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New Age Metals Announces Commencement of 15,000 Meter Winter Drilling Program on the Winnipeg River-Cat Lake Lithium Project

Press Release

16th January, 2024,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 that as part of our $7 million 2023/2024 exploration budget it has commenced drilling operations at its Winnipeg River-Cat Lake Lithium project in Southeast Manitoba. The exploration program is being carried out by Platinum Diamond Drilling Inc. (“Platinum”) with technical and geological oversight by Axiom Exploration Group Ltd. (“Axiom”).

2024 Drill Program Overview

The 2024 winter drill program has commenced and will comprise up to 15,000 meters of planned exploration drilling. Drilling will be conducted over four of the Company’s properties within the project area including Lithium Two, Bird River, Lithman West, and Lithman East.

The program will focus on high-priority targets identified from the extensive 2023 geochemical and geophysical surveying program. Targeted drilling is aimed at quantifying and expanding the existing spodumene mineralization on the Lithium Two and Bird River properties. Additionally, significant meterage will be allocated to exploration drilling on the Lithman East and West properties that are contiguous with the Tanco Mine property and share similar geological and structural settings. These properties host numerous pegmatites with anomalous geochemical indicators that align with demagnetized trends and dilation zones that could serve as structural conduits for LCT pegmatites.

Chairman and CEO Harry Barr commented; “After extensive project development and planning to get to this point, we are proud to announce the commencement of our most aggressive drill program to date for our Lithium Division. Together with our partners from Mineral Resources and consultants from Axiom, we have systematically developed our understanding of the project area over the last few years and now have well-defined, high priority targets that give us great confidence for this program.  On behalf of New Age Metals, we wish for a safe drill program for our contractors and consultants and look forward to positive results.”

Project Highlights

  • Targeted drilling, aimed at expanding the existing surface spodumene mineralization on the Bird River Lithium and Lithium Two Properties.
  • Exploration drilling of the Rush Lake trend extending 7 km from the Tanco Mine property following up on elevated lithium and cesium in rock samples on the Lithman East Property.
  • Numerous priority geophysical targets on the Lithman West property that correlate with elevated lithium values in MMI samples and could indicate blind LCT-style pegmatites occurring at depth.
  • All drill areas are road accessible and are located within a 25 km radius of the Tanco Mine which has commercially produced tin, tantalum, cesium, lithium, and rubidium since 1969.
  • NAM has an active exploration agreement with the Sagkeeng First Nation and will be working in partnership with Sagkeeng on its winter drilling program.
  • The Company’s exploration activities are being funded by Mineral Resources Limited, a top 5 global lithium producer.

Figure 1: New Age Metals Southeast Manitoba Property Overview

On behalf of the Board of Directors

“Harry Barr”

Harry G. Barr

Chairman and CEO

IBF4

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