Winnipeg River-Cat Lake Lithium Project 2024 Drilling Program Has Completed 12,500 Meters

Winnipeg River-Cat Lake Lithium Project 2024 Drilling Program Has Completed 12,500 Meters

ROCKPORT – New Age Metals Inc. reported on the drilling operations and exploration program at its Winnipeg River-Cat Lake Lithium project in Southeast Manitoba. The project area hosts numerous spodumene-bearing pegmatites and surrounds the world class Tanco mine.

The 2024 Exploration Program has completed 54 of 57 diamond drill holes for approximately 12,500 total meters targeting high priority geophysical and geochemical targets identified from the extensive summer fieldwork campaign. Diamond drilling on the Lithium Two and Lithium East property has been completed with ongoing drilling at the Bird River Lithium property. The unseasonable warm conditions have forced the company to postpone drilling on the Lithman West property as access relies on an ice bridge crossing and current conditions do not allow for safe a crossing. The Lithman West property is a high priority target area where geophysics analysis identified numerous demagnetized trends analogous to those on the Tanco Mine Property which lies 3 kilometers east along strike. The Company plans to further progress the understanding of the property by collecting additional surface data to correlate with high priority targets identified by the Australian consulting company Resource Potentials. A drill program for this project will be slated for the winter of 2025.

To date 1,452 core samples have been submitted to SGS Laboratories for analysis and results are pending. Mineralization has been identified visually in some exploration holes on the Lithium Two property. Drill hole LT24-032 targeting the FD5 pegmatite on the Lithium Two property intersected 21.75 meters core length of spodumene-bearing pegmatite. Drill hole LT24-044 targeting the Magpie showing discovered during the summer program intersected 66.60 meters core length of pegmatite with localized spodumene zones.  On the Lithman East property drill testing underneath elevated Cesium (Cs) values on the Lithman East property intersected 199.33 meters core length of pegmatite with preliminary observations indicating a fractionated pegmatite (assays pending). Orientation of these pegmatites and true width has yet to be defined.

Harry Barr, Chairman and CEO, said, “We are pleased with how the 2024 Drill Campaign has progressed despite the challenging weather conditions. Our contractors were able to complete 12,500 m of the originally planned 15,000 m in an extremely efficient manner. The exploration drilling has proved that our properties cover a large LCT-style pegmatite field and that the potential for a discovery remains. The safety of our contractors remains our highest priority and while it is unfortunate that we were unable to test the Lithman West property, we are content with the amount of drilling we were able to complete in such a short time frame and given the historically warm winter.  We eagerly await the pending assay results from the drill program and look forward to providing further updates.”