(TheNewswire)
Rockport, Canada – TheNewswire - September 26, 2023 -New Age Metals Inc. (NAM) (TSXV:NAM ) ; ( OTC:NMTLF ) ; ( FSE:P7J) (“NAM” orthe “Company”) is pleased to announce the start of an initialPLATSOL™ leaching testwork program on its 100% owned River ValleyPalladium Project, near Sudbury, Ontario. The PLATSOL™ testwork willbe carried out by SGS Canada Inc. (“SGS”) on concentrates of drillcore samples from the Dana and Lismer mineralized zones (Figure 1), asrecommended in the New Preliminary Economic Assessment (“PEA”) ofthe Project (see Company press release dated August 11, 2023). Thisproof-of-concept PLATSOL™ study is part of a post-PEA metallurgicaloptimization program designed to examine new and alternativetechnologies for significantly improving recovery of platinum metals(“PGM”), gold and copper at the River Valley Project.
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 flotation testwork at River Valleyproduces a bulk Cu concentrate with significantly elevated PGM valuesthat, however, is undervalued by base metal smelters. Based on the >90% recoveries of PGM andCu elsewhere, PLATSOL™ presents apotentially unique opportunity to produce a much higher value productat River Valley for metal refining off-site.
This proof-of-concept Platsol study of River Valleywill commence imminently at SGS Lakefield and be completed in Q4 2023.It will be managed for NAM by D.E.N.M. Engineering Ltd. of Burlington,Ontario. Results will be announced when available and could trigger afull follow-up PLATSOL™ study in 2024.
Figure 1. Location of the Dana and Lismer Zones at the River Valley PalladiumProject, northeastern Ontario, which will be subject to the PLATSOL™leaching testwork. Also shown are pit-constrained Mineral Resources at$15/t NSR cut-off. For explanation of the NSR, see NAM’s pressrelease dated October 5, 2021. Notes: The Pine Zone is not exposed at surface. M&I = Measured and IndicatedMineral Resources; Ind = Indicated Mineral Resources; and
Inf = Inferred Mineral Resources.
Research Report
Fundamental Research Corporation (FRC), a Vancouverbased research group, has published an update report on New AgeMetals. FRC provides a fee-basedcoverage . Interested parties are able toaccess the latest report and previous reports by visiting thefollowing link; https://www.researchfrc.com/new-age-metals-inc-tsxv-nam-otcqb-nmtlf-fse-p7j-advancing-exploration-funded-by-a-lithium-major/
About the River Valley Project
The River Valley Palladium Project is located 100road-km east-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 2023.
The New PEA results for the River Valley PalladiumProject were announced in NAM’s a press release dated June 29, 2023.The PEA outlines a 6,850 t/day open pit and underground mine andprocessing plant operation producing an average of 47,400 ounces of Pdper year over 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 apre-tax IRR of 16% and an after-tax NPV(5%) of $140M and after-tax IRRof 11%. Opportunities to progress the viability of the Project includeimproved metal recoveries and increased higher-grade MineralResources.
The PEA was prepared in accordancewith National Instrument 43-101 (“NI 43-01”) Standards ofDisclosure of Mineral Projects. It was prepared byP&E Mining Consultants Inc. with D.E.N.M. Engineering Ltd., KnightPiésold Ltd. and Story Environmental. Readers are cautioned that thePEA is preliminary in nature and includes Inferred Mineral Resourcesthat are considered too speculative geologically to have the economicconsiderations applied to them that would enable them to be classifiedas Mineral Reserves, and there is no certainty that the PEA will berealized. Mineral Resources that are not Mineral Reserves do not havedemonstrated economic variability.
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 caesium. Further exploration plans for2023 include continued mapping/sampling field programs following up onthe anomalous results from the soil and rock samples collectedpreviously during summer 2023. In the Winter months, the Company plansto drill up to 15,000m on several of the Company’s projects. TheCompany has a partnership with Mineral Resource Limited (MinRes, ASX:MIN), a top global lithium producer to explore and develop theCompany’s lithium project portfolio in Southern Manitoba. The2023/24 budget is $7 million and is fully funded by MinRes.
In Northern Manitoba, the Company recently signed anoption/joint venture binding term sheet with Native Mineral Resourcesto develop the McLaughlin Lake Lithium Project. 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/jointventure partner for our newly acquired Northman and South Bay LithiumProjects in northern Manitoba, and its road-accessible GenesisPGE-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 Faraz Rasheedat 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 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.
Copyright (c) 2023 TheNewswire - All rights reserved.