June 11th, 2024, Rockport, Ontario – New Age Metals Inc. (TSX.V: NAM; OTCQB: NMTLF; FSE: P7J.F) (“NAM” or the “Company”) in conjunction with its Farm-in/Joint Venture agreement with Mineral Resources Ltd. (“MinRes”) is pleased to announce the results of the 2024 winter exploration program at its Winnipeg River-Cat Lake Lithium project in southeast Manitoba. The project area hosts numerous spodumene-bearing pegmatites and surrounds the world class Tanco mine. Drilling was carried out by Platinum Diamond Drilling Inc. (“Platinum”) with technical and geological oversight by Axiom Exploration Group Ltd. (“Axiom”).
Harry Barr, Chairman and CEO, stated; “We are very pleased with the safe and efficient execution of this drill campaign by our contractors and technical team. The abundance of pegmatites intersected, coupled with anomalous geochemical results, underscores the high prospectivity of our projects for Lithium-Cesium-Tantalum (LCT) type mineralization. The identification of new lithium-bearing pegmatites from this campaign validates our team’s targeting methodology for green-fields projects and reaffirms our commitment to advancing the exploration of our properties in an effort to position New Age Metals as a key player in meeting the global demand for lithium. We look forward to announcing upcoming exploration plans for the summer season that will build on these encouraging results.”
Program Details
The program consisted of exploration drilling across three of the Company’s properties including Lithium Two, Bird River Lithium, and Lithman East. Drilling on the Lithman West property was hindered by insufficient ice thickness required for an ice bridge crossing.
The program commenced on January 2nd, consisting of 56 diamond drill holes totalling 12,686 meters. A total of 3,507 drill core samples were submitted to SGS Canada Inc. for geochemical analysis and all assay results have been returned. Final drill collar coordinates can be found in Appendix A.
Drilling was focused on high-priority targets identified from the 2023 geochemical and geophysical field programs. Among these targets was the Lithman East property, which lies ~7 km east of the Tanco mine complex and lacked any publicly available historical drill data. Two drill holes intersected over 1% Li2O and others exhibited anomalous geochemical values for lithium, cesium, tantalum, and tin.
Exploration drilling was also conducted within the vicinity of spodumene-pegmatite showings on the Lithium Two and Bird River Lithium properties to assess the extent of mineralization on these properties. Drilling on the Lithium Two property was concentrated on the newly discovered spodumene-bearing pegmatite on the Northwest edge of the property, as well as to the east of the FD5 Pegmatite. Drilling on the Bird River Property was conducted to test the Tappy and Matty Showings at depth, as well as defined geophysical anomalies.
2024 Drill Program Highlights
*Note that all intercepts are reported as core length intervals and are not true width
- A total of 158 individual pegmatites were intersected in 41 of the 56 total drill holes.
- Exploration holes on the Lithman East property intersected pegmatite in 22 of 26 holes with an average of 31.13 meters (cumulative) of pegmatite per hole.
- Two drill holes intersecting over 1% Li2O and others showing anomalous geochemical values for Lithium, Cesium, Tantalum, and Tin indicative of a fractionated, rare-metal pegmatite system.
- Lithman East Drilling Intercepts:
- Notable intercepts include: 1.29% Li2O over 0.3 m (from 363.8 m) (LE24-002) and 1.14% Li2O over 0.7 m (from 398.3 m) (LE24-011)
- High-grade lithium mineralization has not been recorded on this property prior to this drilling campaign.
- Samples assayed up to 2976 ppm Cs, 258 ppm Ta, and 3125 ppm Sn
- Lithium Two Drilling Intercepts:
- LT24-032: 0.63% Li2O over 18 m (from 62 m), including: 0.75% Li2O over 6.5 m (from 67.5 m), 2.47% Li2O over 1.50 m (from 78.5 m), 3.36% Li2O over 0.5 m (from 79 m), and 214 ppm Ta over 6.55 m (from 76 m)
- LT24-036: 1.32% Li2O over 0.58 m (from 29.18 m) and 204 ppm Ta over 0.4 m (from 125.7 m)
- LT24-042: 1.92% Li2O over 0.7 m within 4.35 m of 0.52% Li2O (from 65.75 m)
- LT24-044: 1.77% Li2O over 0.8 m within 2.8 m of 0.81% Li2O (from 90 m); and 233 ppm Ta over 0.7 m (from 86.45 m)
- Bird River Lithium Drilling Intercepts:
- BR24-012: 0.28% Li2O over 4.8 m (from 85.5 m); including 0.51% Li2O and 783 ppm Cs over 0.83 m, and 246 ppm Ta over 1.8 m (from 83.7 m)
Discussion of Results
Maiden drilling on the Lithman East property yielded highly encouraging results, including intersections of lithium mineralization where no historic drilling or lithium bearing surface samples have been previously documented. Drilling encountered large intersections of pegmatite boasting markedly elevated Li-Cs-Ta-Sn values including two intersections surpassing 1% Li2O at a drill depth below 350 meters indicating that there may be a source of lithium at depth awaiting further exploration. These discoveries were the result of an extensive summer surface geochemical sampling program where results identified a highly fractionated region of the property with elevated LCT indicator elements. Comprehensive analysis of the drilling and assay data is currently ongoing and will guide strategic follow-up of the exciting results from this program.
The results from the Lithium Two and Bird River Lithium properties underscore the complex emplacement mechanisms of these pegmatites, with surface exposed mineralized zones pinching out at depth in many instances. The technical team, in collaboration with a post-doctoral study by the University of New Brunswick and Manitoba Geological Survey will be evaluating the drilling data which utilized oriented drill core to better understand the structural setting and controls of these pegmatites.
Table 1: Lithium Two Drilling Highlights
*Intervals reported as Core Width. B.D. denotes below detection*
Table 2: Lithman East and Bird River Lithium Drilling Highlights
*Intervals reported as Core Width. B.D. denotes below detection*
About NAM
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 Element division and a Lithium/Rare Element division.
The PGE Division includes the 100% owned, multi-million-ounce, district-scale River Valley Project, one of North America’s largest undeveloped Platinum Group Element Projects, situated 100 km by road east of Sudbury, Ontario. In addition to River Valley, NAM owns 100% of the Genesis PGE-Cu-Ni Project in Alaska. The Company is working towards obtaining with a 3rd party Company to further this Project’s development.
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 cesium. Exploration for 2024 includes 12,687 meters of diamond drilling following up on the anomalous results from the geochemical samples collected during summer 2023 and geophysical/structural interpretation. 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 in Southern Manitoba. The Company has submitted its 2024/25 budget to Mineral Resources Limited and expects a final approval by early summer 2024. 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 Northman and South Bay Lithium Projects in northern Manitoba, and its road-accessible Genesis PGE-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.
Qualified Person
The technical information in this news release has been reviewed and approved by Lynde Guillaume (Senior Geologist, Axiom Exploration Ltd.), an independent consultant of the Company, and a “Qualified Person” as defined by NI 43-101.
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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.
Appendix A: 2024 Final Drill Coordinates and Information (NAD 83/UTM Zone 15)
