(TheNewswire)
May 13 th , 2023 – TheNewswire - Rockport, Ontario -New Age Metals Inc. (TSXV:NAM ) ; ( OTC:NMTLF ) ; ( FSE:P7J2) (“NAM” or the “Company”) in conjunction with itspartners Mineral Resources Limited (“MinRes”) is pleased to reportthe results for its second phase drilling at Lithium Two Project thatis part of its Manitoba Lithium Division. The program was completed inMarch and consisted of 16 diamond drill holes, totalling 3,086 metres.Drilling tested the down dip extension of Eagle Pegmatites high gradezone intersected in the phase one drill program, as well asexploratory drilling testing nearby pegmatites and magnetic lowanomalies/structures identified in the 2021 detailed UAV magneticssurvey.
Highlights:
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The drill program successfullyintersected spodumene bearing pegmatite in all drill holes targetingthe Eagle Pegmatite with a consistent steeply dipping orientation.
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Drilling extended the known highgrade Li mineralization zone below 150 m vertically and remains openat depth.
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2023 assays include 1.08 %Li O over 8.7 m (LT-23-21),1.06% Li O over 6.85 m(LT-23-16), 1.06 % Li O over5.9 m (LT-23-24).
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Newly encountered spodumene bearinglenses proximal to FD No. 5 Pegmatite warrant furtherexploration.
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The Company is in the process ofapplying for 2024 winter drilling permits to test additional targetson the property.
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The Project is located 38 km fromTanco Mine, and lies along trend of the Donner Lake Lithium Projectand the Irgon Pegmatite.
Figure 1: LT-23-21 Spodumene mineralization, 221.0 m -221.4 m
Table 1 : 2023 Lithium Two Drill Hole AssayHighlights Table
Hole ID | to (m) | from (m) | Interval* | % Li 2 O |
LT-23-16 | 119.8 | 121 | 1.2 | 0.91 |
150.15 | 157 | 6.85 | 1.06 | |
including | 150.15 | 152.8 | 2.65 | 1.80 |
LT-23-17 | 114.95 | 119.55 | 4.6 | 1.01 |
including | 115.45 | 117.23 | 1.78 | 1.97 |
143.38 | 145.85 | 2.47 | 2.19 | |
including | 144.13 | 144.63 | 0.5 | 4.20 |
LT-23-18 | 187.15 | 188.6 | 1.45 | 1.14 |
206 | 206.4 | 0.4 | 2.22 | |
LT-23-20 | 65.15 | 70.9 | 5.75 | 0.92 |
including | 66.9 | 68.35 | 1.45 | 2.08 |
91.5 | 97 | 5.5 | 1.01 | |
LT-23-21 | 217.3 | 226 | 8.7 | 1.08 |
including | 220.7 | 221.4 | 0.7 | 3.20 |
LT-23-23 | 179.4 | 180.6 | 1.2 | 0.85 |
191.5 | 193.25 | 1.75 | 1.19 | |
LT-23-24 | 195 | 200.9 | 5.9 | 1.06 |
LT-23-26 | 44.8 | 45.6 | 0.8 | 1.26 |
100.25 | 100.75 | 0.5 | 2.14 |
The Company is encouraged by the overall results of the second phaseof drilling on the Lithium Two Property. High grade lithium interceptswere encountered in six drill holes testing the extension of the EaglePegmatite including samples that graded up to 4.20% Li2O (over 0.5 m core length). The program was successful in extending theEagle Pegmatite mineralized zone to a depth of 150 m below surface(Figure 6).
Figure 2: LT-23-21 Spodumene bearing pegmatite, 213.9 m– 228.75 m
Exploration drilling along trend to the east encountered new spodumenebearing pegmatites proximal to the FD No. 5 Pegmatite (Figure 3, 4).LT-23-26 was targeting an offset in the magnetic trend south of the FDNo. 5 Pegmatite surface showing. The drilling encountered twospodumene bearing pegmatites (at 44.8 m grading 1.26 % Li2O over 0.8m, and at 100.25 m grading 2.14 % Li2O over 0.5 m). These intersects occurred below barrensurface mapped pegmatites indicating that mineralization may occur atdepth and reinforces that this area of the property has high potentialfor hosting more Li mineralization warranting furtherexploration .
Figure 1 : LT-23-26 Spodumenebearing pegmatite intercept, 39.9 m - 49.0 m
Figure 2 : LT-23-26 Spodumenebearing pegmatite intercept, 99.6 m - 101.2 m
Figure 3 : 2021 - 2023 Lithium TwoDrill Program Overview
Figure 4 : DDH LT-21-09Cross-Section
Sample Quality Assurance / QualityControl
A thorough chain-of-custody and QA/QC program wascarried out during the 2023 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 aswell as testing the precision and any possible contamination from thelab and ensure proper 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.
The Lithium Two Project covers 137 hectares and is locatedapproximately 20 kilometres north of the Tanco Mine, a currentlyproducing hardrock lithium mine. The project is geologically situatedin the Cat Lake portion of the Winnipeg River Pegmatite Field and isroad accessible.
The Eagle Pegmatite is exposed at surface along roughly 530 meters asa series of lenticular spodumene-bearing dykes which occur in(Precambrian) granite and meta-volcanic rock. The 10 largest of thesepegmatite bodies are en-echelon lenses that range up to 75 m in lengthand 9 m in width as exposed (Rowe, 1956). The Eagle Pegmatite has ageneral strike of 77° and an 80° to near vertical dip. The FD No. 5Pegmatite is surface exposed over an area of 27 and 15 metres and ispoorly exposed away from the main showing. The unit strikes at 80°with a near vertical dip to the north.
Figure 5 : Mineralized (spodumene)Eagle Pegmatite intercept from drill hole LT-21-09
An archaeological assessment was completed by White Spruce Archaeologyon the Lithium Two Project that has identified three areas ofarchaeological potential. Drilling activity will occur outside of a25-metre buffer around the identified areas. All drill trails willstay outside of the identified areas. The recommendations for theLithium Two Project have been reviewed and agreed to by theArchaeological Assessment Services Unit, Historic Resources Branch,Ministry of Sport, Culture and Heritage.
New Age Metals is a junior mineral exploration and development companyfocused on the discovery, exploration, and development of green metalprojects in North America. The Company has two divisions: a PlatinumGroup Metals division and a Lithium/Rare Element division.
The PGM Division includes the 100% owned, multi-million-ounce,district-scale River Valley Project, one of North America’s largestundeveloped Platinum Group Metals Projects, situated 100 km by roadeast of Sudbury, Ontario. In addition to River Valley, NAM owns 100%of the road accessible Genesis PGM-Cu-Ni Project in Alaska and plansto complete a Option-Joint Venture arrangement with a third partymining company to develop the project.
The Company’s Lithium Division is one of the largest mineral claimholders in the Winnipeg River Pegmatite Field, where the Company isexploring for hard rock lithium and various rare elements such astantalum, rubidium, and caesium. Further Exploration plans for 2023include continued mapping/sampling field programs following up onprospective trends outlined in the magnetic data and 2022 surfacesampling. 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. The company is awaiting2023 exploration plan and budget approval from Mineral ResourcesLimited.
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 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, P.Geo. (Senior Geologist,Axiom), who is a “Qualified Person” for the Company as definedunder National Instrument 43-101 – Standards of Disclosure forMineral Projects (“NI 43-101”). Lynde is a ProfessionalGeoscientist (P.Geo) who is a registered member of the ‘Engineer andGeosciences of 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 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.
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