Lithium Division Update: Lithium Two Drill Permit Issued
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
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Lithium Division Update:
Lithium Two Drill Permit Issued
• A drill permit has been issued by the Manitoba government for a drill
program on the company’s Lithium Two Project.
• NAM has 100% ownership of eight pegmatite hosted Lithium and Rare
Element Projects in the Winnipeg River Pegmatite Field, located in
southeast (SE) Manitoba.
• Exploration in SE Manitoba is focused on Lithium-bearing pegmatites.
• Archaeological Assessment in progress on Lithium One as part of the
drill permit process.
• 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 minerals) in varying capacities, since 1969.
• NAM management is finalizing a plan for a 1,500-metre drill program
on Lithium Two.
• The company has signed an Exploration Agreement with the Sagkeeng
First Nation (see Oct 25th, 2018 News Release).
October 30th, 2019, Rockport, Canada – New Age Metals Inc . (NAM) (TSX.V: NAM; OTCQB:
NMTLF; FSE: P7J) New Age Metals is pleased to announce that a drill permit has be en issued to
the company ’s wholly owned subsidiary , Lithium Canada Development by the Manitoba
government for the company’s Lithium Two Project located in the Cat Lake area of southeast (SE)
Manitoba.
The Winnipeg River Pegmatite Field
The Winnipeg River -Cat Lake Pegmatite Field in SE Manitoba is host to numerous pegmatite
deposits and contains the world -class Tanco Pegmatite. The Tanco pegmatite has been mined
since 1969 in varying capacities for spodumene (Li rich mineral), Tantalum and Cesium. The
pegmatite field contains at least 10 pegmati te groups and hosts hundreds of pegmatite bodies.
Many of the pegmatites are lithium bearing.
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
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The Tanco Mine, which was owned by the Cabot Corporation, was recently sold to Sinomine Rare
Metals Resources Co. Ltd. (Sinomine) at a purchase price of $130 million ($US). Sinomine is a joint
stock public company based in China, principally engaged in the provision of geological
exploration, mining investment and base metal chemical manufacturing. Th is transaction
certainly adds new interest in the region as t o the potential of the pegmatite field and lithium
and/or rare element potential in the area. This sale should advance the Lithium production
potential of the area as Lithium Ore feed may be required in the event that Sinomine commences
lithium production.
Lithium Two Project
The Lithium Two Project is located approximately 20 kilometr es north of the Tanco Mine and is
an active area for Lithium exploration. Several companies are active in the immediate region,
exploring for Lithium.
Surface exploration was carried out on the Lithium Two Project during the summer of 2018 (see
News Release October 30 th, 2018). The exploration work was designed to examine the known
surface pegmatites to aid in the determination of drill targets. The field program also focussed
on more detailed structural geological mapping and mapping of the westward extent of the Eagle
Pegmatite. The Lithium Two Project has several historically know n Spodumene bearing
pegmatites (see Figure 2).
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
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Figure 1: Manitoba Lithium and Rare Element Projects 2019
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-metre level. These historical estimates do
not use categories that conform to current CIM Definition Standards on Mineral Resources and
Mineral Reserves as outlined in National Instrument 43-101, Standards of Disclosure for Mineral
Projects (“NI 43 -101“) and have not been r edefined to conform to current CIM Definition
Standards. A qualified person has not done sufficient work to classify the historical estimates as
current mineral resources and the Company is not treating the historical estimates as current
mineral resources. Investors are cautioned that the historical estimates do not mean or imply
that economic deposits exist on the properties. The Company has not undertaken any
independent investigation of the historical estimates or other information contained in this press
release nor has it independently analyzed the results of the previous exploration work in order
to verify the accuracy of the information. The Company believes that these historical estimates
and other information contained in this news release are rele vant to continuing exploration on
the properties as it identifies significant mineralization that will be the target of future
exploration and development.
