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New Age Metals Inc
Symbol NAM
Shares Issued 85,939,109
Close 2018-08-16 C$ 0.06
Market Cap C$ 5,156,347
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New Age samples up to 3.3% Li2O at Lithium Two

2018-08-16 08:45 ET - News Release

Mr. Harry Barr reports

ASSAYS UP TO 3.3% LI2O ON NEW AGE METALS AND AZINCOURT ENERGY LITHIUM TWO PROJECT IN THE WINNIPEG RIVER PEGMATITE FIELD SE MANITOBA, MULTI-PROJECT UPDATE

New Age Metals Inc. has provided an update on the present exploration program with regard to the company's Manitoba lithium projects. The company's lithium division, Lithium Canada Developments, has an aggressive exploration and development plan for 2018. The company's Manitoba projects are financed via an option/joint venture agreement with Azincourt Energy.

Lithium Two exploration update

Exploration on the project consisted of reviewing, characterizing and sampling all the known surface pegmatites. Fractionation samples of feldspars and micas were also collected and this will give the company an indication as to the degree of fractionation of the pegmatite with the more fractionated pegmatites being the bodies that are more conducive to containing lithium minerals and rare metal minerals.

Lithium Two project has several known spodumene-bearing pegmatites. The Eagle pegmatite was drilled in 1947 with a historic (non-National Instrument 43-101 compliant) tonnage estimate of 544,460 tonnes with a grade of 1.4 per cent lithium dioxide to the 61-metre level. The deposit remains open to depth. The FD5 pegmatite, located east of the Eagle pegmatite, has never been drilled.

Assays results from channel samples on the Eagle pegmatite returned lithium assays from 0.5 to 2.9 per cent Li2O (see attached table). Assays from Lithium Two's FD5 pegmatite returned assays from 0.9 to 3.3 per cent Li2O (see attached table).

EAGLE PEGMATITE  - 2018 ASSAY RESULTS (+1,000 PPM LI)

Sample  Type   Li2O %   Cs ppm   Rb ppm   Ta ppm
 
172772 Assay     0.84     52.1    1,640      134 
172773 Assay     2.88       32      551     40.9 
172774 Assay     1.86     43.1    1,160     75.9 
172775 Assay     0.87     26.2      658     57.4 
172791 Assay     0.52       54    1,020     39.3 


FD5 PEGMATITE  - 2018 ASSAY RESULTS (+1,000 PPM LI)

Sample  Type   Li2O %   Cs ppm   Rb ppm   Ta ppm 

172755 Assay     0.94    1,180    1,180      340 
172756 Assay     3.25      217      607       75 
172763 Assay     3.10      158      470     77.7 
172764 Assay     2.97      392      997      213 
172766 Assay     0.25      618      781      116 
172767 Assay     2.00      162    1,100     73.1 
172768 Assay     0.29      589    2,360      224 


    

In an effort to check the purity of the spodumene, a sample of spodumene blades was sampled from the FD5 pegmatite. This sample yielded an assay of 7.62 per cent Li2O. A review of spodumene mineral data indicates that spodumene can have a Li2O content from 3.73 to 8.03 per cent Li2O. This would tend to indicate that the spodumene present in the pegmatites dikes on the project is of a high purity.

The company also entered into an agreement (news release -- July 11, 2018) with Grid Metals (formerly Mustang Minerals) for the rights to explore for lithium and rare metals on the claim directly adjacent to the west of the Lithium Two project as to further examine the strike projection of the Eagle pegmatite. Phase two of surface exploration north of Cat Lake will examine this claim, the westward projection of the Eagle pegmatite at surface as well as prospect the recently staked Cat Lake project claims (news release -- June 6, 2018).

Compilation of historic assessment reports revealed a spodumene-bearing pegmatite drilled in the late 1940s approximately 500 metres southeast of the Eagle pegmatite surface exposure but not exposed on surface. No grades were provided at the time. This pegmatite will be drill tested during the upcoming drill program. The company applied for a drill work permit in the spring of 2018 and is presently waiting for approval from the province.

Even though lithium is the main focus of the exploration it should be noted that the pegmatites also show elevated tantalum values that may be of an economic interest. Pegmatites elsewhere on the project did not reveal significant lithium mineralization; however, several were elevated in tantalum. Fractionation work is currently being undertaken by the company's geological consultants. Results will be reported at a later date.

