(TheNewswire)
November 5, 2020 - TheNewswire - Rockport, Canada - New Age Metals Inc.(NAM) (TSXV:NAM ) ; ( OTC:NMTLF ) ; ( FSE:P7J) ("NAM" or the "Company") NAM is pleased to provide an update on exploration activitiesfor the Company's two green metal divisions.
Chairman and CEO, Harry Barr stated, "In the lastweek we have delivered over 300 River Valley samples from our corestorage facility to Geolabs in Sudbury from which we expect assayresults returned in early December. The analytical packages used atthe lab will test for rhodium, palladium, platinum, ruthenium andiridium. Additionally, our field team in Manitoba have collected over80 rock samples to be sent to Saskatchewan Research Councillaboratories from our Lithium One Project. A second phase of rocksampling and mapping begins this week."
On September29 the Company announced its plansfor the third phase of exploration and development work at theflagship River Valley Palladium Project which includes the initiationof a project wide rhodium evaluation program and the second round ofenvironmental baseline work in 2020. Story Environmental havescheduled the delivery of a final report presenting their work for theend of January 2021. Thestated objective of the rhodium evaluation program is to ultimatelyevaluate the feasibility of including rhodium as a payable metal aspart of the River Valley Project's payable metal suite , that includes palladium, platinum, gold, copper, andnickel. The work in the final quarter of 2020 will focus on assayinghistorical River Valley samples for rhodium and other metals. Thiswork will require follow-up metallurgical test work to prove rhodiumrecoverability.
The Company's River Valley corestorage facility holds core from over 700 holes (above)
Pictured above are field crew members from theTwohearts foundation who collaborated with New Age consultants at ourlatest field program at Lithium One.
Above is a new outcrop exposure of theSilverleaf pegmatite displaying spodumene-lepidolite mineralizationand on the right are.
Additional Activities for Q4 2020
Additional activities planned for Q4 regarding RiverValley include exploration targeting which will continue to focus onfootwall mineralization, though at the Dana South Zone in addition to the Pine Zone-T3 target. The interior of theRiver Valley Intrusion will also be re-evaluated for the possibilityof MT and gravity surveys to aid development of targeting models forreef-type PGM deposits.
The Company has issued 226,000 common shares at a deemed value of $0.06 per share to AgoraInternet Relations Corp. ("AGORACOM") pursuant to the termsof the March 2020 agreement. The securitiesissued represent the third payment for services under the terms of theagreement and are subject to a four month plus one day hold periodexpiring March 5, 2021.
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 in Alaska. The Lithium division is the largestmineral claim holder in the Winnipeg River Pegmatite Field, where theCompany is exploring for hard rock lithium and various rare elementssuch as tantalum and rubidium. Our philosophy is to be a projectgenerator with the objective of optioning our projects with major andjunior mining 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.
About the River Valley PalladiumProject
The details of the updated Mineral Resource Estimate(MRE) and Preliminary Economic Assessment (PEA) were announced in thepress release dated August 9, 2019 and are described on NAM's website. The pit constrained Updated Mineral ResourceEstimate formed the basis of the PEA . At acut-off grade of 0.35 g/t PdEq, the Updated Mineral Resource Estimatecontains 2.867 Moz PdEq in the Measured plus Indicated classificationsand 1.059 Moz PdEq in the Inferred classification. The PEA is a preliminary report, but it demonstrates thatthere are potentially positive economics for a large-scale mining openpit operation, with 14 years of Palladium production. Refer to the NAM website (www.newagemetals.com) fordetails.
If you have not done so already, we encourage you tosign up on our website ( www.newagemetals.com ) to receive our updated news.
The contents contained herein that relate toExploration Results or Mineral Resources is based on informationcompiled, reviewed or prepared by Dr. Bill Stone, P.Geo., a consultinggeoscientist for New Age Metals. Dr. Stone is the Qualified Person asdefined by National Instrument 43-101 and has reviewed and approvedthe technical content of this news release.
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 from actualfuture events or results and are based on current expectations orbeliefs. For this purpose, statements of historical fact may bedeemed to be forward-looking statements. In addition, forward-lookingstatements include statements in which the Company uses words such as"continue", "efforts", "expect","believe", "anticipate", "confident","intend", "strategy", "plan","will", "estimate", "project","goal", "target", "prospects","optimistic" or similar expressions. These statements bytheir nature involve risks and uncertainties, and actual results maydiffer materially depending on a variety of important factors,including, among others, the Company's ability and continuation ofefforts to timely and completely make available adequate currentpublic information, additional or different regulatory and legalrequirements and restrictions that may be imposed, and other factorsas may be discussed in the documents filed by the Company on SEDAR(www.sedar.com), including the most recent reports that identifyimportant risk factors that could cause actual results to differ fromthose contained in the forward-looking statements. The Company doesnot undertake any obligation to review or confirm analysts'expectations or estimates or to release publicly any revisions to anyforward-looking statements to reflect events or circumstances afterthe date hereof or to reflect the occurrence of unanticipated events. Investors should not place undue reliance on forw ard-looking statements.
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