(TheNewswire)
March 16, 2022 – TheNewswire- Rockport, Ontario - New Age Metals Inc.(TSXV:NAM ) ; ( OTC:NMTLF ) ; ( FSE:P7J2) (“NAM” or the “Company”) is pleased toannounce the results of multiple high-resolution UAV-borne magneticsurveys which were completed in 2021 by EarthEx Geophysical Solutionsof Selkirk, Manitoba over the company’s Lithman West, Lithman East,Lithman North, Lithium Two, and Cat Lake Properties. The surveys were completed to providehighly detailed magnetic maps to aid in the exploration, geologicalmapping, and drill-targeting of these highly prospective targetareas. The surveys weresuccessful in identifying multiple prospective trends that enhance thepotential for additional discoveries. The 2021geophysical programs in Manitoba were co-funded by a grant that wasreceived from the Manitoba Chamber of Commerce’s, Manitoba MineralDevelopment Fund (“MMDF”) that totalled ,000.
Harry Barr Chairman & CEO stated, “The results ofthe high-resolution UAV-borne magnetic survey in combination withother exploration techniques will be valuable in defining additionalareas with high potential to host lithium bearing pegmatites andadvance the Company’s projects. We look forward to conducting followup surface exploration to ground truth these geophysical targets in2022.”
The company’s properties in SE Manitoba arestrategically situated within the Winnipeg River Pegmatite Field,which hosts the world-class Tanco Pegmatite that has been mined forTantalum, Cesium and Spodumene (one of the primary Lithium minerals)in varying capacities, since 1969.
Lithium pegmatites are known to express anomalously lowmagnetic susceptibility readings and are generally constrained toregional-scale geological structures. The advent of thehigh-resolution low-flying UAV magnetometric surveying system used byEarthEx is an efficient way to help identify structural trends andareas of low magnetic susceptibility that may correlate withlithium-bearing pegmatites. This in turn, will aid in definingexploration targets as well as delineating the extent of these typesof deposits both at and below surface. Five grids were flown with a total of 1308line-km over an area of 28.24 km².
Pegmatites often occur in semi-discontinuous swarms andcan be concentrated along structural trends and geological boundaries. The completed surveys haveidentified multiple prospective linear features with strike lengthsranging from 500 meters up to 3 kilometers on multiple propertieswhich exhibit low magnetic responses with favourableorientations. Follow-up mapping and surfacesampling will be planned to ground truth these anomalies on theLithman West, Lithman East, and Cat Lake projects.
Figure 1 : Residual magnetic intensity over theLithium Two Property using a non-linear colour stretch and showing theEagle and FD5 surface pegmatite areas
The Lithium Two property survey results identifiedmultiple offsetting features and potential structural breaks in themagnetic data cutting the regional geological trends. These structurescoincide with the orientation of known high grade lithium bearingpegmatitic dikes (Eagle Pegmatite) and can be used to vector futuredrill targeting. This data may allow us to extend the strike length ofknown mineralization where outcrop is not exposed on surface andexplore for parallel trends both north and south of the EaglePegmatite.
Figure 2: Residual magnetic intensity over theLithman East Property using a linear 0.5% clip colour stretch.
A one-week follow-up program in the fall of 2021 foundunmapped pegmatites associated with multiple structural featuresidentified in the magnetic survey results. This confirmed the value ofthis data as an exploration tool. A more comprehensive program of mapping andsurface sampling is being planned for the upcoming summer to follow-upthe results of the UAV-borne magnetic surveys on the five surveygrids.
About NAM
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 Lithiumdivision.
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 roughly 100 km by road east of 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 in2022. In addition to River Valley, the Companyowns 100% 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 mineralclaim holders in the Winnipeg River Pegmatite Field, where the Companyis exploring for hard rock lithium occurrences and various rareelements such as tantalum and rubidium. The plans for 2022 include additionalgeophysical surveys and a maiden drill program on the Lithium OneProject, phase two drill program at Lithium Two Project, and a fieldprogram to follow up prospective targets identified on the five gridscompleted in the 2021 geophysical surveys. On September 28, 2021, theCompany announced a partnership with Mineral Resource Limited (MRL,ASX: MIN), the world’s fifth largest lithium producer to explore anddevelop the Company’s lithium project portfolio.
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 or joint venture partner for its road-accessible GenesisPGM-Cu-Ni project in Alaska.
Investors are invited to visit theNew Age Metals website at www.newagemetals.com where they can review the company and itscorporate activities. Any questions or comments can be directed to info@newagemetals.com , Harry Barr at Hbarr@newagemetals.com or Cody Hunt at Codyh@newagemetals.com or call 613 659 2773 .
Qualified Person
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”).
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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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