Vancouver, British Columbia--(Newsfile Corp. - October 3, 2024) - Newpath Resources Inc. (CSE: PATH) (FSE: 0MZ) (OTC PINK: RDYFF) ("Newpath" or the "Company") is pleased to announce that it will be mobilizing a prospecting field crew to the Company's 100% owned Alpha/Bravo Project ("the Project") on October 7, 2024. The Company will continue the search for LCT pegmatites on the Project, focussing its prospecting efforts on priority target areas identified during the 2023 exploration program (See February 5, 2024 News Release).
Highlights from the 2023 exploration program at Alpha/Bravo included:
- Key trace element (Li, Cs, Rb and Ta) whole rock and LIBS analyses of samples collected from the Alpha/Bravo Project yield results consistent with trace element signatures and diagnostic rare earth element ratios associated with fertile granites, beryl type and spodumene subtype pegmatites.
- In addition to the Hilltop Target Area (See Figure 1), whole rock major element analyses identified three new target areas centred on peraluminous, potentially fertile granite occurrences on the Alpha/Bravo Project.
Geochemical analyses of whole rock samples and LIBS scans of lithium indicator minerals identified a number of positive indicators at Alpha/Bravo, supporting the current second-pass prospecting on selected targets. Alpha/Bravo is road accessible, strategically located between Thunder Bay and Nipigon, Ontario (See Figure 1)
Figure 1: Newpath Project Locations
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Warrant Extension
The Company also announces that it has amended the terms of 1,002,500 outstanding warrants (the "Warrants"). The Warrants are held by arm's length parties (the "Warrantholders") and were originally purchased in October 2023 (see the Company's news release dated October 6, 2023 for more information). The Warrants were initially set to expire on October 6, 2024 and the Company has extended this expiry date by one year to October 6, 2025. Other than the amendment disclosed above, the original terms of the Warrants remain in full force and effect.
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.
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 our Alpha/Bravo project is on the traditional territories of many Nations including Biinjitiwaabik Zaaging Anishinaabek, Fort William First Nation, Kiashke Zaaging Anishinaabek, Red Rock Indian Band, the Metis Nation of Ontario and Red Sky Metis 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 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 is a Canadian exploration company listed on the Canadian Securities Exchange under the symbol PATH. Newpath's early-stage Orefield critical metal exploration project, which is composed of three claim groups (Alpha Bravo, Charlie and Delta), totals 3,180 claim units covering approximately 67,448 hectares (approximately 674 square kilometres) west and southwest of Lake Nipigon in Northern Ontario and 50 kilometres northeast of Thunder Bay. The company also wholly owns the Northshore gold project located in the Schreiber-Hemlo greenstone belt (See Project Locations on Figure 1).
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.
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 with respect to the exploration work on the Project. 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, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the effectiveness and feasibility of lithium extraction technologies on a commercial scale , 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. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. As a result, readers are cautioned not to place undue reliance on any forward-looking information. 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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