NAM Lithium Division Update Manitoba, Canada
NAM has 100% ownership of seven pegmatite hosted Lithium and Rare Element Projects in the Winnipeg River Pegmatite FieldFebruary 17, 2021 - New Age Metals Inc. (NAM) (TSXV:NAM); (OTC:NMTLF); (FSE:P7J) ("NAM" or the "Company"). The purpose of this press release is to provide shareholders with an update on our wholly owned subsidiary, Lithium Canada Development. Management is actively planning strategic alternatives for the future development of the lithium division in Manitoba, Canada. The financing alternatives may include additional corporate funding, an option / joint venture development agreement on one or more of the projects and/or a spinout of the lithium division at an opportune time. Since the beginning of 2021 investor sentiment for lithium companies has been overwhelmingly positive likely due to the Biden administration's green energy campaign, future North American automaker electric vehicle production targets, and what many industry participants are calling the beginning of a super-cycle for green metals.
Since 2016 the Company has aggressively acquired and explored an extensive project portfolio representing seven lithium exploration projects in Southeast Manitoba, some of which are along trend of the Tanco Mine, making it one of the largest claim holders in the Winnipeg River Pegmatite Field. See Figure 1 below for the project map. Since acquisition, the Company has conducted surface exploration work on a number of the claims. As a result, two of the projects are drill ready and a third application is being prepared. In 2020 the Company completed follow up field reconnaissance work on the Lithium One Project, see press release here.
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Figure 1: New Age Metals lithium project map, southeast, Manitoba.
Geophysical Program
The Company has made an application to the Manitoba Mineral Development Fund to further its exploration programs on the project portfolio this year. Initial plans are for a UAV magnetometry geophysical survey. The Company plans to engage EarthEx Geophysical Solutions (EarthEx) out of Selkirk, Manitoba to utilize their airborne magnetic geophysical survey technology to further define future drill targets for the Company's Lithium Two, Lithman West and Cat Lake Lithium Projects.
Lithium pegmatites are known to express anomalously low magnetic susceptibility, resulting in a magnetic low anomaly in most terrains. The advent of the high-resolution low-flying UAV magnetometric surveying system proposed here represents a new and efficient way to define exploration targets and map the presence and extent of these types of deposits both at and below surface.
Lithium Two Project
The Lithium Two Project has several historically known Spodumene bearing pegmatites (see Figure 2). The Eagle Pegmatite was drilled in 1947 with a historic (non 43-101 compliant) tonnage estimate of 544,460 tonnes with a grade of 1.4% Li2O to the 61-meter level. This historic reported tonnage has not been reviewed by an independent source and therefore no core exists from this work. Therefore, the reader is cautioned not to rely on this estimate. The deposit was reported during the historic drilling that the Eagle Pegmatite remained open to depth and along strike. The Eagle Pegmatite is exposed on surface. The FD5 Pegmatite, located east of the Eagle Pegmatite has never been drilled. Historic assessment reports revealed a Spodumene bearing pegmatite drilled in the late 1940's, located approximately 500 meters southeast of the Eagle Pegmatite but not exposed on surface. No grades were provided in the report. A drill work permit for the Project was received in December 2020 and our technical team are currently defining targets on the Eagle and FD5 pegmatites for future drilling.
Subject to a grant application which is currently being reviewed by the MMDF, the Company plans to complete a UAV magnetic geophysical program highlighting the three known pegmatites on Lithium Two and to further identify other buried pegmatites outside of the known targets on the project.
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Figure 2: Lithium Assays at the Lithium Two Project, SE Manitoba
A surface exploration program was conducted in 2018 on Lithium Two which returned assay results up to 3.8% Li2O.
Lithium One Project
Since 2018 the Company has actively explored the Annie and Silverleaf pegmatites on the Lithium One Project. The project contains at least 40 known pegmatites and several more that have not been explored. The Lithium One Project is located 125 kilometres northeast of Winnipeg, Manitoba and is geologically characterized as being a part of the Cat Lake-Winnipeg River Pegmatite Field. See Figure 3 below for the Lithium One Project map.
