(TheNewswire)
7 th June 2023 – TheNewswire - Rockport, Ontario – New Age Metals Inc. ( TSXV:NAM) ( OTC:NMTLF) (FSE:P7J) (" NAM " or the " Company "), is pleased to announce thatthe Manitoba Mineral Development Fund (MMDF) has approved a grant of $300,000 for the Company. The allotment of this amount will be in three$ 100,000 installments.
NAM will provide MMDF/Manitoba Government access to allinformation related to the Project(s) activities performed, andexpenditures incurred, directly or indirectly, for the entire amountof funding allocated to them.
The funding will be used for the following purposes asoutlined in the previous Press Release (subject to change):
• Mapping – Complete updatedproperty bedrock geology maps with detailed structural analysis ofpegmatite distribution and internal zonation
• Lithogeochemistry –Property wide rock sampling to gather geochemical data on identifiedtargets and develop future drill targets
• Mobile Metal Ion (MMI) SoilGeochemistry – Targeted sampling grids to identify pegmatiteextensions and anomalous areas where surficial cover prohibits bedrockanalysis
• Biogeochemistry - Targetedsampling grids to identify pegmatite extensions and anomalous areaswhere the terrain does not permit MMI soil sampling
The Summer Field Program is planned to better definehistorical documented showings and anomalous grab samples collectedbetween 2018-2022, as well as to potentially locate buried LCTpegmatites. The main objective is to define and prioritize drilltargets and bring additional projects to a drill ready stage in aneffort to establish an economically exploitable lithium deposit inclose proximity to Tanco Mine.
The MMDF funding will be in addition to our $2 millionpreliminary budget approved by our partner Mineral Resources Limited(“MinRes”). An additional and final 2023/2024 budget has beensubmitted to MinRes and is expected to be approved in Summer 2023.
On behalf of our Board of Directorsand our Shareholders, we would like to thank Manitoba MineralDevelopment Fund for the grant, and we look forward to putting thismoney to good use.
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 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 tocomplete a Preliminary Economic Assessment and announce its findingsby the summer of 2023. In addition to River Valley, NAM owns 100% ofthe road accessible Genesis PGM-Cu-Ni Project in Alaska and plans tocomplete an 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 caesium. The company has announcedits preliminary $2 million 2023/24 exploration budget that will coverthe first 4 months of the program. A larger budget has been submitted to our partner MinRes and we expect it to beapproved this summer. Further Exploration plans for 2023 includegeophysical surveying, summer field work (which will include mapping,lithogeochemistry, MMI Soil Geochemistry, Biogeochemistry, Channelsampling), and Permits/Archaeological surveys.
The company 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 is actively seeking anoption/ joint venture partner for its road-accessible GenesisPGM-Cu-Ni project in Alaska, and its 3 100% owned lithium projects inNorthern Manitoba.
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.
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 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 fromactual future events or results and are based on current expectationsor beliefs. For this purpose, statements of historical fact may bedeemed to be forward-looking statements. In addition,forward-looking statements include statements in which the Companyuses 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 reviewor confirm analysts’ expectations or estimates or to releasepublicly any revisions to any forward-looking statements to reflectevents or circumstances after the date hereof or to reflect theoccurrence of unanticipated events. Investors should not place unduereliance on forward-looking statements.
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