New Age Metal’S Lithium Division Expands Land Holdings to 74, 448 Hectares with the Addition of a New Project at Red Cross Lake, 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
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NEW AGE METAL’S LITHIUM DIVISION EXPANDS LAND HOLDINGS
TO 74, 448 HECTARES WITH THE ADDITION OF
A NEW PROJECT AT RED CROSS LAKE, MANITOBA
April 13th, 2023 Rockport, Ontario - New Age Metals Inc. (TSX.V: NAM; OTCQB: NMTLF;
FSE: P7J2) (“NAM” or “Company”) is pleased to announce the procurement of 30, 668 hectares
of mineral exploration license (MEL) area around Red Cross Lake, Manitoba. The Northman
Lithium project is the Company’s third property acquisition of 2023. The MEL covers
approximately a 28 km strike length of the North Kenyon Shear Zone and surrounds an
associated LCT pegmatite swarm documented at Red Cross Lake with historical assay s up to
1.25% Li2O and 2.86% Cs2O (LPG pegmatite) and 2.97% Li2O (SPG pegmatite). 1
The newly acquired Northman Lithium Project lies within the Oxford-Stull domain in Northern
Manitoba’s Red Cross Lake greenstone belt (figure 1) which hosts highly fractionated lithium-
bearing pegmatites and is significantly underexplored. All the claims are held by Lithium Canada
Development, a 100% owned Lithium Division of New Age Metals.
KEY HIGHLIGHTS OF THE NORTHMAN LITHIUM PROJECT
• Along trend of lithium bearing pegmatites documented at Red Cross Lake
o LPG Pegmatite:
▪ Lepidolite and Pollucite rich pegmatite swarm with 17 parallel and sheared
dykes up to 4 meters in width over an area of ~50 meters 7.
▪ Work by the Geological Survey of Canada in the 1960’s identified the rubidium
and cesium potential of these pegmatites, with one sample assaying 2.86%
Cs2O, 1.29% Rb2O, and 1.26% Li2O 1.
o SPG Pegmatite:
▪ Spodumene-bearing dyke with grab samples assaying up to 2.97% Li2O 1.
• In terms of K/Rb ratios, the pegmatites in the Red Cross area are ranked with the most evolved
spodumene pegmatites worldwide 3.
• Large leucogranite intrusions within the MEL zone that occur up to 5 km long and attain a
maximum width of 90 meters. Thin -section analysis of these units identified the presence of
spodumene and quartz replacing petalite 3.
• Property covers 30 km of strike extent of the North Kenyon Shear Zone, a regional -scale
structure in which “the pegmatitic rocks are situated within, or closely adjacent to” 4,5.
• Identified targets from regional magnetics that are analogous to those hosting rare -metal
pegmatites at Red Cross Lake.
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: Overview of Newly Acquired Northman Lithium Project
Harry Barr, Chairman and CEO of New Age Metals Inc. commented “It is fantastic to see our
research efforts and diligence paying off with the addition of this highly prospective ground. While
we work and develop our Southeast Manitoba projects through the joint venture with Mineral
Resources Ltd., we intend to be a leader and prospect generator for green metals in Canada. Our
three recent 100% owned project acquisitions now give us a large lithium focused portfolio with
excellent exploration targets in Northern Manitoba. Together with our technical team from Axiom
Exploration Group Ltd., we are currently working on a comprehensive go -forward exploration
plan for these properties as we patiently await the snow to melt so our crew can get boots on the
ground.”
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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New Age Metals continues to expand it’s Manitoba Lithium Division’s land holdings as a leading
explorer for battery metals in the province. The recent acquisitions bring the total land holdings to
74,448 hectares (figure 2). New Age Metals has 11 projects covering 20,211 hectares in Southern
Manitoba which are under option to Mineral Resources Limited, one of the top 5 lithium producers
worldwide. The recent acquisitions of South Bay -, McLaughlin Lake -, and Northman
Lithium Projects make up 54,289 hectares for wh ich the Company is looking to find a
strategic partnership.
