New Age Metals Provides Progress Update ON Metallurgical Test Programs FOR the Pre-Feasibility Study of the River Valley Palladium Project
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 PROVIDES PROGRESS UPDATE ON
METALLURGICAL TEST PROGRAMS FOR THE PRE-FEASIBILITY STUDY OF
THE RIVER VALLEY PALLADIUM PROJECT
August 10, 2022 Rockport, Ontario - New Age Metals Inc. (TSX.V: NAM; OTCQB: NMTLF;
FSE: P7J.F) (“NAM” or “Company”) is pleased to provide an update on the Pre -Feasibility
Study (“PFS”) of the River Valley Palladium Project near Sudbury, Ontario (Figure 1). Since
the previous project update was announced in a press release dated May 4, 2022, further
progress has been made in advancing the mineral processing and metallurgical component
of the PFS.
Figure 1. Palladium Mineral Resources in the northern area of the River Valley Palladium Deposit.
Mineralized zones (red) projected to surface. Mineral Resource Estimates using C$15/t NSR cut-off and NSR
calculation of 2021 Updated Mineral Resources and Technical R eport (P&E, 2021). Mineral Resources for
Pardo Zone have not been estimated due to lack of drilling. The Huronian, Grenville and Nipissing geological
units not shown for illustration clarity.
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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Mineral Processing and Metallurgical Testing Program
The testing program at SGS Canada Inc. (Lakefield) (“SGS”) is being managed on behalf of NAM
by D.E.N.M Engineering Ltd. (Burlington) (“DENM”) and is nearing completion. The SGS testwork
priority was the Dana (South and North) and Lismer (Ridge and North) mineralized zone
master and grade variability composites. Grindability testing and flotation testwork on Dana
and Lismer master composites commenced in March are now complete . The in -depth
flotation work was undertaken on the Lismer and Dana composites under locked cycle
testing ( “LCT”). LCTs permit the projection of the overall performance of the
conceptual flow sheet in terms of expected recovery and concentrate grade . The
overall effect of recirculating streams on process stability can also be determined. In
addition, reagent consumptions can be more accurately determined for LCT versus standard
batch testing. Indicative metal recoveries determined are as follows:
Indicative Metallurgical Recoveries
Element PFS SGS
Testing %
2019 PEA
LOM %
Pd 71.1 80
Pt 56.8 65.9
Au 55.4 60
Cu 85.6 85.1
Ni 21.1 17.2
Co 25 25
Ag 60 60
Rh 40 N/A
LOM: Life of Mine
The primary goal of the metallurgical testing was to produce a marketable single bulk
copper concentrate (i.e. no selective flotation products) with associated PGM as part
of the concentrate . Included in this exercise was the in -depth review of rhodium (Rh)
recovery for River Valley. A preliminary metallurgical scoping study by Michigan
Technological University (June, 2000) indicated Rh recovery of 27.5%. The resultant LCT for
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 Lismer (39.1%) and Dana (41.7%) composites have and indicated base Rh recovery of
40%.
In addition to the LCT, variability work on higher than life-of-mine grades was carried out.
Initial results indicate possible higher recoveries and final grades at feed grades >1.0
g/t 3E (Au+Pt+Pd) . In t he 2019 PEA, head grades of >1.0 g/t 3E were planned to be
processed in the first 3-years of operation at River Valley. This modelling is underway for
the PFS and will be reported accordingly.
The final concentrate grades based on the LCT testing and 0.5% mass pull are as follows:
Element Concentrate
Assays
Units
Cu 13.00 %
Ni 1.35 %
S 31.00 %
Pd 95.00 g/t
Pt 28.00 g/t
Au 5.80 g/t
PGM (3E) 128.80 g/t
Rh 1.88 g/t
Comminution testing on the RV variability samples indicated that the River Valley material
is a medium to hard mineralized material for grindability and very abrasive when compared
to the SGS database. These characteristics will affect the overall grinding mill power input
and sizing, as well as liner and media wear operating costs.
The resultant work (flotation and comminution) has allowed for process design data
criteria to be generated based on a potential mill throughput of 6 million tonnes per
annum. Specific vendors have been contacted for confirmation of unit operations sizing and
capital costs to a PFS level. The development of these costs is now underway.
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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Next Steps in the PFS
While the metallurgical testwork has been advancing, progress have also been made in the
other components of the PFS of the River Valley Palladium Project. Advancements in the
geomechanical-hydrogeological-geotechnical, environmental and community
relations, and open pit mine design areas will be reported accordingly.
Pre-Feasibility Completion Schedule
NAM announced commencement of the River Valley Pre -Feasibility Study in the spring
2021(see Company press release dated April 12, 2021). At that time, the Pre -Feasibility
Study was slated for completion in 12 months. However, the Covid-19 pandemic, difficulties
in finding and retaining experienced labour, a major shortage of suitable drill rigs and
experienced drillers, and backlogged assay laboratories have delayed completion of the PFS
to Q4 of 2022.
About River Valley
The River Valley Palladium Project is located 100 road -km east from the City of Sudbury.
The Project area is linked to Sudbury by a network of all -weather highways, roads and rail
beds and is accessible year -round with hydro grid and natural gas power nea rby.
River Valley enjoys the strong support of local communities, like the village of River Valley,
20 km to the south. A fully executed Memorandum of Understanding is in place with two
local First Nation communities. Environmental baseline studies re-commenced in 2020 and
will continue in 2022.
The 2019 PEA results for the River Valley Palladium Project were announced in a Company
press release dated June 27, 2019. The PEA outlines a 20,000 t/day open pit mine and
processing plant operation producing an average of 119,000 ounces of PdEq per year for a
mine life of 14 years. Using base case US$ metal prices of $1,200/oz Pd, $1,050/oz Pt 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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$3.25/lb Cu, the PEA showed a n after-tax NPV5% of US$138 million and an after-tax IRR of
10%. At a +20% palladium p rice of US$1,440/oz Pd, the after-tax NPV5% increases to
C$299M and the after-tax IRR to 1 5%. The current price of Pd is approximately
US$2,125/oz Pd.
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 Pd+Pt+Au (“3E”), 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 completed
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, caesium and rubidium. Further Exploration plans for 2022 include continued
mapping/sampling field program following up on prospective trends outlined in the magnetic
data, a maiden drill program on the Lithium One Project, and phase two drill program at Lithium
Two Project. The company has a partnership with Min eral Resource Limited (MRL, ASX:
MIN), one of the top 5 global lithium producers to explore and develop the Company’s
lithium project portfolio.
The 2022 budget for the Company’s Lithium Division is $1.8 million
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.
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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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 b e
directed to [email protected] or Harry Barr at [email protected] or Farid
Mammadov at [email protected] or call 613 659 2773.
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Qualified Persons
David Salari, P.Eng., President of D.E.N.M. Engineering Ltd., and a n independent Qualified
Person and Competent Person has prepared, reviewed and approved the technical content
of this news release.
The contents contained herein that relate to exploration results and Mineral Resources for
the River Valley Project are based on information compiled, reviewed or prepared by
Dr. William 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.
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 State ments: 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 hi storical fact may be deemed 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
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timely and completely make available adequate current public information, additional or different regulatory and legal requir ements and
restrictions that may be imposed, and o ther factors as may be discussed in the documents filed by the Company on SEDAR
(www.sedar.com), including the most recent reports that identify important risk factors that could cause actual results to differ from those
contained in the forward-looking statements. The Company does not undertake any obligation to review or confirm analysts’ expectations
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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or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof
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