(TheNewswire)
Vancouver, British Columbia - TheNewswire - August 30, 2023 - NewEnergy Metals Corp. (TSXV:ENRG) ( OTC:NRGYF) ( “ NewEnergy ” or the “ Company “ ) is pleased to announce that it hascommenced exploration work at theAtikokan Lithium property (the " Property ")located in northwestern Ontario, Canada. Field crews have mobilizedand are conducting geological mapping, prospecting, andsampling.
Program Highlights
During the current phase of exploration, an experiencedfield team has been deployed to conduct field prospecting activitiesacross the claim block. This process will involve the systematicexamination and sampling of the potential fertile granitic pegmatitedykes for lithium and other rare elements. This crucial step willprovide valuable insights into the mineralogy and lithium content ofthe identified pegmatites, aiding in the development of an extensiveunderstanding of the property's lithium exploration potential forfurther work. Initial scanning of samples will be carried out by ahandheld laser-induced breakdown spectroscopy(LIBS), which has recently emerged as a tool for instant geochemicalanalysis versus traditional laboratory analysis and resultant lagtime. The LIBs can measure Li in minerals, rocks, soils, and brinesin-situ in the field.
About the Atikokan LithiumProperty
The Atikokan Lithium Property consists of 4 miningclaims comprising 3,788 hectares and is located approximately 12 kmeast of Atikokan, Ontario. Geologically, the claims straddle thecontact between a peraluminous S-type muscovite-bearing granite andmetasediments within the Quetico subprovince. The Quetico-Marmionsubprovincial boundary lies just 4 km north of the Property. Numerouslithium deposits of northwestern Ontario occur proximal to asubprovincial boundary. Muscovite-bearing pegmatite dykes and smallpegmatitic granite masses are widely exposed along Highway 11 betweenNym Lake Road junction and west to Niobe Lake (McIlwaine and Larsen1981a, 1981b as cited in Breaks et al., 2003). Historically, theAtikokan area has documented strongly anomalous lake sediment resultsin Li, Rb, Cs, Ga and Sn (Jackson, 2001 as cited in Breaks et al.,2003).
Recently, lithium hasbeen the primary mineral of economic interest in northwestern Ontariowhere lithium and rare-element mineralization style is dominantlyhosted within spodumene-bearing pegmatite dykes. Reconnaissance mapping and sampling by Breaks et al., 2003along Highway 11 concluded that “the discovery ofcolumbite-tantalite group minerals and beryl by this survey givesstrong indications that, with careful prospecting, furtherrare-element minerals may be discovered.
“We are thrilled to initiate exploration activitiesat the Atikokan Lithium Property,” said Rishi Kwatra, CEO.“ We have engaged industry professionals withsignificant local knowledge to execute our Phase 1 explorationprogram.”
Qualified Person
The scientific and technical information contained inthis news release has been reviewed and approved by Michael Kilbourne,P.Geo., a Qualified Person as defined by National Instrument 43-101 -Standards of Disclosure for Mineral Projects.
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 and Disclosures
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Breaks, F.W., Selway, J.B. andTindle, A.G. 2003. Fertile peraluminous granites and relatedrare-element mineralization in pegmatites, Superior Province,northwest and northeast Ontario: Operation Treasure Hunt; OntarioGeological 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 an option to purchase a 100% interestin the Atikokan lithium Project which comprises3,788 hectares and is located approximately 12 km east of Atikokan,Ontario. The claims straddle the contact between a peraluminous S-typemuscovite-bearing granite and metasediments within the Queticosubprovince. The Quetico-Marmion subprovincial boundary lies just 4 kmnorth of the Property.
The Company also has an option to purchase a100-percent interest in the Roslyn lithium property, covering 5,100hectares located 20 kilometers southeast of the Georgia Lake pegmatitefield and 35 kilometers southeast of where Rock Tech Lithium justpublished a preliminary economic assessment supporting the indicatedmineral resource of 10.6 Mt (million tons) grading 0.88 percentlithium oxide and an inferred mineral resource of 4.2 Mt grading 1.0percent Li2O.
The Company also has an option to purchase a100-percent interest in the Troitsa copper property coveringapproximately 7,000 hectares located in the Omineca mining division ofBritish 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
This news release containsforward-looking statements and forward-looking information within themeaning of Canadian securities laws (collectively, “forward-lookingstatements”). Forward-looking statements in this news release relateto, among other things: statements with respect to anticipatedexploration program results from exploration activities, theexpectation that the Company will enter into agreements to acquireinterests in the Property, the anticipated business plans and timingof future activities of the Company and all other statements that arenot historical facts, particularly statements that express, or involvediscussions as to, expectations, beliefs, plans, objectives,assumptions or future events or performance of the Company. Often, butnot always, forward-looking statements can be identified through theuse of words or phrases such as “will likely result”, “areexpected to”, “expects”, “will continue”, “isanticipated”, “anticipates”, “believes”, “estimated”,“intends”, “plans”, “forecast”, “projection”,“strategy”, “objective” and “outlook”. Forward-lookingstatements contained in this news release are made based on reasonableestimates and assumptions made by management of the Company at therelevant time in light of its experience and perception of historicaltrends, current conditions and expected future developments, as wellas other factors that are believed to be appropriate and reasonable inthe circumstances. Forward-looking statements contained in this newsrelease are made as of the date of this news release and the Companywill not update any such forward-looking statements as a result of newinformation or if management’s beliefs, estimates, assumptions oropinions change, except as required by law. There can be no assurancethat forward-looking statements will prove to be accurate, as actualresults and future events could differ materially from thoseanticipated in such statements. Accordingly, the reader is cautionednot to place undue reliance on forward-looking statements.
Forward-looking statements involveknown and unknown risks, uncertainties and other factors, many ofwhich are beyond the Company’s control, which could cause actualresults, performance, achievements and events to differ materiallyfrom those that are disclosed in or implied by such forward-lookingstatements. Such risks and uncertainties include, among others,operating and technical difficulties in connection with mineralexploration and development activities, actual results of explorationactivities, including on the Property, the estimation or realizationof mineral reserves and mineral resources, the fact that theCompany’s interest in the Property is an option only and there is noguarantee that such interest, if earned, will be certain, capitalexpenditures, requirements for additional capital, future prices oflithium, changes in general economic conditions, changes in thefinancial markets and in the demand and market price for commodities,delays in obtaining governmental approvals, permits or financing,title disputes, the inability of the Company to obtain any necessarypermits, consents, approvals or authorizations, including approval bythe TSX Venture Exchange required for the acquisition of theProperties, the timing and possible outcome of any pending litigation,environmental issues and liabilities, and all other risks anduncertainties disclosed in the Company’s publicly filed documentsunder the Company’s profile on SEDAR at www.sedarplus.ca. TheCompany cautions that the list of risk factors and uncertaintiesdescribed in its publicly filed documents on SEDAR is not exhaustiveand other factors could materially affect its results. New factorsemerge from time to time, and it is not possible for the Company toconsider all of them, or assess the impact of each such factor or theextent to which any factor, or combination of factors, may causeresults to differ materially from those contained in anyforward-looking statement. Any forward-looking statements contained inthis news release are expressly qualified in their entirety by thiscautionary statement.
Neither the TSX Venture Exchange norits Market Regulator (as that term is defined in the policies of theTSXV) accepts responsibility for the adequacy or accuracy of thisrelease.
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