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
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The Eagle Pegmatite was historically reported to remain open to depth . 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 met res
southeast of the Eagle Pegmatite but is not exposed on surface. No assays were provided in the
report at the time . This pegmatite , as well as the Eagle and FD5 , will be tested during an
upcoming recommended drill program.
Figure 2: 2018 Lithium Assays at the Lithium Two Project, SE Manitoba
The Eagle Pegmatite has been mapped on surface for over 850 met res and has surface assays
of 0.1 to 3.8% Li2O . The FD5 pegmatite had surface assays from 0.1 to 3.3% Li2O. In geological
terms, the pegmatites encountered on the Lithium Two Project are LCT Type (Lithium -Cesium-
Tantalum) Pegmatites and are in the Albite -Spodumene Subgroup. Spodumene is expressed in
the pegmatites as small green blades up to 3 centimetres in length. The Eagle Pegmatite is a west-
northwest to west -striking, vertically dipp ing, lenticular pegmatite dyke intruded into mafic
volcanics. The widths of the pegmatite have been measured to be between 2 to 10 metres. The
Eagle Pegmatite system appears to be a swarm of closely spaced pegmatite bodies.
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
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Phase 1 Drill Program Planning in Progress
A drill program of 1,500 metres is planned to test three spodumene bearing pegmatite targets.
A drill permit has recently been issued by the Manitoba government.
Lithium One Drill Program
Recently, NAM engaged White Spruce Archaeology as part of its Exploration Agreement with
the Sagkeeng First Nation to conduct an archaeological assessment on the proposed drill sites
for Lithium One as part of the drill permitting process. The assessment was completed in
October and the report is pending. A 1,500 metre drill program is planned to test targets on
the Silverleaf pegmatite ( News Release Sept 27, 1018) situated in the Lithium One project area.
NAM/AAZ Property Option Update
JV partner Azincourt Energy (AAZ) and NAM are in discussions regarding AAZ's compliance for
its contractual obligations as part of the option agreement with NAM. NAM and AAZ are in
continuing talks regarding a revision to the existing option agreement or termination.
OPT-IN LIST
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ABOUT NAM’S PGM DIVISION
NAM’s flagship project is its 100% owned River Valley PGM Project (NAM Website – River Valley
Project) in the Sudbury Mining District of Northern Ontario (100 km east of Sudbury,
Ontario). Recently the company announced the results of the first PEA (see News Release – June
27th, 2019 ) completed on the River Valley Project . The PEA has been developed by various
independent consultants – P&E Mining Consultants Inc. (P&E) was responsible for the open pit
mining, surface infrastructure, tailings facility, and project economics; DRA Americas Inc. ("DRA")
was responsible for all metallurgical test work and processing aspect s of the Project; and WSP
Canada Inc. ("WSP") was responsible for the Mineral Resource Estimate. The PEA is a preliminary
report but it has demonstrated that there are positive economics for a large-scale mining open
pit operation, with 14 years of Palladium and Platinum production.
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
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The Genesis project is a PGM-Cu-Ni property located in the northeastern Chugach Mountains,
75 paved road miles north of the all-season port city of Valdez, Alaska. The project is within 3
km of the all -season paved Richardson Highway and a high capacity electric power line. The
project is covered by 4,144 hectares of State of Alaska mining claims owned 100% by New Age
Metals. P ast exploration has revealed the presence of chromite -associated platinum and
palladium mineralization and stratabound Ni -Cu-PGM mineralization within magmatic layers of
the Tonsina Ultramafic Complex. Pyrrhotite, pentlandite, and chalcopyrite occur in
disseminations and net textured segregations associated with platinum and palladium sulfides.
There has been limited exploration over the Genesis project and there has been no past
exploration drilling on the project. NAM management is actively seeking an opt ion/joint-
venture partner for this road accessible PGM and Multiple Element Project.
QUALIFIED PERSON
The contents contained herein that relate to exploration results or geological aspects 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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