New Age Metals reports second phase drilling results from Lithium Two Project, Manitoba

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New Age Metals Inc. [NAM-TSXV; NMTLF-OTCQB; P7J2-FSE], in conjunction with its partners Mineral Resources Limited (MinRes) reported results for its second phase drilling at Lithium Two Project that is part of its Manitoba Lithium Division. The program was completed in March and consisted of 16 diamond drill holes, totalling 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.

Highlights: 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 lithium mineralization zone below 150 metres vertically and remains open at depth; 2023 assays include 1.08 % Li2O over 8.7 metres (LT-23-21), 1.06% Li2O over 6.85 metres (LT-23-16), and 1.06 % Li2O over 5.9 metres (LT-23-24).

Newly encountered spodumene bearing lenses proximal to FD No. 5 Pegmatite warrant further exploration. The company is in the process of applying for 2024 winter drilling permits to test additional targets on the property. The Project is located 38 km from Tanco Mine, and lies along trend of the Donner Lake Lithium Project and the Irgon Pegmatite.

The company is encouraged by the overall results of the second phase of drilling on the Lithium Two Property. High grade lithium intercepts were encountered in six drill holes testing the extension of the Eagle Pegmatite including samples that graded up to 4.20% Li2O (over 0.5 m core length). The program was successful in extending the Eagle Pegmatite mineralized zone to a depth of 150 metres below surface.

Exploration drilling along trend to the east encountered new spodumene bearing pegmatites proximal to the FD No. 5 Pegmatite (Figure 3, 4). LT-23-26 was targeting an offset in the magnetic trend south of the FD No. 5 Pegmatite surface showing. The drilling encountered two spodumene bearing pegmatites (at 44.8 m grading 1.26 % Li2O over 0.8 metres, and at 100.25 metres grading 2.14 % Li2O over 0.5 m). These intersects occurred below barren surface mapped pegmatites indicating that mineralization may occur at depth and reinforces that this area of the property has high potential for hosting more Li mineralization warranting further exploration.

The Lithium Two Project covers 137 hectares and is located approximately 20 km north of the Tanco Mine, a currently producing hardrock 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 surface along roughly 530 metres 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 metres in length and 9 metres 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 company’s 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, rubidium, and caesium.

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 [MIN-ASX], a top global lithium producer to explore and develop the company’s lithium project portfolio. The company is awaiting 2023 exploration plan and budget approval from Mineral Resources Limited.

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