(TheNewswire)
Vancouver, British Columbia - TheNewswire - December 11, 2023 - NewEnergy Metals Corp. (TSXV:ENRG) ( OTC:NRGYF) ( “ NewEnergy ” or the “ Company “ ) i spleased to announce the successful completion of its initialexploration program and the discovery of Pegmatites at the RoslynLithium Project (the “ Property ”) in the Georgia LakePegmatite field located 50 km northeast of Nipigon, Ontario. TheProperty comprises 12 mining claims (254 cells) covering approximately5,100 hectares. The Georgia Lake Pegmatite Field is being aggressivelyexplored and developed by Rock Tech Lithium (TSXV:RCK), ImagineLithium (TSXV:ILI) and Ultra Lithium (TSXV:ULT). See Figure1.
Work Program Highlights:
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While assay results are stillpending, preliminary LIBS testing conducted on the Property revealedanomalous lithium values in the range of 100 to 15,600 parts permillion (ppm) Li (1.56% Li or 3.35% Li2O) in the majority of the 36samples tested. Following the initial LIBS SCANS, 23 samples wereselected for assays at an independent certified laboratory.
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Handheld laser-induced breakdownspectroscopy (LIBS) was employed, a cutting-edge technology that hasemerged as a valuable tool for immediate geochemical analysis duringinitial scanning, aiding in the selection of interesting samples forlaboratory analysis. The LIBS device is capable of on-site measurementof lithium content in minerals, rocks, soils, and brines.
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Due to extensive moss coverage anddense vegetation on the rocks, a drone was employed during thefieldwork to identify potential pegmatite outcrops and othergeologically promising rock formations.
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The pegmatite formations consist ofquartz, white feldspar and pink k-feldspar, muscovite, someyellowish-green muscovite flakes approximately 1 cm in size,amphibole, some biotite, and a few traces of garnet in certainlocations.
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Several pegmatites were mapped and sampled during thefieldwork. These pegmatite formations exhibited varying thicknesses,ranging from a few centimeters to 5 meters, and were found withindiverse geological formations, including metasedimary, granodioriteand granite lithologies.
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The Property is underlain bymuscovite bearing granites, felsic intrusives, mafic metavolcanics,and metasedimentary rocks which are trending east west.
Figure 1 . Rare-element and lithium pegmatite occurrences of the Georgia LakePegmatite Field.
Sample 599619 withconsistently high values of Lithium on LIBS (193.2 ppm to 8323 ppmLi)
Pegmatite outcropof Sample 599619
Pegmatite outcropof Sample 599617 with LIBS lithium values of 202 ppm to 9,150ppm
Pegmatite outcropof Sample 599614 with LIBS lithium values of 192 ppm to 1.56%Li
Roslyn Lithium Property
The Georgia Lake Pegmatite Field represents the largestconcentration of rare-element mineralization in northwestern Ontario.The 32×105 km field hosts 38 rare-element occurrences and 10spodumene pegmatite deposits (Breaks et al., 2008). Breaks et al, 2008discovered 19 additional rare-element occurrences and recommendedadditional exploration proximal to the fertile Glacier Lake Batholithbodies in contact with metasediments (Figure 2). The Roslyn propertyis located on the eastern side of the Georgia Lake PegmatiteField.
Figure 2. Locationof the Roslyn Lithium Property along the Glacier Lake Batholith.Source Breaks et al., 2008 .
The Property is hosted by a muscovite-bearing granite,an S-type peraluminous fertile parental granite according to Breaks etal., 2003 and in contact with metasediments which make excellent hostsfor pegmatites. Numerous faults transect the Property providingexcellent pathways for granitic melts and evolving pegmatites (Figure3). Several white pegmatites with garnet and tourmaline have beendocumented and mapped on the Property by the OGS in 1970 (OntarioDepartment of Mines map M2293). These are very good indications offertile granitic melts.
Figure 3. Regionalgeology of the Roslyn Lithium Property. Source OGS
Rishi Kwatra, CEO of New Energy states, “I amthrilled to announce the successful completion of our explorationprogram and initial results at Roslyn in Ontario. This achievement isa step towards our unwavering commitment to pioneering advancements inthe mining industry. We remain dedicated to responsible resourcedevelopment and look forward to the next stages of this explorationand will continue to innovate and contribute to a more sustainablefuture."
Qualified Person
The scientific and technical information contained inthis news release have been reviewed and approved by Afzaal Pirzada,PGeo., a Qualified Person (“QP”) as defined by National Instrument43-101 – Standards ofDisclosure for Mineral Projects . The QP and theCompany have not completed sufficient work to verify the historicalinformation on the Roslyn Lithium Property, particularly regardinghistorical exploration, neighboring companies, and governmentgeological work. The mineralization reported onthe other properties is not necessarilyindicative of the mineralization on the Roslyn Property.
Breaks, F.W., Selway, J.B. andTindle, A.G. 2003. Fertile peraluminous granites and related rareelement mineralization in pegmatites, Superior Province, northwest andnortheast Ontario: Operation Treasure Hunt; Ontario Geological Survey,Open File Report 6099, 179p.
Breaks, F.W., Selway, J.B. andTindle, A.G. 2008. The Georgia Lake rare-element pegmatite field andrelated S-type, peraluminous granites, Quetico Subprovince,north-central Ontario; Ontario Geological Survey, Open File Report6199, 176p.
On behalf of the Board of Directors,
New Energy Metals Corp.
Rishi Kwatra
CEO & Director
#610 – 700 West Pender Street
Vancouver, BC V6C 1G8 Canada
Tel: 604-669-9788
www.new-enrg.com
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 comprises 3,788 hectares and islocated approximately 12 km east of Atikokan, Ontario. The claimsstraddle the contact between a peraluminous S-type muscovite-bearinggranite and metasediments within the Quetico subprovince. TheQuetico-Marmion subprovincial boundary lies just 4 km north of theProperty.
The Company also has an option to purchase a100-percent interest in the Roslyn lithium property, covering 5,100hectares located 25 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.
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, theanticipated business plans and timing of future activities of theCompany and all other statements that are not historical facts,particularly statements that express, or involve discussions as to,expectations, beliefs, plans, objectives, assumptions or future eventsor performance of the Company. Often, but not always, forward lookingstatements can be identified through the use of words or phrases suchas “will likely result”, “are expected to”, “expects”,“will continue”, “is anticipated”, “anticipates”,“believes”, “estimated”, “intends”, “plans”,“forecast”, “projection”, “strategy”, “objective” and“outlook”. Forward-looking statements contained in this newsrelease are made based on reasonable estimates and assumptions made bymanagement of the Company at the relevant time in light of itsexperience and perception of historical trends, current conditions andexpected future developments, as well as other factors that arebelieved to be appropriate and reasonable in the circumstances.Forward-looking statements contained in this news release are made asof the date of this news release and the Company will not update anysuch forward-looking statements as a result of new information or ifmanagement’s beliefs, estimates, assumptions or opinions change,except as required by law. There can be no assurance thatforward-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 anyfor ward-looking statement.Any forward-looking statements contained in this news release areexpressly qualified in their entirety by this cautionarystatement.
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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