New Energy Metals Reports Encouraging Results from Troitsa Copper Project

Rhea-AI Summary

New Energy Metals Corp. reports positive results from its 2022 exploration program on the Troitsa Copper Project. The Main Zone sampling averages 0.61% copper and 909 ppm molybdenum in 26 samples. Gold mineralization is confirmed at Trogold in two samples. The company plans further exploration and development work on the project to expand the Main Zone mineralization.

Positive

• The Main Zone sampling averages 0.61% copper and 909 ppm molybdenum in 26 samples.
• Gold mineralization is confirmed at Trogold in two samples.
• The company plans further exploration and development work on the project to expand the Main Zone mineralization.

Negative

• None.

VANCOUVER, British Columbia, May 18, 2023 (GLOBE NEWSWIRE) -- New Energy Metals Corp. (TSXV: ENRG) (OTCPink: NRGYF) (“New Energy” or the “Company”) is pleased to announce positive results from its 2022 exploration program on the Troitsa Copper Project (“Troitsa” or the “Project”). The program, which included extensive geological mapping and sampling, confirmed historic channel and drill intercepts defining the Main Zone, with 26 samples averaging 0.61% copper.

Troitsa is located 30 kilometers south of the advanced-stage Berg porphyry copper deposit, and 15 kilometers southwest of the Huckleberry past-producing porphyry copper-moly deposit and the nearby Ox and Seel developed porphyry copper prospects (Fig. 1). Troitsa is a promising copper porphyry exploration project which has had significant potential for future development confirmed by our latest exploration program, which focused on finding extensions to the Main Zone (Fig. 2) where the most continuous high-grade copper mineralization was discovered.

Highlights:

1. New Main Zone sampling averages 0.61% Cu and 909 ppm Mo in 26 samples in and around a porphyry dyke.
2. The Trogold showing may be an extension of Main Zone geology over 2 kilometers to the southeast where disseminated chalcopyrite was discovered in porphyry dykes (e.g., 0.15% Cu and 0.87% Cu) at the centre of a zone of sulphide veinlets in the stock (0.57% Cu, 0.76% Cu).
3. Gold mineralization is confirmed at Trogold in two samples (6.5 g/t Au and 2.9 g/t Au).
4. Peripheral-zone porphyry Pb-Zn mineralization confirmed at Astiort, Tro and Troitsa Easter.

"We are excited to report these positive results from our 2022 exploration program on the Troitsa Copper Project,” said Rishi Kwatra, CEO. “The Main Zone has consistently shown high-grade copper mineralization, and these latest results are a testament to the significant potential of this Project."

The average copper grade of 0.61% in 26 out of 31 samples (capped at 1.4% Cu) taken from the Main Zone in the 2022 program is consistent with previous exploration programs and indicates the presence of significant copper mineralization in the area.

New Energy is now planning further exploration and development work on the Project, with the aim of expanding the Main Zone mineralization.

Main Zone

The prominent feature of the Main Zone (Fig. 3) is a 20-meter wide, biotite-feldspar porphyritic granite dyke in which biotite has been pervasively replaced by chalcopyrite. Fracture-controlled quartz-chalcopyrite-pyrite veinlets, oriented parallel to the track of the dyke, occur both in the dyke and proximally in the granodiorite of the Troitsa stock. Historically, a 121 meter series of channel samples (Callinex, 2010) averaged 0.28% Cu, and was corroborated by long drill intercepts of copper mineralization (Fig. 3) in 7 holes over a 600 meter strike length.

In the 2022 exploration program, thirty-one mineralized samples were taken from the creek outcrops channel sampled by Callinex along with three whole rock samples and three QP check samples. The 0.61% average copper grade is from 26 out of 31 samples taken at the Main Zone, which excluded 5 high-grade veins above 1.4% Cu (assays: 29.2%, 15.8%, 7.4%, 4.3%, and 2.7% Cu). Molybdenum is also significant and averages 909 ppm Mo in the same 26 samples, some of which had very high-grade Mo, or 215 ppm Mo in 29 of 31 samples capped at 1% Mo. Three QP check samples verify the Main Zone sampling: 0.84% Cu (multiple grabs from the Main Zone dyke), 0.21% Cu (2 grabs of a 20 m-wide dyke in an adjacent creek), and 0.11% Cu (a 5 m-wide dyke 80 m downstream).

