11th January 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 that all assay results have been received from the extensive summer exploration program on the Company’s Winnipeg River-Cat Lake Lithium Projects of Southeast Manitoba.
The sampling campaign was conducted by the Company’s technical consultants from Axiom Exploration Group Ltd. (“Axiom”). A total of 2086 rock lithogeochemistry samples, 2601 MMI soil geochemistry samples, and 328 MMV biogeochemistry were collected over the 20,270 hectare land package.
A detailed geostatistical review of the results is ongoing in conjugation with a structural analysis/interpretation by Resource Potentials Ltd. (“Respot”) of all newly acquired high-resolution Tri-axial magnetics, Radiometrics, and LiDAR data. To date the assessment has yielded several priority targets to be considered highly prospective for lithium-cesium-tantalum (“LCT”) type pegmatites.
“Review of the results derived from the summer program has successfully identified numerous target areas for the focus of our much-anticipated winter drilling campaign which is slated to begin the week of January 15th 2023,” said Harry Barr, Chairman and CEO of New Age Metals. “Our team will continue follow-up work from the data received as we now have an extensive geological database integrating historical data compilation with a recent and robust sampling and geophysical program. Together with our partners from Mineral Resources, we look forward to further testing these targets with a 15,000 meter winter drill program and develop our properties that surround the prolific Tanco Mine.”
Property Highlights
- Bird River Lithium Property:
- Pegmatite swarm on the Bird River Lithium property consisting of the spodumene-rich Tappy and Matty pegmatites as well as numerous other recently discovered LCT style pegmatites.
- Recent option agreement dated December 1, 2023 with W.S. Ferreira Ltd. (“Ferreira”) to acquire an undivided 100% interest in the mineral property claim Bridge and Bridge 1 which now creates a contiguous claim package across the Company’s Bird River Lithium property. The claim hosts the Matty Pegmatite which has historic assay results up to 3.5% Li2O.
- Lithium Two Property:
- Newly discovered spodumene-bearing pegmatite dyke located 450m to the north of the Eagle Pegmatite on the Lithium Two property returned grab samples grading up to 3.13% Li2O (sample# 215719).
- 8 grab samples within 30 meters of the FD-5 Pegmatite returned over 0.5 % Li2O including up to 1.13 % Li2O (sample# 215747).
- Eagle Pegmatite extended at surface 50 meters east with sample returning 1.33% Li2O (sample# 633588).
- Lithman East:
- Initial geochemical evaluation shows indications of highly prospective trend and pegmatite swarm including anomalous Li, Cs, and Ta values along the Rush Lake Trend of the Lithman East property which lies only ~ 6 km from Tanco Mine.
- Four samples within 65-meter trend returned anomalous Cs values including up to 1476 ppm Cs (sample# 215917).
Figure 1: Lithium Two Property with 2023 Rock Sample Assay results
Figure 2: Lithman East 2023 rock sample grid assay results
Figure 3: Bird River Lithium Property with rock sample grid assay results
Sampling, analytical methods and QA\QC protocols
A thorough chain-of-custody and quality assurance and quality control (“QA/QC”) program was carried out during the field program. Samples were obtained by rock hammer and rock saw. Sample locations were recorded by handheld Garmin GPS and samples were photographed with the documented number tags, then placed in poly sample bags and zip tied.
The Company’s implemented QA/QC procedures included the routine insertion of LCT (lithium-caesium-tantalum) pegmatite certified standard control samples, lab duplicates, and silica blanks in accordance with industry recommended practices. This was used to test for natural variability, sampling bias, and homogeneity during sample preparation processes within the lab as well as testing the precision of the sample and any possible contamination from the lab and ensure proper calibration of lab equipment. Analytical results of certified reference materials were verified graphically and determined to be within the allowable error of 2 standards deviations of the certified lithium values.
All rock samples were submitted to SGS Canada Inc. for Sodium Peroxide Fusion / ICP-AES and ICP-MS analysis with a focus on Lithium, Tantalum, and Cesium. All soil and biological samples were submitted SGS Canada Inc. in Burnaby, BC for MMI-M (soils) and MMI-MV (bio) analysis with measurement by conventional ICP-MS. SGS Canada Inc. is independent of the Company.
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 and plans to complete a surface mapping and sampling program in 2023.
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 the anomalous results from the soil and rock samples collected previously during summer 2023. The Company has slated to begin a 15,000 meter winter drill program on or about January 15th 2024. The Company’s Projects are fully funded with the partnership the Company has 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. 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.), a Qualified Person, and a Professional Geoscientist (P.Geo) who is a registered member of the ‘Engineer and Geosciences of Manitoba’ (no. 47952).
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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.