(TheNewswire)
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- Subject to closing a recently announced financing,this release will outline our 2021 objectives including;
- NAM intends to engage third party engineeringcompanies to complete the River Valley Palladium Project’s firstPrefeasibility Study before the end of the first quarter of2022.
- NAM technical teams are finalizing plans foradditional exploration drilling of up to 5,000 metres at the RiverValley Project to further delineate the northernmost mineralizedzones, expand the known mineralization boundaries and for resourceclassification.
- NAM has received notice that a drill permit for itsLithium One Project in southeast Manitoba has been approved and isextending its permit for the Lithium Two Project. A minimum 2,000metre drill program on the Lithium Two Project is scheduled for thesecond quarter of this year.
- NAM has submitted a second application to theManitoba Chamber of Commerce’s, Mineral Development Fund (MMDF). TheCompany hopes to co-fund the program with the MMDF to conduct a dronemagnetometry survey on its Lithium Two, Lithman West and Cat LakeLithium projects.
- 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 spot price of an ounce of palladium, platinum,and rhodium as of March 4, 2021 was ,285/oz, ,160/oz, and,000/ oz respectively (Kitco, 2021).
March 8, 202 1 – TheNewswire - Rockport, Canada – New Age Metals Inc.(TSXV:NAM ) ; ( OTC:NMTLF ) ; ( FSE:P7J.F) Harry Barr, Chairman & CEO,stated ; “We are pleased to provideshareholders with a corporate update to detail our planned explorationand development activities for our portfolio of North American greenmetal projects in 2021.”
NAM is focused on advancing River Valley to aPrefeasibility study. This study would be based on completion ofmetallurgy, hydrogeology, geotechnical surveys, an updated mineralresource estimate, environmental baseline, infill and explorationdrilling. Management has received quotes from third party engineeringand environmental firms and confirmed a budget for the study. Subject to thecompletion of the recently announced financing , management plans to initiate this study in the first halfof 2021. Our objective is to complete the Prefeasibility study on orbefore the end of the first quarter of 2022.
NAM’s technical team is finalizing a phase one drillprogram for up to 5,000 metres for the northern portion of the RiverValley Project. Next phases of drilling will focus on the Dana North,Dana South, Pine, Banshee, Lismer and Pardo Zones (Figure 1) giventheir fundamental importance to any potential mining operation atRiver Valley. The occurrence of surface mineralization in the RiverValley Intrusion, drill hole mineralization and geophysicalchargeability east of the footwall boundary of the current resourcemodel are all strong indicators of mineralization that could be addedto a future resource model. Proposed drill targets are illustrated inFigure 1 below.
Figure 1: Northern area of the River Valley Project. Theimage shows numerous IP anomalies similar to Pine Zone extendnortheast (externally) and southwest (internally) of the footwallcontact of the River Valley Intrusion. Those IP anomalies remain to bedrill tested.
2021 Exploration Plansfor Lithium Division
In 2020, the company conducted a follow-up round ofsurface exploration work on its Lithium One Project to generate futuredrill targets. See the January 12 pressrelease to read about the positiveresults of this study. Samples from a previous work program on theproject were taken from the Silverleaf and Annie Pegmatites and notonly returned significant Li20 assays of up to 4.1% but heightenedlevels of Rubidium Managementhave made a second application for a grant from the MMDF with theobjective of co-funding a drone magnetometry geophysical survey on theLithium Two, Lithman West and Cat Lake Lithium Projects.
In December 2020 the Company received a drill permitfor its Lithium Two Project which it intends to extend for theduration of 2022 and the Company has received noticed that a drillpermit for its Lithium One Project has been approved.
The Company plans to initiate a drill program on itsLithium Two Project in the first quarter of 2021. The project includestwo identified pegmatites on surface: The Eagle and FD5 Pegmatites.The Eagle Pegmatite was drilled in 1947 with a historic (non 43-101compliant) tonnage estimate of 544,460 tonnes with a grade of 1.4%Li2O to the 61-meter level. This historic reported tonnage has notbeen reviewed by an independent source and no core exists from thiswork. Therefore, the reader is cautioned not to rely on this estimate.The Eagle Pegmatite deposit was reported, at the time of the historicdrilling, to remain open to depth and along strike. The EaglePegmatite is exposed on surface. The FD5 Pegmatite, located east ofthe Eagle Pegmatite has never been drilled. Historic assessmentreports revealed a Spodumene bearing pegmatite drilled in the late1940’s, located approximately 500 meters southeast of the EaglePegmatite but not exposed on surface. No grades were provided in thereport.
