(TheNewswire)
October 18 th , 2021 – TheNewswire - Rockport, Ontario - New Age MetalsInc. (TSXV:NAM ) ; ( OTC:NMTLF ) ; ( FSE:P7J2) (“NAM” or “Company”) is pleased toannounce that its maiden drill program on its Lithium Two Project thatis part of its Manitoba lithium division has commenced. The Companyplans to drill a minimum of 1,500 metres. The program is going toconsist of drilling 8 shallow holes to a maximum depth of 200 metresbelow surface.
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- A minimum 1,500-metre maiden drill program at theCompany’s Lithium Two Project has commenced.
- The program is financed by Mineral Resources Ltd.(MRL), the worlds fifth largest lithium producer, as per the agreementbetween NAM and MRL that was the subject of a September 28 pressrelease.
- NAM has also contracted geological consultancy, AxiomExploration to manage the drill program on behalf of the Company, andManitoba-based Rodren Drilling to complete the work.
- Lithium Two hosts a historic non-NI 43-101 compliantmineral resource of 544,000 tonnes at 1.4% Li 2 O to a depth of 60 metres (Source:Manitoba Mineral Index Cards). *This amount has not been confirmed bya qualified person at this time.
- The Eagle Pegmatite is the primary target for themaiden drill program. It is exposed on surface and was last drilled in1948.
- Surface sampling programs at the Eagle Pegmatiteconducted by NAM has yielded assays up to 3.8% Li 2 O.
- NAM has an active exploration agreement with theSagkeeng First Nation and will be working in partnership with membersof Sagkeeng.
- NAM is the largest mineral claim holder in theWinnipeg River Pegmatite Field. All of the claims are held by LithiumCanada Development, a wholly owned subsidiary of NAM
Harry Barr, Chairman & CEO commented: “This maiden drill programin Manitoba is a significant milestone for the Company. We havefulfilled our stated objectives for the lithium division to date byacquiring a robust land package in southeast Manitoba, and recentlycompleting our option / joint venture agreement with MineralResources. Our agreement equips us with the necessary funding andexpertise to strategically explore and develop the greenstone beltthat we are operating in. The preparation for this program has beenextensive and has included various rounds of surface exploration aswell as UAV borne drone geophysics.”
Lithium Two Project
The Lithium Two Project covers 137 hectares and is locatedapproximately 20 kilometres north of the Tanco Mine that is owned andoperated by Sinomine Rare Metals Co. Lithium Two is geologicallysituated in the Cat Lake portion of the Winnipeg River Pegmatite Fieldand is road accessible. This pegmatite field is hosted in the Archeanage Bird River Greenstone Belt and into the surrounding granites. Todate, three pegmatites have been identified on the Lithium TwoProject.
The Eagle pegmatite is exposed at surface as a series of lenticularspodumene-bearing dykes, over approximately 823 metres with widths upto 30 metres. The Eagle Pegmatite has a general strike of 77° and anear vertical dip. The FD No. 5 Pegmatite is surface exposed over anarea of 27 and 15 metres and is poorly exposed away from the mainshowing. The unit strikes at 80° with a near vertical dip to thenorth. The FD No. 5 Pegmatite appears to have not been previouslydrill tested. Surface sampling over the two pegmatites during the 2016field season yielded assays for the Eagle Pegmatite up to 2.44%Li 2 O and assays up to 3.04% Li 2 O for the FD No. 5 Pegmatite.
Drill Plan
The purpose of the maiden drill program is to first confirm thehistorical resource that was identified at the Eagle Pegmatite on theLithium Two Project in 1948. An initial 8 holes are planned to bedrilled to the 200-metre level. The Company is permitted to drilladditional holes should preliminary results justify doing so.
In advance of the drill program, an archaeological assessment has beencompleted by White Spruce Archaeology on the Lithium Two Project thathas identified three areas of archaeological potential. Drillingactivity will occur outside of a 25-metre buffer around the identifiedareas. All drill trails will stay outside of the identified areas. Therecommendations for the Lithium Two Project have been reviewed andagreed by the Archaeological Assessment Services Unit, HistoricResources Branch, Ministry of Sport, Culture and Heritage.
Figure 1 : Southeast Manitobaregional project map, including New Age Metals lithium projectportfolio
The Lithium Two Project is located approximately 20kilometres north of the Tanco Mine
About NAM
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 (PGM) division and a Lithium / Rare Element 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 northeast from 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. Atechnical report is slated to be published by the end of the firsthalf of 2022. In addition to River Valley, theCompany is the 100% owner of the Genesis PGM-Cu-Ni Project.
NAM’s Lithium Division is one of the largest mineral claim holdersin the Winnipeg River Pegmatite Field, where the Company is exploringfor hard rock lithium and various rare elements such as tantalum andrubidium. In 2021 drone geophysics were completed on at least five ofthe Company’s seven projects and in October a maiden drill programon the Company’s Lithium Two Project was initiated. On September28 th , the Companyannounced a partnership with Mineral Resource Limited (MRL, ASX: MIN),the world’s fifth largest lithium producer to explore and developthe Company’s lithium project portfolio.
Our philosophy is to be a project generator with the objective ofoptioning our projects to major and junior mining companies topotentially develop them through to production. The Company isactively seeking an option / joint venture partner for itsroad-accessible Genesis PGM-Cu-Ni Project in Alaska.
About Mineral ResourcesLimited
Mineral Resources Limited is an innovative and leading mining servicescompany, with a growing world-class portfolio of mining operationsacross multiple commodities, including iron ore and lithium. MRL hasa diversified commodities portfolio located in the Pilbara and Yilgarnregions in Western Australia. The Company has developed two hard rocklithium operations in Western Australia making them one of the worldslargest owners of hard rock lithium mines.
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.
This maiden 2021 drilling and exploration program isbeing conducted under the supervision of Lynde Guillaume, G.I.T. andMatthew Schwab, P.Geo., both of Axiom Exploration Group Ltd. Athorough chain-of-custody and QA/QC program is being carried outduring the 2020 drill program on all half-core split samples. Theimplemented QA/QC procedures will include the insertion of certifiedstandard control samples, duplicates, and blanks to ensure propercalibration of lab equipment. Sample analyses are being conducted bySRC Geoanalytical Laboratories in Saskatoon, Saskatchewan.
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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