New Age Metals Announces Second Phase Drilling Results on the Lithium Two Project, MB
Page1
New Age Metals Announces Second Phase Drilling Results on the Lithium
Two Project, MB
May 13th, 2023, Rockport, Ontario - New Age Metals Inc. (TSX.V: NAM; OTCQB: NMTLF;
FSE: P7J2) (“NAM” or the “Company”) in conjunction with its partners Mineral Resources
Limited (“MinRes”) is pleased to report the results for its second phase drilling at Lithium Two
Project that is part of its Manitoba Lithium Division. The program was completed in March and
consisted of 16 diamond drill holes, totalling 3,086 metres. Drilling tested the down dip extension
of Eagle Pegmatites high grade zone intersected in the phase one drill program, as well as
exploratory drilling testing nearby pegmatites and magnetic low anomalies/structures identified in
the 2021 detailed UAV magnetics survey.
Highlights:
• The drill program successfully intersected spodumene bearing pegmatite in all drill
holes targeting the Eagle Pegmatite with a consistent steeply dipping orientation.
• Drilling extended the known high grade Li mineralization zone below 150 m vertically
and remains open at depth.
• 2023 assays include 1.08 % Li2O over 8.7 m (LT-23-21), 1.06% Li2O over 6.85 m (LT-
23-16), 1.06 % Li2O over 5.9 m (LT-23-24).
• Newly encountered spodumene bearing lenses proximal to FD No. 5 Pegmatite
warrant further exploration.
• The Company is in the process of applying for 2024 winter drilling permits to test
additional targets on the property.
• The Project is located 38 km from Tanco Mine , and lies along trend of the Donner
Lake Lithium Project and the Irgon Pegmatite.
Figure 1: LT-23-21 Spodumene mineralization, 221.0 m - 221.4 m
Table 1: 2023 Lithium Two Drill Hole Assay Highlights Table
Page2
Hole ID to (m) from
(m)
Interval*
(m) % Li2O
LT-23-16 119.8 121 1.2 0.91
150.15 157 6.85 1.06
including 150.15 152.8 2.65 1.80
LT-23-17 114.95 119.55 4.6 1.01
including 115.45 117.23 1.78 1.97
143.38 145.85 2.47 2.19
including 144.13 144.63 0.5 4.20
LT-23-18 187.15 188.6 1.45 1.14
206 206.4 0.4 2.22
LT-23-20 65.15 70.9 5.75 0.92
including 66.9 68.35 1.45 2.08
91.5 97 5.5 1.01
LT-23-21 217.3 226 8.7 1.08
including 220.7 221.4 0.7 3.20
LT-23-23 179.4 180.6 1.2 0.85
191.5 193.25 1.75 1.19
LT-23-24 195 200.9 5.9 1.06
LT-23-26 44.8 45.6 0.8 1.26
100.25 100.75 0.5 2.14
The Company is encouraged by the overall results of the second phase of drilling on the Lithium
Two Property. High grade lithium intercepts were encountered in six drill holes testing the
extension of the Eagle Pegmatite including samples that graded up to 4.20% Li2O (over 0.5 m
core length). The program was successful in extending the Eagle Pegmatite mineralized zone
to a depth of 150 m below surface (Figure 6).
Page3
Figure 2: LT-23-21 Spodumene bearing pegmatite, 213.9 m – 228.75 m
Exploration drilling along trend to the east encountered new spodumene bearing pegmatites
proximal to the FD No. 5 Pegmatite (Figure 3, 4). LT-23-26 was targeting an offset in the magnetic
trend south of the FD No. 5 Pegmatite surface showing. The drilling encountered two spodumene
bearing pegmatites (at 44.8 m grading 1.26 % Li2O over 0.8 m , and at 100.25 m grading 2.14 %
Li2O over 0.5 m ). These intersects occurred below barren surface mapped pegmatit es
indicating that mineralization may occur at depth and reinforce s that this area of the
property has high potential for hosting more Li mineralization warranting further
exploration.