QA/QC (quality assurance/quality control) protocol

All samples were analyzed at the Activation Laboratories facility, in Ancaster, Ont. Samples were prepared, using the lab's Code RX1 procedure. Samples are crushed, up to 95 per cent passing through a 10 mesh, riffle split, and then pulverized, with mild steel, to 95 per cent, passing 105 micrometres. Analyses were completed, using the lab's Ultratrace 7 package; a sodium peroxide fusion which allows for total metal recovery, and is effective for analysis of sulphides and refractory minerals. Assay analyses are carried out, using ICP-OES and ICP-MS instrumentation. New Age Metals implemented a QA/QC field program with insertion of blanks at regular intervals. Activation Laboratories has its own internal QA/QC procedures that it carries out for all sample batches.

Lithman North project update

The exploration crew has completed surface exploration on the Lithman North project with 30 samples collected and sent to the assay lab. The company is awaiting results. Results will be combined with 2016 fieldwork for a final report on the project.

Lithman East project update

Presently the field crew is completing exploration on the Lithman East project where numerous surface pegmatites have been examined and sampled. As well limited fieldwork has been undertaken on the Lithman East Extension project.

2018 Lithman East mapped and sampled areas

  1. Booster Lake area;
  2. Flanders-Summerhill Lakes area;
  3. Birse Lake-Horodyski Lake area (Lithman East Extension);
  4. Osis Lake area.

Two thousand eighteen Lithman East-Lithman East Extension site visits observed 114 individual pegmatite units within four regional pegmatite field areas. All pegmatites observed have varying degrees of evolved mineralogy with all observed sites containing potassic feldspar to albite feldspar mineralogy. One trenched site contains beryl mineral crystallization in an albite pegmatite.

A total of 193 samples have been sent for analysis from Lithman East project. A total of 17 samples have been sent for analysis from Lithman East Extension sites.

Assay analyses returns are pending.

Booster Lake -- mapped and inferred pegmatite occurrences

All observed mapped and inferred pegmatites range from zero to three metres in surface thickness with undetermined strike length due to limited outcrop exposure. Some pegmatites measure as wide as 30-metre thickness. The pegmatite units are generally strata form with regional stratigraphic and/or major regional structural fabric, but local late oblique veining also is common.

Flanders-Summerhill Lakes -- mapped and inferred pegmatite occurrences

All observed mapped and inferred pegmatites generally range from zero to three metres in surface width with undetermined strike length due to limited outcrop exposure. Some pegmatites measure as wide as 30-metre thickness -- often with a sinusoidal contact shape indicating favourable fold structural dilation proximal to major fold axial traces. In the Flanders-Summerhill area, pegmatite occurrences increase in population proximal to inferred major fold/fault dilation sites near inferred axial traces.

The pegmatite units are generally strata form with regional stratigraphic and/or major regional structural fabric, but local late oblique veining also is common.

Birse Lake (Lithman East Extension) -- mapped and inferred pegmatite occurrences

All observed mapped and inferred pegmatites generally range from zero to 10 metres in surface width with undetermined strike length due to limited outcrop exposure. South of Horodyski Lake, some albite pegmatites measure as wide as 250-metre surface width -- often with a sinusoidal contact shape indicating favourable fold structural dilation proximal to major fold axial traces. South of the Horodyski Lake area, significant widths of albite pegmatite occurrences may represent a flattened axial trace proximity similar to and regionally aligned with the Tanco pegmatite.

The pegmatite units are generally strata form with regional stratigraphic and/or major regional structural fabric, but local late oblique veining also is common.

Osis Lake -- mapped and inferred pegmatite occurrences

All observed mapped and inferred pegmatites range from one to 10 metres in surface thickness with undetermined strike length due to limited outcrop exposure. North and east of Osis Lake, some albite pegmatites measure as wide as 250-metre surface width -- often with a sinusoidal contact shape indicating favourable fold structural dilation proximal to major fold axial traces. Significant widths of albite pegmatite occurrences may represent an axial trace proximity.

The pegmatite units are generally strata form with regional stratigraphic and/or major regional structural fabric, but local late oblique veining also is common.

Joint venture agreement

In January of 2018, the company announced a signed final agreement with Azincourt Energy Corp. for the Manitoba lithium projects (news release: Jan. 15, 2018). This pegmatite field hosts the world-class Tanco pegmatite that has been mined for tantalum, cesium and spodumene (one of the primary lithium ore minerals) in varying capacities, since 1969. The company's lithium projects are strategically situated in this prolific pegmatite field. Presently, the company, under its subsidiary Lithium Canada Developments, is one of the largest mineral claim holders in the Winnipeg River pegmatite field for lithium. Azincourt Energy, as the company's option/joint venture, is financed for and has committed to a minimum of $600,000 to be expended on exploration in Manitoba for 2018.

Qualified person

The contents contained herein that relate to exploration results or mineral resources are based on information compiled, reviewed or prepared by Carey Galeschuk, a consulting geoscientist for New Age Metals. Mr. Galeschuk is the qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical content of this news release with regard to technical aspects of the lithium division.

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