New Age Metals Inc. Announces Commencement of Summer Lithium Exploration Program
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 summer field work has commenced on the Company's Winnipeg River-Cat Lake Lithium Projects of Southeast Manitoba. This work is in conjunction with a research project being carried out across the properties in partnership with the University of New Brunswick, University of British Columbia, and supported by the Manitoba Geological Survey. A budget from June 2024 to April 2025 of ~$450,000 has been approved by Mineral Resources Ltd. The field work will be a collaboration between New Age Metal's geologists and the academic researchers to further define targeting within the project areas. Much of the company's expansive properties remain underexplored. The summer program's objective is to follow-up on high priority target areas identified from detailed analysis, interpretation, and targeting of the company's large geophysical dataset in-conjunction with geological and geochemical data. This work will strive to narrow down prospective zones for lithium-cesium-tantalum ("LCT") type pegmatites which require further evaluation.
New Age Metals has been supporting this research Mitacs grant awarded in 2023 that involves a partnership with Dr. Chris McFarlane (University of New Brunswick) and Dr. Lee Groat (University of British Columbia). The grant's overarching objectives are to shed light on the origin of the dense concentration of rare-element pegmatites found in the Cat Lake-Winnipeg River pegmatite field. In addition, the research also intends to determine how emplacement mechanisms and type of host rock influence the mineralization style in rare-element pegmatites in this area. This grant supports the ongoing research of a MSc. student and a post doctoral fellow based at the University of New Brunswick.
An additional grant was announced on June 17th, 2024 in conjunction with University of Manitoba. Researchers' objectives are to unlock more sustainable ways to extract mineral resources, thanks to a $1.5 million dollar grant from Natural Sciences and Engineering Research Council (NSERC). New Age Metals, and Grid Metals Corp., will use the funding to address key issues related to critical metals exploration and extraction. Through cutting-edge research and collaboration industry and academic partners also want to prioritize engaging Indigenous communities in innovative technologies and sustainable practice research.
Field Work Update
New Age Metal's Geologists mobilized on July 7th, 2024 to the project site. Traverses were planned and have been carried out in priority sequence focusing on main LCT pegmatite showings in the area, major pegmatite related bodies (pegmatitic granites, leucogranites, Maskwa and Birse Lake plutons), geophysical trends and demagnetized zones, and historic mineral occurrences. Field work has included detailed mineralogy, textural and structural observations, and sampling of numerous pegmatites, host rocks, and pegmatite related intrusions within the study area.
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Figure 1: Dr. Claude Nambaje examining a pegmatite outcrop on the Lithium One Property
About the Research Project
The field work for the M.Sc. thesis was initiated in the summer of 2023 during which the focus was on describing and sampling three pegmatite sites in the Cat Lake-Winnipeg River pegmatite field: Tappy, Eagle and F.D. No. 5 pegmatites. The summary of field activities can be found here: https://www.manitoba.ca/iem/geo/field/roa23pdfs/GS2023-4.pdf. These results were presented during the CCMEC conference in Winnipeg in November 2023, the Atlantic Geoscience Forum in Moncton in February 2024 and the GAC-MAC-PEG2024 conference in Brandon in May 2024. The analytical work on samples collected from each locality focused on the geochemistry of micas and feldspars, and geochronology and is currently ongoing.
The Post Doctoral Fellow initiated the summer field work in June 2024. The main objectives are to target the various units of the Bird River domain with an emphasis of collecting outcrop information and samples on the different groups of pegmatite occurrences in the area.
The Manitoba Geological Survey (MGS) has been providing field logistical support to both the MSc. student and post doctoral fellow as part of an ongoing project in the area initiated in 2023. The MGS project is in part a response to the exploration interest in the Brid River domain, which has a well-established potential for critical minerals. The focus of the MGS project is on updating the 1:50 000 scale regional geology map, regional structural trends related with pegmatite emplacement and the mineral occurrences in the multi commodity Bird River domain. The results of the 2023 MGS field season can be found here: https://www.manitoba.ca/iem/geo/field/roa23pdfs/GS2023-2.pdf.
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Figure 2: New Age Metal's Project Overview
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 Platinum Group Metals (PGEs) 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 2024 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 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. 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
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