New Age Metals Inc. (TSXV:NAM); (OTC:NMTLF); (FSE:P7J2) (“NAM” or “Company”) is pleased to announce that it has commenced drilling on its Lithium Two Project that is part of its Manitoba lithium division. The Company plans to drill a minimum of 1,500 metres. 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.

• A minimum 1,500 meter program at the Company’s Lithium Two Project has commenced. 

• 2021 drilling encountered high grade lithium mineralization in 11 drill holes along the Eagle Pegmatite over a 500 m strike length.  

• Drilling results included 1.01% LiO over 16.4 m core length (LT-21-09) with individual samples grading up to 3.49% LiO.  

• NAM has an active exploration agreement with the Sagkeeng First Nation and will be working in partnership with Sagkeeng on its projects.  

• The Company’s exploration activities are being funded by Mineral Resources Limited (MRL), a top 5 global lithium producer 

• NAM has contracted geological consultancy, Axiom Exploration to manage the drill program. Manitoba-based Top Rank Drilling has been engaged as drilling contractor. 

About Lithium Two Project

The Lithium Two Project covers 137 hectares and is located approximately 20 kilometres 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.

The Eagle Pegmatite is exposed at surface along roughly 530 meters as a series of lenticular spodumene-bearing dykes which occur in (Precambrian) granite and meta-volcanic rock. The 10 largest of these pegmatite bodies are en-echelon lenses that range up to 75 m in length and 9 m in width as exposed (Rowe, 1956). The Eagle Pegmatite has a general strike of 77° and an 80° to near vertical dip. The FD No. 5 Pegmatite is surface exposed over an area of 27 and 15 metres and is poorly exposed away from the main showing. The unit strikes at 80° with a near vertical dip to the north. Surface sampling over the two pegmatites yielded assays for the Eagle Pegmatite up to 2.44% Li2O and assays up to 3.04% Li2O for the FD No. 5 Pegmatite.

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Figure 1: Mineralized (spodumene) Eagle Pegmatite intercept from drill hole LT-21-09

New Age Metals completed a 1,630 m, 15 hole diamond drilling campaign in 2021 on the Lithium Two Property. The drill program focused on the Eagle Pegmatite which was the source of the historical non-NI 43-101 compliant resource estimate of 544,000 tonnes at 1.4% Li20 indicated to a depth of 61 metres.  New Age Metals intersected high grade lithium mineralization in 11 drill holes along a 500 meter strike length of the Eagle Pegmatite confirming historic drilling intercepts. The 2021 drill program included a fence intersecting the Eagle Pegmatite at a vertical depth of 40 to 50 meters with two step-back holes confirming mineralization to a depth up to 100 m.

2023 Drill Program Overview

A minimum of 1,500 m of drilling is planned for the Lithium Two property with the option to add additional drill hole based on results. The purpose of the phase two program is to follow up on the results of the 2021 drill program, testing down dip of the intersected mineralization on the Eagle Pegmatite. Additionally, to test along strike of known surface mineralization and along favourable structures identified using the 2021 detailed UAV-borne magnetic survey.  

An archaeological assessment was completed by White Spruce Archaeology on the Lithium Two Project that has identified three areas of archaeological potential. Drilling activity will occur outside of a 25-metre buffer around the identified areas. All drill trails will stay outside of the identified areas. The recommendations for the Lithium Two Project have been reviewed and agreed to by the Archaeological Assessment Services Unit, Historic Resources Branch, Ministry of Sport, Culture and Heritage.

About NAM

New Age Metals is a junior mineral exploration and development company focused on the discovery, exploration, and development of green metal projects in North America. The Company has two divisions: a Platinum Group Metals division and a Lithium/Rare Element division.

The PGM Division includes the 100% owned, multi-million-ounce, district-scale River Valley Project, one of North America’s largest undeveloped Platinum Group Metals Projects, situated 100 km by road east of Sudbury, Ontario. In addition to River Valley, NAM owns 100% of the road accessible Genesis PGM-Cu-Ni Project in Alaska and plans to complete a Option-Joint Venture arrangement with a third party mining company to develop the project.

The Company’s Lithium Division is one of the largest mineral claim holders in the Winnipeg River Pegmatite Field, where the Company is exploring for hard rock lithium and various rare elements such as tantalum, rubidium, and caesium. Further Exploration plans for 2023 include continued mapping/sampling field programs following up on prospective trends outlined in the magnetic data and 2022 surface sampling, and phase two drill program at Lithium Two Project. The company has a partnership with Mineral Resource Limited (MRL, ASX: MIN), a top global lithium producer to explore and develop the Company’s lithium project portfolio. The company plans to submit its 2023 exploration plan and budget to Mineral Resources Limited by the end of February.

Our philosophy is to be a project generator with the objective of optioning our projects with major and junior mining companies through to production. The Company is actively seeking an option/ joint venture partner for its road-accessible Genesis PGM-Cu-Ni project in Alaska.

Investors are invited to visit the New Age Metals website at www.newagemetals.com where they can review the company and its corporate activities. Any questions or comments can be directed to info@newagemetals.com or Harry Barr at Hbarr@newagemetals.com or Farid Mammadov at faridm@newagemetals.com or call 613 659 2773.

Qualified Person

The technical information in this news release has been reviewed and approved by Lynde Guillaume (Senior Geologist, Axiom Exploration Ltd.), a Qualified Person, and a Professional Geoscientist (P.Geo) who is a registered member of the ‘Engineer and Geosciences of Manitoba’ (no. 47952).

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On behalf of the Board of Directors

“Harry Barr”

Harry G. Barr

Chairman and CEO