(TheNewswire)
February 6 th 2024 - TheNewswire - Rockport, Ontario - NewAge Metals Inc. (NAM) (TSXV:NAM ) ; ( OTC:NMTLF ) ; ( FSE:P7J) (“NAM” orthe “Company”) is pleased to announce the continuation ofenvironmental baseline studies in 2024 on its 100% owned River ValleyPalladium Project, accessible by paved highway 100 km east of the Cityof Sudbury.
Highlights
1. In 2024,environmental baseline studies at River Valley are entering theirfifth consecutive year and will ensure that NAM is in a strongposition to meet future regulatory permitting requirements. Theseongoing environmental baseline studies will include surface water,hydrology, and groundwater; and
2. In addition, NAM iscontinuing engagement with stakeholders, regulators and localcommunities, particularly First Nations with Traditional Land claimsin the River Valley Project area
Harry Barr, Chairman & CEO of New Age Metalscommented, " We are pleased with the progress to date on the environmentalbaseline work at the River Valley Palladium Project, especially withthe participation of technical specialists from the local FirstNations groups. By being so proactive at this early stage of projectdevelopment, we are confident that NAM will be well positioned toaccelerate future mineral exploration programs and project developmentstudies."
2024 Environmental BaselineProgram
The 2024 Environmental Baseline Program will focus oncontinuation of surface water and groundwater sampling and water leveland flow monitoring studies in the River Valley Project area (Figure1). To date, the environmental baseline studieshave focused mainly in the area of the Pine, Dana, Banshee and LismerZones, in the northern part of the Project area. In 2024, theEnvironmental Baseline Program will be reviewed and the studiespotentially extended to the southeast, as appropriate, to capture theVarley, Azen, Razor, and Mustang Zones.
These baseline studies will be led by StoryEnvironmental (Haileybury and North Bay, Ontario) and includeparticipation of environmental technicians from local First Nationcommunities, namely Temagami First Nation (Bear Island) and NipissingFirst Nation (Garden City). Each of these First Nation communities has a Memorandum of Understanding (“MOU”) in place with NAM;Temagami First Nation since 2014 and Nipissing First Nation since2022. Each MOU sets out a framework for meaningful communityengagement and relationship building as the Project advances throughfuture development studies and the permitting process.
Figure 1. Location of the River Valley Palladium Project area and distributionof pit-constrained Mineral Resources for the 2023 Preliminary EconomicAssessment (“PEA”) area. The pit-constrained Mineral Resources arereported at a $15/t NSR cut-off. The NSR calculation is explained inNAM’s press release dated October 5, 2021. Notes: the Pine Zone isnot exposed at surface; M&I = Measured and Indicated MineralResources; IND = Indicated Mineral Resources; and INF = InferredMineral Resources; Mt = million tonnes; NSR = net smelter return.
About the River Valley PalladiumProject
The River Valley Palladium Project is located 100 road-kmeast-northeast from the City of Sudbury, in northeastern Ontario. TheProject 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, particularly the Village of RiverValley, 20 km to the south. Fully executed Memorandum ofUnderstandings are in place with the Temagami First Nation and theNipissing First Nation groups since 2014 and 2022, respectively.Environmental baseline studies
re-commenced in 2020 and will continue in 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%. Opportunitiesidentified in the PEA to advance the viability of the Project includemetallurgical studies to improve platinum metal recoveries andexploration programs to increase higher-grade Mineral Resources. A scoping-level Platsol™ testwork programwith SGS Canada Limited is currently underway to investigate thepossibility of recovering PGM by hydrometallurgical processes andbypass the need for a smelter. Results of the Platsol testwork will bereleased when available.
The PEA was prepared in accordancewith National Instrument 43-101 (“NI 43-01”) Standards ofDisclosure of Mineral Projectby P&E Mining Consultants Inc. with D.E.N.M. Engineering Ltd.,Knight Piésold Ltd. and Story Environmental. Readers are cautionedthat the PEA is preliminary in nature and includes Inferred MineralResources that are considered too speculative geologically to have theeconomic considerations applied to them that would enable them to beclassified as Mineral Reserves, and there is no certainty that the PEAwill be realized. Mineral Resources that are not Mineral Reserves donot have demonstrated economic variability.
CEO Interview
Agoracom released a corporate overview on the Company which can beaccessed by clicking the following link.
About NAM
New Age Metals is a junior mineral exploration anddevelopment company focused on the discovery, exploration, anddevelopment of green metal projects in North America. The Company hastwo divisions: a Platinum Group Element division and a Lithium/RareElement division.
The PGE Division includes the 100% owned,multi-million-ounce, district-scale River Valley Project, one of NorthAmerica’s largest undeveloped Platinum Group Element Projects,situated 100 km by road east of Sudbury, Ontario. In addition to RiverValley, NAM owns 100% of the Genesis PGE-Cu-Ni Project in Alaska andplans to complete a surface mapping and sampling program in2023.
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 elementssuch as tantalum, rubidium, and cesium. Exploration plans for 2024 include up to15,000 meters of diamond drilling following up on the anomalousresults from the geochemical samples collected during summer 2023 andgeophysical/structural interpretation. The Company has a partnership with MineralResource Limited (MRL, ASX: MIN), a top global lithium producer toexplore and develop the Company’s lithium project portfolio inSouthern Manitoba . Our philosophy is to be aproject generator with the objective of optioning our projects withmajor and junior mining companies through to production.
The Company is actively seeking anoption/joint venture partner for our newly acquired Northman and SouthBay Lithium Projects in northern Manitoba, and its road-accessibleGenesis PGE-Cu-Ni Project in Alaska.
Investors are invited to visit the New Age Metalswebsite at www.newagemetals.com where they can review the company andits corporate activities. Any questions or comments can be directed toinfo@newagemetals.com or Harry Barr at Hbarr@newagemetals.com or FaridMammadov at faridm@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.
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 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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