Tracking the Main Zone mineralization to the northwest beyond drill intersections, 5 samples were taken on the North Ridge (Fig. 2) from rusty weathering veins and breccia zones. One 10 cm quartz vein sample located 1 kilometer north of the Main Zone in a rusty shear zone graded 18.3 g/t Au, and a QP check sample of pyritic brecciated granodiorite graded 0.21% Cu.

Trogold Showing

The Trogold showing is located on the NW slopes of Piano Peak in a cirque that is rapidly losing ice cover (Fig. 4). The showing is notable for several gold-rich samples collected in the Callinex survey of 2011 that range between 5.1 and 19.4 g/t Au. Outcrops at the showing and on the nearby lower slopes of the cirque and along the steep head-wall were mapped in 2022 and 25 samples were collected. At the original Trogold showing, two of six samples corroborate the previous gold-rich samples: both sampled quartz-pyrite chalcopyrite veinlets in granodiorite; one graded 6.5 g/t Au and 0.86% Cu and the other 2.9 g/t Au. Two samples of granodiorite with disseminated chalcopyrite graded 2.6% and 0.94% Cu.

At the headwall of the cirque, a felsic porphyry dyke tracks up the cliff face and can be seen to continue across the mountain crest in the photo in Fig. 4. The dyke is mineralized with disseminated chalcopyrite while the adjacent monzodiorite - granodiorite has quartz chalcopyrite-pyrite veinlets. Grades in the dyke include a one-meter composite with 0.16% Cu and a grab with 0.87% Cu. Peripheral to the dyke, veinlet-mineralized granodiorite samples graded 0.76% and 0.57% Cu. North of the dyke a quartz carbonate altered shear zone yielded a sample with 5.3% Cu and another with 0.53% Cu.

The results of the sampling and assays suggest similarities to the Main Zone showings 2 kilometers to the northwest, which are associated with potassically altered, chalcopyrite mineralized porphyritic granite dykes.

Cirque Showing

West of the Trogold showing (Fig. 4), the redefined Cirque showing is located at a col between the west buttress of Piano Peak and its main westerly ridge. In previous Callinex samples from the area, 30 of 32 samples averaged 0.33% Cu and 197 ppm Mo (excluding 2 vein samples assaying 4.5% and 2.4% Cu).

Thirteen mineralized samples and two whole rock samples were taken from quartz sulphide veins in granitoid and mafic volcanic rocks at the Cirque showing. Copper grades in the samples vary from 0.05% Cu in a semi-massive pyritic vein to 7.0% in a 2 cm chalcopyrite vein in granodiorite. The average of 11 of 13 samples is 0.21% (capped at 1.4%; excluded 5.0% and 7.0% Cu). Samples with higher grades of copper tend to have higher gold assays (0.54 and 0.44 g/t Au), but one vuggy quartz vein sample with only 0.15% Cu yielded 0.99 g/t Au. Molybdenum ranges from 1.3 ppm to 549 ppm and averages 175 ppm Mo in all 13 samples indicating that higher Mo grades are independent of copper.

South Glacier

The Astiort and Tro showings are located about 900 meters south of the Main Zone in an area of recent deglaciation (Fig. 2) where Callinex took 61 samples in 2010 that averaged 0.11% Cu from glacially smoothed, near continuous outcrops. The mineralization and related alteration is interpreted to represent a peripheral zone in the porphyry system exhibiting more argillic styles of alteration, higher pyrite to chalcopyrite ratios, galena, sphalerite and carbonate veining.

