(TheNewswire)
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- In 2020 the Company’s primary objective was tofollow up on recommendations made in the 2019 River Valley PalladiumProject Preliminary Economic Assessment (PEA).
- The River Valley Palladium Project is one of NorthAmerica’s largest undeveloped primary Platinum Group Metal (PGM)projects. The Project has excellent infrastructure and is within 100kilometres of the Sudbury Metallurgical Complex. The Project is 100%owned by New Age Metals.
- The Company completed a three-phase exploration anddevelopment plan at River Valley which included drilling,environmental, and archaeological studies.
- The Company also completed follow-up mapping andsampling programs on its Lithium One Project in Southeast Manitoba.The program was co-funded by the Manitoba Chamber of Commerce’s,Manitoba Mineral Development Fund (MMDF). In December the Companyreceived a drill permit for its Lithium Two Project and a permit ispending for Lithium One. Further drill target definition surveys arebeing contemplated for 2021.
- The Company is expecting results and correspondingpress releases from both its rhodium evaluation program at RiverValley and the surface sampling program from its Lithium One Projectin Manitoba before the end of January 2021.
- The spot price of an ounce of Palladium increased byover 18% in the last year, to ,220/oz as at December 21, 2020.Rhodium, which is also present at River Valley, has seen a priceincrease of over 160% year-to-date to ,000/ oz.
- The Company is actively seeking an option/jointventure partner for our Genesis PGM-Cu-Ni Project in Alaska and forour Lithium division in Manitoba.
December 22, 2020 – TheNewswire - Rockport, Canada – New Age Metals Inc. (TSXV:NAM ) | ( OTC:NMTLF ) | ( FSE:P7J) Harry Barr, Chairman & CEO,stated ; “We are pleased to provideshareholders with a year end review of our activities in 2020 and aview of our exploration and development plans for our portfolio ofgreen metal projects in 2021.”
The Company’s primary objective this year was tofollow-up on recommendations made in the 2019 River Valley ProjectPEA. To that end we have completed a three-phase exploration anddevelopment plan which included two rounds of drilling, initiatedenvironmental baseline and archaeological studies, and have commenceda phase one rhodium evaluation program with the objective of includingrhodium as a payable metal.
As we progress into 2021, we are focused on advancingRiver Valley to a Prefeasibility study. This would includerecommendations to complete metallurgy, hydrogeology, geotechnicalsurveys, an updated mineral resource estimate, environmental baseline,infill and exploration drilling. Management is currently solicitingquotes from third party engineering firms with the objective ofcompleting a final Prefeasibility budget by the end of February 2021.Subject to the completion of additional funding we plan to initiatethis study by the third quarter of 2021 and our objective is tocomplete the Prefeasibility study by the end of the first quarter of2022.
The Genesis PGM-Cu-Ni Project is an under explored,highly prospective drill ready property. In 2020 NAM’s managementcontinued to seek an option/joint-venture partner for this roadaccessible PGM-Cu-Ni Project using the Prospector Generator businessmodel. COVID-19 disrupted property visits which in turn hindered anyfinalization of a potential option / joint venture deal. The Companypaid for all holding costs in 2020 and the project remains in goodstanding. The stable land status, ease of access and superbinfrastructure make this project prospective for year-aroundexploration, and development.
2020 Exploration and2021 Plans for Lithium Division
The Company has several Lithium and Rare ElementProjects in the Winnipeg River Pegmatite Field, located in South EastManitoba and situated around the Tanco Mine. The world-class TancoPegmatite is a highly fractionated lithium-cesium-tantalum(LCT)–type pegmatite that has historically been mined (Tanco Mine)since 1969 for Li, Ta, Cs, Rb and Be ores. The Tanco Pegmatite is avery rich tantalum and cesium deposit with it being the world's mostsignificant and richest known source of cesium representing more thantwo-thirds of the world's reserve.
In 2020, the company conducted afollow-up round of surface exploration work on its Lithium One Projectto generate future drill targets. This programwas co-funded by a grant from Manitoba Chamber of Commerce’s,Manitoba Mineral Development Fund (MMDF). Over 80 samples have beensent to a laboratory in Saskatchewan and results are expected inJanuary. Samples from a previous work program on the project weretaken from the Silverleaf and Annie pegmatites and not only returnedsignificant Li20 assays of up to 4.1% but heightened levels ofRubidium Oxide (Rb2O).
Management plans to make a secondapplication for a grant from the MMDF in 2021. In December 2020 the Company received a drill permit for its LithiumTwo Project and the application for a permit on Lithium One wassubmitted to the Manitoba government. The Company continues to solicit potentialoption/joint venture partner(s) to continue the development of itsLithium division.
Shares for Services
The Company has issued 135,600 common shares at adeemed value of $0.10 per share to Agora Internet Relations Corp.(“AGORACOM”) pursuant to the terms of the March 2020 agreement.The securities issued represent the fourth payment for services underthe terms of the agreement and are subject to a four month plus oneday hold period expiring April 22, 2021.
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New Age Metals is ajunior mineral exploration and development company focused on thediscovery, exploration and development of green metal projects inNorth America. The Company has two divisions; aPlatinum Group Metals division and a Lithium/Rare Element division.The PGM division includes the 100% owned, multi-million-ounce,district scale River Valley Project, one of North America’s largestundeveloped Platinum Group Metals Projects, situated 100 km fromSudbury, Ontario. The Company has recently completed a PreliminaryEconomic Assessment on the project and is working towardsPrefeasibility. In Alaska the Company owns 100% of the GenesisPGM-Cu-Ni Project.
The Lithium division is the largest mineral claimholder in the Winnipeg River Pegmatite Field, where the Company isexploring for hard rock lithium and various rare elements such astantalum and rubidium. Our philosophy is to be a project generatorwith the objective of optioning our projects with major and juniormining companies through to production. The Company is actively seeking an option/joint venture partner for its road-accessible Genesis PGM-Cu-Niproject in Alaska and for our Lithium division in Manitoba.
Investors are invited to visit theNew Age Metals website at www.newagemetals.com where they can reviewthe company and its corporate activities. Any questions or commentscan be directed to info@newagemetals.com or Harry Barr at Hbarr@newagemetals.com or Cody Hunt at Codyh@newagemetals.com or call 613 659 2773.
On behalf of the Board of Directors
“ Harry Barr”
Harry G. Barr
Chairman and CEO
Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
Cautionary Note Regarding Forward Looking Statements:This release contains forward-looking statements that involve risksand uncertainties. These statements may differ materially fromactual future events or results and are based on current expectationsor beliefs. For this purpose, statements of historical fact may bedeemed to be forward-looking statements. In addition,forward-looking statements include statements in which the Companyuses words such as “continue”, “efforts”, “expect”,“believe”, “anticipate”, “confident”, “intend”,“strategy”, “plan”, “will”, “estimate”, “project”,“goal”, “target”, “prospects”, “optimistic” or similarexpressions. These statements by their nature involve risks anduncertainties, and actual results may differ materially depending on avariety of important factors, including, among others, the Company’sability and continuation of efforts to timely and completely makeavailable adequate current public information, additional or differentregulatory and legal requirements and restrictions that may beimposed, and other factors as may be discussed in the documents filedby the Company on SEDAR (www.sedar.com), including the most recentreports that identify important risk factors that could cause actualresults to differ from those contained in the forward-lookingstatements. The Company does not undertake any obligation to reviewor confirm analysts’ expectations or estimates or to releasepublicly any revisions to any forward-looking statements to reflectevents or circumstances after the date hereof or to reflect theoccurrence of unanticipated events. Investors should not place unduereliance on forward-looking statements.
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