Lithium Division Program Begins on Lithium One Project, Manitoba
New Age Metals TSX-V: NAM OTCQB: NMTLF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.newagemetals.com
Page1
Lithium Division Program Begins on Lithium One Project, Manitoba
• NAM owns 100% of eight pegmatite hosted Lithium Projects in the Winnipeg River
Pegmatite Field, located in SE Manitoba
• The eight 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 bearing minerals) in
varying capacities, since 1969
• The program is being jointly funded by the Company and the new Manitoba Mineral
Development Fund (MMDF) from the Manitoba Chamber of Commerce
• The 2020 field work program will focus on follow up exploration of the company’s
2018 field reconnaissance efforts on the Lithium One Project
• 2018 surface exploration completed on the Lithium One project yielded field
samples grading up to 4.1% Li2O and 6.11% Rb2O
• The Company has an exploration agreement in place with the Sagkeeng First Nation
who the Company has engaged to work collaboratively with on completing the 2020
program at Lithium One
• NAMs flagship project is the 100% owned River Valley Palladium Project, one of
North America’s largest undeveloped primary Palladium Project
October 6, 2020, Rockport, Canada – New Age Metals Inc. (NAM) (TSX.V: NAM;
OTCQB: NMTLF; FSE: P7J) (“NAM” or the “Company”) is pleased to announce that the field
work planned at the Company’s Lithium One Project in South east Manitoba, has begun. Harry
Barr, Chairman & CEO stated; “With the help of a grant from the Manitoba Mineral
Development Fund we are pleased to have our technical team and consultants in the field
completing the fall program on our Lithium One Project.”
Lithium One Work Program
NAM plans to contract both Carey Galeschuk and Dave Owens, the Company’s consulting
geologists and the Twohearts Foundation, a Sagkeeng First Nations exploration service company
to complete this program. The fall 2020 program will include rock sampling, mapping and
prospecting at the Company’s Lithium One project in the Greer Lake region. The objective of
the program is to surface sample areas that have not been looked at to date at the project
and further outline future drill targets.
New Age Metals TSX-V: NAM OTCQB: NMTLF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.newagemetals.com
Page2
Figure 1: NAM Project Location Map – Winnipeg River Pegmatite Field. Lithium One Project is
highlighted.
Manitoba Mineral Development Fund
In June 2020, the Manitoba Government opened application to the MMDF which offered $20
million in funding to jump -start mineral and economic development initiatives in the north and
throughout the province. The MMDF, delivered and administered by the Manitoba Chambers of
Commerce, will support new economic development opportunities that capitalize on existing
assets in the north and across Manitoba. Projects funded by MMDF will benefit Manitoba’s
economy and local communities alike with a partnership -based approach to help grow and
diversify the provincial economy together with Indigenous communities.
New Age Metals TSX-V: NAM OTCQB: NMTLF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.newagemetals.com
Page3
Manitoba COVID-19 Relief
The Company is taking advantage of relief measures put in place by the Manitoba government for
mineral/mining claim holders in 2020. A one-year extension of time on all mining claims and
mineral exploration licenses has been granted for claims and licences expiring prior to April
30, 2021. All of New Age Metals claims are eligible for this extension . Furthermore, the
Manitoba Agriculture and Resource Development Department has extended double -assessment
credits for exploration work completed in 2020. Both o f these relief measures will assist the
company in maintaining its land position in the Winnipeg River Pegmatite Field and the work
completed at Lithium One will provide extended work credits for the Company on that project.
Lithium One Project
The project is geologically situated in the southern extension of the Bird River Greenstone Belt.
The pegmatites are associated with the Greer Lake and Shatford Lake Pegmatite Group of the Cat
Lake – Winnipeg River Pegmatite Field. The Winnipeg River Pegma tite Field hosts the World -
Class Tanco Pegmatite which has been mined since 1969 at the Tanco Mine Site, in various
capacities and for various commodities. This pegmatite field is hosted in the Archean age Bird
River Greenstone Belt and into the surrounding granites.
The Silverleaf Pegmatite was historical ly mined in the late 1920’s for spodumene and probably
represents one of the first spodumene operations in North America. The central, most economic,
portion of the pegmatite is composed of lepidolite sur rounded by an envelope of spodumene and
quartz. The lepidolite zone outcrops as three large masses with lengths and maximum widths as
follows: 23 m x 6 m (75 x 20 ft); 12 m x 4 m (40 x 12 ft); 5.5 m x 3 m (18 x 11 ft); it is also found
in a westerly cut over a width of 2 m (6.5 ft). Spodumene is known to outcrop over a 334 m2 (3600
sq ft). A quartz-spodumene crystal measuring 91 cm x 17 cm (3 ft x 7 inch) was reported near the
core zone back in 1933.
Historic drilling of the Silverleaf Pegmatite from the 1950’s indicated a tabular pegmatite body
dipping 30° S and extending 168 m (550 ft), while ranging in thickness from 5 to 11 m over a
drilled length of 245 m.
The Company’s Phase One Exploration Program in 2018, sampled several of the known lithium-
bearing pegmatites . The purpose of the ex ploration program was to obtain modern -day assay
analyses of the Pegmatites and to ground proof some of the historic Pegmatite locations. Numerous
Pegmatites and Pegmatite swarms were not sampled in the 2018 program and will be explored
during the 2020 fall program.
New Age Metals TSX-V: NAM OTCQB: NMTLF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.newagemetals.com
Page4
Figure 2: Annie Pegmatite showing an outcrop with abundant SQUI (Spodumene Quartz
Intergrowths) mineralization – The pen in the photo is 8 cm in length.
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 in Alaska. The Lithium division is 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
New Age Metals TSX-V: NAM OTCQB: NMTLF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.newagemetals.com
Page5
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.
Figure 4: White spodumene blades in a matrix of lepidolite (Lithium Mica) from the Silverleaf
showing.
New Age Metals is a junior resource company on the TSX Venture Exchange, trading symbol
NAM, OTCQB: NMTLF; FSE: P7J with 13 8,854,511 shares issued to date. 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
[email protected] or Harry Barr at [email protected] or Cody Hunt at
[email protected] or call 613 659 2773.
New Age Metals TSX-V: NAM OTCQB: NMTLF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.newagemetals.com
Page6
About the River Valley Palladium Project
The details of the updated Mineral Resource Estimate (MRE) and Preliminary Economic
Assessment (PEA) were announced in the press release dated August 9, 2019 and are described on
NAM’s website. The pit constrained Updated Mineral Resource Estimate formed the basis of the
PEA. At a cut-off grade of 0.35 g/t PdEq, the Updated Mineral Resource Estimate contains 2.867
Moz PdEq in the Measured plus Indicated classifications and 1.059 Moz PdEq in the Inferred
classification. The PEA is a preliminary report, but it demonstrates that there are potentially
positive economics for a large -scale mining open pit operation, with 14 years of Palladium
production. Refer to the NAM website (www.newagemetals.com) for details.
Opt-in List
If you have not done so already, we encourage you to sign up on our website
(www.newagemetals.com) to receive our updated news.
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, 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 with regard to
technical aspects of the Lithium Division.
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 Looki ng 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”, “stra tegy”, “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 tha t may be
New Age Metals TSX-V: NAM OTCQB: NMTLF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.newagemetals.com
Page7
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 for ward-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.