Newpath Consolidates and Outlines Field Activities for Largest Known Lithium Prospective Land Package in Ontario, Canada
Vancouver, May 2, 2023 - Newpath Resources Inc. (CSE: PATH) (FSE: 0MZ) (OTC PINK: RDYFF) ("Newpath" or the "Company") is pleased to provide an overview of its property acquisition strategy, exploration initiatives, and corporate activities in 2023. Newpath's recently consolidated Alpha/Bravo Project covers 66,597 Ha (approx. 666 sq. km) in northern Ontario (the "Project"). The Project is the largest known land package amongst junior exploration companies exploring for lithium and other battery metals in the province of Ontario. The land package is to the southwest of Rock Tech Lithium's Georgia Lake Project in the Nipigon Lithium District.
Management Commentary
Alex McAulay, CEO, states, "We are currently uncovering historical geological data that continues to support the lithium potential of the Alpha/Bravo Project and will guide our summer exploration program. Given the size of our land package and initial indications of lithium present at the Project, we will seek to gain a more regional perspective of the lithium mineralization and then further narrow our scope to determine the highest priority areas of the property for more focused exploration activities. I look forward to sharing some exciting developments in the coming months, and I look forward to further informing the market of the developments relating to this unique lithium opportunity we have assembled."
Alpha/Bravo Project Highlights
- Clusters of lake sediment samples with highly anomalous Lithium, Cesium and Rare Earth Elements have been identified from government surveys1 (See Figures 1 and 2). Many of these samples have returned higher lithium analyses, in some cases nearly double the highest concentrations returned from lake sediment samples collected from the Georgia Lake Pegmatite Field, 65km east of the Project. Rock Teck Lithium's Georgia Lake Project in the comparable area recently completed a prefeasibility study based on an indicated mineral resource of 10.6MT grading 0.88% Li2O and Inferred mineral resource of 4.22MT grading 1.0% Li2O.
- To date at least 170 historically mapped pegmatite occurrences in outcrop have been identified on the Project (See Figure 1). The current objective is to determine the lithium bearing potential of these pegmatites and the extent of the fertile granites that have produced these pegmatites.
- Excellent paved road access to the project and an extensive forestry access road network on the project allows for efficient cost effective exploration.
- The Quetico Subprovince continues to be an important geological setting for lithium bearing pegmatites in Canada with many junior exploration companies advancing their projects. Notable companies in this area include RockTech Lithium, Lithium One Metals, Tearlach Resources, Brunswick Exploration, Imagine Lithium and Vital Battery Metals.
Lake Sediment Comparable & Pegmatite Occurrences
The initial thesis behind staking this project comes from an investigation of historical information from government and assessment work. A significant indicator of a potential bedrock source for lithium was the high concentration of lithium, cesium and other rare earth elements in lake sediment samples that typically accompany mineralization in Lithium-Cesium-Tantalum (LCT) pegmatites, as also observed in the Georgia Lake Pegmatite Field (See Figures 1 and 2).
Based on a compilation of available historical data, the Company has identified more than 170 pegmatite occurrences from government mapping and detailed assessment maps from companies exploring for base metals. Many of these pegmatite occurrences are immediately adjacent to and within mapped muscovite-bearing granitic rocks, which are thought to be the source of lithium-enriched pegmatites. Some of the pegmatite occurrences are also proximal to anomalous lithium and cesium in lake sediment samples (See Figure 1).
Project Accessibility
The project has excellent paved and gravel road access and is located 50km northeast of Thunder Bay, a major exploration and mining hub for north and Northwest Ontario. As a result of the recent boom in critical mineral exploration and development activity in the region, Thunder Bay is quickly being recognized as an important transportation link in the battery metal supply chain, prompting a proposal to build a lithium refinery that has capacity to service a number of deposits currently being developed in Northern Ontario. Avalon Advanced Metals Inc. continues to work towards establishing its lithium refinery in Thunder Bay with an estimated construction completion date of 2025. According to Avalon "the refinery being planned would be adaptable and would also be expandable to increase output and accept concentrates from other aspiring producers of lithium minerals including petalite, lepidolite and spodumene, from the many pegmatite deposits that occur in Northwest Ontario"(Avalon Advanced Materials Inc. MD&A, as at November 30, 2022).
