New Energy Metals Provides Technical Update on Troitsa Copper Project and Files NI 43-101 Technical Report

VANCOUVER, British Columbia, May 11, 2023 (GLOBE NEWSWIRE) -- New Energy Metals Corp. (TSXV: ENRG) (OTCPink: NEMCF) (“New Energy” or the “Company “) is pleased to provide an update on its Troitsa Copper Project (“Troitsa” or the “Project”) and announces the filing of a Technical Report in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) (the “Report”). The Report is available on SEDAR at www.sedar.com and the Company's website, www.new-enrg.com.

The Report represents an important milestone for the Company as it provides a comprehensive and independent evaluation of the mineralization of the Project. The Report is effective as of November 17, 2022, and follows the approval of the Troitsa option agreement by the TSX Venture Exchange (the “Exchange”). The Project is located in Central British Columbia, southwest of Troitsa Lake, on the western Nechako Plateau. It comprises 26 mineral tenures covering an area of 7,013.9 hectares. The Troitsa stock is a porphyry copper-moly prospect and a member of the Late Cretaceous Bulkley Suite, generated in a zone of tectonic crustal thickening known as the Skeena Arch. The Report confirms the presence of significant mineralization on the property, including copper, molybdenum, gold, and silver. The Report also outlines a number of exploration targets and recommends further exploration work to fully evaluate the potential of the Project.

"The Report represents a significant step forward for New Energy," states Rishi Kwatra, CEO of the Company. "It provides valuable information for investors and stakeholders and underscores the significant potential of the Project.”

The Main Zone was extensively tested in the 2010 to 2013 period by Callinex Mines Inc. (“Callinex”).

Highlights include:

• 121-meter-long series of channel samples, revealing long intervals of mineralization including 20-meter intervals that grade 0.57% Cu within an average grade of 0.28% over the 121-meter length.
• Long intercepts of mineralization confirmed in two drill holes by check samples, including a 3.2 kg check sample grading 0.52% Cu consisting of several pieces of split core from the interval 13.8 m to 34.3 m in Tr11-07, compared to the intercept grade of 0.64% Cu, and a 1.2 kg check sample grading 0.98% Cu from interval 150.6 to 171.6 meters in Tr12-10, compared to 0.87% Cu. Five other adjacent drill holes are also well-mineralized.
• Geological mapping in 2022 corroborated distinctive dyke patterns mapped in 1967 and observed that some of the dykes are mineralized with disseminated chalcopyrite and that veinlets of quartz-chalcopyrite occur in the surrounding granodiorite. Trogold historical samples showed sporadically high gold grades with 3 grading 19.4, 9.4 and 5.0 g/t Au of which two had over 2% Cu and one was in a vuggy quartz vein (9.4 g/t Au).
• Historical samples number about 60 at the Astiort and Tro showings and average 0.14% Cu, although this includes a high-grade chalcopyrite vein of 1.2% Cu. Lead and zinc mineralization is elevated, averaging 715 ppm Pb and 282 ppm Zn for the 60 samples, which may be an indicator of a peripheral environment.
• A peripheral type of mineralization was also observed in the pyritic halo on the east side of the stock at the Troitsa Easter showings. Mineralization is mainly carbonate veins with galena and sphalerite exemplified by two check samples that graded 1.2 and 1.4 % Pb and 1.0 and 2.8% Zn with minor copper (300 ppm). The Callinex exploration program sampled 32 rocks, which averaged > 0.25% Pb, >0.33% Zn (some rocks exceeded reporting limit for Pb and Zn) and 0.1% Cu.
• The West Showing is enigmatic. It is located near the bottom of a broad, wet alpine valley meadow and may be either a protruding outcrop or a very large boulder. The rock is a biotite feldspar porphyritic diorite of more mafic composition than the Troitsa dykes and stock. It is mineralized with disseminated and stockwork veinlet chalcopyrite and grades 0.65% Cu and 0.41 g/t Au, in the check sample and 0.82% Cu and 0.37 g/t Au in the Callinex sample, which would have been sampled from the same small outcrop area.

The magmas of the Bulkley Suite, and the similar Eocene Nanika Suite, were unusually metal-rich because of a greater depth of partial melting and higher fluid content, and consequently many have developed porphyry deposits such as Berg, Huckleberry, Seel, Ox and Granisle. The Project has seen several phases of well-conducted exploration work beginning in the 1960s, despite relatively isolated access, resulting in good data that has been corroborated by our property visit and the production of the Technical Report.