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New Age Metals Reports on its Lithium Two 2nd Phase Drilling Results

Jun 13, 2023

New Age Metals Inc. with its partners Mineral Resources Limited reported the results of its second phase drilling at the Lithium Two Project.

The Lithium Two Project covers 137 hectares and is 20 kilometres north of the Tanco Mine, a currently producing hard rock 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 the 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.

The program was completed in March and consisted of 16 diamond drill holes, totaling 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.

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.

New Age is in the process of applying for 2024 winter drilling permits to test additional targets on the property.

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. In addition to River Valley, NAM owns 100% of the road-accessible Genesis PGM-Cu-Ni Project in Alaska and plans to complete an 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 hard rock lithium and various rare elements such as tantalum, rubidium, and cesium. 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 awaiting the 2023 exploration plan and budget approval from Mineral Resources Limited.

Our philosophy is to be a project generator to option 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.

For more information:
Harry Barr Chairman and CEO at Hbarr@newagemetals.com 
or Farid Mammadov at faridm@newagemetals.com or call 613 659 2773.

Visit https://www.newagemetals.com

Image New Age Drilling Photo1
Image Lithium 2 Map

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