The Company has seven Lithium andRare Element Projects in the Winnipeg River Pegmatite Field, locatedin South East Manitoba and situated around the Tanco Mine . The world-class Tanco Pegmatite is a highly fractionatedlithium-cesium-tantalum (LCT)–type pegmatite that has historicallybeen mined as an underground operation (Tanco Mine) since 1969 for Li,Ta, Cs, Rb and Be ores. The Tanco Pegmatite is a very rich tantalum,spodumene and cesium deposit with it being theworld's most significant and richest known source of cesiumrepresenting more than two-thirds of the world's reserve.
Harry Barr, Chairman & CEOstated that “After several years ofpositioning our company with one of the largest claim holdings in theWinnipeg River Pegmatite Field and completing sufficient field work toidentify several drill targets and with drill permits in hand, theCompany is ready to become more aggressive in exploring its lithiumproject portfolio. We are excited to conduct our first drill campaignon a historical surface exposed lithium-cesium-tantalum typepegmatite.”
The Genesis PGM-Cu-Ni Project is an under explored,multi-prospect drill ready property. The stable land status, ease ofaccess and excellent infrastructure make this project prospective foryear-around exploration, and development. Genesis is a PGM-Cu-Ni reef style target with surface mineralizationincluding up to 2.4 g/t Pd, 2.4 g/t Pt, 0.96% Ni and 0.58% Cu that hasbeen identified . To date, mineralization hasbeen traced for 2,000 metres along surface. Management is currently reviewing thepossibility of completing an Induced Polarization geophysical surveyon the project in 2021 . In 2021 NAM’smanagement continues to seek an option/joint-venture partner for thisroad accessible PGM-Cu-Ni Project using the Prospector Generatorbusiness model.
NAM welcomes shareholders, investors and otherstakeholders to follow our Virtual Non-Deal Roadshow series withRenmark Financial Communications Inc., where they can get directaccess to NAM management and hear about our corporate activities. Wewill continue our series in March with Renmark on Wednesday the16 th and Monday the 29 th . Click the link here to see our Renmarkprofile page and find information on our upcoming presentationschedule and more.
The Company is slated to participate in the Mines andMoney Online Event from March 23-25 where management looks forward tomeeting with institutional funds, private equity groups, familyoffices and sector analysts. The Company will be participating inMines and Money online events in March, May, June and September thisyear and is evaluating other opportunities for conferences in2021.
If you have not done so already, we encourage you tosign up on our website ( www.newagemetals.com ) to receive our updated news.
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 Metals Projects, situated 100 km fromSudbury, Ontario. The Company hasrecently completed a Preliminary Economic Assessment on the projectand subject to financing, plans are to complete a Prefeasibility Studyby the end of the first quarter of 2022 . In Alaska, the Companyowns 100% of the Genesis PGM-Cu-Ni Project.
The Lithium Division is one of the largest mineral claim holders inthe Winnipeg River Pegmatite Field, where the Company is exploring forhard rock lithium and various rare elements such as tantalum andrubidium. 2021 plans include dronegeophysics on three of the Company’s seven projects and a drillprogram on the Company’s Lithium Two Project
Our philosophy is to be a project generator with the objective ofoptioning our projects with major and junior mining companies throughto production. The Company is actively seeking an option/ jointventure partner for its road-accessible Genesis PGM-Cu-Ni project inAlaska and for all or part of 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.
Qualified Persons
The contents contained herein that relate toExploration Results or Mineral Resources for the River Valley Projectis based on information compiled, reviewed or prepared by Dr. BillStone, P.Geo., a consulting geoscientist for New Age Metals. Dr.Stone is the Qualified Person as defined by National Instrument 43-101and has reviewed and approved the technical content of this newsrelease. The contents contained herein that relate to ExplorationResults for the Company’s lithium division is based on informationcompiled, reviewed or prepared by Carey Galeschuk, P.Geo., a consulting geoscientist for New Age Metals. Mr.Galeschuk is the Qualified Person as defined by National Instrument43-101 and has reviewed and approved the technical content of thisnews 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 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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