 1). High grade lithium mineralization wasencountered in a nine drill holes testing the Eagle Pegmatite alongstrike and within two step-back drill holes testing the mineralizationdown dip. In Addition to high grade lithium, favourable tantalumvalues were encountered with individual samples grading up to 334 ppm.
LT-21-02 was drilled to test the FD5 Pegmatite surfaceshowing at depth and encountered a minor spodumene bearing pegmatitegrading up to 0.2% Li 2 O over 0.5 m. The potential for encountering mineralizationremains open in all directions for the FD5 Pegmatite and warrantsfurther exploration.
Following up these favourable results, the Companyapplied for and has received drill permits for an additional 1,500metres of drilling over 10 holes at Lithium Two. Subject to approvalfrom our joint venture partner, a drill program in 2022 will furthertest the down-dip extension of mineralization as well as evaluateother targets on the Property.
2021 Drill Program
The maiden drill program at the Lithium Two Projectconsisted of 15 diamond drill holes totalling 1,630 metres. Thepurpose of the program was to confirm historical drill results from the 1940’s drill campaign at the EaglePegmatite on the Lithium Two Property. Additionally, to test nearbytargets generated from field reconnaissance programs and UAV-bornedrone magnetic geophysical surveys completed between 2016 and2021.
Ten drill holes were executed along strike of the EaglePegmatite with the intention to intersect the pegmatite dykes at 40 to50 meters vertical depth below surface. Two holes were drilled to testthe extension of prospective zones between 80 to 100 meters verticaldepth. Additionally, three drill holes tested nearby pegmatites,including the FD 5 Pegmatite and the Unnamed Pegmatite, which exhibitlenses of mineralization at surface.
Figure 2 : 2021 Lithium TwoDrill Hole Location Map
Table 2 : 2021Lithium Two Drill Hole Overview
DDH ID | Azimuth (°) | Dip (°) | Depth (m) | Target |
LT-21-01 | 345 | -50 | 110 | Unnamed Pegmatite |
LT-21-02 | 310 | -50 | 97 | FD 5 Pegmatite |
LT-21-03 | 140 | -50 | 89 | FD 5 Pegmatite |
LT-21-04 | 5 | -50 | 120 | Eagle Pegmatite |
LT-21-05 | 347 | -50 | 125 | Eagle Pegmatite |
LT-21-06 | 350 | -50 | 119 | Eagle Pegmatite |
LT-21-07 | 347 | -48 | 89 | Eagle Pegmatite |
LT-21-08 | 347 | -50 | 81 | Eagle Pegmatite |
LT-21-09 | 347 | -50 | 89 | Eagle Pegmatite |
LT-21-10 | 338 | -50 | 143 | Eagle Pegmatite |
LT-21-11 | 337 | -48 | 119 | Eagle Pegmatite |
LT-21-12 | 338 | -50 | 86 | Eagle Pegmatite |
LT-21-13 | 338 | -50 | 86 | Eagle Pegmatite |
LT-21-14 | 338 | -48 | 113 | Eagle Pegmatite |
LT-21-15 | 336 | -50 | 164 | Eagle Pegmatite |
2022 Manitoba ExplorationPlans
Subject to approval by Mineral Resources Limited,follow up drilling at Lithium Two will be part of a comprehensiveexploration plan set to commence in spring 2022 that includes:
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Helicopter-Borne Tri-Axial Magnetic Surveying on allremaining ground not covered by the 2021 surveys as well as recentclaim acquisitions
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Satellite Data Acquisition and Analysis on all claimareas
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This is a multivariate exploration approach, combiningexisting geological, geochemical, and geophysical data with multiplesatellite analyses, to identify new potential mineral targets
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Diamond drilling of the ‘Silverleaf’ target onLithium One
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Summer mapping and prospecting program to ground truthareas of interest identified from geophysical surveys
The Company and its partner Mineral Resources Limited expect tofinalise the scope of the 2022 exploration plan shortly.
The Lithium Two Project covers 137 hectares and islocated approximately 20 kilometres north of the Tanco Mine that isowned and operated by Sinomine Rare Metals Co. Lithium Two isgeologically situated in the Cat Lake portion of the Winnipeg RiverPegmatite Field and is road accessible. This pegmatite field is hostedin the Archean age Bird River Greenstone Belt and into the surroundinggranites. To date, three pegmatites have been identified on theLithium Two Project.
