NationTalk: 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. (“MRL”) is pleased to announce that a budget of C$7 million has been approved to fund advancement of the Company’s Winnipeg River-Cat Lake Lithium Projects. The approved budget includes ongoing and recently completed geophysical surveys, soil and rock geochemical sampling grids, mapping/prospecting, as well as 15,000 meters of diamond drilling set to commence early January 2024. The program is designed to test several target areas on the Lithium Two, Lithman West, Lithman East, Cat Lake and Bird River properties.
New Age Metals maintains an active exploration agreement with the Sagkeeng First Nation and will be working with Sagkeeng on these projects. The company is conducting its program with the support of its partners Mineral Resource Limited (MRL, ASX: MIN), a top global lithium producer, and its consultants Axiom Exploration Group.
Chairman and CEO Harry Barr states; “We are exceptionally pleased to announce the largest lithium exploration budget in Manitoba for the 2023/24 season. Our partner Mineral Resources clearly understands the exploration business and we are happy for their technical and financial support. New Age Metals was early in the Manitoba rush to acquire large tracts of lithium and REE projects. Our 2023/24 budget illustrates the confidence our combined companies have in the future of lithium and REEs in Manitoba.”
Update on 2023 Summer Program:
- The Company has recently completed 4,354 line-kms of Airborne Triaxial Magnetics, Radiometrics and LiDAR flown across all properties. The results from the survey are currently being processed and will be used to assist in targeting.
- 1,180 rock samples collected to date across the Lithium Two, Cat Lake, Lithman East and Bird River properties to gather geochemical data and develop drill targets. Results are pending.
- 2,186 Mobile Metal Ion (MMI) soil samples collected on the Lithman West and Bird River properties to identify pegmatite extensions and anomalous areas where surficial cover prohibits bedrock analysis. Results are pending.
- Channel sampling and outcrop stripping permits have been approved over the Eagle and FD5 pegmatites on the Lithium Two property. Channel sampling is set to commence in October.
- Permit applications have been submitted and are undergoing final review in preparation for winter drilling.
Figure 1: Spodumene bearing Tappy Pegmatite located on the New Age Metal’s Bird River Property
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.
On behalf of the Board of Directors
“Harry Barr”
Harry G. Barr
Chairman and CEO