(TheNewswire)
September 6, 2022 – TheNewswire - Rockport,Ontario - New Age Metals Inc. (TSXV:NAM ) ; ( OTC:NMTLF ) ; ( FSE:P7J2) (“NAM” or “Company”) in conjunctionwith its partner Mineral Resources Ltd. is pleased to announce thecommencement of its Lithium One Project maiden drill program.
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A 1,000 metre helicopter-supported drill program at theLithium One Project commenced on September 1 st 2022.
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The Lithium One Property is located within the WinnipegRiver Pegmatite Field which is known for the presence of numerousLi-bearing pegmatite showings including the Silverleaf Pegmatite.
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Surface samples from the Silverleaf Pegmatite haveyielded assays of up to 4.33% Li O.
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NAM has an active exploration agreement with theSagkeeng First Nation and will be working in partnership with Sagkeengmembers during this program.
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NAM is the largest mineral claim-holder in the WinnipegRiver Pegmatite Field (see Press Release Aug 30, 2022) where theCompany’s exploration activities are being funded by MineralResources Limited (MRL), a top 5 global lithium producer.
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NAM has contracted geological consultancy, AxiomExploration to manage the drill program. Manitoba-based RodrenDrilling has been engaged as drilling contractor
The Lithium One Property is located 125 kilometres northeast ofWinnipeg, Manitoba and is geologically characterized as being a partof the Winnipeg River Pegmatite Field. The Winnipeg River PegmatiteField hosts the world class Tanco Pegmatite which has been mined forTantalum, Cesium and Lithium in varying capacities since 1969.Historically the Lithium One Project area is known for the presence ofnumerous surface Pegmatites of various dimensions and compositions,the most spectacular of which is the Silver Leaf Pegmatite ( see Aug 3, 2022 pressrelease ).
The drilling program will target the down dip extension and lateralcontinuity of the Silverleaf Pegmatite and consist of 10 drill holesto a maximum depth of 150 metres below surface. The targeting has beenfurther defined by 3D modeling of historic drill results as well asnewly acquired airborne gradient magnetics data.
The Silverleaf Pegmatite is shallow dipping highly fractionatedLithium-bearing Pegmatite. The deposit has been traced by shallowdiamond 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. This zone extends into a historic excavated openpit. The open pit originates from the late 1920s, when a bulk sampleof spodumene was mined from the southwest side of the SilverleafPegmatite. Large scale mining operations were not undertaken at thetime, due to changes in the market conditions and commodity prices.
Figure 1: White spodumene blades in a matrix oflepidolite (Lithium Mica) from the Silverleaf showing. Spodumeneblades can reach a length of up to 40 centimeters and a width of 10centimeters.
Figure 2: New Age Metals land holdings, SoutheastManitoba
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. TheCompany completed a positive Preliminary Economic Assessment on theProject in 2019 and, is fully financed to complete a Pre-FeasibilityStudy on the Project in Q3-2022. In addition to River Valley,the Company owns 100% of the Genesis PGM-Cu-Ni Project in Alaska andis working towards securing a option/ joint venture partner to helpdevelop this road accessible drill ready project.
The Lithium Division is one of the largest mineral claim holders inthe Winnipeg River Pegmatite Field, where the Company is exploring forhard rock lithium and various rare elements such as tantalum andrubidium. Further Exploration plans for 2022 includecontinued mapping/sampling field program following up on prospectivetrends outlined in the magnetic data, and phase two drill program atLithium Two Project. The company has a partnership with MineralResource Limited (MRL, ASX: MIN), a top global lithium producer toexplore and develop the Company’s lithium project portfolio. The2022 budget for the Company’s Lithium Division is $1.8million.
Our philosophy is to be a project generator with the objective ofoptioning our projects with major and junior mining companies throughto production. The Company is actively seeking an option/ jointventure partner for its road-accessible Genesis PGM-Cu-Ni project inAlaska.
Investors are invited to visit the New Age Metals website atwww.newagemetals.com where they can review the company and itscorporate activities. Any questions or comments can be directed toinfo@newagemetals.com or Harry Barr at Hbarr@newagemetals.com orFarid Mammadov at faridm@newagemetals.com or call 613 659 2773.
The technical information in this news release has beenreviewed and approved by Lynde Guillaume (Senior Geologist, AxiomExploration Ltd.), a Qualified Person, and a Professional Geoscientist(P.Geo) who is a registered member of the ‘Engineer and Geosciencesof Manitoba' (no. 47952).
If you have not done so already, we encourage you to sign up on ourwebsite ( 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.
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