The Eagle pegmatite is exposed at surface along roughly530 meters as a series of lenticular spodumene-bearing dykes whichoccur in (Precambrian) granite and meta-volcanic rock. The 10 largestof these pegmatite bodies are en-echelon lenses that range up to 75 min length and 9 m in width as exposed (Rowe, 1956). The EaglePegmatite has a general strike of 77° and an 80° to near verticaldip. The FD No. 5 Pegmatite is surface exposed over an area of 27 and15 metres and is poorly exposed away from the main showing. The unitstrikes at 80° with a near vertical dip to the north. Surfacesampling over the two pegmatites during the 2016 field season yieldedassays for the Eagle Pegmatite up to 2.44% Li 2 O and assays up to 3.04%Li 2 O for the FD No. 5Pegmatite.
Sample Quality Assurance / QualityControl
A thorough chain-of-custody and QA/QC program wascarried out during the 2021 drill program. Samples were taken acrossall spodumene-bearing pegmatite with shoulder samples into the barrenhost rock on either side of the dykes. Sample lengths were 0.3 m to1.5 m, dependent on internal zoning of the dykes and lithologycontacts. Core to be sampled was cut in half with one half being sentfor analysis and the other half remaining in the box forreference.
The company’s implemented QA/QC procedures includedthe insertion of certified standard control samples, ¼ cutduplicates, and blanks. This was used to test for naturalvariability/sampling bias / testing the lab for homogeneity duringsample preparation processes within the lab as well as testing theprecision and any possible contamination from the lab and ensureproper calibration of lab equipment.
Sample analyses was conducted by SRC GeoanalyticalLaboratories (SRC) in Saskatoon, Saskatchewan. The drill core sampleswere subject to three separate analyses including: ICP-MS on partialdigestion, ICP-OES for major and minor elements on the totaldigestion, and ICP-MS for trace elements on total digestion. SRCinserts one blank, two certified reference materials, and onereplicate (pulp) digested with each set of 40 samples to ensureanalytical quality control. The quality management system at SRCoperates in accordance with ISO/IEC 17025, General Requirements forthe Competence of Testing and Calibration Laboratories; and is alsocompliant to ASB, Requirements and Guidance for Mineral AnalysisTesting Laboratories. The management system and selected methods areaccredited by the Standards Council of Canada.
Tantalum (Ta) is often mined in conjunction withlithium ores and is considered a critical mineral which is essentialfor advanced technology. The major use of tantalum is in capacitorsfor electronics and the telecommunications industry, but it is alsoused in resistors, semiconductors, alloys, and medical instruments.The application of tantalum for space electronics, aircraft, medical,oil & gas, nuclear, and especially for thermal battery systemmanagement in electric vehicles assures its continued globalconsumption.
Despite its importance in the world today, over thepast decade (2011-2021), key hard and soft rock mining operations fortantalite have been either idled or permanently closed in countriessuch as Australia and Canada. This has left the majority of demand tobe satisfied by mines and artisanal sources in central Africa,Ethiopia and Brazil. As a result, geopolitical factors and a narrowsupply chain have left this resource supply vulnerable, and withincreasing world requirements in the technology industries, themarkets will be looking for new sources to fill this demand.
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,situated 100 km by road east of Sudbury, Ontario. The Company completed a positivePreliminary Economic Assessment on the Project in 2019 and, is fullyfinanced to complete a Pre-Feasibility Study on the Project in2022. In addition to River Valley, the Companyowns 100% of the Genesis PGM-Cu-Ni Project in Alaska and has plans tocomplete a surface mapping and sampling program in 2022.
The Lithium Division is one of the largest mineralclaim holders in the Winnipeg River Pegmatite Field, where the Companyis exploring for hard rock lithium and various rare elements such astantalum and rubidium. Subjectto approval by Mineral Resources Limited, the plans for 2022 include additionalgeophysical surveys and a maiden drill program on the Lithium OneProject, phase two drill program at Lithium Two Project, and a fieldprogram to follow up prospective targets identified on the five gridscompleted in the 2021 geophysical surveys. On September 28, 2021, theCompany announced a partnership with Mineral Resource Limited (MRL,ASX: MIN), the world’s fifth largest lithium producer to explore anddevelop the Company’s lithium project portfolio.
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 anoption/ joint venture partner for its road-accessible GenesisPGM-Cu-Ni project in Alaska.
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.
The technical information in this news release has beenreviewed and approved by Matthew Schwab, P.Geo. (Senior VicePresident, Axiom), who is a “Qualified Person” for the Company asdefined under National Instrument 43-101 - Standards of Disclosure forMineral Projects ("NI 43-101").
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 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 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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