In its latest update, Azincourt reported establishing the presence of more than 100 pegmatites through mapping the Lithman East and Lithman East Extension projects, plus strong sample grades from the Lithium Two project.

It said samples from the FD5 and Eagle pegmatites at Lithium Two had returned up to 3.3% and 2.9% lithium oxide respectively, which would help prioritise locations for the upcoming 3,000m drill programme.

Azincourt also had a sample of spodumene blade extracted from the FD5 pegmatite, yielding 7.62% Li2O, which the company said was at the higher end of spodumene's 3.73%-8.03% range.

"This would tend to indicate that the spodumene present in the pegmatite dykes on the project is high in purity," Azincourt said.

"The reality is we have a lot of ground and the overall potential of what this ground may yield is just coming into view," president and CEO Alex Klenman said.

The earn-in/joint venture covers eight projects totalling more than 14,000ha after the pair added to the initial five projects covered in a January agreement.
 
Azincourt had C$1.63 million (US$1.25 million) in cash at the end of March.

Its shares reached as high as C37c in January but are back to similar levels of a year ago, closing on Friday at 7.5c.

New Age shares have ranged from 5-18.5c over the past year and closed unchanged on Friday at 6c.