(TheNewswire)
Rockport, Canada – TheNewswire - February 29, 2024 -New Age Metals Inc. (NAM) (TSXV:NAM ) ; ( OTC:NMTLF ) ; ( FSE:P7J) (“NAM” orthe “Company”) is pleased to announce the results of aproof-of-concept PLATSOL™ leaching testwork program on its 100%owned River Valley Palladium Project, near Sudbury, Ontario.
This Platsol™ testwork was completed by SGS Canada Inc. (“SGS”)on concentrates made from drill core samples of the Dana and Lismermineralized zones (Figure 1), as recommended in the 2023 PreliminaryEconomic Assessment (“PEA”) (see Company press release datedAugust 11, 2023). This proof-of-concept PLATSOL™ study is part of apost-PEA metallurgical optimization program designed to examine newand alternative technologies for significantly improving recovery ofplatinum group metals (“PGM”), gold and copper at the River ValleyProject.
Highlights
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The initial Platsol TM process testing on the Dana and LismerZones rougher flotation concentrate samples returned positive resultswith the best observed test results showing final extractions of 93%palladium, 88% platinum, 98% gold, 99% copper and 98% nickel for Danaand 93% palladium, 85% platinum, 98% gold, 100% copper and 98% nickelfor Lismer;
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PGM precipitation recovery testingshowed 99% palladium, 94% platinum and 99% gold were recovered in alow-weight final precipitate with grades of 2,908 g/t Pd, 882 g/t Ptand 56.6 g/t Au for Dana and 99% palladium, 77% platinum and 99% goldrecovered in a low-weight final precipitate with grades of 1,832 g/tPd, 607 g/t Pt and 8.32 g/t Au for Lismer. These high precipitationrecoveries are in-line with the Platsol process;
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Sample material for the Platsol™testing was derived from 2021 drill core of the Dana and Lismer Zonesstored at SGS Lakefield, Ontario ("SGS");
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The sample materials at SGS werecomposited using the same procedures and recipes as used to make therougher Cu-PGM sulphide concentrates for the 2023 PEA; and
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Additional, follow-up testworkrecommended.
Harry Barr, Chairman & CEO, stated: "The verypositive palladium and platinum recoveries highlight the potential ofour River Valley Project through a metallurgical process that includesthe Platsol™. We look forward to refining these encouraging, initialPlatsol™ results through further testwork, as we enhance theviability of our unique, primary, multi-million ounce PGMproject."
Figure 1. Location of the Dana and Lismer Zones of NAM’s River Valley PGMDeposit. These two zones were subject to the proof-of-conceptPLATSOL™ testwork reported herein. Also shown are pit-constrainedMineral Resources at $15/t NSR cut-off for all the mineralized zonesat River Valley. For explanation of the NSR, see NAM’s press releasedated October 5, 2021. Notes: The Pine Zone is not exposed at surface.M&I = Measured and Indicated Mineral Resources; Ind = IndicatedMineral Resources; and Inf = Inferred Mineral Resources.
What is Platsol™?
Platsol™ is a high-temperature and pressure acidleaching hydrometallurgical process developed at SGS Canada Inc. forrecovery of PGM, gold and base metals from low-grade, bulk-tonnagepolymetallic deposits. Previously, PLATSOL™ testwork studies of Duluth(Minnesota), Marathon (northwestern Ontario), and Pedra Blanca(Brazil) Deposits materials have resulted in Pd, Pt, Au and Curecoveries of >90%. Conventional locked cycle flotation testwork atRiver Valley produces a bulk copper concentrate (~13% Cu) withsignificantly elevated PGM values (~96 g/t Pd and ~25 g/t Pt for Dana)that, however, is undervalued by base metal smelters. Based on the high recoveries of PGMreported in this press release, Platsol™ presents apotentially valuable opportunity to produce a much higher-valueproduct at River Valley for metal refining off-site .
