(TheNewswire)
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- A first phase UAV-Borne Magnetometry survey has beencompleted on the Company’s Lithium Two, Lithman West and Cat LakeLithium Projects.
- Geophysical magnetic data is being reviewed andpreliminary reviews show a correlation of the known surface exposedEagle Pegmatite on the Lithium Two Project and data.
- NAM has 100% ownership of sevenpegmatite hosted Lithium and Rare Element Projects in the WinnipegRiver Pegmatite Field, located in southeast (SE) Manitoba.
- NAM’s exploration focus on SE Manitoba is onLithium-bearing pegmatites.
- The seven projects are strategically situated withinthe Winnipeg River Pegmatite Field, which hosts the world-class TancoPegmatite that has been mined for Tantalum, Cesium and Spodumene (oneof the primary Lithium minerals) in varying capacities, since1969.
- The company has a signed Exploration Agreement withthe Sagkeeng First Nation ( see Oct 25 th , 2018 News Release ).
- NAM has contracted EarthEx to conduct a second phaseUAV-Borne Magnetometry Surveys on the company’s Lithman East, andLithman North Projects in SE Manitoba.
Rockport, Canada – TheNewswire- May 19, 2021 - New Age Metals Inc. (NAM)(TSXV:NAM ) ; ( OTC:NMTLF ) ; ( FSE:P7J) (“NAM” or the “Company”) is pleased toannounce that it has received the initial data and preliminary reportfrom EarthEx with regards to the Drone Magnetic Survey flown on threeof the company’s Lithium Projects in SE Manitoba. The claims areheld by Lithium Canada Development, a wholly owned subsidiary of NewAge Metals.
The Drone Magnetic Survey is a UAV-Borne MagnetometrySurvey. The present system being used by EarthEx is the highestresolution drone magnetics system on the market today. EarthEx is aManitoba-based geophysical consulting company. The EarthEx airbornemagnetic geophysical survey technology will be used to further definefuture drill targets for the company’s Lithium Two, Lithman West andCat Lake Lithium Projects.
The new geophysical magnetic data is being reviewed bythe NAM technical team and a news release will follow once the reviewis complete. As well, EarthEx is generating an additional set of mapsfor a more in-depth analysis of the data. Preliminary reviews show a correlation ofthe known surface exposed Eagle Pegmatite on the Lithium Two Projectand the UAV magnetic data.
NAM has contracted EarthEx to conducta second phase of a UAV-Borne Magnetometry Survey over the company’sLithman East and Lithman North Projects. A thirdphase of UAV work is planned for later in the summer of 2021 to coverthe Lithman East Extension and Lithium One Projects.
Figure 1: NewAge Metals lithium project map, southeast, Manitoba.
The Phase One UAV-Borne Magnetometry Survey wasco-funded by the Manitoba Mineral Development Fund, a mineral fundsponsored and managed by the Manitoba Chamber of Commerce.
Lithium pegmatites are known to express anomalously lowmagnetic susceptibility, resulting in a magnetic low anomaly in mostterrains. The advent of thehigh-resolution low-flying UAV magnetometric surveying system used byEarthEx represents a new and efficient way to define explorationtargets and map the presence and extent of these types of deposits,without any surface disturbance.
AboutNAM
New Age Metals is a junior mineral exploration and development companyfocused on the discovery, exploration and development of green metalprojects in North America. The Company has two divisions; a PlatinumGroup Metals division and a Lithium/Rare Element division.
The PGM Division includes the 100% owned, multi-million-ounce,district scale River Valley Project, one of North America’s largestundeveloped Platinum Group Metals Projects, situated 100 km fromSudbury, Ontario. The Company has recently completed a PreliminaryEconomic Assessment on the project and, plans are to complete aPre-Feasibility Study by the end of the first quarter of2022 . In Alaska, the Company owns 100% of the GenesisPGM-Cu-Ni Project, an early-stage exploration property.
The Lithium Division is one of the largest mineral claim holders inthe Winnipeg River Pegmatite Field, where the Company is exploring forhard rock lithium and various rare elements such as tantalum, cesium,and rubidium. 2021plans include drone geophysics on at least five of the Company’sseven projects and a drill program on the Company’s Lithium TwoProject.
Our philosophy is to be a project generator with the objective ofoptioning our projects with major and junior mining companies throughto production. The Company is actively seeking an option/ jointventure partner for its road-accessible Genesis PGM-Cu-Ni project inAlaska and for all or part of our Lithium Division in Manitoba.
Investors are encouraged to visit the New Age Metalswebsite at http://www.newagemetals.com where they can review the company, the projects and its corporateactivities. Any questions or comments can be directed to thefollowing: info@newagemetals.com or Harry Barr at Hbarr@newagemetals.com or Cody Hunt at Codyh@newagemetals.com orcall 613 659 2773.
We encourage you to sign up on our website ( www.newagemetals.com ) to receive our updated news.
The contents contained herein that relate toExploration Results or Mineral Resources is based on informationcompiled, reviewed or prepared by Carey Galeschuk, P.Geo., aconsulting geoscientist for New Age Metals. Mr. Galeschuk is theQualified Person as defined by National Instrument 43-101 and hasreviewed and approved the technical content of this newsrelease.
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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