(TheNewswire)
December 9, 2021 – TheNewswire - Rockport,Ontario - New Age Metals Inc. (TSXV:NAM ) ; ( OTC:NMTLF ) ; ( FSE:P7J2) (“NAM” or “Company”) is pleased toannounce the completion of its maiden 1,630 metre drill program at itsLithium Two Project in Manitoba, Canada. To date, 678 drill coresamples have been submitted to the Saskatchewan Resource CouncilGeoanalytical Laboratories (“SRC”) for assay. This drill programwas the first work program funded by the Company’s partner, MineralResources Limited (“MRL”), see press release dated ( September 28, 2021 ).
Harry Barr, Chairman & CEO commented: “We would like to thankour exploration team from Axiom Exploration Group Ltd. (“Axiom”)for the successful completion of the maiden drill program at LithiumTwo. We are eager to share initial results from this highlyprospective project. While we patiently await assay results from SRC,management has asked our exploration team to develop a follow upexploration program that would include a second phase of drilling atthe Project, maiden drilling at Lithium One and a 2022 field programto follow up on prospective targets from the 2021 geophysical surveyscompleted on five of the Company’s projects.”
The maiden drill program at the Lithium Two Project consisted of 15drill holes totalling 1,630 metres. The purpose of the maiden drillprogram was to confirm historical drill results from the 1940’sdrill campaign at the Eagle Pegmatite on the Lithium Two Property.Additionally, the program was designed to test nearby targetsgenerated from field reconnaissance programs and UAV-borne dronemagnetic geophysical surveys completed between 2016 and 2021.
After the completion of the first phase of drilling, the Company hasmade drill permit applications to the Manitoba government for anadditional 1,500 metres of drilling over 10 holes at Lithium Two.Future drilling at Lithium Two will test the down dip extension of thenear-surface lithium bearing pegmatites in this first phase ofdrilling and additionally, evaluate other areas of interest at LithiumTwo.
The drill program focused on the Eagle Pegmatite which was the sourceof the historical non-NI 43-101 compliant resource estimate of 544,000tonnes at 1.4% Li 2 0 indicated to a depth of 61metres. The Eagle pegmatite is exposed at surface along a 533-metrestrike length as a series of lenticular spodumene-bearing dykes whichoccur in (Precambrian) granite and meta-volcanic rock units. The 10largest of these pegmatite bodies are a series of en echelon lensesthat range up to 75 metres in length and 9 metres in width as exposedon surface (Rowe, 1956). Historic drilling results suggest that thedykes dip from 80° to the north to near vertical.
Ten drill holes were completed along strike of the Eagle Pegmatiteintending to intersect the pegmatite dykes at 40 to 50 metres verticaldepth below surface. Two holes were drilled to test the extension ofprospective zones between 80 to 100 metres vertical depth.Additionally, three drill holes tested nearby pegmatites, includingthe FD 5 Pegmatite and the Unnamed Pegmatite, which exhibit lenses ofmineralization at surface. Assay results are expected to be releasedlate December or early January.
In advance of the drilling program, an archaeological assessment wascompleted by White Spruce Archaeology on the Lithium Two Project thathas identified three areas of potential archaeological significance.As such, drilling activity will occur outside of a 25-metre bufferaround the identified areas and all drill trails will stay outside ofthe identified areas. The recommendations for the Lithium Two Projecthave been reviewed and agreed by the Archaeological AssessmentServices Unit, Historic Resources Branch, Ministry of Sport, Cultureand Heritage.
The Company is now planning with both its geological consultants atAxiom and MRL for the next steps for exploration on its portfolio ofprojects. To that end, the Lithium One Project is likely the nextdrill target for which the Company already holds a drill permit on.Additionally, a work program is being designed for 2022 to mobilize afield crew to specified areas of geophysical interest that wereidentified from the 2021 geophysical surveys completed on site (seeCompany press release dated May 19, 2021 ).
The Lithium Two Project covers 137 hectares and is locatedapproximately 20 kilometres north of the Tanco Mine which is owned andoperated by Sinomine Rare Metals Co.
Lithium Two is geologically situated in the Cat Lake portion of theWinnipeg River Pegmatite Field and is road accessible. This pegmatitefield is hosted in the Archean age Bird River Greenstone Belt and intothe surrounding granites. To date, three significant pegmatites havebeen identified on the Lithium Two Project.
The Eagle pegmatite is exposed at surface as a series of lenticularspodumene-bearing dykes, over approximately 823 metres with widths ofup to 30 metres. The Eagle Pegmatite has a general strike of 77° anda near vertical dip. The FD No. 5 Pegmatite is surface exposed over anarea of 27 by 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.
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 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, situated100 km by roadeast of Sudbury, Ontario. The Companycompleted a positive Preliminary Economic Assessment on the Project in2019 and, is fully financed to complete a Pre-Feasibility Study on theProject in 2022. In addition to River Valley, the Company owns100% of the Genesis PGM-Cu-Ni Project in Alaska and has plans tocomplete a surface mapping and sampling program in 2022.
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. Plans for 2021 includedrone geophysics on at least five of the Company’s seven projectsand a maiden drill program on the Company’s Lithium Two Project. OnSeptember 28, the Company announced a partnership with MineralResource Limited (MRL, ASX: MIN), the world’s fifth largest lithiumproducer to explore and develop the Company’s lithium projectportfolio.
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/joint venturepartner for its road-accessible Genesis PGM-Cu-Ni project in Alaska.
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.
A thorough chain-of-custody and QA/QC program is beingcarried out during the 2020 drill program on all half-core splitsamples. The implemented QA/QC procedures will include the insertionof certified standard control samples, duplicates, and blanks toensure proper calibration of lab equipment. Sample analyses are beingconducted by SRC 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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