(TheNewswire)
January 24, 2023 – TheNewswire - Rockport, Ontario - New Age Metals Inc. (TSXV:NAM ) ; ( OTC:NMTLF ) ; ( FSE:P7J2) (“NAM” or“Company”) is pleased to announce that it has commenced drillingon its Lithium Two Project that is part of its Manitoba lithiumdivision. The Company plans to drill a minimum of 1,500 metres. Theprogram will consist of testing the down dip extension ofmineralization intersected in the 2021 drill program, as well asexploratory drilling based on detailed geophysics and surfacesampling.
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A minimum 1,500 meter program at the Company’sLithium Two Project has commenced.
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2021 drilling encountered high grade lithiummineralization in 11 drill holes along the Eagle Pegmatite over a 500m strike length.
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Drilling results included 1.01% Li O over 16.4 m core length (LT-21-09) with individual samplesgrading up to 3.49% Li O.
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NAM has an active exploration agreement with theSagkeeng First Nation and will be working in partnership with Sagkeengon its projects.
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The Company’s exploration activities are being fundedby Mineral Resources Limited (MRL), a top 5 global lithiumproducer
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NAM has contracted geological consultancy, AxiomExploration to manage the drill program. Manitoba-based Top RankDrilling has been engaged as drilling contractor.
The Lithium Two Project covers 137 hectares and islocated approximately 20 kilometres north of the Tanco Mine, the onlycurrently producing hardrock lithium mine in Canada. The project isgeologically situated in the Cat Lake portion of the Winnipeg RiverPegmatite Field and is road accessible.
The Eagle Pegmatite is exposed at surface along roughly530 meters as a series of lenticular spodumene-bearing dykes whichoccur in (Precambrian) granite and meta-volcanic rock. The 10 largestof these pegmatite bodies are en-echelon lenses that range up to 75 min length and 9 m in width as exposed (Rowe, 1956). The EaglePegmatite has a general strike of 77° and an 80° to near verticaldip. The FD No. 5 Pegmatite is surface exposed over an area of 27 and15 metres and is poorly exposed away from the main showing. The unitstrikes at 80° with a near vertical dip to the north. Surface sampling over the two pegmatitesyielded assays for the Eagle Pegmatite up to 2.44% Li2O and assays upto 3.04% Li2O for the FD No. 5 Pegmatite.
Figure 1 : Mineralized (spodumene)Eagle Pegmatite intercept from drill hole LT-21-09
New Age Metals completed a 1,630 m, 15 hole diamonddrilling campaign in 2021 on the Lithium Two Property. The drillprogram focused on the Eagle Pegmatite which was the source of the historical non-NI 43-101 compliantresource estimate of 544,000 tonnes at 1.4% Li20 indicated to a depthof 61 metres. New Age Metals intersected high grade lithiummineralization in 11 drill holes along a 500 meter strike length ofthe Eagle Pegmatite confirming historic drilling intercepts. The 2021drill program included a fence intersecting the Eagle Pegmatite at avertical depth of 40 to 50 meters with two step-back holes confirmingmineralization to a depth up to 100 m.
2023 Drill Program Overview
A minimum of 1,500 m of drilling isplanned for the Lithium Two property with the option to add additionaldrill hole based on results. The purpose of thephase two program is to follow up on the results of the 2021 drillprogram, testing down dip of the intersected mineralization on theEagle Pegmatite. Additionally, to test along strike of known surfacemineralization and along favourable structures identified using the2021 detailed UAV-borne magnetic survey.
An archaeological assessment was completed by WhiteSpruce Archaeology on the Lithium Two Project that has identifiedthree areas of archaeological potential. Drilling activity will occuroutside of a 25-metre buffer around the identified areas. All drilltrails will stay outside of the identified areas. The recommendationsfor the Lithium 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 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. In addition to RiverValley, NAM owns 100% of the road accessible Genesis PGM-Cu-Ni Projectin Alaska and plans to complete a Option-Joint Venture arrangementwith a third party mining company to develop the project.
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 caesium. Further Exploration plansfor 2023 include continued mapping/sampling field programs followingup on prospective trends outlined in the magnetic data and 2022surface sampling, and phase two drill program at Lithium Two Project.The company has a partnership with Mineral Resource Limited (MRL, ASX:MIN), a top global lithium producer to explore and develop theCompany’s lithium project portfolio. The company plans to submit its2023 exploration plan and budget to Mineral Resources Limited by theend of February.
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 (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 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 reflectthe occurrence of unanticipated events. Investors should not placeundue reliance on forward-looking statements.
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