NMR secures 51% of McLaughlin Lake Lithium Project from New Age Metals

Native Mineral Resources Holdings Limited (ASX: NMR) has recently announced that it will acquire 51% of the McLaughlin Lake Lithium Project from New Age Metals Inc (TSXV: NAM). The acquisition agreement involves a payment of AU$200,000 worth of NMR shares, CA$75,000 in cash, and CA$500,000 for exploration funding over 18 months.

The McLaughlin Lake Lithium Project, also known as MEL 1028A, is situated in the Oxford Lake region of Manitoba, Canada. The project has shown great potential, with previous mapping uncovering a 400-meter long outcropping pegmatite dyke that reaches up to 2.2 meters in width. A 1.5-meter long channel sample across the dyke revealed an assay of 1.32% Li2O, indicating the presence of lithium. Additionally, grab sampling of another dyke returned assays of 0.98% and 2.87% Li2O.

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