(TheNewswire)
December 11, 2023 - TheNewswire - Rockport, Ontario - New Age Metals Inc. (TSXV:NAM ) ; ( OTC:NMTLF ) ; ( FSE:P7J.F) (“NAM” or“Company”) is pleased to announce that it has entered into anoption agreement (the “Agreement”) dated December 1, 2023 withW.S. Ferreira Ltd. (“Ferreira”) to acquire an undivided 100%interest in the mineral property claim Bridge and Bridge 1 located inthe Bird River area in the province of Manitoba, Canada (the“Option”).
In order to exercise the Option, the Company isrequired to make cash and share payments to Ferreira asfollows:
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A payment of $40,000 on or before December 29,2023
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A payment of $50,000 on or before January 10,2025
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A payment of $60,000 on or before January 10,2026
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Issue 100,000 common shares of the Company on or beforeDecember 29, 2023
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Issue 200,000 common shares of the Company on or beforeJanuary 10, 2025
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Issue 200,000 common shares of the Company on or beforeJanuary 10, 2026
Pursuant to the terms of the Agreement, in the eventthat the Option is fully exercised, a 2% Gross Over Ridding Royalty(the “Royalty”) shall be retained by Ferreira. The Company hasthe exclusive right to purchase 1% of the Royalty for $1 milliondollars.
Any securities issued in connection with the Agreementare subject to TSX Venture Exchange approval and a four-month and aday hold period in accordance with applicableSecurities Laws.
TheBridge and Bridge 1 claims now creates a contiguous claim packageacross our Bird River Lithium Claim. The claims host the MattyPegmatite, a spodumene bearing LCT pegmatite. This pegmatite body isinterpreted to be part of the same dyke swarm hosting the Company’sTappy Pegmatite and exhibits high grade lithium mineralization atsurface.
Figure 1 : Overview and location ofBridge and Bridge 1 Claims (yellow) hosting the Matty Pegmatite
About Matty Pegmatite
The Matty Pegmatite is exposed in 4 trenches over alength of 50 m, and the rock ridge rises 9 m above the surroundingswamp. At the south end, the dyke strikes 5°, and is vertical. Itswidth ranges up to 3.5 m, but it pinches out at the south end. Areasof highest spodumene content assayed 3.5% Li 2 O over 2.44 mand 1.0% Li 2 O over theadjoining 1.1 m in one trench, and averaged about 2.0% Li 2 O for three of the trenches. (ESS file91092)
Figure 2 : Spodumene bearing surfaceexposure of Matty Pegmatite
The technical content of this news release has beenreviewed and approved by Lynde Guillaume, P.Geo. (Senior Geologist,Axiom), who is a “Qualified Person” as defined under NationalInstrument 43-101 – Standards of Disclosure for Mineral Projects.Ms. Guillaume is independent of the Company.
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 Element division and a Lithium/RareElement division.
The PGE Division includes the 100% owned,multi-million-ounce, district-scale River Valley Project, one of NorthAmerica’s largest undeveloped Platinum Group Element Projects,situated 100 km by road east of Sudbury, Ontario. In addition to RiverValley, NAM owns 100% of the Genesis PGE-Cu-Ni Project in Alaska andplans to complete a surface mapping and sampling program in2023.
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 plans for2023 include continued mapping/sampling field programs following up onthe anomalous results from the soil and rock samples collectedpreviously during summer 2023. In the Winter months, the Company plans to drill up to 15,000m on several of theCompany’s projects. The Company has a partnership with MineralResource Limited (MinRes, ASX: MIN), a top global lithium producer toexplore and develop the Company’s lithium project portfolio inSouthern Manitoba. The 2023/24 budget is $7 million and is fullyfunded by MinRes. The Company received an additional $300,000 grantfrom Manitoba Mineral Development Fund (MMDF) that is also beingexpended on joint ventured Southern Manitoba properties.
In Northern Manitoba, the Company recently signed anoption/joint venture binding term sheet with Native Mineral Resourcesto develop the McLaughlin Lake Lithium Project. Our philosophy is to be a project generatorwith the objective of optioning our projects with major and juniormining companies through to production.
The Company is actively seeking an option/joint venturepartner for our newly acquired Northman and South Bay Lithium Projectsin northern Manitoba, and its road-accessible Genesis PGE-Cu-NiProject 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 Faraz Rasheedat Frasheed@newagemetals.com or call 613 659 2773.
If you have not done so already, we encourage you tosign up on our website ( 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 identify important riskfactors that could cause actual results to differ from those containedin the forward-looking statements. The Company does not undertake anyobligation to review or confirm analysts’ expectations or estimatesor to release publicly any revisions to any forward-looking statementsto reflect events or circumstances after the date hereof or to reflectthe occurrence of unanticipated events. Investors should not placeundue reliance on forward-looking statements.
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