- Lithium Canada Development is the 100% owned subsidiary of New Age Metals (NAM) who presently has an agreement with Azincourt Energy Corporation (AAZ) whereby AAZ will now commit an additional $250,000 in exploration expenditures and issue NAM an additional 250,000 shares of AAZ. This increases AAZ’s initial 50% exploration expenditure earn in for AAZ from $2.1 million to $2.350 million. This acquisition will also increase the shares to be issued to NAM from 1 million to 1.250 million and add an additional 2% royalty for NAM. For additional information on the NAM/AAZ option/joint-venture see the news release dated Jan 15th, 2018.
- AAZ has also agreed to increase the minimum exploration commitment for 2018 from $500,000 to $600,000
- The 2018 budget will allow for 2 out of the 3 drill ready projects to be drilled and preliminary field work and additional ground proofing to be completed.
- The Lithman East Extension, another Lithium-bearing pegmatite project in the Winnipeg River Pegmatite Field, consists of 12 claims for a total of 3072 hectares (7591 acres) (figure 1) and adds to NAM/AAZ’s growing Lithium project inventory in this large pegmatite field.
- Lithium has an ever increasing demand for batteries in electric cars cellphones, laptops, solar storage, wireless charging and renewable energy products.
- New Age Metals flagship project is the River Valley Project, which is the largest undeveloped primary Platinum Group Metals (PGM) resource in North America, with 4.6 Moz PdEq in Measured Plus Indicated including an additional 2.6 Moz PdEq in Inferred. The River Valley PGM Project is located in Ontario and has an excellent infrastructure and is within 100 kilometers of the Sudbury Metallurgical Complex. The project is 100% owned by New Age Metals (see news releases dated March 21st, 2018 and April 11th, 2018).
May 2nd, 2018 Rockport, Canada – New Age Metals Inc. (TSX.V: NAM; OTCQB: NMTLF; FSE: P7J.F) is pleased to announce that through its Lithium Division, Lithium Canada Developments (LCD) it has acquired 100% of the Lithman East Extension Project, by way of staking, in southeast Manitoba
The new Lithman East Extension Project consists of 12 claims for a total of 3072 hectares (7591acres) (Figure 1). It is located approximately 10 kilometers east and southeast from the Tanco Mine Site. The world-class Tanco Pegmatite has been mined for Tantalum, Cesium and Spodumene (one of the primary Lithium ore minerals) in varying capacities, since 1969 at the Tanco Mine.
Lithman East Extension Project
The new project is located south of the previous acquired Lithman East Project and north of the Lithium One Project. The Lithman East Project was originally acquired in 2016 to tie onto the geological strike potential of the Tanco Pegmatite system and to examine the exposed pegmatite and pegmatitic granites in the Birse Lake Pegmatite group. Both projects cover the Bernic Lake Formation (the geological unit/formation that hosts the Tanco Pegmatite and several other lithium bearing pegmatites) of the Bird River Greenstone Belt. The northern portion of the Lithman East Extension Project covers the Bernic Lake Formation while the central and southern portions were staked to focus on the potential of the Axial Pegmatite Group. Historical Government of Manitoba academic work on the Axial Pegmatites has shown them to be well fractioned and evolved.
The project is situated over several axial planes of regional folds, as is the Tanco Pegmatite. The giant world-class Tanco Pegmatite has been postulated to be situated in a limb of fold and is located along strike approximately 10 kilometers to the west of the project area. The axial plane trace of this fold runs through both the Lithman East Project while it’s postulated extension and other axial planes runs through the newly acquired Lithman East Extension Project. The exploration focus of the region is to find and explore lithium-bearing pegmatites with the possibility of discovering a pegmatite as large and as mineralogically rich as the Tanco Pegmatite.
The pegmatites in this region of southeast Manitoba are described as being a part of the Winnipeg River Pegmatite Field. Several large lithium-bearing pegmatites exist in this region and exploration activity in the region is increasing (see Figure 2). This pegmatite field is host to the world-class Tanco Pegmatite, which is a highly fractionated Lithium-Cesium-Tantalum (LCT Type) pegmatite and has been mined in varying capacities since 1969.
Exploration Plan 2018
Work permits have been applied for with the province of Manitoba for surface exploration. Once the permits are granted, field crews will be mobilized. Exploration on the Lithman East Extension Project will consist of prospecting and sampling the known surface pegmatites and their surrounding areas.
The recent project acquisition of claims has made the New Age Metal/Azincourt Joint Venture the largest claim holder for Lithium in the Winnipeg River Pegmatite Field as well as the largest mineral claim holder in southeastern Manitoba. All claims presently held by Lithium Canada Developments. The company believes in the Lithium potential of the area and has an aggressive exploration program planned with their joint venture partners, Azincourt Energy. At present, the Joint Venture has six projects in the pegmatite field exploring for Lithium-bearing Pegmatites.
If you have not done so already, we encourage you to sign up on our website (www.newagemetals.com) to receive our updated news or click here.
