New Age Metals Files Independent Technical Report for its Multi-Million Ounce River Valley Palladium Deposit
New Age Metals TSX-V: NAM OTCQB: NMTLF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.newagemetals.com
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New Age Metals Files Independent Technical Report for its
Multi-Million Ounce River Valley Palladium Deposit
November 19, 2021 Rockport, Ontario - New Age Metals Inc. (TSX.V: NAM; OTCQB: NMTLF;
FSE: P7J.F) (“NAM” or “Company”) is pleased to announce the filing of an independent Technical
Report in accordance with National Instrument 43 -101 – Standards of Disclosure for Mineral
Projects (“NI 43-101) on its 100% owned River Valley Palladium Deposit, near Sudbury, Ontario.
The Technical Report, titled “Technical Report and Updated Mineral Resource Estimate of the
River Valley Palladium Project, Dana, Janes, McWilliams, and Pardo Townships, Sudbury Mining
Division, Ontario”, dated November 29, 2021 (effective date September 14, 2021) has been
prepared by P&E Mining Consultants I nc., and is available on SEDAR ( www.sedar.com) under
NAM’s issuer profile.
Highlights of the updated 2021 Mineral Resource Estimate include:
• At a cut-off of $CDN15/t NSR, p it constrained Measured and Indicated Minera l
Resources contain 2.25 Moz Pd+Pt+Au within 89.0 Mt grading 0.79 g/t Pd+Pt+Au or
at $CDN47.6/t NSR and Inferred Mineral Resources of 1. 59 Moz Pd+Pt+Au within
92.7 Mt grading 0.53 g/t Pd+Pt+Au or at $CDN31.1/t NSR.
• At a CDN $25/t NSR cut-off, pit constrained Measured and Indicated Mineral
Resources contain 1.96 Moz Pd+Pt+Au within 60.1 Mt grading 1.02 g/t Pd+Pt+Au or
at CDN$60.5/t NSR and Inferred Mineral Resources contain 1.12 Moz within 48.4 Mt
grading 0.72 g/t Pd+Pt+Au or at CDN$41.5/t NSR.
• Out-of-pit constrained Measured and Indicated Mineral Resources contain 31,000
ounces Pd+Pt+Au within 642,000 tonnes grading 1.49 g/t Pd+Pt+Au or at CDN$88.5/t
NSR and Inferred Mineral Resources contain 62,000 ounces within 1. 6 Mt grading
1.21 g/t Pd+Pt+Au or at CDN$68.1/t NSR, at a CDN$50/t NSR cut-off.
• The predominant contribution of Pd + Pt to the NSR value (88.4%) is particularly
noteworthy, given the rarity of such true platinum-group metal deposits in secure and
established mining jurisdictions globally.
• Recommendations include in -fill drilling to convert Inferred to Indicated Mineral
Resources and exploration drilling down -dip/down-plunge of the mineralized zones
to potentially expand the Mineral Resources at depth.
The updated 2021 Mineral Resource Estimate of River Valley, with an effective date of September
14, 2021, is summarized in Figure 1 and presented in Table 1.
New Age Metals TSX-V: NAM OTCQB: NMTLF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.newagemetals.com
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Figure 1. Distribution of pit constrained Mineral Resources at CDN$15/t NSR cut-off by mineralized zone at River
Valley. Grenville, Huronian and Nipissing units not shown for clarity. Note that the Pine Zone is not exposed at
surface. M&I = Measured and Indicated, Ind: = Indicated, Inf = Inferred , NSR = net smelter return.
New Age Metals TSX-V: NAM OTCQB: NMTLF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.newagemetals.com
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Notes: Class = Classification, Meas + Ind = Measured and Indicated classifications.
1 Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
2. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title,
taxation, socio-political, marketing, or other relevant issues.
3. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an
Indicated Mineral Resource and must not be co nverted to a Mineral Reserve. It is reasonably expected
that the majority of the Inferred Mineral Resource could potentially be upgraded to an Indicated Mineral
Resource with continued exploration.
4. The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy
and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best
Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and
adopted by the CIM Council.
5. The Mineral Resource Estimate is based on US$ metal prices of $1,850/oz Pd, $900/oz Pt, $1,600/oz
Au, $3.00/lb Cu, $16/lb Co, $6.50/lb Ni, $8,000/oz Rh, $18.50/oz Ag. The US$:CDN$ exchange rate
used was 0.75.
6. The NSR estimates use flotatio n recoveries of 80% for Pd, 80% for Pt, 80% for Au, 85% for Cu, 25%
for Co, 90% for Ni, 80% for Rh and 65% for Ag and smelter payables of 80% for Pd, 80% for Pt, 85%
for Au, 85% for Cu, 50% for Co, 90% for Ni, 80% for Rh and 65% for Ag.
