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New Age Metals/Azincourt Energy Acquire 100% of the CATLAKE Lithium Project, the 8th Lithium Project in Southeast Manitoba/2018 Field Program Initiated
(via TheNewswire) June 6th, 2018 / TheNewswire / Rockport, Canada - New Age Metals I...
About this update from New Age Metals Inc
[{"type":"text","content":"New Age Metals/Azincourt Energy Acquire 100% of the CATLAKE Lithium Project, the 8th Lithium Project in Southeast Manitoba/2018 Field Program Initiated(via TheNewswire)\n \n\n\n\n1.Lithium Canada Development is the 100% owned subsidiary of New Age Metals (NAM) who presently has an agreement with Azincourt Energy Corporation (AAZ) whereby AAZ will now commit an additional $250,000 in exploration expenditures and issue NAM an additional 250,000 shares of AAZ. This increases AAZ's initial 50% exploration expenditure earn in for AAZ from $2.6 million to $2.850 million. This acquisition will also increase the shares to be issued to NAM from 1.5 million to 1.75 million, and adds an additional 2% royalty for NAM, for a total of eight royalties on the Lithium Projects in this pegmatite field. For additional information on the NAM/AAZ option/joint-venture and recent acquisitions, see the news releases dated Jan 15, 2018, May 2, 2018, May 10, 2018. \n\n\n\n2.The recent project acquisition has strengthened New Age Metal/Azincourt Joint Venture position as the largest claim holder in the Winnipeg River Pegmatite Field as they are now in possession of an approximate total of 14,100 hectares (34,800 acres). These Manitoba projects that have excellent infrastructure are located in a mining friendly jurisdiction. The Joint Venture now has eight projects in this large lithium-bearing pegmatite field. \n\n\n\n3.Preliminary field work and additional ground proofing is currently in progress on the Lithium Two Project. The objective of this work is to finalize a drill plan and initiate a drill program, which is slated for Q3/Q4 2018. Management of both companies plan to update their shareholders and interested parties with a complete exploration plans for all eight projects before the end of June and as the summer/fall progresses. The minimum exploration budget for 2018 is $600,000. \n\n\n\n4.Lithium has an ever increasing demand for batteries in electric cars cellphones, laptops, solar storage, wireless charging and renewable energy products. \n\n\n\n5.NAM's Platinum Group Metals (PGM) Division, more specifically our River Valley PGM project in Sudbury, Ontario, is the largest undeveloped primary platinum group metal project in North America, and management is advancing the project towards its first economic study, more specifically, a Preliminary ...