ABOUT NAM’S PGM DIVISION
NAM’s flagship project is its 100% owned River Valley PGM Project (NAM Website – River Valley Project) in the Sudbury Mining District of Northern Ontario (100 km east of Sudbury, Ontario). Presently the River Valley Project is North America’s largest undeveloped primary PGM deposit with Measured + Indicated resources of 160 million tones @ 0.44 g/t Palladium, 0.17 g/t Platinum, 0.03 g/t Gold, with a total metal grade of 0.64 g/t at a cut-off grade of 0.4 g/t equating to 3,297,173 ounces PGM plus Gold and 4,626,250 PdEq Ounces. This equates to 4,626,250 PdEq ounces M+I and 2,713,933 PdEq ounces in inferred (see March 21st, 2018 press release). Having completed a 2018 NI-43-101 resource update the company is finalizing its 2018 exploration programs which will include geophysics, and extensive drill programs, which are all working towards the completion of a Preliminary Economic Assessment (PEA). Our objective is to develop a series of open pits (bulk mining) over the 16 kilometers of mineralization, concentrate on site, and ship the concentrates to the long-established Sudbury Metallurgical Complex. Alaska: April 4th, 2018, NAM signed an agreement with one of Alaska’s top geological consulting companies. The companies stated objective is to acquire additional PGM and Rare Metal projects in Alaska. On April 18th, 2018, NAM announced the right to purchase 100% of the Genesis PGM Project, NAM’s first Alaskan PGM acquisition related to the April 4th agreement. The Genesis PGM Project is a road accessible, under explored, highly prospective, multi-prospect drill ready Pd-Pt-Ni-Cu property.
The results of the new resource estimation are tabulated in Table 1 below (0.4 PdEq cut-off).
|Class||Tonnes‘,000||Pd (g/t)||Pt (g/t)||Rh (g/t)||Au (g/t)||Cu (%)||Ni (%)||Co (%)||PdEq (g/t)|
|Total Meas +Ind||160,732.7||0.44||0.17||0.02||0.03||0.05||0.01||0.002||0.90|
|Class||PGM + Au (oz)||PdEq (oz)||PtEq (oz)||AuEq (oz)|
|Total Meas +Ind||3,297,173||4,626,250||4,626,250||2,600,724|
- CIM definition standards were followed for the resource estimation.
- The 2018 resource models used Ordinary Krig grade estimation within a three-dimensional block model with mineralized zones defined by wireframed solids.
- A base cut-off grade of 0.4 % g/t PdEq was used for reporting resources.
- Palladium Equivalent (PdEq) calculated using (US$): $1,000/oz Pd, $1,000/oz Pt, $1,350/oz Au, $1750/oz Rh, $3.20/lb Cu, $5.50/lb Ni, $36/lb Co.
- Numbers may not add exactly due to rounding.
- Mineral Resources that are not mineral reserves do not have economic viability
- The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.
ABOUT NAM’S LITHIUM DIVISION
The Company has six pegmatite hosted Lithium Projects in the Winnipeg River Pegmatite Field, located in SE Manitoba. Three of the projects are drill ready. This Pegmatite Field hosts the world class Tanco Pegmatite that has been mined for Tantalum, Cesium and Spodumene (one of the primary Lithium ore minerals) in varying capacities, since 1969. NAM’s Lithium Projects are strategically situated in this prolific Pegmatite Field. Presently, NAM is the largest mineral claim holders for Lithium in the Winnipeg River Pegmatite Field. On January 15th 2018, NAM announced an agreement with Azincourt Energy Corporation (see Jan 15, 2018, Feb 22nd, 2018 and April 11th, 2018 Press Releases) whereby Azincourt will commit up to $4.1 million dollars in exploration, up to 3.25 million shares of Azincourt stock to NAM, up to $210,000 in cash, and a 2% net smelter royalty on all 6 projects. Exploration plans for 2018 are currently in progress, whereby a minimum of $600,000 will be expended this year. For complete details on the terms and conditions of the NAM/AAZ option joint venture please see the press release dated Jan 15th, 2018.
Stock Option Grant
In addition, the Company announces that it has granted 300,000 incentive stock options to a consultant of the Company at an exercise price of $0.12 per share for a period of five (5) years from the date of grant in accordance with the Company’s Stock Option Plan. The Stock Options granted will be subject to vesting restrictions, acceptance by the TSX Venture Exchange and will be subject to regulatory hold periods in accordance with applicable Canadian Securities Laws.
The contents contained herein that relate to Exploration Results or Mineral Resources is based on information compiled, reviewed or prepared by Carey Galeschuk, a consulting geoscientist for New Age Metals. Mr. Galeschuk is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical content of this news release.
On behalf of the Board of Directors
Harry G. Barr
Chairman and CEO
Should you have additional inquiries, please contact Paul Poggione, Corporate Development, Tel: 1-613-659-2773, email: PaulP@NewAgeMetals.com.
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.