New Age Metals (TSXV:NAM; OTC:NMTLF) has received a grant of $300,000 from the Manitoba Mineral Development Fund. The money will be released in three, $100,000 installments for work done in the Winnipeg Rover pegmatite field. The work is part of a farm-in joint venture with Mineral Resources of Australia.
The development funding from the government is in addition to the $2-million preliminary exploration budget for 2023-24.
The summer field program is planned to better define historical documented showings and anomalous grab samples collected between 2018 and 2022, as well as to potentially locate buried LCT (lithium-cesium-tantalum) pegmatites. The main objective is to define and prioritize drill targets and bring additional projects to a drill ready stage in an effort to outline an economically exploitable lithium deposit in close proximity to Tanco mine on the northwest shore of Bernic Lake.
New age will share all information related to the project activities with the development fund and Manitoba government. The company will also account for all direct and indirect expenditures for the full amount.
Work planned for this summer includes bedrock mapping, property wide lithogeochemistry on potential drill targets, soil geochemistry using the mobile metal ion (MMI) process, and biogeochemistry where MMI cannot be done.
New Age has four lithium properties – South Bay, Northman, Mclaughlin Lake, and the flagship Bird River – in Manitoba.