7 The pit optimiza tion used a mining cost of $2.25/t mined, combined processing and G&A costs of
CDN$15/t, and pit slopes of 50º. The out-of-pit Mineral Resources used underground mining, processing
and G&A cost of CDN$50/t.
8 Out-of-pit Mineral Resources were determined to be potentially extractable with the longhole mining
method.
New Age Metals TSX-V: NAM OTCQB: NMTLF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.newagemetals.com
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The Mineral Resource Estimate is sensitive to the selection of a reporting NSR cut -off value for
pit constrained Mineral Resources. At a cut -off of $CDN25/t NSR, pit constrained Mineral
Resources are presented in Table 2.
The updated 2021 Mineral Resource Estimate is based on all historical and 2020 diamond drilling,
more conservative mineralized domain wireframing strategy and revised mineralized domain
modelling, inverse distance grade inte rpretation methodology, and higher overall metal prices,
particularly for palladium. As a result, Measured and Indicated Mineral Resources increased
compared to the 2019 updated Mineral Resource Estimate. At the CDN$15/t NSR cut-off, the
pit constrained Measured & Indicated Mineral Resources total of 89 Mt grading 0.79 g/t Pd+Pt+Au
(2.3 Moz) reported herein significantly exceeds the potentially extractable Mineral Resources total
of 78 Mt grading 0.79 g/t Pd+Pt+Au (2.0 Moz) reported in the 201 9 Preliminary Economic
Assessment of River Valley.
Pre-Feasibility Study Update
A Pre-Feasibility Study of the River Valley Palladium Project was announced in a Company press
release dated April 2021. A progress update was announced in a Company press release dated
November 10, 2021. At this point, the final batch of assay results for fresh drill core samples from
the Dana North, Dana South, Lismer North and Lismer Ridge Zones should be delivered by SGS
Canada Inc. this week. The geomechanical and hydrogeological site investigation studies by
Knight Piésold Ltd. are largely completed, whereas the geotechnical site investigation studies are
ongoing. Story Environmental continued baseline environmental studies of the River Valley
Property and working towards establishing meaningful relationships with local Indigenous
Communities.
Palladium Exploration Update
At this point in 2021, four Mineral Resource expansion holes totalling 1,277 m have been drilled
at the Banshee Zone, which is located between the Dana Zones to the North and the Lismer Zones
to the northeast and east (Figure 1). Mineralization was intersected in the drill holes and assays are
pending from the laboratory. Near the Dana South Zone, a new trench has been excavated and
New Age Metals TSX-V: NAM OTCQB: NMTLF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.newagemetals.com
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more mineralization exposed to the east adjacent to the mineralized domain. Channel samples have
been taken of the mineralization and assays are pending from the laboratory.
About NAM
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 by road east of Sudbury, Ontario. The Company compl eted a positive Preliminary
Economic Assessment on the Project in 2019 and, is fully financed to complete a Pre -
Feasibility Study on the Project in 2022. In addition to River Valley, the Company owns 100%
of the Genesis PGM -Cu-Ni Project in Alaska, and has plans to complete a surface mapping and
sampling program in 2022.
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. Plans for 2021 include drone geophysics on at least five of the
Company’s seven projects and a maiden drill program on the Company’s Lithium Two
Project. On September 28, the Company announced a partnership with Mineral Resource
Limited (MRL, ASX: MIN), the world’s fifth largest lithium producer to explore and develop
the Company’s lithium project portfolio.
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.
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.
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New Age Metals TSX-V: NAM OTCQB: NMTLF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.newagemetals.com
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Qualified Persons
Eugene Puritch, P.Eng., President of P&E Mining Consultants Inc., and an independent Qualified
Person and Competent Person has reviewed and approved the technical content of this news
release.
The contents contained herein that relate to the scientific and e xploration results 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 th e 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 Barr”
Harry G. Barr
Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release. Cautionary Note Regarding Forward Looking Statements: This release contains
forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results and are
based on current expectations or beliefs. For this purpose, statements of historical fact may be dee med to be forward -looking statements. In
addition, forward-looking statements include statements 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. These statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a var iety of
important factors, including, among others, the Company’s ability and continuation of efforts to timely and completely make available adequate
current public information, additional or different regulatory and legal requirements and restrictions that may be imposed, and other factors as may
be discussed in the documents filed by the Company on SEDAR (www.sedar.com), including the most recent reports that identify impo rtant risk
factors that could cause actual results to differ from those contained in the forward -looking statements. The Company d oes not undertake any
obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect
events or circumstances after the date hereof or to reflect the occurrence of unanti cipated events. Investors should not place undue reliance on
forward-looking statements.