Seven of eight new samples, excluding a 7.4% Cu sample, averaged 0.44% Cu, but included two samples with significant galena and sphalerite (8.6% and 7.0% Pb; and 0.34% and 0.53% Zn). The excluded high copper sample also graded 3550 ppm Mo, 98 g/t Ag and 599 ppm Bi, and is from a 25 cm quartz carbonate vein found along the contacts of a hornblende phyric diorite dyke. Galena-sphalerite - bearing veins were also sampled by the QP at Troitsa Easter 2 km to the NE near the Troitsa stock contact with hornfelsed tuffs.

A copy of the NI 43-101 Technical Report is available on SEDAR at www.sedar.com and on the Company’s website, www.new-enrg.com.

The technical information contained in this news release has been approved by Dr. Hardolph Wasteneys, P.Geo., a Qualified Person as defined by NI 43-101.

ON BEHALF OF THE BOARD OF DIRECTORS, 
New Energy Metals Corp.

Rishi Kwatra
CEO & Director

#610 – 700 West Pender Street
Vancouver, BC V6C 1G8 Canada
Tel: 604-669-9788
www.new-enrg.com

About New Energy Metals Corp.

New Energy is a Canadian-based resource company listed on the TSX Venture Exchange under the symbol ENRG. The Company has an option to purchase a 100-per-cent interest in the Roslyn lithium property, covering 5,100 hectares located 20 kilometers southeast of the Georgia Lake pegmatite field and 35 kilometers southeast of where Rock Tech Lithium just published a preliminary economic assessment supporting the indicated mineral resource of 10.6 Mt (million tons) grading 0.88 per cent lithium oxide and an inferred mineral resource of 4.2 Mt grading 1.0 per cent Li2O. The Company also has an option to purchase a 100-per-cent interest in the Troitsa copper property covering approximately 7,000 hectares located in the Omineca mining division of British Columbia.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements

This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities laws (collectively, “forward-looking statements”). Forward-looking statements in this news release relate to, among other things: the technical update, future plans and objectives on the Troitsa Copper Project, and all other statements that are not historical facts, particularly statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance of the Company. Often, but not always, forward-looking statements can be identified through the use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”. Forward-looking statements contained in this news release are made based on reasonable estimates and assumptions made by management of the Company at the relevant time in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that are believed to be appropriate and reasonable in the circumstances. Forward-looking statements contained in this news release are made as of the date of this news release and the Company will not update any such forward-looking statements as a result of new information or if management’s beliefs, estimates, assumptions or opinions change, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control, which could cause actual results, performance, achievements and events to differ materially from those that are disclosed in or implied by such forward-looking statements. Such risks and uncertainties include all factors outlined in the Company’s publicly filed documents under the Company’s profile on SEDAR at www.sedar.com. The Company cautions that the list of risk factors and uncertainties described in its publicly filed documents on SEDAR is not exhaustive and other factors could materially affect its results. New factors emerge from time to time, and it is not possible for the Company to consider all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.

Figures accompanying this announcement are available at: 

https://www.globenewswire.com/NewsRoom/AttachmentNg/ec7a67e5-0cb3-49f2-a4ea-0a192aed24a3

https://www.globenewswire.com/NewsRoom/AttachmentNg/e93e8876-256f-4c4e-ad72-2dc48b0751ae

https://www.globenewswire.com/NewsRoom/AttachmentNg/95163463-c633-4606-a35b-09e18a722b5a

https://www.globenewswire.com/NewsRoom/AttachmentNg/a7e49318-7cf6-48ca-bcc3-75c0935a1fc6

FAQ

What are the key results from New Energy Metals Corp.'s 2022 exploration program on the Troitsa Copper Project?

The Main Zone sampling averages 0.61% copper and 909 ppm molybdenum in 26 samples. Gold mineralization is confirmed at Trogold in two samples.

What is the company's plan for the Troitsa Copper Project?

New Energy Metals Corp. plans further exploration and development work on the project to expand the Main Zone mineralization.

Where can I find the NI 43-101 Technical Report?

The NI 43-101 Technical Report is available on SEDAR at www.sedar.com and on the company's website.