New Age Metals Inc (TSX-V:NAM, OTCQB:NMTLF) announced that it will receive a $300,000 grant from the Manitoba Mineral Development Fund (MMDF), which will be provided in three $100,000 installments.
The junior mineral exploration and development company said it will provide MMDF/Manitoba Government access to all information related to the project(s) activities performed, and expenditures incurred, directly or indirectly, in return for the funding.
New Age Metals noted the grant will be used for mapping, lithogeochemistry, mobile metal ion (MMI) soil geochemistry, and biogeochemistry.
The company added that a summer field program is planned to better define historically documented showings and anomalous grab samples collected between 2018-2022, as well as to potentially locate buried lithium-cesium-tantalum (LCT) pegmatites.
The main objective of the program is to define and prioritize drill targets and bring additional projects to a drill-ready stage in an effort to establish an economically exploitable lithium deposit in close proximity to Tanco Mine, New Age Metals said.
The company also stated that the MMDF funding will be in addition to its $2 million preliminary budget approved by New Age Metals partner Mineral Resources Limited (MinRes), with the final 2023/2024 budget expected to be approved in the summer of 2023.
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.
Contact Sean at sean@proactiveinvestors.com