New Age Metals Inc.: River Valley Prefeasibility Study Update and Drilling on PGM and Lithium Divisions in 2021
March 8, 2021
- Subject to closing a recently announced financing, this release will outline our 2021 objectives including;
- NAM intends to engage third party engineering companies to complete the River Valley Palladium Project’s first Prefeasibility Study before the end of the first quarter of 2022.
- NAM technical teams are finalizing plans for additional exploration drilling of up to 5,000 metres at the River Valley Project to further delineate the northernmost mineralized zones, expand the known mineralization boundaries and for resource classification.
- NAM has received notice that a drill permit for its Lithium One Project in southeast Manitoba has been approved and is extending its permit for the Lithium Two Project. A minimum 2,000 metre drill program on the Lithium Two Project is scheduled for the second quarter of this year.
- NAM has submitted a second application to the Manitoba Chamber of Commerce’s, Mineral Development Fund (MMDF). The Company hopes to co-fund the program with the MMDF to conduct a drone magnetometry survey on its Lithium Two, Lithman West and Cat Lake Lithium projects.
- The River Valley Palladium Project is one of North America’s largest undeveloped primary Platinum Group Metal (PGM) projects. The Project has excellent infrastructure and is within 100 kilometres 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 $US2,285/oz, $US1,160/oz, and $US26,000/ oz respectively (Kitco, 2021).
March 8, 2021 Rockport, Canada – New Age Metals Inc. (TSX.V: NAM; OTCQB: NMTLF; FSE: P7J.F) Harry Barr, Chairman & CEO, stated; “We are pleased to provide shareholders with a corporate update to detail our planned exploration and development activities for our portfolio of North American green metal projects in 2021.”
NAM is focused on advancing River Valley to a Prefeasibility study. This study would be based on completion of metallurgy, hydrogeology, geotechnical surveys, an updated mineral resource estimate, environmental baseline, infill and exploration drilling. Management has received quotes from third party engineering and environmental firms and confirmed a budget for the study. Subject to the completion of the recently announced financing, management plans to initiate this study in the first half of 2021. Our objective is to complete the Prefeasibility study on or before the end of the first quarter of 2022.
NAM’s technical team is finalizing a phase one drill program for up to 5,000 metres for the northern portion of the River Valley Project. Next phases of drilling will focus on the Dana North, Dana South, Pine, Banshee, Lismer and Pardo Zones (Figure 1) given their fundamental importance to any potential mining operation at River Valley. The occurrence of surface mineralization in the River Valley Intrusion, drill hole mineralization and geophysical chargeability east of the footwall boundary of the current resource model are all strong indicators of mineralization that could be added to a future resource model. Proposed drill targets are illustrated in Figure 1 below.
Figure 1: Northern area of the River Valley Project. The image shows numerous IP anomalies similar to Pine Zone extend northeast (externally) and southwest (internally) of the footwall contact of the River Valley Intrusion. Those IP anomalies remain to be drill tested.
2021 Exploration Plans for Lithium Division
In 2020, the company conducted a follow-up round of surface exploration work on its Lithium One Project to generate future drill targets. See the January 12 press release to read about the positive results of this study. Samples from a previous work program on the project were taken from the Silverleaf and Annie Pegmatites and not only returned significant Li20 assays of up to 4.1% but heightened levels of Rubidium Management have made a second application for a grant from the MMDF with the objective of co-funding a drone magnetometry geophysical survey on the Lithium Two, Lithman West and Cat Lake Lithium Projects.
In December 2020 the Company received a drill permit for its Lithium Two Project which it intends to extend for the duration of 2022 and the Company has received noticed that a drill permit for its Lithium One Project has been approved.
The Company plans to initiate a drill program on its Lithium Two Project in the first quarter of 2021. The project includes two identified pegmatites on surface: The Eagle and FD5 Pegmatites. The Eagle Pegmatite was drilled in 1947 with a historic (non 43-101 compliant) tonnage estimate of 544,460 tonnes with a grade of 1.4% Li2O to the 61-meter level. This historic reported tonnage has not been reviewed by an independent source and no core exists from this work. Therefore, the reader is cautioned not to rely on this estimate. The Eagle Pegmatite deposit was reported, at the time of the historic drilling, to remain open to depth and along strike. The Eagle Pegmatite is exposed on surface. The FD5 Pegmatite, located east of the Eagle Pegmatite has never been drilled. Historic assessment reports revealed a Spodumene bearing pegmatite drilled in the late 1940’s, located approximately 500 meters southeast of the Eagle Pegmatite but not exposed on surface. No grades were provided in the report.
