(TheNewswire)
June 11 th , 2024 - TheNewswire - Rockport, Ontario - New AgeMetals Inc. (TSXV: NAM ) ; ( OTCQB: NMTLF ) ; ( FSE: P7J.F) (“NAM” or the “Company”) in conjunctionwith its Farm-in/Joint Venture agreement with Mineral Resources Ltd.(“MinRes”) is pleased to announce the results of the 2024 winterexploration program at its Winnipeg River-Cat Lake Lithium project insoutheast Manitoba. The project area hosts numerous spodumene-bearingpegmatites and surrounds the world class Tanco mine. Drilling wascarried out by Platinum Diamond Drilling Inc. (“Platinum”) withtechnical and geological oversight by Axiom Exploration Group Ltd.(“Axiom”).
Harry Barr, Chairman and CEO, stated; “We are verypleased with the safe and efficient execution of this drill campaignby our contractors and technical team. The abundance of pegmatitesintersected, coupled with anomalous geochemical results, underscoresthe high prospectivity of our projects for Lithium-Cesium-Tantalum(LCT) type mineralization. The identification of new lithium-bearingpegmatites from this campaign validates our team's targetingmethodology for green-fields projects and reaffirms our commitment toadvancing the exploration of our properties in an effort to positionNew Age Metals as a key player in meeting the global demand forlithium. We look forward to announcing upcoming exploration plans forthe summer season that will build on these encouragingresults.”
Program Details
The program consisted of exploration drilling acrossthree of the Company’s properties including Lithium Two, Bird RiverLithium, and Lithman East. Drilling on the Lithman West property washindered by insufficient ice thickness required for an ice bridgecrossing.
The program commenced on January 2 nd , consisting of56 diamond drill holes totalling 12,686 meters. A total of 3,507 drillcore samples were submitted to SGS Canada Inc. for geochemicalanalysis and all assay results have been returned. Final drill collarcoordinates can be found in Appendix A.
Drilling was focused on high-priority targetsidentified from the 2023 geochemical and geophysical field programs.Among these targets was the Lithman East property, which lies ~7 kmeast of the Tanco mine complex and lacked any publicly availablehistorical drill data. Two drill holes intersected over 1%Li 2 O and others exhibitedanomalous geochemical values for lithium, cesium, tantalum, andtin.
Exploration drilling was also conducted within thevicinity of spodumene-pegmatite showings on the Lithium Two and BirdRiver Lithium properties to assess the extent of mineralization onthese properties. Drilling on the Lithium Two property wasconcentrated on the newly discovered spodumene-bearing pegmatite onthe Northwest edge of the property, as well as to the east of the FD5Pegmatite. Drilling on the Bird River Property was conducted to testthe Tappy and Matty Showings at depth, as well as defined geophysicalanomalies.
2024 Drill Program Highlights
*Note that all intercepts arereported as core length intervals and are not truewidth
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A total of 158 individual pegmatiteswere intersected in 41 of the 56 total drill holes.
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Exploration holes on the Lithman Eastproperty intersected pegmatite in 22 of 26 holes with an average of31.13 meters (cumulative) of pegmatite per hole.
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Two drill holes intersecting over 1%Li O and others showinganomalous geochemical values for Lithium, Cesium, Tantalum, and Tinindicative of a fractionated, rare-metal pegmatite system.
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Lithman East DrillingIntercepts:
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Notable intercepts include: 1.29%Li O over 0.3 m (from 363.8 m) (LE24-002) and 1.14% Li O over0.7 m (from 398.3 m) (LE24-011)
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High-grade lithium mineralization hasnot been recorded on this property prior to this drillingcampaign.
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Samples assayed up to 2976 ppm Cs,258 ppm Ta, and 3125 ppm Sn
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Lithium Two Drilling Intercepts:
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LT24-032: 0.63%Li 2 Oover 18 m (from 62 m), including: 0.75% Li 2 O over 6.5 m (from 67.5 m), 2.47% Li 2 O over 1.50 m (from 78.5 m), 3.36%Li 2 Oover 0.5 m (from 79 m), and 214ppm Ta over 6.55 m (from76 m)
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LT24-036: 1.32% Li O over 0.58 m (from29.18 m) and 204 ppm Ta over0.4 m (from 125.7 m)
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LT24-042: 1.92% Li O over 0.7 m within 4.35 m of 0.52%Li O (from 65.75 m)
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LT24-044: 1.77% Li O over 0.8 m within 2.8 m of 0.81%Li O (from 90 m) ; and 233ppm Ta over 0.7 m (from 86.45 m)
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Bird River Lithium DrillingIntercepts:
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BR24-012: 0.28% Li O over 4.8 m (from85.5 m) ; including 0.51%Li O and 783 ppm Cs over 0.83m, and 246 ppm Ta over 1.8 m (from 83.7m)
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Discussion of Results
Maiden drilling on the Lithman East property yieldedhighly encouraging results, including intersections of lithiummineralization where no historic drilling or lithium bearing surfacesamples have been previously documented. Drilling encountered largeintersections of pegmatite boasting markedly elevated Li-Cs-Ta-Snvalues including two intersections surpassing 1% Li 2 O at a drill depth below 350 metersindicating that there may be a source of lithium at depth awaitingfurther exploration. These discoveries were the result of an extensivesummer surface geochemical sampling program where results identified ahighly fractionated region of the property with elevated LCT indicatorelements. Comprehensive analysis of the drilling and assay data iscurrently ongoing and will guide strategic follow-up of the excitingresults from this program.
