(TheNewswire)
31 st October, 2023 – TheNewswire - Rockport, Ontario - New Age Metals Inc. (TSXV:NAM ) ; ( OTC:NMTLF ) ; ( FSE:P7J.F) (“NAM” orthe “Company”) in conjunction with its Farm-in/Joint Ventureagreement with Mineral Resources Ltd. (“MRL”) is pleased toannounce the results of recently received assays at its WinnipegRiver-Cat Lake Lithium Projects of Southeast Manitoba. An extensivesummer work program has been underway since mid-May including airbornegeophysical surveying, rock and soil sampling, biogeochemicalsampling, and outcrop stripping in preparation for the winter drillingprogram. The 2023/2024 budget for the above work includingapproximately 15,000 meters of drilling is $7 million. The work hasalready successfully identified new spodumene occurrences on theLithium Two and Bird River Lithium properties. Additionally, numerousknown targets have been further delineated and recent assays fromgeochemical sampling identified several new areas to be consideredhighly prospective for lithium-cesium-tantalum (“LCT”) typepegmatites based on geostatistical review of the results.
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Six grab samples from the Tappy Pegmatite returnedover 1.0 % Li O including up to5.07 % Li O. Additionalpegmatites identified ~150 m to the west (assay results pending).
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New spodumene-bearing pegmatite dyke(Figure 1) identified 450m to the north of the Eagle Pegmatite on theLithium Two property as a direct result of following up anomalies fromlithogeochemical grid sampling. Assays from spodumene-bearing samplesare pending.
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Grab samples 50 meters southeast ofFD No.5 pegmatite returned 3,965 and 1,124 ppm Li.
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Initial geochemical evaluation showsindications of highly prospective trend and pegmatite swarm including anomalous Li, Cs, and Tavalues along the Rush LakeTrend of the Lithman East property which lies only ~ 6 km from TancoMine.
Figure 1: Spodumene bearing pegmatiteidentified on the northwestern edge of the Lithium Two Property (NAD83UTM 15N 325488 E, 5610266 N)
Chairman and CEO Harry Barr commented; “We are happyto report the assay results that have been received to date. They have not only confirmedthat we have numerous high-grade lithium zones across our land packagebut our technical team from Axiom Exploration Group has been able toidentify additional prospective zones for immediate followup. These results further reinforce our beliefin the potential of our properties that surround the prolific TancoMine. We look forward to the remaining results coming in and theplanned Winter Drilling Campaign to test targets and further developour properties with our partners Mineral Resources.”
Table 1 : Sampling Highlights from2023 Lithogeochemical Program received as of October 19th, 2023
Figure 2: Overview of Initial Assays Received on BirdRiver Lithium Property
Figure 3: Overview of Initial Assays Received onLithium Two Property
Figure 4: Overview of Initial Assays Received onLithman East Property
Figure 2: UAV Image of recent strippingperformed at spodumene-rich FD No.5 Pegmatite
Geochemical Sampling andAssays
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A total of 1,822 rock samples, 2,637 Mobile Metal Ion(MMI) soil samples, and 252 biogeochemistry sample have been collectedas of October 19th, 2023. Lab results from 967 rock samples and 1,427MMI soil samples have been received.
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Concurrent with the field program, Axiom ExplorationGroup Ltd. carried out a high-resolution helicopter-borne surveycovering 4,345 line-kms consisting of Magnetics, Radiometrics, andLiDAR.
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Resource Potentials Pty Ltd. out of Perth Australia hasbeen engaged to complete a detailed review and interpretation of allnewly acquired geophysical data.
Permits/Archaeological Surveys
- Numerous permitapplications and amendments have been submitted and are undergoingfinal review in preparation for winterdrilling.
- Heritage Resource Impact Assessment (HRIA) surveys have beencompleted for claims within Provincial Parks as part of NAM’scommitment to responsible and sustainabledevelopment.
On-going Work
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Prospecting teams will remain on site until lateOctober to conduct detailed follow up work on areas of interestidentified by preliminary assay review.
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Reconnaissance exploration in unexplored areas of theproject.
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Continued preparation for 2024 Winter Drill Programincluding logistics, drill access, and camp construction.
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Detailed review of all assay results.
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Mapping and 3D modelling of priority drilltargets.
Sampling, analyticalmethods and QA\QC protocols
A thoroughchain-of-custody and quality assurance and quality control(“QA/QC”) program was carried out during the field program.Samples were obtained by rock hammer and rock saw. Sample locationswere recorded by handheld Garmin GPS and samples were photographedwith the documented number tags, then placed in poly sample bags andzip tied.
The Company’simplemented QA/QC procedures included the routine insertion of LCT(lithium-caesium-tantalum) pegmatite certified standard controlsamples, lab duplicates, and silica blanks in accordance with industryrecommended practices. This was used to test for natural variability,sampling bias, and homogeneity during sample preparation processeswithin the lab as well as testing the precision of the sample and anypossible contamination from the lab and ensure proper calibration oflab equipment. Analytical results of certified reference materialswere verified graphically and determined to be within the allowableerror of 2 standards deviations of the certified lithiumvalues.
All rock samples were submitted to SGS Canada Inc. inLakefield, ON, for Sodium Peroxide Fusion / ICP-AES and ICP-MSanalysis with a focus on Lithium, Tantalum, and Cesium. All soil andbiological samples were submitted SGS Canada Inc. in Burnaby, BC forMMI-M (soils) and MMI-MV (bio) analysis with measurement byconventional ICP-MS. SGS Canada Inc. is independent of theCompany.
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 plansto drill up to 15,000m on several of the Company’s projects. TheCompany has a partnership with Mineral Resource Limited (MinRes, ASX:MIN), a top global lithium producer to explore and develop theCompany’s lithium project portfolio in Southern Manitoba. The2023/24 budget is $7 million and is fully funded by MinRes. TheCompany received an additional $300,000 grant from Manitoba MineralDevelopment Fund (MMDF) that is also being expended on joint venturedSouthern 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.
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 ) 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 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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