New Age Metals Commences Maiden Drill Program at its Lithium One Project in Southeastern Manitoba, Canada
(TheNewswire)
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September 6, 2022 – TheNewswire - Rockport, Ontario - New Age Metals Inc. (TSXV:NAM); (OTC:NMTLF); (FSE:P7J2) (“NAM” or “Company”) in conjunction with its partner Mineral Resources Ltd. is pleased to announce the commencement of its Lithium One Project maiden drill program.
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A 1,000 metre helicopter-supported drill program at the Lithium One Project commenced on September 1st 2022.
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The Lithium One Property is located within the Winnipeg River Pegmatite Field which is known for the presence of numerous Li-bearing pegmatite showings including the Silverleaf Pegmatite.
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Surface samples from the Silverleaf Pegmatite have yielded assays of up to 4.33% LiO.
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NAM has an active exploration agreement with the Sagkeeng First Nation and will be working in partnership with Sagkeeng members during this program.
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NAM is the largest mineral claim-holder in the Winnipeg River Pegmatite Field (see Press Release Aug 30, 2022) where the Company’s exploration activities are being funded by Mineral Resources Limited (MRL), a top 5 global lithium producer.
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NAM has contracted geological consultancy, Axiom Exploration to manage the drill program. Manitoba-based Rodren Drilling has been engaged as drilling contractor
The Lithium One Property is located 125 kilometres northeast of Winnipeg, Manitoba and is geologically characterized as being a part of the Winnipeg River Pegmatite Field. The Winnipeg River Pegmatite Field hosts the world class Tanco Pegmatite which has been mined for Tantalum, Cesium and Lithium in varying capacities since 1969. Historically the Lithium One Project area is known for the presence of numerous surface Pegmatites of various dimensions and compositions, the most spectacular of which is the Silver Leaf Pegmatite (see Aug 3, 2022 press release).
The drilling program will target the down dip extension and lateral continuity of the Silverleaf Pegmatite and consist of 10 drill holes to a maximum depth of 150 metres below surface. The targeting has been further defined by 3D modeling of historic drill results as well as newly acquired airborne gradient magnetics data.
About the Silverleaf Pegmatite
The Silverleaf Pegmatite is shallow dipping highly fractionated Lithium-bearing Pegmatite. The deposit has been traced by shallow diamond drilling and trenching along strike for approximately 170 meters with a maximum width of about 30 m. The lepidolite-spodumene (lithium bearing) zone outcrops as three large masses individually up to 23 x 6 meters. This zone extends into a historic excavated open pit. The open pit originates from the late 1920s, when a bulk sample of spodumene was mined from the southwest side of the Silverleaf Pegmatite. Large scale mining operations were not undertaken at the time, due to changes in the market conditions and commodity prices.
Figure 1: White spodumene blades in a matrix of lepidolite (Lithium Mica) from the Silverleaf showing. Spodumene blades can reach a length of up to 40 centimeters and a width of 10 centimeters.
Click Image To View Full Size
Figure 2: New Age Metals land holdings, Southeast Manitoba
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. The Company completed a positive Preliminary Economic Assessment on the Project in 2019 and, is fully financed to complete a Pre-Feasibility Study on the Project in Q3-2022. In addition to River Valley, the Company owns 100% of the Genesis PGM-Cu-Ni Project in Alaska and is working towards securing a option/ joint venture partner to help develop this road accessible drill ready project.
The 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 and rubidium. Further Exploration plans for 2022 include continued mapping/sampling field program following up on prospective trends outlined in the magnetic data, and phase two drill program at 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 2022 budget for the Company’s Lithium Division is $1.8 million.
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 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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