New Age Metals (TSXV: NAM; US-OTC: NMTLF) has commenced drilling on its Lithium Two project, part of its portfolio of early stage hard-rock lithium assets in Manitoba.
The company plans to drill at least 1,500 metres at the project, located in southeastern Manitoba about 140 km northeast of Winnipeg, New Age said in a news release Tuesday.
The program will consist of testing the down dip extension of mineralization intersected in the 2021 drill program, as well as exploratory drilling based on detailed geophysics and surface sampling.
In 2021, drilling encountered high-grade lithium mineralization in 11 drill holes along the Eagle pegmatite over a 500-metre strike length.
Drilling results included 1.01% lithium oxide (Li2O) over 16.4 metres core length with individual samples grading up to 3.49% Li2O.
Lithium Two covers 1.4 sq. km and is located approximately 20 km north of the Tanco mine, the only currently producing hardrock lithium mine in Canada. The project is geologically situated in the Cat Lake portion of the Winnipeg River pegmatite field and is road accessible.
Vancouver-based New Age Metals has an active exploration agreement with the Sagkeeng First Nation and says it will work with the community on projects in a partnership. The company’s exploration activities are being funded by Australia-listed Mineral Resources Limited (ASX: MIN), a global lithium producer.
An archaeological assessment was also completed by White Spruce Archaeology on Lithium Two, which identified three areas of archaeological potential. Drilling activity will occur outside a 25-metre buffer around the identified areas. All drill trails will stay outside of the identified areas, according to the company.
New Age Metals has two divisions: lithium and platinum group metals. The company says its lithium division is one of the largest mineral claim holders in the Winnipeg River pegmatite field. In its PGM division, it owns 100% of the River Valley project, 100 km east of Sudbury, Ont. It also owns 100% of the Genesis PGM-copper-nickel project in Alaska.
The junior has a market cap of about $14.4 million. Over the last year it has traded in a range of 5¢ and 13.5¢ per share and closed at 6.5¢ apiece.
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