New Age Metals Inc. in conjunction with its Farm-in/Joint Venture agreement with Mineral Resources Ltd. (MRL) announced the results of recently received assays at its Winnipeg River-Cat Lake Lithium Projects of Southeast Manitoba. An extensive summer work program has been underway since mid-May including airborne geophysical surveying, rock and soil sampling, biogeochemical sampling, and outcrop stripping in preparation for the winter drilling program. The 2023/2024 budget for the above work including approximately 15,000 meters of drilling is $7 million. The work has already successfully identified new spodumene occurrences on the Lithium Two and Bird River Lithium properties. Additionally, numerous known targets have been further delineated and recent assays from geochemical sampling identified several new areas to be considered highly prospective for lithium-cesium- tantalum ("LCT") type pegmatites based on geostatistical review of the results. Highlights: Six grab samples from the Tappy Pegmatite returned over 1.0 % Li2O including up to 5.07 % Li2O. Additional pegmatites identified ~150 m to the west (assay results pending). New spodumene-bearing pegmatite dyke identified 450m to the north of the Eagle Pegmatite on the Lithium Two property as a direct result of following up
anomalies from lithogeochemical grid sampling. Assays from spodumene-bearing samples are pending. Grab samples 50 meters southeast of FD No.5 pegmatite returned 3,965 and 1,124 ppm Li. Initial geochemical evaluation shows indications of highly prospective trend and pegmatite swarm including anomalous Li, Cs, and Ta values along the Rush Lake Trend of the Lithman East property which lies only ~ 6 km from Tanco Mine. Heritage Resource Impact Assessment (HRIA) surveys have been completed on Lithium Two and Lithman East properties in preparation for winter drilling. Exploration Update: Geochemical Sampling and Assays: A total of 1,822 rock samples, 2,637 Mobile Metal Ion (MMI) soil samples, and 252 biogeochemistry sample have been collected as of October 19th, 2023. Lab results from 967 rock samples and 1,427 MMI soil samples have been received. Geophysical Surveying: Concurrent with the field program, Axiom Exploration Group Ltd. carried out a high-resolution helicopter-borne survey covering 4,345 line-kms consisting of Magnetics, Radiometrics, and LiDAR. Resource Potentials Pty Ltd. out of Perth Australia has been engaged to complete a detailed review and interpretation of all newly acquired geophysical data. Permits/Archaeological Surveys: Numerous permit applications and amendments have been submitted and are undergoing final review in preparation for winter drilling. Heritage Resource Impact Assessment (HRIA) surveys have been completed for claims within Provincial Parks as part of NAM's commitment to responsible and sustainable development. On-going Work: Prospecting teams will remain on site until late October to conduct detailed follow up work on areas of interest identified by preliminary assay review. Reconnaissance exploration in unexplored areas of the project. Continued preparation for 2024 Winter Drill Program including logistics, drill access, and camp construction. Detailed review of all assay results. Mapping and 3D modelling of priority drill targets.