The Silverleaf Pegmatite is a zoned complex Lithium-bearing Pegmatite with a surface exposure of approximately 80 metres x 45 metres. The Pegmatite is exposed in the northeast and strikes under cover to the southwest. Samples taken from the Lepidolite-Spodumene Zone in 2018 yielded assays from 1.81% to 4.09% Li2O and 0.63% to 6.11% Rb2O.
In 2020 the Company conducted a follow up surface exploration program focused on sampling and mapping the Annie and Silverleaf pegmatites. Over 75 samples were collected and returned assay results up to 3.12% Li2O. A drill permit has been applied for on the project.
Figure 3: Historical Pegmatite location map - Northern Portion, Lithium One Project
Lithman West Project
The mineral claims were previously held by the Tantalum Mining Corporation of Canada (Tanco). Most of the historic work focused on the northern portion of the Lithman West Project area, with soil geochemistry completed over most of the project area. Soil samples were analyzed using the Enzyme Leach technique at Activation Laboratory. The rock lithogeochemistry targets are identified based on enrichment of Lithium, Rubidium and Cesium in host rocks. When pegmatites are emplaced, metasomatic fluids enrich the host country rocks in these elements.
All lithogeochemical anomalies appear to be oriented East-West, which is the general orientation of other lithium-bearing pegmatites in the Winnipeg River-Cat Lake Pegmatite Field. Six Li+Rb+Cs lithogeochemical anomalies are recognized from compilation of historical assessment files on the Lithman West Project.
The two largest of the lithogeochemical anomalies is the Krista's Pond Anomaly and Bernes Bay Anomaly (Figure 4). The Krista's Pond Anomaly is tear-drop shaped and approximately 1,200 metres long and 150 metres maximum width. This anomaly has not been drill tested, even though it appears to be a moderate to strong lithogeochemical target. The Bernes Bay anomaly on the project area is approximately 1,000 metres long by 1,500 metres wide. Previous work indicates that this anomaly extends eastward to the westernmost bay of Bernic Lake.
Click Image To View Full SizeFigure 4: Historic Rock (Li+Rb+Cs) Geochemical Anomalies - Lithman West Project
Seven soil Enzyme Leach anomalies have been defined from compilation of past Tanco exploration work (Figure 5). These anomalies are varying shapes and sizes. Areas where the soil and rock geochemistry overlap or nearly overlap are considered to be the highest priorities for follow-up drilling.
Click Image To View Full SizeFigure 5: Historic Soil (Enzyme Leach) Geochemical Anomalies - Lithman West Project
The Lithman West Project is being considered as a target for a UAV magnetometry geophysical survey. Recommendations were previously made to drill test the soil and rock geochemical anomalies (Figure 4 and Figure 5); however, the Company intends to add to the initial exploration results by completing a proposed UAV geophysical survey to better define future drill targets.
Lithman East, Lithman North and Lithman East Extension Projects
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- All projects were staked to cover numerous surface pegmatites and pegmatitic granites.
- The projects cover portions of the Bernic Lake Pegmatite Group, (hosts the Tanco Pegmatite as well as a few other Lithium Pegmatites) Rush Lake Pegmatite Group, Birse Lake Pegmatite Group and the Axial Pegmatite Group.
- Future plans for these claims include surface mapping, sampling, prospecting and UAV geophysical surveys.
Cat Lake Lithium Project
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- Surface exploration and UAV magnetometry geophysical studies are planned for 2021.
- Situated north and adjacent to the Lithium Two Project which contains known surface Lithium-bearing Pegmatites.
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 100 km from Sudbury, Ontario. The Company has recently completed a Preliminary Economic Assessment on the project and is working towards Prefeasibility. In Alaska, the Company owns 100% of the Genesis PGM-Cu-Ni Project.
The Lithium Division is one of the largest mineral claim holder in the Winnipeg River Pegmatite Field, where the Company is exploring for hard rock lithium and various rare elements such as tantalum and rubidium. 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 and for our Lithium Division in Manitoba.
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 Cody Hunt at Codyh@newagemetals.com or call 613 659 2773.
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Qualified Person
The contents contained herein that relate to Exploration Results or Mineral Resources is based on information compiled, reviewed or prepared by Carey Galeschuk, P.Geo., 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 Barr"
Harry G. Barr
Chairman and CEO
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