(TheNewswire)
April 5, 2023 - TheNewswire - Rockport,Ontario - New Age Metals Inc. (TSXV:NAM ) ; ( OTC:NMTLF ) ; ( FSE:P7J2) (“NAM” or“Company”) is pleased to report that it has acquired 19,321hectares of mineral exploration license (MEL) area at McLaughlin Lake,Manitoba. The MEL covers approximately 30 kms strike length of theStull-Wunnummin Fault structure. The property hosts spodumene-bearingpegmatites with historical assay values up to 2.87% Li 2 O 1 and numerous prospective LCT-style pegmatites.
The newly acquired property is located in NorthernManitoba’s Oxford Lake - Knee Lake Greenstone belt (figure 1) whichis largely underexplored for LCT Pegmatites. All the claims are heldby Lithium Canada Development, a 100% owned Lithium Division of NewAge Metals. The Company islooking to find a strategic partner to advance the project to a drillready stage.
KEY HIGHLIGHTS OF THE MCLAUGHLIN LAKELITHIUM PROPERTY
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Spodumene-bearing pegmatites have been historicallydocumented at McLaughlin Lake. A channel sample taken across the maindyke assayed 1.32% Li2O over1.52m and more recent whole-rock samplingconducted by the Manitoba Geological Survey (MGS) on this dyke assayed 1.64% Li
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The dyke was traced at surface for a reported length of 400 meters and varies in thickness from 1.2 – 2.2 meters.
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Spodumene forms up to 40% of the dyke locally with individual crystals noted to be upto 35 centimeters long and 7 centimeters wide
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In a later report by Barry (1962) , a second spodumene-bearing dyke was described ~20 meterswest of the main showing.
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Two representative grab samples taken from a second spodumene bearing dyke in the areaassayed 2.87% and 0.98% Li
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The pegmatite has an exposed width of up to one meterand was traced for 10 meters before disappearing underoverburden.
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The nearby and related Magill Lake pluton containsabnormally high Rb (8 samples range from 238 to 692 ppm Rb), and ahigh degree of fractionation is inferred; the associated pegmatitestherefore have a potential for rare-element mineralization 4,5
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Analysis of regional till sampling conducted by the MGSreturned coincident Li-Cs-Rb anomalies with the McLaughlin Lakepegmatite indicating an effective exploration tool and showsadditional anomalies occurring west on the property that have yet tobe investigated .
Harry Barr, Chairman and CEO of New Age Metals Inc.commented “With the strong competition in today’s lithium marketfor available and prospective projects, we are thrilled to acquiresuch a large, underexplored area with mapped occurrences oflithium-bearing pegmatites. The acquisition of the McLaughlin LakeLithium Project expands our Manitoba Lithium Division land position by79% to an amalgamated 43,870 hectares confirming our commitment todelivering shareholder value through project generation anddevelopment. The company looks forward to working with local FirstNation(s), local stakeholders, and the Province of Manitoba toincrease the lithium economic potential in the region.”
Figure 1 : Overview of NewlyAcquired McLaughlin Lake Lithium Project
EXPLORATION PLANS
New Age Metals and its technical consultants from AxiomExploration Group Ltd., are working on a go-forward exploration planfor the upcoming field season that will include:
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Permitting and consultation with the local FirstNations and Government representatives to support initial explorationplans.
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Combined airborne magnetics, radiometrics, and LiDARsurvey over the central spodumene bearing structure.
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First pass prospecting and geological mapping focusingon historical showings.
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Surficial geochemical surveys including Mobile MetalIons to expand upon regional till sampling anomalies identified by thegovernment.
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Identify and prioritize drill targets by integratinghistorical data with new exploration surveys and datasets.
New Age Metals continues to expand it’s ManitobaLithium Division’s land holdings as a leading explorer for batterymetals in the province. Otherprojects include the recently announced South Bay Lithium Project and11 projects in Southern Manitoba which are under option to MineralResources Limited, one of the top 5 lithium producersworldwide.
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. The company plans tohave an updated Preliminary Economic Assessment (PEA) completed on theproject by mid-summer and will announce it’s exploration planswithin the next 60 days. In addition to River Valley, NAM owns 100% ofthe road accessible Genesis PGM-Cu-Ni Project in Alaska and plans tocomplete a Option-Joint Venture arrangement with a third party miningcompany 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 cesium. The company recentlycompleted a phase two drill program at LithiumTwo Project and is beginning to receive initial assay results.Further exploration plans for 2023/24 include continuedmapping/sampling field programs following up on prospective trendsoutlined in the magnetic data and 2022 surface sampling, additionalgeophysical surveys, and diamond drilling. The company has apartnership with Mineral Resource Limited (MRL, ASX: MIN), a topglobal lithium producer to explore and develop the Company’s lithiumproject portfolio.
The 2023/24 budget for our ManitobaLithium Division has been submitted to MRL and a final budget isexpected by mid-April 2023. The company is currently completing its2022/23 $2.3 million budget.
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 an option/ joint venture partner forour newly acquired McLaughlin Lake Li Project, the SouthBay LithiumProject in Northern Manitoba, and 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 reflect the occurrence of unanticipated events.Investors should not place undue reliance on forward-lookingstatements.
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Barry, G.S. 1962. Geology of the Munro Lake area; Manitoba MinesBranch, Publication 61-1.
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Fedikow, M.A.F., Nielsen, E.,Conley, G.G. and Lenton, P. 2000.Operation Superior: multimedia geochemical surveys in the Knee Lakegreenstone belt (southern half), northern Superior Province, Manitoba(NTS 53L); Manitoba Industry, Trade and Mines, Manitoba GeologicalSurvey, Open File Report OF2000-2.
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Martins, T. 2022: Whole-rock geochemistry results ofpegmatites from the Superior province (parts of NTS 53L10, 11, 14,15); Manitoba Natural Resources and Northern Development, ManitobaGeological Survey, Data Repository Item DRI2022007, Microsoft®Excel® file.
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Meintzer, R.E., Cerny, P., Odwar, H. 1988. GS-25 The Magill Graniteand Associated Pegmatites Near Magill Lake; Manitoba Energy and Mines,Report of Field Activities 1988.
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Lenton, P.G. 1985. GS-40 Granite-Pegmatite Investigations: KneeLake-MaGill Lake Area.
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