Excellent road access to our Alpha/Bravo Project and close proximity to Thunder Bay translates into more efficient and cost effective exploration compared to more remote projects. We do not anticipate having to operate from remote field camps and project staff will be able to commute either from Thunder Bay or a number of other cost effective lodging options along the Trans-Canada Highway south of the project. An extensive logging access road network covers most of the Alpha/Bravo Project, allowing for efficient vehicle access to most of the property area, which is key during the early phases of prospecting and mapping. Ultimately, any exploration success by Newpath at Alpha/Bravo will immediately benefit from the excellent access to land-air-water transportation, hydro, natural gas, experienced mining and exploration work force and close proximity to the full service city of Thunder Bay.
Figure 1 - Newpath Resources Inc.'s Alpha/Bravo Project
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Figure 2: Comparison of Li in Lake Sediments Alpha/Bravo versus Georgia Lake Pegmatite Field
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Qualified Person
The technical content of this news release has been reviewed and approved by Douglas S. Turnbull, P.Geo., the Company's COO and a "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Consulting Engagement
The Company has signed an agreement with GOLDINVEST Consulting GmbH for a period of six months at a value of EUR 15,000 for news distribution through its German portal, GOLDINVEST.de.
Acknowledgment of First Nations
Newpath Resources Inc. is committed to fostering lasting, transparent, trust-based relationships with the Indigenous communities where we operate. We respectfully acknowledge that we conduct business on the traditional territories of many Nations including Biinjitiwaabik Zaaging Anishinaabek, Fort William First Nation, Kiashke Zaaging Anishinaabek, Red Rock Indian Band, Pays Plat First Nation, the Métis Nation of Ontario and Red Sky Métis Independent Nation.
Newpath Resources recognizes the great privilege of conducting work on these lands and recognizes the accountability and commitment we owe to the communities who have resided here since time immemorial. Newpath shares a common interest in ensuring that the lands and waters will continue to provide cultural, environmental, and economic wellbeing for Indigenous communities for generations to come.
About Newpath Resources Inc.
Newpath Resources Inc. is a Canadian exploration company listed on the Canadian Securities Exchange under symbol PATH. The Company wholly-owns the Northshore Gold Project located in the Schreiber- Hemlo Greenstone Belt and its Orefield Project, which is comprised of three claim groups (Alpha/Bravo, Charlie and Delta) totaling 3,140 claim units covering 66,597 Ha* (approximately 666 square kilometres*) west and southwest of Lake Nipigon in Northern Ontario.
On Behalf of the Board of Directors,
"Alexander McAulay"
Chief Executive Officer
Email: amcaulay@newpathresource.com
CEO Direct Line: +1 (604) 365-0425
www.newpathresource.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Notes
* All project areas expressed as Hectares (Ha) or square kilometres (Km2) in this news release represent the area the Company has the right to explore.
References
1 - Ontario Geological Survey 2020. Lake Geochemistry of Ontario-2019; Ontario Geological Survey, Lake Geochemistry of Ontario-2019, online database.
Cautionary Statement Regarding Forward-Looking Information
This news release may contain certain "forward-looking information". Forward-looking information included in this news release includes, but is not limited to, statements regarding the largest know land assembly package; lithium bearing potential of the pegmatites and the extent of the fertile granites; and the ability to have land claims be perspective and the speculative nature of mineral exploration and development. Forward-looking information is based upon the assumptions and estimates considered reasonable by management of the Company as of the date such statements are made. Forward-looking information involves known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information.
Risks that may cause the forward-looking information contained herein to be materially different from the future results, performance or achievements expressed or implied by the forward-looking information contained herein include, but are not limited to, statements regarding the largest know land assembly package; lithium bearing potential of the pegmatites and the extent of the fertile granites; and the ability to have land claims be perspective. The Company cautions readers that the Project is an early stage, green fields exploration project and does not necessarily indicate that any mineral resources may be discovered on the Project, or if discovered, that such resources would be economically recoverable. Any statement containing forward looking information speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.
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