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 2: Overview of New Age Metals Inc. Land Holdings in Manitoba, Canada
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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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 by road east of Sudbury, Ontario. The company plans to have an updated Preliminary
Economic Assessment (PEA) completed on t he project by mid -summer and will announce it’s
exploration plans within the next 60 days. In addition to River Valley, NAM owns 100% of the
road accessible Genesis PGM -Cu-Ni Project in Alaska and plans to complete a Option -Joint
Venture arrangement with a third party mining company to develop the project.
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 tan talum, rubidium, and cesium. The company recently completed a phase two drill
program at Lithium Two Project and is beginning to receive initial assay results.
Further exploration plans for 2023 /24 include continued mapping/sampling field programs
following up on prospective trends outlined in the magnetic data and 2022 surface sampling,
additional geophysical surveys, and diamond drilling. 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. The 2023/24 budget for our Manitoba Lithium Division
has been submitted to MRL and a final budget is expected by mid-April 2023. The company
is currently completing its 2022/23 $2.3 million budget.
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, McLaughlin Lake, and South Bay
Lithium Projects in Northern Manitoba, as well as its road-accessible Genesis PGM-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 [email protected] or Harry Barr at [email protected] or Farid Mammadov 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
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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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(www.newagemetals.com) to receive our updated news.
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 t erm 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 u ncertainties. 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” o r 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
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
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.
References
1. Jambor, J L; Potter, R R. 1967, Rubidium -bearing Dykes, Gods River area, Manitoba; Geological
Survey of Canada, Paper 67-15, 1967
2. Cerny, P., Corkery, M.T., N.M., Ferreira, K., Brisbin, W.C. Chackowsky, L.E., Meintzer, R.E.,
Longstaff, F.J. & Trueman, D.L., (2012a): Extreme Fractionation and deformation of the
leucogranite-pegmatite suite at Red Cross Lake, Manitoba, Canada. I. Geolog ical setting. Can.
Mineral. 50. 1793-1806
3. Černý, Petr & Halden, Norman & Ferreira, Karen & Meintzer, Robert & Brisbin, William &
Chackowsky, Leonard & Longstaffe, Fred & Trueman, David. (2012). Extreme fractionation and
deformation of the leucogranite – Pegmatite suite at Red Cross Lake, Manitoba, Canada. II.
Petrology of the leucogranites and pegmatites. The Canadian Mineralogist. 50.
10.3749/canmin.50.6.1807.
4. Brisbin, William & Eby, Ray & Corkery, Timothy & Cerny, Petr & Chackowsky, Leonard & Fierreira,
Karen & Halden, Norman & Meintzer, Robert & Trueman, David. (2012). Extreme fractionation
and deformation of the leucogranite - Pegmatite suite at Red Cross Lake, Manitoba, Canada. III.
Description Of shearing and mylonitization textures in the lepidolite pegmatites. The Canadian
Mineralogist. 50. 1823-1838. 10.3749/canmin.50.6.1823.
5. Cerny, Petr & Teertstra, David & Chapman, Ron & Selway, Julie & Hawthorne, Frank & Ferreira,
Karen & Chackowsky, Leonard & Wang, X. -J & Meintzer, Robert. (2013). Extreme frac tionation
and deformation of the leucogranite - Pegmatite suite at Red Cross Lake, Manitoba, Canada. IV.
Mineralogy. The Canadian Mineralogist. 50. 1839-1875. 10.3749/canmin.50.6.1839.
6. Manitoba Assessment Report# 94002 – Report on Diamond Drilling Sucker 1&2 Claim Blocks, Red
Cross Lake (1981) by Tantalum Mining Corporation of Canada
7. Manitoba Assessment Report# 95009 – Report on Red Cross Lake Ta-Li-Cs-Rb Property (2001) by
William C. Hood, P.Geo