The results from the Lithium Two and Bird River Lithiumproperties underscore the complex emplacement mechanisms of thesepegmatites, with surface exposed mineralized zones pinching out atdepth in many instances. The technical team, in collaboration with apost-doctoral study by the University of New Brunswick and ManitobaGeological Survey will be evaluating the drilling data which utilizedoriented drill core to better understand the structural setting andcontrols of these pegmatites.
Figure 1: Overview of 2024 Lithium TwoDrilling showing pegmatite intercepts
Figure 2: Overview of 2024 Lithman EastDrilling Showing Pegmatite Intercepts (TMI-RTP-TDR Underlay)
Figure 3 : Overview of 2024 Bird River LithiumDrilling showing Pegmatite Intercepts
Table 1: Lithium Two DrillingHighlights
*Intervals reported as Core Width. B.D. denotes belowdetection*
Lithium Two - DrillingHighlights | |||||||
Hole ID | Highlights | From | To | Interval (m) | % Li 2 O | Cs ppm | Ta ppm |
LT24-032 | 62 | 64.5 | 2.5 | 0.92 | 271 | 151 | |
including | 63.2 | 63.7 | 0.5 | 2.70 | 84 | 88 | |
67.5 | 74 | 6.5 | 0.75 | 278 | 156 | ||
including | 67.5 | 69 | 1.5 | 1.18 | 135 | 110 | |
including | 71 | 71.5 | 0.5 | 0.43 | 1523 | 143 | |
including | 72.5 | 74 | 1.5 | 1.34 | 129 | 107 | |
76 | 82.55 | 6.55 | 0.69 | 119 | 214 | ||
including | 78.5 | 84 | 1.5 | 2.47 | 137 | 196 | |
including | 79 | 79.5 | 0.5 | 3.36 | 162 | 192 | |
80 | 81.5 | 1.5 | 0.18 | 19 | 386 | ||
82.55 | 84 | 1.45 | 0.44 | 646 | 10 | ||
LT24-033 | 100.56 | 101.14 | 0.58 | 0.21 | 706 | 6 | |
LT24-035 | 59.4 | 60.5 | 1.1 | 0.17 | 383 | 197 | |
including | 59.4 | 59.9 | 0.5 | 0.19 | 487 | 264 | |
60.5 | 61 | 0.5 | 0.22 | 603 | 90 | ||
61.5 | 64 | 2.5 | 0.33 | 375 | 39 | ||
including | 61.5 | 62 | 0.5 | 0.66 | 670 | 17 | |
LT24-036 | 26.4 | 29.76 | 3.36 | 0.50 | 132 | 37 | |
including | 29.18 | 29.76 | 0.58 | 1.32 | 84 | 99 | |
91.9 | 94.5 | 2.6 | 0.5 | 44 | 124 | ||
116.1 | 116.6 | 0.5 | 0.21 | 515 | 2 | ||
125.7 | 126.1 | 0.4 | 0.00 | 13 | 204 | ||
LT24-037 | 56.2 | 57.75 | 1.55 | 0.58 | 259 | 43 | |
LT24-042 | 31.5 | 33.2 | 1.7 | 0.64 | 48 | 69 | |
65.75 | 70.1 | 4.35 | 0.52 | 57 | 44 | ||
including | 66.2 | 66.9 | 0.7 | 1.92 | 47 | 103 | |
LT24-044 | 86.45 | 87.15 | 0.7 | 0.04 | 60 | 233 | |
90 | 92.8 | 2.8 | 0.81 | 238 | 42 | ||
including | 92 | 92.8 | 0.8 | 1.77 | 28 | 52 | |
LT24-045 | 18.95 | 19.3 | 0.35 | 0.01 | 21 | 432 | |
100.57 | 100.84 | 0.27 | 0.02 | 35 | 223 |
Table 2: Lithman East and Bird RiverLithium Drilling Highlights
*Intervals reported as Core Width. B.D. denotes belowdetection*
Lithman East - DrillingHighlights | ||||||||
Hole ID | Highlights | From | To | Interval (m) | % Li2O | Cs ppm | Ta ppm | Sn ppm |
LE24-001 | 70.21 | 70.45 | 0.24 | 0 | 323 | 290 | 373 | |
LE24-002 | 363.8 | 364.1 | 0.3 | 1.29 | 33 | 13 | B.D. | |
LE24-004 | 10.7 | 13 | 2.3 | 0.09 | 119 | 51 | 316 | |
including | 10.7 | 10.9 | 0.2 | 0.06 | 216 | 256 | 3125 | |
LE24-006 | 103.2 | 103.82 | 0.62 | 0.08 | 20 | 55 | 1088 | |
LE24-011 | 77 | 78.6 | 1.6 | 0.29 | 1893 | 48 | B.D. | |
including | 77.6 | 78.6 | 1 | 0.40 | 2976 | 16 | B.D. | |
398.3 | 399 | 0.7 | 1.14 | 10 | 5 | B.D. | ||
403.05 | 403.6 | 0.55 | 0.10 | 76 | 258 | 1421 | ||
LE24-013 | 88.8 | 89.7 | 0.9 | 0.01 | 212 | 66 | 401 | |
LE24-018 | 37 | 38 | 1 | 0.02 | 45 | 46 | 416 | |
