New Age Metals Inc (TSX-V:NAM, OTCQB:NMTLF) said an interim budget of C$2 million has been approved by Mineral Resources (MinRes) in relation to its farm-in/joint venture agreement with the MinRes to fund exploration across its lithium project portfolio in Manitoba this summer and fall.
The company said this interim budget covers all expenses related to the programs including geophysical, geochemical, and archaeological surveys which will help establish drill targets for an "aggressive" multi-project winter drill program.
The summer/fall work program commenced on May 15th and includes airborne triaxial magnetics, radiometrics, LiDAR, mapping, lithogeochemistry, mobile metal iron soil geochemistry, and biogeochemistry, with permits pending for channel sampling and outcrop stripping.
The final budget for the summer/fall work programs is slated to be approved in July 2023, New Age Metals said.
Additionally, the budgets for the winter drill programs have been submitted to MinRes, the company noted.
New Age Metals is focused on advancing green metal projects in North America and has two divisions – a platinum group metals division and a lithium/rare element division.
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