Figure 1: LT-23-26 Spodumene bearing pegmatite intercept, 39.9 m - 49.0 m
Page4
Figure 2: LT-23-26 Spodumene bearing pegmatite intercept, 99.6 m - 101.2 m
Figure 3: 2021 - 2023 Lithium Two Drill Program Overview
Page5
Figure 4: DDH LT-21-09 Cross-Section
Sample Quality Assurance / Quality Control
A thorough chain-of-custody and QA/QC program was carried out during the 2023 drill program.
Samples were taken across all spodumene-bearing pegmatite with shoulder samples into the barren
host rock on either side of the dykes. Sample lengths were 0.3 m to 1.5 m, dependent on internal
Page6
zoning of the dykes and lithology contacts. Core to be sampled was cut in half with one half being
sent for analysis and the other half remaining in the box for reference.
The company’s implemented QA/QC procedures included the insertion of certified standard
control samples, ¼ cut duplicates, and blanks. This was used to test for natural variability/sampling
bias / testing the lab for homogeneity during sample preparation processes within the lab as well
as testing the precision and any possible contamination from the lab and ensure proper calibration
of lab equipment.
Sample analyses was conducted by SRC Geoanalytical Laboratories (SRC) in Saskatoon,
Saskatchewan. The drill core samples were subject to three separate analyses including: ICP -MS
on partial digestion, ICP -OES for major and minor element s on the total digestion, and ICP -MS
for trace elements on total digestion. SRC inserts one blank, two certified reference materials, and
one replicate (pulp) digested with each set of 40 samples to ensure analytical quality control. The
quality management system at SRC operates in accordance with ISO/IEC 17025, General
Requirements for the Competence of Testing and Calibration Laboratories; and is also compliant
to ASB, Requirements and Guidance for Mineral Analysis Testing Laboratories. The management
system and selected methods are accredited by the Standards Council of Canada.
About Lithium Two Project
The Lithium Two Project covers 137 hectares and is located approximately 20 kilometres north of
the Tanco Mine, a currently producing hardrock lithium mine. The project is geologically situated
in the Cat Lake portion of the Winnipeg River Pegmatite Field and is road accessible.
The Eagle Pegmatite is exposed at surface along roughly 530 meters as a series of lenticular
spodumene-bearing dykes which occur in (Precambrian) granite and meta -volcanic rock. The 10
largest of these pegmatite bodies are en-echelon lenses that range up to 75 m in length and 9 m in
width as exposed (Rowe, 1956). The Eagle Pegmatite has a general strike of 77° and an 80° to near
vertical dip. The FD No. 5 Pegmatite is surface exposed over an area of 27 and 15 metres and is
poorly exposed away from the main showing. The unit strikes at 80° with a near vertical dip to the
north.
Page7
Figure 5: Mineralized (spodumene) Eagle Pegmatite intercept from drill hole LT-21-09
An archaeological assessment was completed by White Spruce Archaeology on the Lithium Two
Project that has identified three areas of archaeological potential. Drilling activity will occur
outside of a 25 -metre buffer around the identified areas. All drill trails will stay outside of the
identified areas. The recommendations for the Lithium Two Project have been reviewed and
agreed to by the Archaeological Assessment Services Unit, Historic Resources Branch, Ministry
of Sport, Culture and Heritage.
About NAM
New Age Metals is a junior min eral 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. In addition to River Valley, NAM owns 100% of th e 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 tantalum, rubidium, and caesium. Further Exploration plans for 2023 include continued
mapping/sampling field programs following up on prospective trends outlined in the magnetic data
and 2022 surface sampling. 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 company is aw aiting 2023 exploration plan and budget approval from Mineral
Resources Limited.
Page8
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.
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 que stions 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.
Qualified Person
The technical information in this news release has been reviewed and approved by Lynde
Guillaume, P.Geo. (Senior Geologist, Axiom), who is a “Qualified Person” for the Company as
defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-
101”). Lynde is a Professional Geoscientist (P.Geo) who is a registered member of the ‘Engineer
and Geosciences of Manitoba’ (no. 47952).
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.
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 State ments: 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 hist orical 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, i ncluding, among others, the