Rockport, Ontario – New Age Metals Inc. (TSX.V: NAM; OTCQB: NMTLF; FSE: P7J.F) (“NAM” or the “Company”) in conjunction with its Farm-in/Joint Venture agreement with Mineral Resources Ltd. (“MinRes”) is pleased to announce the results of the 2024 winter exploration program at its Winnipeg River-Cat Lake Lithium project in southeast Manitoba. The project area hosts numerous spodumene-bearing pegmatites and surrounds the world class Tanco mine. Drilling was carried out by Platinum Diamond Drilling Inc. (“Platinum”) with technical and geological oversight by Axiom Exploration Group Ltd. (“Axiom”).
Harry Barr, Chairman and CEO, stated; “We are very pleased with the safe and efficient execution of this drill campaign by our contractors and technical team. The abundance of pegmatites intersected, coupled with anomalous geochemical results, underscores the high prospectivity of our projects for Lithium-Cesium-Tantalum (LCT) type mineralization. The identification of new lithium-bearing pegmatites from this campaign validates our team’s targeting methodology for green-fields projects and reaffirms our commitment to advancing the exploration of our properties in an effort to position New Age Metals as a key player in meeting the global demand for lithium. We look forward to announcing upcoming exploration plans for the summer season that will build on these encouraging results.”
Program Details
The program consisted of exploration drilling across three of the Company’s properties including Lithium Two, Bird River Lithium, and Lithman East. Drilling on the Lithman West property was hindered by insufficient ice thickness required for an ice bridge crossing.
The program commenced on January 2nd, consisting of 56 diamond drill holes totalling 12,686 meters. A total of 3,507 drill core samples were submitted to SGS Canada Inc. for geochemical analysis and all assay results have been returned. Final drill collar coordinates can be found in Appendix A.
Drilling was focused on high-priority targets identified from the 2023 geochemical and geophysical field programs. Among these targets was the Lithman East property, which lies ~7 km east of the Tanco mine complex and lacked any publicly available historical drill data. Two drill holes intersected over 1% Li2O and others exhibited anomalous geochemical values for lithium, cesium, tantalum, and tin.
Exploration drilling was also conducted within the vicinity of spodumene-pegmatite showings on the Lithium Two and Bird River Lithium properties to assess the extent of mineralization on these properties. Drilling on the Lithium Two property was concentrated on the newly discovered spodumene-bearing pegmatite on the Northwest edge of the property, as well as to the east of the FD5 Pegmatite. Drilling on the Bird River Property was conducted to test the Tappy and Matty Showings at depth, as well as defined geophysical anomalies.
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