New Age Metals (TSX-V:NAM, OTCQB:NMTLF) Inc has issued an update on exploration at its lithium projects in Manitoba, Canada, saying that a maiden 1,000 metre (m) diamond drill program at the historic Silverleaf target on the Lithium One project was slated to begin at the end of August this year.
New Age is partnered with Mineral Resource Ltd, the world's fourth largest lithium producer, at the projects and is funding the exploration. This year's budget is C$1.8 million.
The company's lithium properties sit within the Winnipeg river pegmatite field, which hosts the world-class Tanco pegmatite that has been mined for tantalum, cesium and lithium in varying capacities, since 1969.
Property-wide geological mapping and surface sampling began in early June 2022 in a bid to outline new drill targets on projects that are not yet at the drill stage. Magnetics and a Lidar survey was completed over the Lithium One and Lithman East Extension properties with results expected in late July, the firm added.
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The company said samples and geological data have been collected from prospective trends on five of the company's properties including Cat Lake, Lithium Two, Bird River, Lithman East, and Lithium One Property. Several pegmatite clusters have been visited including the Rush Lake, Birse Lake, and Greer Lake pegmatite groups as well as various historical showings, it added.
New Age Metals is the largest claim-holder in the Winnipeg River pegmatite field. Meanwhile, its Lithium One project sits 125 kilometres northeast of Winnipeg, Manitoba and is geologically characterized as being a part of the field.
The Silverleaf target there is shallow dipping highly fractionated Lithium-bearing pegmatite. The deposit has been traced by diamond drilling and trenching along strike for around 170m with a maximum width of about 30m, said the company.
New Age Metals is a junior explorer focused on the discovery, exploration, and development of green metal projects in North America. It has two divisions—a platinum group metals division and a lithium/rare element division.
Contact the author at giles@proactiveinvestors.com