New Age Metals has expanded its lithium portfolio with the purchase of a mineral exploration licence (MEL) that covers a 19,321ha area in McLaughlin Lake, Manitoba, Canada, from an undisclosed firm.

Covering a 30km strike length of the Stull-Wunnummin Fault structure, the MEL property comprises spodumene-bearing pegmatites with historical assay values up to 2.87% Li₂O.

Located in northern Manitoba’s Oxford Lake – Knee Lake Greenstone belt, the newly acquired property is held by New Age Metals’ lithium division Lithium Canada Development.

New Age Metals said it is searching for a strategic partner to help advance the Mclaughlin Lake Lithium project to a drill-ready stage.

New Age Metals chairman and CEO Harry Barr said: “With the strong competition in today’s lithium market for available and prospective projects, we are thrilled to acquire such a large, underexplored area with mapped occurrences of lithium-bearing pegmatites.

“The acquisition of the McLaughlin Lake Lithium Project expands our Manitoba Lithium Division land position by 79% to an amalgamated 43,870ha confirming our commitment to delivering shareholder value through project generation and development.”

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By GlobalData

New Age Metals is working with the technical consultants from Axiom Exploration Group on the exploration plan for the project’s upcoming field season.

In a press statement, New Age Metals said: “New Age Metals continues to expand its Manitoba Lithium Division’s land holdings as a leading explorer for battery metals in the province.”

In February 2023, New Age Metals purchased mineral claims covering 4,338ha in South Bay pegmatite field, northern Manitoba, Canada.