June 1st, 2022, Rockport, Ontario – New Age Metals Inc. (TSX.V: NAM; OTCQB: NMTLF; FSE: P7J2) (“NAM” or the “Company”) in conjunction with its partner Mineral Resources Ltd. is pleased to announce it has engaged Axiom Exploration Group Ltd. to conduct a Helicopter-borne Tri-axial Gradiometer Magnetics Survey including Lidar, covering a total of 5600 hectares over portions of the company’s Lithium One and Lithman East properties. The survey infills areas not covered by the 2021 UAV magnetics survey and provides detailed magnetic maps and lidar imagery to aid in the summer exploration, geological mapping, and drill-targeting of these prospective areas. Previous magnetic surveys proved to be a valuable exploration technique in identifying multiple prospective trends that enhance the potential for additional discoveries as well as further delineating known surface exposures.
The Lithium East and Extension hosts abundant surface exposed pegmatites along trend of rare-metal pegmatite groups (Rush Lake Group and Tanco Pegmatite Group – Buck-Coe-Pegil deposit). Very little historic work has been completed on this property with no documented drilling.
The Lithium One property hosts numerous showings that have been traced at surface and have limited historical drilling (Figure 1). The survey should assist in outlining the total extent of these known showings beyond what has been traced at surface and to further refine the planned Phase-One Diamond Drill Program on the Silverleaf Pegmatite and other showings on the property. Additionally, there is potential for the discovery of buried pegmatites that may have been missed by historical surface mapping/prospecting.
A comprehensive program of mapping and surface sampling is planned for the summer to follow-up the results of the Helicopter-borne Tri-axial Gradiometer Magnetics Survey. The results in combination with a Satellite Spectral Analysis will be valuable in defining additional areas with high potential to host lithium bearing pegmatites and advance the Company’s projects.
About Airborne Tri-Axial Gradiometer Magnetics
Axiom Exploration Group utilizes a helicopter with three specially designed potassium vapor magnetometers mounted in a triaxial array to conduct gradient magnetic surveys along 50-meter line spacing. The data from the three individual sensors allows the measurement of the horizontal and vertical gradients of the magnetic field. Horizontal gradient measurements provide details about the lateral extent of subsurface anomalies located between survey lines. Vertical gradients can assist significantly in identifying geologic/structural contacts and near-surface targets that may correlate with lithium-bearing pegmatites. Measuring these gradients directly is a significant advantage when compared to a single sensor of a conventional total field system.
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 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 roughly 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 2022. In addition to River Valley, the Company owns 100% of the Genesis PGM-Cu-Ni Project in Alaska and has plans to complete a surface mapping and sampling program in 2022.
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 occurrences and various rare elements such as tantalum and rubidium. The plans for 2022 include additional geophysical surveys and a maiden drill program on the Lithium One Project, phase two drill program at Lithium Two Project, and a field program to follow up prospective targets identified on the five grids completed in the 2021 geophysical surveys. On September 28, 2021, the Company announced a partnership with Mineral Resource Limited (MRL, ASX: MIN), the world’s fifth largest lithium producer to explore and develop the Company’s lithium project portfolio.
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 or 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, 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 Matthew Schwab, P.Geo. (Senior Vice President, Axiom), who is a “Qualified Person” for the Company as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“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.