48.5 | 56.4 | 7.9 | 0.10 | 146 | 26 | B.D. | ||
including | 55.8 | 56.4 | 0.6 | 0.28 | 516 | 132 | 180 | |
LE24-025 | 169.3 | 171.45 | 2.15 | 0.14 | 1230 | 52 | B.D. | |
including | 169.8 | 169.95 | 0.15 | 0.29 | 505 | 223 | 197 | |
276.35 | 277.1 | 0.75 | 0.18 | 544 | 5 | B.D. | ||
Bird River - DrillingHighlights | ||||||||
Hole ID | Highlights | From | To | Interval (m) | % Li2O | Cs ppm | Ta ppm | Sn ppm |
BR24-012 | 80.56 | 81.1 | 0.54 | 0.34 | 475 | 1 | B.D | |
83.7 | 85.5 | 1.8 | 0.09 | 219 | 246 | 176 | ||
85.5 | 90.3 | 4.8 | 0.28 | 266 | 50 | B.D. | ||
including | 87.6 | 88.43 | 0.83 | 0.51 | 783 | 5 | 123 |
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 RiverValley, NAM owns 100% of the Genesis PGE-Cu-Ni Project in Alaska. TheCompany is working towards obtaining with a 3 rd party Companyto further this Project’s development.
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 for 2024 includes12,687 meters of diamond drilling following up on the anomalousresults from the geochemical samples collected during summer 2023 andgeophysical/structural interpretation. TheCompany has a partnership with Mineral Resource Limited (MRL, ASX:MIN), a top global lithium producer to explore and develop theCompany’s lithium project portfolio in Southern Manitoba. TheCompany has submitted its 2024/25 budget to Mineral Resources Limitedand expects a final approval by early summer 2024. Our philosophy isto be a project generator with the objective of optioning our projectswith major and junior mining companies through to 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 been reviewed andapproved by Lynde Guillaume (Senior Geologist, Axiom ExplorationLtd.), an independent consultant of the Company, and a “QualifiedPerson” 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 ofhistorical fact may be deemed to be forward-looking statements. Inaddition, forward-looking statements include statements in which theCompany uses words such as “continue”, “efforts”,“expect”, “believe”, “anticipate”, “confident”,“intend”, “strategy”, “plan”, “will”, “estimate”,“project”, “goal”, “target”, “prospects”,“optimistic” or similar expressions. These statements by theirnature involve risks and uncertainties, and actual results may differmaterially depending on a variety of important factors, including,among others, the Company’s ability and continuation of efforts totimely and completely make available adequate current publicinformation, additional or different regulatory and legal requirementsand restrictions that may be imposed, and other factors as may bediscussed in the documents filed by the Company on SEDAR(www.sedar.com), including the most recent reports that identifyimportant risk factors that could cause actual results to differ fromthose contained in the forward-looking statements. The Company doesnot undertake any obligation to review or confirm analysts’expectations or estimates or to release publicly any revisions to anyforward-looking statements to reflect events or circumstances afterthe date hereof or to reflect the occurrence of unanticipated events.Investors should not place undue reliance on forward-lookingstatements.
Appendix A: 2024 Final Drill Coordinates andInformation (NAD 83/UTM Zone 15)
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