NAM has contracted EarthEx Geophysical Solutions (EarthEx) to conduct several UAV-Borne Magnetometry Surveys on the Company’s Lithium Projects in southeast (SE) Manitoba
The program is being co-funded by the Company and the Manitoba Mineral Development Fund (MMDF) which is administered by the Chamber of Commerce
NAM has 100% ownership of seven pegmatite hosted Lithium and Rare Element Projects in the Winnipeg River Pegmatite Field, located in SE Manitoba
NAM’s exploration focus on SE Manitoba is on Lithium-bearing pegmatites
The seven projects are strategically situated within the Winnipeg River Pegmatite Field, which hosts the world-class Tanco Pegmatite that has been mined for Tantalum, Cesium and Spodumene (one of the primary Lithium minerals) in varying capacities, since 1969
Rockport, Canada – TheNewswire - April 6, 2021 - New Age Metals Inc. (NAM) (TSXV:NAM); (OTC:NMTLF); (FSE:P7J) (“NAM” or the “Company”) is pleased to announce that a Drone Magnetic Survey is being initiated on their Lithium Projects in SE Manitoba through their wholly owned subsidiary, Lithium Canada Development.
The Drone Magnetic Survey is a UAV-Borne Magnetometry survey. The present system being used by EarthEx is the highest resolution drone magnetics system on the market today. EarthEx is a Manitoba-based geophysical consulting company. Daniel Card, Chief Geophysicist and President of EarthEx said “We are excited to be working with such a highly reputable company as New Age Metals, in this prolific pegmatite district, providing services which will accelerate the path to new discoveries.” The EarthEx airborne magnetic geophysical survey technology will be used to further define future drill targets for the Company’s Lithium Two, Lithman West and Cat Lake Lithium Projects, Figure 1.
Harry Barr, Chairman and CEO stated, “Our team is busy advancing the Lithium Projects in SE Manitoba. Drilling is occurring in the next few weeks on one of our Lithium Projects and the Drone Magnetic Survey will help us better determine other drill targets. The potential for economic Lithium Deposits in Manitoba is strong and New Age with its Lithium Division, Lithium Canada Development are pleased to be fully funded and active in the Lithium space in Manitoba. We are also very fortunate to be partnering with the Manitoba Mineral Development Fund again on this work program to help develop this underexplored lithium region.”
Lithium pegmatites are known to express anomalously low magnetic susceptibility, resulting in a magnetic low anomaly in most terrains. The advent of the high-resolution low-flying UAV magnetometric surveying system used by EarthEx represents a new and efficient way to define exploration targets and map the presence and extent of these types of deposits both at and below surface.
In June 2020, the Manitoba Government opened application to the MMDF which offered $20 million in funding to jump-start mineral and economic development initiatives in the north and throughout the province. The MMDF, delivered and administered by the Manitoba Chambers of Commerce, will support new economic development opportunities that capitalize on existing assets in the north and across Manitoba. Projects funded by MMDF will benefit Manitoba’s economy and local communities alike with a partnership-based approach to help grow and diversify the provincial economy together with Indigenous communities.
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 from Sudbury, Ontario. The Company has recently completed a Preliminary Economic Assessment on the project and plans are to complete a Prefeasibility Study by the end of the first quarter of 2022. In Alaska, the Company owns 100% of the Genesis PGM-Cu-Ni 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. 2021 plans include drone geophysics on three of the Company’s seven projects and a drill program on the Company’s Lithium Two Project.
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 and for all or part of our Lithium Division in Manitoba.
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On behalf of the Board of Directors
Harry G. Barr
Chairman and CEO
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