(TheNewswire)
August 3 rd , 2022 – TheNewswire- Rockport, Ontario - New Age Metals Inc.(TSXV:NAM ) ; ( OTC:NMTLF ) ; ( FSE:P7J.F) (“NAM” or the “Company”) in conjunctionwith its partner Mineral Resources Ltd. is pleased to provide anupdate on the present exploration program with regards to thecompany’s Manitoba Lithium Projects. Property wide reconnaissance,geological mapping, and surface sampling was initiated in early June.120 bedrock samples have been collected and submitted to SRCLaboratories in Saskatoon, SK for analysis. The objective of thisprogram is to outline new drill targets on projects that are not yetat the drill stage. Thecompany continues its comprehensive summer exploration program and ismaking final preparations for an upcoming maiden diamond drill programon the Lithium One Property historic Silverleaf target which is slatedto begin at the end of August
Highlights
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2022 property wide prospecting and mapping programcontinues with first batch of surface grab samples submitted foranalysis.
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Magnetics and Lidar survey completed over the LithiumOne and Lithman East Extension properties with results expected lateJuly.
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Final preparations in progress for the maiden drillingprogram on the Lithium One Property Silverleaf target.
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The projects are strategically situated within theWinnipeg River Pegmatite Field, which hosts the world class TancoPegmatite that has been mined for Tantalum, Cesium and Lithium invarying capacities, since 1969.
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New Age Metals is the largest claim-holder in theWinnipeg River Pegmatite Field. There, the Company’s explorationactivities are being funded by Mineral Resources Limited (MRL), a top5 global lithium producer.
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The 2022 budget for our Manitoba Lithium Division is$1.8 million.
Initial field work has been focussed on areas ofinterest identified by historical data compilation and detailedairborne magnetics flown in 2021. Samples and geological data havebeen collected from prospective trends on five of the company’sproperties including Cat Lake, Lithium Two, Bird River, Lithman East,and Lithium One Property (Figure 1). Several pegmatite clusters havebeen visited including the Rush Lake, Birse Lake, and Greer Lakepegmatite groups as well as various historical showings. Assays willbe used to determine the fractionation level andeconomic potential of the abundant pegmatite bodies of the Bird RiverGroup that occur on the company’s properties.
Figure
1:
New Age Metals Inc. PropertyMap
The company awaits its final magnetic and lidar surveyresults, which was flown in June of this year by Axiom Explorationover the Lithium One property and extensions as well as filling inLithium East and the Lithium East Gap. A more defined sampling program will takeplace between late August to October planned on the pendinggeophysical data results and initial summer rock samplingassays.
The company plans to initiate a 1000 meter diamond drill program ontheir Lithium One Property in late August. The program will target thedown dip extension and lateral continuity of the Silverleaf Pegmatite. The targeting has been furtherdefined by 3D modeling of the historic drilling as well as newlyacquired airborne gradient magnetics data.
About the Silverleaf Pegmatite
The Lithium One Property is located 125 kilometres northeast ofWinnipeg, Manitoba and is geologically characterized as being a partof the Winnipeg River Pegmatite Field. Historically the Lithium One Project area is known for the presenceof numerous surface Pegmatites of various dimensions and compositions,the most spectacular of which is the Silver Leaf Pegmatite.
The Silverleaf Pegmatite is shallow dipping highlyfractionated Lithium-bearing Pegmatite. The deposit has been traced bydiamond drilling and trenching along strike for approximately 170meters with a maximum width of about 30 m. The lepidolite-spodumene(lithium bearing) zone outcrops as three large masses individually upto 23 x 6 meters (Figure 2). This zone extends into a historicexcavated open pit (Figure 3). The open pit originates from the late1920s, when a bulk sample of spodumene was mined from the southwestside of the Silverleaf Pegmatite. Large scale mining operations werenot undertaken at the time, due to changes in the market conditions and commodity prices. Samples taken from the Lepidolite-SpodumeneZone yielded assays up to 4.33 % Li2O.
Figure2 : White spodumene blades ina matrix of lepidolite (Lithium Mica) from the Silverleaf showing.Spodumene blades can reach a length of up to 40 centimeters and awidth of 10 centimeters.
Figure3 : Geological Outcrop Map ofthe Silverleaf Pegmatite - Lithium One Property
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 inQ3-2022. In addition to River Valley, theCompany owns 100% of the Genesis PGM-Cu-Ni Project in Alaska and isworking towards securing a option/ joint venture partner to helpdevelop this road accessible drill ready project.
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. Further Exploration plansfor 2022 include continued mapping/sampling field program following upon prospective trends outlined in the magnetic data, a maiden drillprogram on the Lithium One Project, and phase two drill program atLithium Two Project. The company has a partnership with MineralResource Limited (MRL, ASX: MIN), the world’s forth largest lithiumproducer to explore and develop the Company’s lithium projectportfolio. The 2022 budget for the Company’s Lithium Division is$1.8 million.
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 Farid Mammadov at faridm@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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