August 30, 2022 – TheNewswire – Rockport, Ontario – New Age Metals Inc. (TSXV:NAM); (OTC:NMTLF); (FSE:P7J.F) (“NAM” or the “Company”) in conjunction with its partner Mineral Resources Ltd. is pleased to announce that it has increased its land position in the highly prospective Winnipeg River Pegmatite Field from 11,620 to 21,611 hectares adding 8984 new hectares, (90 square kilometers) through claim staking.
Newly acquired properties:
Bird River Lithium claim block with 17 claims (3114 ha) hosting the Lac du Bonnet Pegmatite Group and the Shatford Lake Pegmatite Group.
20 claims (4101 ha) to the East and West of Lithium One which hosts the extension of the Greer Lake Pegmatite Group.
8 claims (1769 ha) added to its existing Lithman East property hosting the Birse Lake Pegmatite Group.
New Age Metals is the largest claimholder in the Winnipeg River Pegmatite Field with 11 properties totalling 21,611 ha
The expanded land position, identified from historical data compilation and review incorporates prospective trends and pegmatite groups with the potential to host lithium, cesium, and tantalum bearing pegmatites. The newly acquired land holdings are contiguous with existing claims as seen in Figure 1. The Company’s $1.8 million dollar exploration budget for 2022 includes geophysics and prospecting over portions of these new holdings.
New Age Metals is the largest claimholder in the Winnipeg River Pegmatite Field with 11 properties totalling 21,611 ha. The Winnipeg River Pegmatite Field is host to numerous Lithium-rich Pegmatites in addition to the world-class Tanco Pegmatite, a highly fractionated lithium-cesium-tantalum (LCT) type pegmatite that has been mined at the Tanco Mine as an underground operation since 1969 for tantalum, cesium, and lithium.
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 completed a positive Preliminary Economic Assessment on the Project in 2019 and, is fully financed to complete a Pre-Feasibility Study on the Project in Q3-2022. In addition to River Valley, the Company owns 100% of the Genesis PGM-Cu-Ni Project in Alaska and is working towards securing a option/ joint venture partner to help develop this road accessible drill ready project.
The 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 and rubidium. Further Exploration plans for 2022 include continued mapping/sampling field program following up on prospective trends outlined in the magnetic data, a maiden drill program on the Lithium One Project, and phase two drill program at Lithium Two Project. The company has a partnership with Mineral Resource Limited (MRL, ASX: MIN), one of the top 5 global lithium producers to explore and develop the Company’s lithium project portfolio. The 2022 budget for the Company’s Lithium Division is $1.8 million.
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.
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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On behalf of the Board of Directors
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 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”, “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, 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 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.