This proof-of-concept Platsol™ study of River Valleycommenced at SGS Lakefield in October 2023 and was completed inFebruary 2024. The study was managed for NAM by D.E.N.M. EngineeringLtd. of Burlington, Ontario and the results could trigger a full,follow-up Platsol™ studylater in 2024.
Platsol™ Testwork Results for RiverValley
Two mineralized samples from the Dana and Lismer Zoneswere subjected to a proof-of-concept Platsol TM processamenability testwork program for the recovery of palladium, platinum,gold, copper and nickel. Rougher flotation on the Dana and Lismersamples provided adequate amounts of concentrates for the purpose ofthis initial Platsol TM process testing. The PGM, copper and nickelgrades of the Lismer and Dana rougher concentrates are given in Table1.
Platsol TM amenability testing on the two samplesshowed positive results for the extraction of the PGM and base metalsof interest. The best results for each sample were observed from atwo-stage test where the residues from an initial Platsol TM test werere-tested with increased retention time. The test results for the Dana rougherflotation concentrate indicated final extractions of 93% palladium,88% platinum, 98% gold, 99% copper and 98% nickel. The test resultsfor the Lismer rougher flotation concentrate indicated finalextractions of 93% palladium, 85% platinum, 98% gold, 100% copper and98% nickel. The longer residence time was particularly beneficial forgold and platinum recoveries.
PGM recovery testing using Platsol TM pregnant leachsolutions demonstrated that high recoveries were achievable. The bestrecovery results for the Dana sample recoveries were100% palladium, 94% platinum and 100% gold, producing a low-weight finalprecipitate with grades of 2,908 g/t Pd, 882 g/t Pt and 56.6 g/t Au (Table 2). The best recovery results for the Lismer sample were 100% palladium, 77%platinum and 100% gold, producing a low-weight finalprecipitate with grades of 1,832 g/t Pd, 607 g/t Pt and 8.32 g/tAu (Table 3).
In conclusion, the tests proved thatthe PGM minerals in the Dana and Lismer mineralized zones are amenableto the Platsol process
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PGM recovery followed by precipitation was effectiveand recovered ~100% of the Au and Pd and 80 to 90% of the Pt, alongwith a small amount of copper (10 to 20%). Concentrates grading ~57g/t Au, 882 g/t Pt, and 2,908 g/t Pd were produced for Dana and ~8 g/tAu, 607 g/t Pt, and 1,832 g/t Pd for Lismer.
Next Steps
Based on these positive results from theproof-of-concept Platsol TM process testing and subsequent PGM recoverytesting, SGS recommends further testwork as follows:
1. Bulk flotationprocessing of approximately 200 to 400 kg of each of the Lismer andDana sample to generate the low mass pull/high grade flotationconcentrates as produced for the 2023 PEA test program during lockedcycle flotation;
2. FurtherPlatsol TM optimization testing to improve the kinetics and extractionsof the PGM and base metals, and to determine if the higher-gradeflotation concentrates have a positive effect (i.e., higher leachrecoveries) on the process;
3. Further PGMrecovery optimization testing to improve the precipitation recoveriesof the PGM and explore base metals recoveries and to determine if thehigher grade flotation concentrates have a positive effect thisprocess; and
4. Additional workis required to investigate the factors controlling the lower platinumrecoveries, particularly from the Lismer Zone.
About the River Valley Project
The River Valley Palladium Project is located 100 road-kmeast-northeast from the City of Sudbury.
The Project area is linked to Sudbury by a network of all-weatherhighways, roads and rail beds and is accessible year-round with hydrogrid and natural gas power nearby. River Valley enjoys the strongsupport of local communities, like the Village of River Valley, 20 kmto the south. Fully executed Memorandum of Understandings are in placewith the Temagami First Nation and the Nipissing First Nation groups,since 2014 and 2022, respectively. Environmental baseline studiesre-commenced in 2020 and will continue through 2024.
