New Age Metals Inc (TSX-V:NAM, OTCQB:NMTLF), in conjunction with its Farm-in/Joint Venture agreement with Mineral Resources Ltd (ASX:MIN), announced that the companies have agreed to extend the current budget of $1.8 million to $2.3 million, which will add an additional 1500 meters (m) to the current Lithium Two drill budget.
The 2022/2023 budget of $2.3 million is expected to take the project, located in Manitoba, Canada, to early April 2023, New Age Metals said.
Exploration update
Additionally, the company released the results of its 2022 exploration activities at its Manitoba lithium projects, which it said outlines several new target areas for further sampling and drilling.
Property-wide reconnaissance, geological mapping, first-pass surface sampling, and helicopter-borne magnetics were completed from early June to mid-September 2022.
The company also noted that 1063m of drilling was completed on the Lithium One Property’s Silverleaf showing to test the extent of the mineralization exposed at surface.
New Age Metals said it is encouraged by the first preliminary exploration program that confirmed anomalous lithium values on multiple properties.
“The results identified geochemically prospective areas indicating that more intensive exploration of the properties is warranted,” the company said.
The full exploration program results can be found here.
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Further, the company said in February 2023, a new technical study has been approved and is being carried out by New Age Metals’ and Mineral Resources' lithium exploration teams, with input from the Australian-based geophysical consulting group Resource Potentials Pty Ltd.
“This study will encompass regional to prospect scale assessments to provide additional and new insights for targeting and prioritizing key areas for follow-up exploration activities in 2023, such as drill planning, mapping and sampling programs, and high-resolution geophysical surveys, to be funded under the New Age Metals-Mineral Resources Farm-in/Joint Venture,” New Age Metals said.
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.
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