(TheNewswire)
Vancouver, British Columbia - TheNewswire - August 14, 2023 - NewEnergy Metals Corp. (TSXV:ENRG) ( OTC:NRGYF) ( “ NewEnergy ” or the “ Company “ ) is pleased to announce that it has entered into an option agreement (the" Agreement ") dated July 28, 2023, to acquire a 100% interest inthe highly prospective Atikokan Lithium Property (the" Property "). The Property consists of 4 mining claims comprising3,788 hectares and is located approximately 12 km east of Atikokan,Ontario (Figure 1).
Figure1. Regional location of theAtikokan lithium property.
The claims straddle the contact between a peraluminousS-type muscovite-bearing granite and metasediments within the Queticosubprovince (Figure 2). The Quetico-Marmion subprovincial boundarylies just 4 km north of the Property. Numerous lithium deposits ofnorthwestern Ontario occur proximal to a subprovincial boundary(Breaks et al., 2003). Historically, the Atikokan area has documentedstrongly anomalous lake sediment results in Li, Rb, Cs, Ga and Sn(Jackson, 2001). Muscovite-bearing pegmatite dykes and small pegmatitcgranite masses are widely exposed along Highway 11 between Nym LakeRoad junction and west to Niobe Lake (McIlwaine and Larsen 1981a,1981b). In 2003, Breaks et al., took 16 bulk rock samples alongHighway 11 largely within the Property boundary (Figure 3). Bulk rockchemistry showed a significant number of anomalous lithium values.Lithium ranged from 11 to 164 ppm with a mean content of 72 ppm,however, 25% and 60% of the data, respectively, exceeded 100 ppm and50 ppm. Taylor (1964) states that lithium values exceeding 100 ppmindicate extreme fractionation.
The Gilbert Lake rare-element mineral occurrence,sample 01-JBS-78-07 within the Property boundary was the most evolvedpegmatitic rock encountered by the survey. This beryl-type pegmatitecontains maximum levels in this area for most rare-elements: Be (18ppm), Cs (80 ppm), Li (99 ppm), Rb (524 ppm), Sn (177 ppm), Ta (20ppm), Nb (42 ppm) and Ga (81 ppm) (Breaks et al., 2003).
Figure2. Regional geology of theAtikokan lithium property.
Figure3 . Bulk sample locations byBreaks et al., 2003.
For the rare alkali metals, cesium was significantlyenriched 7 to 25 times above its mean crustal abundance for 80% of thedata population and varied from 3.9 to 80 ppm. Many values exceeded 15ppm, a level considered by ?erný and Meintzer (1988) to indicatesignificant fractionation in granitic systems. Rubidium had a range of5 to 534 ppm and mean content of 270 ppm.
In essence, Breaks et al., 2003 summed up theirreconnaissance prospecting and mapping with:
“The anomalous Li, Rb, Cs, Sn and Ga documented inthe bedrock by this survey corroborate the earlier lake sedimentgeochemistry work of Jackson (2001). Exploration for rare-elementmineralization in the area should therefore focus on the numerous lakesediment anomalies for these metals in the general area as there is aclose correlation with bedrock chemical data at least in the Nym-Niobelakes area. The discovery of columbite-tantalite group minerals andberyl by this survey gives strong indications that, with carefulprospecting, further rare-element minerals may be discovered. Thepresence of elevated Ta contents in bulk muscovite at localities01-FWB-126 and 01-JBS-81 suggests that they should be investigatedfurther for possible tantalum mineralization”.
Under the terms of the Agreement, New Energy has theright to acquire a 100% interest in the Property by making aggregatecash payments of $66,000 over a period of two years. The optionorswill retain a 3% net smelter returns royalty.
The technical information contained in this newsrelease has been reviewed and approved by MikeKilbourne, P. Geo., a Qualified Person asdefined in National Instrument 43-101 - Standards of Disclosure for MineralProjects .
The acquisition is an arm's length transaction andqualifies as an “Exempt Transaction” pursuant to the policies ofthe TSX Venture Exchange.
The Company also wishes to announce that it has amendedthe terms of the Troitsa option agreement (the “ Troitsa Agreement ”)pursuant to which the Company will issue 900,000 shares (the“ Shares ”) of the Company to the optionor in lieu of the cashpayment of $45,000 due in July 2023. The Company or its assignees willhave the right of first refusal to purchase the Shares. All otherterms of the Troitsa Agreement remain the same.
ON BEHALF OF THE BOARD OF DIRECTORS,
New Energy MetalsCorp.
Rishi Kwatra
CEO & Director
#610 – 700 West Pender Street
Vancouver, BC V6C 1G8 Canada
Tel: 604-669-9788
References
1. Breaks, F.W., Selway, J.B. and Tindle, A.G. 2003. Fertileperaluminous granites and related rare-element mineralization in pegmatites,Superior Province, northwest and northeast Ontario: Operation TreasureHunt; Ontario Geological Survey, Open File Report 6099, 179p.
About New Energy Metals Corp.
New Energy is a Canadian-based resource company listedon the TSX Venture Exchange under the symbol ENRG. The Company has anoption to purchase a 100-per-cent interest in the Roslyn lithiumproperty, covering 5,100 hectares located 20 kilometers southeast ofthe Georgia Lake pegmatite field and 35 kilometers southeast of whereRock Tech Lithium just published a preliminary economic assessmentsupporting the indicated mineral resource of 10.6 Mt (million tons)grading 0.88 per cent lithium oxide and an inferred mineral resourceof 4.2 Mt grading 1.0 per cent Li2O. The Company also has an option topurchase a 100-per-cent interest in the Troitsa copper propertycovering approximately 7,000 hectares located in the Omineca miningdivision of British Columbia.
Neither the TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
CautionaryStatement on Forward Looking Information
Certain statements made, andinformation contained herein may constitute “forward lookinginformation” and “forward looking statements” within the meaningof applicable Canadian and United States securities legislation.These statements and information are based on facts currentlyavailable to the Company and there is no assurance that actual resultswill meet management’s expectations. Forward-looking statements andinformation may be identified by such terms as “anticipates”,“believes”, “targets”, “estimates”, “plans”,“expects”, “may”, “will”, “speculates”, “could” or“would”.
All of the forward-lookingstatements made in this document are qualified by these cautionarystatements. Although the Company has attempted to identify importantfactors that could cause actual results to differ materially fromthose contained in forward-looking information, there may be otherfactors that cause results not to be as anticipated, estimated,forecast or intended and readers are cautioned that the foregoing listis not exhaustive of all factors and assumptions which may have beenused. Should one or more of these risks and uncertainties materialize,or should underlying assumptions prove incorrect, actual results mayvary materially from those described in forward-looking information.Accordingly, there can be no assurance that forward-lookinginformation will prove to be accurate and forward-looking informationis not a guarantee of future performance. Readers are advised not toplace undue reliance on forward-looking information. Theforward-looking information contained herein speaks only as of thedate of this document. The Company disclaims any intention orobligation to update or revise forward–looking information or toexplain any material difference between such and subsequent actualevents, except as required by applicable law.
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