The New PEA results for the River Valley Palladium Project wereannounced in NAM’s a press release dated June 29, 2023. The PEAoutlines a 6,850 t/day open pit and underground mine and processingplant operation producing an average of 47,400 ounces of Pd per yearover a mine life of 16 years. Using assumed metal prices ofUS$2,150/oz Pd, $1,050/oz Pt, $1,830/oz Au and $4.00/lb Cu, the PEAshows a pre-tax NPV(5%) of US$296 million and a pre-tax IRR of 16% andan after-tax NPV(5%) of $140M and after-tax IRR of 11%. Opportunitiesto progress the viability of the Project include improved metalrecoveries and increased higher-grade Mineral Resources.
The PEA was prepared in accordancewith National Instrument 43-101 (“NI 43-01”) Standards ofDisclosure of MineralProjects. It was prepared by P&E Mining Consultants Inc. withD.E.N.M. Engineering Ltd., Knight Piésold Ltd. and StoryEnvironmental. Readers are cautioned that the PEA is preliminary innature and includes Inferred Mineral Resources that are considered toospeculative geologically to have the economic considerations appliedto them that would enable them to be classified as Mineral Reserves,and there is no certainty that the PEA will be realized. MineralResources that are not Mineral Reserves do not have demonstratedeconomic variability.
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About NAM
New Age Metals is a junior mineral exploration and development companyfocused on the discovery, exploration and development of green metalprojects in North America. The Company has two divisions; a PlatinumGroup 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 Element Projects, situated 100 km by roadeast-northeast of Sudbury, Ontario. In addition to River Valley, NAMowns 100% of the Genesis PGM-Cu-Ni Project in Alaska, and plans tocomplete a surface mapping and sampling program in 2022.
The Company’s Lithium Division is one of the largestmineral claim holders in the Winnipeg River Pegmatite Field, where theCompany is exploring for hard rock lithium and various rare elements,such as tantalum, rubidium, and cesium. Exploration plans for 2024include up to 15,000 meters of diamond drilling following-up on theanomalous results from the geochemical samples collected during summer2023 and geophysical/structural interpretation. The Company has apartnership with Mineral Resource Limited (MRL, ASX: MIN), a topglobal lithium producer to explore and develop the Company’s lithiumproject portfolio in Southern Manitoba .Our philosophy is to be a project generator with the objective ofoptioning our projects with major and junior mining companies throughto production.
The Company isactively seeking an option/joint venture partner for our newlyacquired Northman and South Bay Lithium Projects in northern Manitoba,and its road-accessible Genesis
PGM-Cu-Ni Project in Alaska.
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 Faraz Rasheed at Frasheed@newagemetals.com or call 613 659 2773.
The contents contained herein that relate toExploration Results, Mineral Resources and the PEA for the RiverValley Project is based on information compiled, reviewed or preparedby Dr. Bill Stone, P.Geo., Lead Geoscience Consultant for New AgeMetals. Dr. Stone is the Qualified Person as defined by NationalInstrument 43-101 and has reviewed and approved the geoscience-relatedtechnical content of this news release. Mr.David Salari, P.Eng. of D.E.N.M. Engineering Ltd., has reviewed andapproved the metallurgically-related content of this press release.
If you have not done so already, we encourage you tosign-up on our website ( www.newagemetals.com ) to receive our updated news.
On behalf of the Board of Directors
“ Harry Barr”
Harry G. Barr
Chairman and CEO
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release. Cautionary Note RegardingForward Looking Statements: This release contains forward-lookingstatements that involve risks and uncertainties. These statementsmay differ materially from actual future events or results and arebased on current expectations or beliefs. For this purpose,statements of historical fact may be deemed to be forward-lookingstatements. In addition, forward-looking statements includestatements 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. Thesestatements by their nature involve risks and uncertainties, and actualresults may differ materially depending on a variety of importantfactors, including, among others, the Company’s ability andcontinuation of efforts to timely and completely make availableadequate 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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