New Energy Metals Announces Results of Soil Sampling Program at Exxeter Gold Project
TSX VENTURE: ENRG
Vancouver, British Columbia--(Newsfile Corp. - November 27, 2018) - New Energy Metals Corp. (TSXV: ENRG) (OTC Pink: NEMCF) ("New Energy Metals" or the "Company") announces results of the detailed soil sampling program (the "Program") at its Exxeter Gold Project (the "Project") situated approximately 45 kilometres east of Val d'Or, Quebec (see news release dated October 19, 2018). The objective of the Program was to focus on target areas where geophysical and geochemical anomalies were identified in earlier programs.
The Project consists of 13 mineral tenures with a total area of 748.38 hectares and overlies the Abitibi greenstone belt within the Val d'Or Formation of the Superior Province., in Northwestern Québec, Canada (see technical report entitled "Technical Report on the Exxeter Property" dated October 2, 2017, and filed on the Company's SEDAR profile (the "Technical Report")).
The soil samples were collected at 50 metre, and occasionally 25 metre, intervals and fill-in sampling was completed in previously anomalous areas to provide proper contouring of anomalous metal-in-soil values (see Figure 1 below). A total of 366 new soil samples were collected under the Program and sent to ALS Global Laboratories ("ALS"), an accredited geochemical laboratory in Val d'Or, Quebec, for analysis.
- soil sampling results show two polymetallic soil anomaly zones and one zone anomalous with precious metals in soil; and
- all soil anomalous zones are associated with what appears to be an anomaly in the residual magnetics and there are induced polarization ("IP") anomalies associated with the soil anomalies.
Of the 366 soil samples, 305 assayed at 5 parts per billion ("ppb") Au or less while 61 samples assayed at higher than 5 ppb Au, with the highest sample returning results of 260 ppb Au (0.26g/t Au). Many of the anomalous gold samples were located proximal to one another and none of the samples that had anomalous gold values were strongly anomalous in any base metal. The map in Figure 2 below includes soil samples from both the Program and a 2016 program (further information on the 2016 program can be found in the Technical Report) conducted by Exploration Facilitation Unlimited Inc.
Anomalous copper, cobalt and zinc values were also detected in the samples. The mean value of copper was 8 parts per million ("ppm") Cu, while cobalt and zinc had mean values of 4.2 ppm Co and 21 ppm Zn, respectively. Zinc assay values were generally much higher than copper or cobalt, with 33 samples that can be considered anomalous. Of note, five samples from the Program that were anomalous for copper also qualified as anomalous for zinc. The anomalous values tended to be in clusters and those clusters indicate polymetallic anomalies with zinc, copper, and cobalt all anomalous in the same areas, which areas coincide with IP anomalies, potential conductors, and structural features. The Company is not aware of any factors that could materially affect the accuracy or reliability of the data referred to in this news release.
Quality Assurance / Quality Control
ALS Val-d'Or's quality management system operates in accordance with ISO/IEC 17025:2005 (CAN-P-4E) and is also compliant with CAN-P-1579 Guidelines for Mineral Analysis Testing Laboratories. The management system and methods are accredited by the Standards Council of Canada. The laboratory employs comprehensive quality control programs to monitor sample preparation and analysis. Quality control measures include the use of barren material to clean sample equipment in between batches. Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference materials, and replicate samples. Bar coding and scanning technology provide complete chain of custody records for sample preparation and analytical process.
Justin Rensby, P.Geo., is a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, and has reviewed the scientific and technical information that forms the basis of this news release and has approved the disclosure herein. Mr. Rensby is independent of the Company.
About the Company
New Energy Metals is focused on the exploration and development of energy metals in Chile. The Company's assets include the Cristal copper project located in northern Chile and several prospective cobalt projects in Chile's past producing San Juan cobalt district.
On behalf of New Energy Metals Corp.
César Lopez, CEO & President
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 news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, anticipated results from exploration activities and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "potential", "scheduled", or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, market fundamentals will result in sustained precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of the Company's projects in a timely manner, the availability of financing on suitable terms for the development, construction and continued operation of the Company projects, and the Company's ability to comply with environmental, health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, the ability of the Company to obtain sufficient financing to fund its business activities and plans, operating and technical difficulties in connection with mineral exploration and development and mine development activities for the Project and the Company's projects generally ,including the Program and the geological mapping, prospecting and sampling programs for the Company's projects, actual results of exploration activities, the timing and amount of estimated future production, costs of production, capital expenditures, requirements for additional capital, future prices of precious metals, cobalt, zinc and copper, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, possible variations in ore grade or recovery rates, possible failures of plants or processes to operate as anticipated, other risks of the mining industry, the inability to obtain any necessary governmental and regulatory approvals (including TSX Venture Exchange approval), permits or financing or in the completion of development or construction activities, changes in laws, regulations and policies affecting mining operations, hedging practices, currency fluctuations, title disputes or claims limitations on insurance coverage, risks related to joint venture operations, and risks related to the integration of acquisitions, as well as those factors discussed under the heading "Risks and Uncertainties" in the Company's most recent management's discussion and analysis and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company's profile on the SEDAR website at www.sedar.com.
Readers are cautioned not to place undue reliance on forward looking statements. Except as otherwise required by law, the Company undertakes no obligation to update any of the forward-looking information in this news release or incorporated by reference herein.