The Company has seven Lithium and Rare Element Projects in the Winnipeg River Pegmatite Field, located in South East Manitoba and situated around the Tanco Mine. The world-class Tanco Pegmatite is a highly fractionated lithium-cesium-tantalum (LCT)–type pegmatite that has historically been 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 the world’s most significant and richest known source of cesium representing more than two-thirds of the world’s reserve.
Harry Barr, Chairman & CEO stated that “After several years of positioning our company with one of the largest claim holdings in the Winnipeg River Pegmatite Field and completing sufficient field work to identify several drill targets and with drill permits in hand, the Company is ready to become more aggressive in exploring its lithium project portfolio. We are excited to conduct our first drill campaign on a historical surface exposed lithium-cesium-tantalum type pegmatite.”
Genesis PGM-Cu-NI Project
The Genesis PGM-Cu-Ni Project is an under explored, multi-prospect drill ready property. The stable land status, ease of access and excellent infrastructure make this project prospective for year-around exploration, and development. Genesis is a PGM-Cu-Ni reef style target with surface mineralization including up to 2.4 g/t Pd, 2.4 g/t Pt, 0.96% Ni and 0.58% Cu that has been identified. To date, mineralization has been traced for 2,000 metres along surface. Management is currently reviewing the possibility of completing an Induced Polarization geophysical survey on the project in 2021. In 2021 NAM’s management continues to seek an option/joint-venture partner for this road accessible PGM-Cu-Ni Project using the Prospector Generator business model.
NAM welcomes shareholders, investors and other stakeholders to follow our Virtual Non-Deal Roadshow series with Renmark Financial Communications Inc., where they can get direct access to NAM management and hear about our corporate activities. We will continue our series in March with Renmark on Wednesday the 16th and Monday the 29th. Click the link here to see our Renmark profile page and find information on our upcoming presentation schedule and more.
The Company is slated to participate in the Mines and Money Online Event from March 23-25 where management looks forward to meeting with institutional funds, private equity groups, family offices and sector analysts. The Company will be participating in Mines and Money online events in March, May, June and September this year and is evaluating other opportunities for conferences in 2021.
If you have not done so already, we encourage you to sign up on our website (www.newagemetals.com) to receive our updated news.
New Age Metals is a junior mineral exploration and development company focused on the discovery, exploration and development of green metal projects in North America. The Company has two divisions; a Platinum 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 largest undeveloped Platinum Group Metals Projects, situated 100 km from Sudbury, Ontario. The Company has recently completed a Preliminary Economic Assessment on the project and subject to financing, plans are to complete a Prefeasibility Study by the end of the first quarter of 2022. In Alaska, the Company owns 100% of the Genesis PGM-Cu-Ni Project.
The Lithium Division is one of the largest mineral claim holders in the Winnipeg River Pegmatite Field, where the Company is exploring for hard rock lithium and various rare elements such as tantalum and rubidium. 2021 plans include drone geophysics on three of the Company’s seven projects and a drill program on the Company’s Lithium Two Project
Our philosophy is to be a project generator with the objective of optioning our projects with major and junior mining companies through to production. The Company is actively seeking an option/ joint venture partner for its road-accessible Genesis PGM-Cu-Ni project in Alaska and for all or part of our Lithium Division in Manitoba.
Investors are invited to visit the New Age Metals website at www.newagemetals.com where they can review the company and its corporate activities. Any questions or comments can be directed to [email protected] or Harry Barr at [email protected] or Cody Hunt at [email protected] or call 613 659 2773.
The contents contained herein that relate to Exploration Results or Mineral Resources for the River Valley Project is based on information compiled, reviewed or prepared by Dr. Bill Stone, P.Geo., a consulting geoscientist for New Age Metals. Dr. Stone is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical content of this news release. The contents contained herein that relate to Exploration Results for the Company’s lithium division is based on information compiled, 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 Instrument 43-101 and has reviewed and approved the technical content of this news release.
On behalf of the Board of Directors
Harry G. Barr