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.”
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.