- A first phase UAV-Borne Magnetometry survey has been completed on the Company’s Lithium Two, Lithman West and Cat Lake Lithium Projects.
- Geophysical magnetic data is being reviewed and preliminary reviews show a correlation of the known surface exposed Eagle Pegmatite on the Lithium Two Project and data.
- NAM has 100% ownership of seven pegmatite hosted Lithium and Rare Element Projects in the Winnipeg River Pegmatite Field, located in southeast (SE) Manitoba.
- NAM’s exploration focus on SE Manitoba is on Lithium-bearing pegmatites.
- The seven projects are strategically situated within the Winnipeg River Pegmatite Field, which hosts the world-class Tanco Pegmatite that has been mined for Tantalum, Cesium and Spodumene (one of the primary Lithium minerals) in varying capacities, since 1969.
- The company has a signed Exploration Agreement with the Sagkeeng First Nation (see Oct 25th, 2018 News Release).
- NAM has contracted EarthEx to conduct a second phase UAV-Borne Magnetometry Surveys on the company’s Lithman East, and Lithman North Projects in SE Manitoba.
Rockport, Canada – TheNewswire - May 19, 2021 - New Age Metals Inc. (NAM) (TSXV:NAM); (OTC:NMTLF); (FSE:P7J) (“NAM” or the “Company”) is pleased to announce that it has received the initial data and preliminary report from EarthEx with regards to the Drone Magnetic Survey flown on three of the company’s Lithium Projects in SE Manitoba. The claims are held by Lithium Canada Development, a wholly owned subsidiary of New Age Metals.
The Drone Magnetic Survey is a UAV-Borne Magnetometry Survey. The present system being used by EarthEx is the highest resolution drone magnetics system on the market today. EarthEx is a Manitoba-based geophysical consulting company. The EarthEx airborne magnetic geophysical survey technology will be used to further define future drill targets for the company’s Lithium Two, Lithman West and Cat Lake Lithium Projects.
The new geophysical magnetic data is being reviewed by the NAM technical team and a news release will follow once the review is complete. As well, EarthEx is generating an additional set of maps for a more in-depth analysis of the data. Preliminary reviews show a correlation of the known surface exposed Eagle Pegmatite on the Lithium Two Project and the UAV magnetic data.
NAM has contracted EarthEx to conduct a second phase of a UAV-Borne Magnetometry Survey over the company’s Lithman East and Lithman North Projects. A third phase of UAV work is planned for later in the summer of 2021 to cover the Lithman East Extension and Lithium One Projects.
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Figure 1: New Age Metals lithium project map, southeast, Manitoba.
The Phase One UAV-Borne Magnetometry Survey was co-funded by the Manitoba Mineral Development Fund, a mineral fund sponsored and managed by the Manitoba Chamber of Commerce.
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 used by EarthEx represents a new and efficient way to define exploration targets and map the presence and extent of these types of deposits, without any surface disturbance.
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, plans are to complete a Pre-Feasibility Study by the end of the first quarter of 2022. In Alaska, the Company owns 100% of the Genesis PGM-Cu-Ni Project, an early-stage exploration property.
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 and various rare elements such as tantalum, cesium, and rubidium. 2021 plans include drone geophysics on at least five of the Company’s seven projects and a drill program on the Company’s Lithium Two Project.
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 all or part of our Lithium Division in Manitoba.
Investors are encouraged to visit the New Age Metals website at http://www.newagemetals.com where they can review the company, the projects and its corporate activities. Any questions or comments can be directed to the following: info@newagemetals.com or Harry Barr at Hbarr@newagemetals.com or Cody Hunt at Codyh@newagemetals.com or call 613 659 2773.
We encourage you to sign up on our website (www.newagemetals.com) to receive our updated news.
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
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.
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