(TheNewswire)
March 1 st , 2024 – 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. (“MinRes”) is pleased toprovide an update on the drilling operations and exploration programat its WinnipegRiver-Cat Lake Lithium project in SoutheastManitoba. The project area hosts numerous spodumene-bearing pegmatitesand surrounds the world class Tanco mine. The program is being carriedout by Platinum Diamond Drilling Inc. (“Platinum”) with technicaland geological oversight by Axiom Exploration Group Ltd.(“Axiom”).
2024 Drill Program Update
The 2024 Exploration Program has completed 54 of 57diamond drill holes for approximately 12,500 total meters targetinghigh priority geophysical and geochemical targets identified from theextensive summer fieldwork campaign. Diamond drilling on the LithiumTwo and Lithium East property has been completed with ongoing drillingat the Bird River Lithium property. The unseasonable warm conditions haveforced the company to postpone drilling on the Lithman West propertyas access relies on an ice bridge crossing and current conditions donot allow for safe a crossing. The Lithman West property is a high priority target area wheregeophysics analysis identified numerous demagnetized trends analogousto those on the Tanco Mine Property which lies 3 kilometers east alongstrike. The Company plans tofurther progress the understanding of the property by collectingadditional surface data to correlate with high priority targetsidentified by the Australian consulting company Resource Potentials (see figure 3). A drill program for this projectwill be slated for the winter of 2025.
To date 1,452 core samples have been submitted to SGSLaboratories for analysis and results are pending. Mineralization hasbeen identified visually in some exploration holes on the Lithium Twoproperty. Drill hole LT24-032targeting the FD5 pegmatite on the Lithium Two property intersected21.75 meters core length of spodumene-bearing pegmatite . Drill hole LT24-044targeting the Magpie showing discovered during the summer programintersected 66.60 meters core length of pegmatite with localizedspodumene zones (figure 1). On the Lithman East property drilltesting underneath elevated Cesium (Cs) values on the Lithman Eastproperty intersected 199.33 meters core length of pegmatite withpreliminary observations indicating a fractionated pegmatite (assayspending). Orientation of these pegmatites andtrue width has yet to be defined.
Harry Barr, Chairman and CEO, commented; “We arepleased with how the 2024 Drill Campaign has progressed despite thechallenging weather conditions. Our contractors were able to complete12,500 m of the originally planned 15,000 m in an extremely efficientmanner. The exploration drilling has proved that our properties covera large LCT-style pegmatite field and that the potential for adiscovery remains. The safetyof our contractors remains our highest priority and while it isunfortunate that we were unable to test the Lithman West property, weare content with the amount of drilling we were able to complete insuch a short time frame and given the historically warmwinter. We eagerly await the pending assayresults from the drill program and look forward to providing furtherupdates.”
Figure 1 : Drill hole LT24-032showing FD5 pegmatite hosting pale-green spodumene blades interceptfrom 60.80 – 82.55 meters (assays results pending)
Figure 2 : Drillhole LE24-011 showing fractionated pegmatite intercepted from 390.16– 406.79 m (assay results pending)
Figure 3 : Overview of 2024 LithiumTwo Drilling (assays pending)
Figure 4 : Overview of 2024 LithmanEast Drilling (assays pending)
Geophysics InterpretationUpdate
Resource Potentials based out of Perth, WesternAustralia were contracted to conduct a detailed analysis,interpretation, and targeting of the company’s large geophysicaldataset in-conjunction with geological and geochemical data.
Newly acquired and pre-existinggeological, geochemical and geophysical exploration datasets werecompiled over the regional project area, including wide spacedgovernment datasets and high-resolution company datasets, especiallythe recently acquired 4,354 line-kms of high-resolution helicopterborne magnetic, radiometric and LiDAR digital elevation model (DEM)survey datasets flown by Axiom in summer of 2023 . The different mineral exploration datasets were processedand imaged to generate suites of geophysical and geochemical anomalyimages for use in GIS software. Government and company geology mapsand observations, rock ages, mineralised lithium pegmatite depositlocations, mapped pegmatites, DEM, and different geochemical andgeophysical anomaly images were integrated together and reviewed inGIS to interpret geological domains, shear and fault structures, andother key geological features. Anomaly patterns and trends were alsointerpreted and traced out in GIS to identify granite contacts,including radiogenically “hot” granites which could be the parentgranites for lithium bearing pegmatites, including the world classTanco deposit which sits adjacent to the project areas, radiometrictrends and anomaly zones which could be caused by internal granitesand pegmatites within the east-to-west trending host greenstone belt,major and minor shear zones, late cross faults and E-W oriented faultswhich are key targets for hosting lithium bearing pegmatites, anddemagnetised zones within the greenstone belt rocks which couldindicate thick and flat zones of pegmatite intrusions at depth. Areas having overlappinggeological, geochemical and geophysical anomalies of interest wereoutlined in GIS as target areas for detailed follow-up exploration,and were assigned a priority from 1 (high) to 3 (low). This regional and prospect scaleinterpretation and lithium pegmatite targeting work is ongoing, withseveral high priority target areas already identified along geologicaltrend to the east and west of Tanco.
Figure 5 : Interpretation lines andtarget areas over a greyscale magnetic image (TMIRTP 1VDAGC)
Agoracom released a corporate overview on the Companywhich can be accessed by clicking the following link.
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 cesium. Exploration for 2024 includes12,500 meters of diamond drilling following up on the anomalousresults from the geochemical samples collected during summer 2023 andgeophysical/structural interpretation. TheCompany has a partnership with Mineral ResourceLimited (MRL, ASX: MIN), a top global lithium producer to explore anddevelop the Company’s lithium project portfolio in SouthernManitoba. Our philosophy is to be a project generator with theobjective of optioning our projects with major and junior miningcompanies through to production.
The Company isactively seeking an option/joint venture partner for our newlyacquired Northman and South Bay Lithium Projects in northern Manitoba,and its road-accessible Genesis PGE-Cu-Ni Project inAlaska.
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 Farid Mammadov at faridm@newagemetals.com or call 613659 2773.
The technical information in this news release has been reviewed andapproved by Lynde Guillaume (Senior Geologist, Axiom ExplorationLtd.), an independent consultant of the Company, and a “QualifiedPerson” as defined by NI 43-101.
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 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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