New Age Metals Acquires New LCT Pegmatite Property in Northern Manitoba, Canada
(TheNewswire)
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February 14th, 2023 – TheNewswire - Rockport, Ontario - New Age Metals Inc. (TSXV:NAM); (OTC:NMTLF); (FSE:P7J2) (“NAM” or “Company”) is pleased to report that it has acquired 4,338 hectares of mineral claims in Northern Manitoba’s South Bay pegmatite field which comprise the SouthBay Lithium project (figure 1). All the claims are held by Lithium Canada Development, a 100% owned Lithium Division of New Age Metals, and are independent of the agreement NAM has with our partner, Mineral Resources Limited, in Southern Manitoba (Winnipeg River Pegmatite Field). The South Bay pegmatite field is known to host LCT type rare metal pegmatites of the beryl-columbite subtype, and the area is prospective for lithium and cesium.
Harry Barr, CEO of New Age Metals, commented: “The property has excellent potential for lithium in a region that has been historically underexplored. These acquisitions confirm our commitment to our lithium division, adding another road-accessible property in a favorable mining jurisdiction”.
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Figure 1 - New Age Metal's SouthBay Lithium Project Location
New Age Metals continues to expand it’s Manitoba Lithium Division’s land holdings as a leading explorer for battery metals in the province. New Age Metals has 11 projects in Southern Manitoba which are under option to Mineral Resources Limited, one of the top 5 lithium producers worldwide.
About the SouthBay Lithium Project
The SouthBay Lithium Project consists of 19 claims covering 4,338 hectares and encapsulates the South Bay rare metal pegmatite dyke swarm in northwestern Manitoba. The property is transected by an all-weather road and a power line. The property is 65 kilometers east of the historic mining town of Leaf Rapids and 40 kilometres east of the past producing Ruttan zinc-copper base metal deposit.
The SouthBay Lithium project hosts numerous pegmatites which are interpreted to be part of a large granite-associated pegmatite field that extends for several kilometres both north and south of the property. Several pegmatite dykes have been identified by previous operators on the claims which have not yet been subject to geochemical sampling. These pegmatites are reported to carry a variety of uncommon minerals including beryl and tourmaline.
In 2019, a biogeochemical survey completed by the previous operator, Mount Morgan Resources, defined anomalous responses in numerous elements including lithium and cesium. The anomalies correspond with historic enzyme leach soil geochemical anomalies from a 2005 survey completed by Tantalum Mining Corporation of Canada. Both survey types documented elevated Li, Cs, Ta, and a host of other metals in association with complex pegmatites.
New Age Metals working with its consultants, Axiom Exploration Group, are currently preparing a Go-Forward exploration plan for the project, recommendations will be forthcoming.
WARRANT AMENDMENTS
The Company also announces that it intends to apply to the TSX Venture Exchange to amend the expiry date of an aggregate of 31,116,675 share purchase warrants (the "Warrants") to extend the original expiry dates by two years. All other terms and conditions of the Warrants will remain the same.
Of the 31,116,675 Warrants proposed for amendment, 26,741,673 Warrants entitle the holders to purchase one common share of the Company at a purchase price of $0.20 per share and 4,375,002 Warrants entitle the holders to purchase one common share of the Company at a purchase price of $0.25 per share.
The Warrants proposed for amendment, have original expiry dates of March 18, 2023, March 23, 2023, March 31, 2023 and August 25, 2023. The Warrants were issued pursuant to private placements which closed on March 23, 2021 and August 25, 2021. In accordance with Exchange policy, no agent warrants will be extended. The proposed amendments are subject to regulatory approval.
New Age Metals is a junior mineral exploration and development company focused on the discovery, exploration, and development of green metal projects in North America. The Company has two divisions: a Platinum Group 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 largest undeveloped Platinum Group Metals Projects, situated 100 km by road east of Sudbury, Ontario. In addition to River Valley, NAM owns 100% of the road accessible Genesis PGM-Cu-Ni Project in Alaska and plans to complete a Option-Joint Venture arrangement with a third party mining company to develop the project.
The Company’s Lithium Division is one of the largest mineral claim holders in the Winnipeg River Pegmatite Field, where the Company is exploring for hard rock lithium and various rare elements such as tantalum, rubidium, and caesium. Further Exploration plans for 2023 include continued mapping/sampling field programs following up on prospective trends outlined in the magnetic data and 2022 surface sampling. The company is currently completing a phase two drill program at the Lithium Two Project. The company has a partnership with Mineral Resource Limited (MRL, ASX: MIN), a top global lithium producer to explore and develop the Company’s lithium project portfolio. The 2023 budget for our Manitoba Lithium Division has been submitted to MRL and a final budget is expected by early April 2023. The company is currently completing a $1.8 million budget.
Our philosophy is to be a project generator with the objective of optioning our projects with major and junior mining companies through to production. The Company is actively seeking an option/ joint venture partner for our newly acquired SouthBay Lithium Project in Northern Manitoba and its road-accessible Genesis PGM-Cu-Ni Project in Alaska.
Investors are invited to visit the New Age Metals website at www.newagemetals.com where they can review the company and its corporate activities. Any questions or comments can be directed to info@newagemetals.com or Harry Barr at Hbarr@newagemetals.com or Farid Mammadov at faridm@newagemetals.com or call 613 659 2773.
The technical information in this news release has been reviewed and approved by Lynde Guillaume (Senior Geologist, Axiom Exploration Ltd.), a Qualified Person, and a Professional Geoscientist (P.Geo) who is a registered member of the ‘Engineer and Geosciences of Manitoba’ (no. 47952).
If you have not done so already, we encourage you to sign 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 Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Cautionary Note Regarding Forward Looking Statements: This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results and are based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. In addition, forward-looking statements include statements in which the Company uses words such as “continue”, “efforts”, “expect”, “believe”, “anticipate”, “confident”, “intend”, “strategy”, “plan”, “will”, “estimate”, “project”, “goal”, “target”, “prospects”, “optimistic” or similar expressions. These statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the Company’s ability and continuation of efforts to timely and completely make available adequate current public information, additional or different regulatory and legal requirements and restrictions that may be imposed, and other factors as may be discussed in the documents filed by the Company on SEDAR (www.sedar.com), including the most recent reports that identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company does not undertake any obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Investors should not place undue reliance on forward-looking statements.
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