New Age Metals Signs a Binding Letter of Intent (LOI) with Prominent Alaskan Geological Consulting Firm
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New Age Metals Signs a Binding Letter of Intent (LOI) with
Prominent Alaskan Geological Consulting Firm
▪ Alaska has an extensive mineral inventory and is one of the leading states in America for
mineral exploration and development.
▪ New Age Metals (NAM) objective is to a cquire Platinum G roup Meta ls (PGM), PGM
Polymetallic, and Rare Metal Projects in Alaska and has signed a binding Letter of Intent (LOI)
with Avalon Development Corp., a prominent Alaskan geological consulting firm.
▪ Avalon Development Corp. is a private company and a leader in mineral exploration and
development in Alaska.
▪ Avalon has agreed to share its extensive geological, geochemical, and geophysical database
with New Age Metals (NAM) for 2 years, with the focus being on PGM, PGM Polymetallic, and
Rare Metal Projects in Alaska.
▪ According to the Fraser Institute’s 2017 survey of mining companies, Alaska ranks as the 10th
best jurisdiction in the world for mining. In North America it stands as the 6 th best mining
jurisdiction behind only: Saskatchewan, Nevada, Quebec, Ontario and Arizona.
▪ NAM has two green metals divisions and its major PGM focus is on the development of its
100% owned River Valley PGM Deposit, the largest undeveloped Primary PGM resource in
North America, with 4. 62Moz Pd Eq in Measured plus Indicated including an additional
2.7Moz Pd Eq in Inferred (see Mar. 21, 2018). River Valley is situated within 100 KMs of the
world class Sudbury metallurgical complex.
April 4th, 2018 Rockport , Canada – New Age Metals Inc. (TSX.V: NAM; OTCQB: NMTLF; FSE:
P7J.F) is pleased to announce that it has signed a binding Letter of Intent (“LOI”) with Avalon
Development Corp. (“Avalon”). The LOI calls for an agreement between the companies whereby
Avalon will provide acquisition and geological services to New Age Metals (“NAM”) in the state
of Alaska. The LOI further defines the extent of the services as follows:
1. To provide NAM with its extensive geological, geochemical, and geophysical database on
Platinum Group Metals (PGM’s), PGM Polymetallic, and Rare Metals for a minimum 2
years.
2. Avalon will provide field manager services to NAM in the event any new acquisitions are
made as a result of the LOI agreement.
3. Avalon and/or its associated companies will receive finder’s fees and/or property option
compensation for its services.
Mr. Harry Barr Chairman/CEO stated: “We are pleased to partner with Avalon Development
Corp. and its President Mr. Curt Freeman in Alaska. The LOI accomplishes another milestone in
2018 for NAM which was to find a new mining jurisdiction and a qualified consulting group to
help our company continue its search for green metals, PGM’s, and Rare Metals. In the event
the company acquires one or more projects in the state of Alaska, we will utilize our Prospector
Generator Model, which has been successful in our Lithium Division, and will seek out partners
to help us develop our newly acquired projects.”
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ABOUT AVALON DEVELOPMENT CORP
Since its founding in 1985, Avalon Development has evolved along with the mineral industry and
its clients. Avalon exploration teams participated in a number of discoveries in the state.
Avalon was responsible for Alaska’s newest gold discovery, the +1 million ounce Peak zone
deposit, as well as the 6.5 million ounce intrusive -hosted Dolphin gold deposit, initial targe ting
of the 20 million ounce Livengood deposit, the southwestern extension of the 1.3 million ounce
True North deposit, and deep high grade gold resources at the historic Cleary Hill mine. Avalon
has also been responsible for platinum group element, copper -nickel and rare metal
discoveries on several exploration projects across Alaska. Avalon continues to work with a
number of major and junior mining companies involved in precious, base and strategic metal
exploration in Alaska.
ABOUT NAM’S PGM DIVISION
NAM’s flagship project is its 100% owned River Valley PGM Project (NAM Website – River Valley
Project) in the Sudbury Mining District of Northern Ontario (100 km east of Sudbury, Ontario).
Presently the River Valley Project is North America’s largest undeveloped primary PGM deposit
with Measured + Indicated resources of 160 million tones @ 0.44 g/t Palladium, 0.17 g/t
Platinum, 0.03 g/t Gold, with a total metal grade of 0.64 g/t at a cut -off grade of 0.4 g/t
equating to 3,297,173 ounces PGM plus Gold and 4,626,250 PdEq Ounces. This equates to
4,626,250 PdEq ounces M+I and 2,713,933 PdEq ounces in inferred (figure 1). Having completed
a 2018 NI-43-101 resource update the company is finalizing its 2018 exploration programs which
will include geophysics, and extensive drill programs, which are all working towards the
completion of a Preliminary Economic Assessment (PEA). Our objective is to develop a series of
open pits (bulk mining) over the 16 kilometers of mineralization, concentrate on site, and ship
the concentrates to the long-established Sudbury Metallurgical Complex.
ABOUT NAM’S LITHIUM DIVISION
The Company has five pegmatite hosted Lithium Projects in the Winnipeg River Pegmatite
Field, located in SE Manitoba. Three of the projects are drill ready. This Pegmatite Field hosts
the world class Tanco Pegmatite that has been mined for Tantalum, Cesium and Spodumene (one
of the primary Lithium ore minerals) in varying capacities, since 1969. NAM’s Lithium Projects are
strategically situated in this prolific Pegmatite Field. Presently, NAM is one of the largest mineral
claim holders for Lithium in the Winnipeg River Pegmatite Field. On January 15th 2018, NAM
announced an agreement with Azincourt Energy Corporation (see Jan 15, 2018 and Feb 22nd,
2018 Press Releases) whereby Azincourt will commit up to $3.85 million dollars in exploration,
up to 3 million shares of Azincourt stock to NAM, up to $210,000 in cash, and a 2% net smelter
royalty on all 5 projects. Exploration plans for 2018 are currently in progress, whereby a
minimum of $500,000 will be expended this year.
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QUALIFIED PERSON
The contents contained herein that relate to Exploration Results or Mineral Resources is based on
information compiled, reviewed or prepared by Carey Galeschuk, 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 Barr”
Harry G. Barr
Chairman and CEO
ADDITIONAL INFORMATION
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