New Age Metals Inc (TSX-V:NAM, OTCQB:NMTLF) said it has procured 30,668 hectares of mineral exploration license (MEL) area around Red Cross Lake in Manitoba, considerably expanding the company’s lithium division land holdings to 74,448 hectares.
The newly acquired Northman Lithium project is now the Rockport, Ontario-based junior mineral exploration company’s third property acquisition in 2023.
New Age said the MEL covers a 28-kilometer (km) strike length of the North Kenyon Shear Zone and surrounds an associated LCT pegmatite swarm documented at Red Cross Lake with historical assays of up to 1.25% SPG pegmatite (Li2O) and 2.86% LPG pegmatite (Cs2O) and 2.97% Li2O.
The company noted that the new Northman Lithium project lies within the Oxford-Stull domain in northern Manitoba’s Red Cross Lake greenstone belt, which hosts highly fractionated lithium-bearing pegmatites and is significantly underexplored. All the claims are held by Lithium Canada Development, a 100% owned Lithium Division of New Age Metals.
In a statement, New Age Metals CEO Harry Barr said: “It’s fantastic to see our research efforts and diligence paying off with the addition of this highly prospective ground. While we work and develop our southeast Manitoba projects through the joint venture with Mineral Resources Limited, we intend to be a leader and prospect generator for green metals in Canada.”
“Our three recent 100% owned project acquisitions now give us a large lithium focused portfolio with excellent exploration targets in northern Manitoba. Together with our technical team from Axiom Exploration Group, we are currently working on a comprehensive go-forward exploration plan for these properties as we patiently await the snow to melt so our crew can get boots on the ground.”
The company highlighted key features of the Northman Lithium project as follows:
- Along trend of lithium bearing pegmatites documented at Red Cross Lake
- The pegmatites in the Red Cross area are ranked with the most evolved spodumene pegmatites worldwide
- LPG Pegmatite: Lepidolite and Pollucite rich pegmatite swarm with 17 parallel and sheared dykes up to 4 meters in width over an area of roughly 50 meters
- Work by the Geological Survey of Canada in the 1960s identified the rubidium and cesium potential of these pegmatites, with one sample assaying 2.86% CsO, 1.29% RbO, and 1.26% Li
- SPG Pegmatite: Spodumene-bearing dyke with grab samples assaying up to 2.97% LiO
- Large leucogranite intrusions within the MEL zone that occur up to 5-km long and attain a maximum width of 90 meters. Analysis of these units identified the presence of spodumene and quartz replacing petalite
- Property covers 30-km of strike extent of the North Kenyon Shear Zone
- Identified targets from regional magnetics that are analogous to those hosting rare-metal pegmatites at Red Cross Lake.
New Age Metals said it continues to expand the company’s Manitoba Lithium Division’s land holdings as a leading explorer for battery metals in the province. The recent acquisitions bring the firm’s total land holdings to 74,448 hectares.
The company has 11 projects covering 20,211 hectares in southern Manitoba which are under option to Mineral Resources Limited. The recent acquisitions of South Bay, McLaughlin Lake, and Northman Lithium projects make up 54,289 hectares for which New Age Metals said it is looking for “a strategic partnership.”
Contact the author Uttara Choudhury at firstname.lastname@example.org
Follow her on Twitter: @UttaraProactive
Read the full article here