New Age Metals TSX - V: NAM OTCQB: NMTLF 59 Burtch’s Lane,
New Age Metals
TSX
-
V: NAM OTCQB:
NMTLF
59 Burtch’s Lane,
Rockport, ON, Canada, K0E 1V0
+1.6
13. 659.2773
www.newagemetals.com
Page
1
New Age Metals Board Approves
Preliminary Economic Assessment (P
EA)
River Valley Platinum Group Metals Project’s First Economic Study
1.
New Age Metal’s (NAM) board gave the authority
for management to complete the
River Valley Projects first economic study, a Preliminary Economic Assessment (PEA),
which is slated to be completed before the end of Q1 2019
2.
The PEA will evaluate the Project at a high
-
level engineering and financial study.
The
mineralization will be interrogated with pit shell designs and mining schedule. The
study would incorporate the latest information provided by the exploration programs
as well as the metallurgical
,
geotechnical studies
, and the new
g
eophysics
.
The
objective
of the PEA would be a mine plan, mine schedule, a capital cost estimate,
operating cost estimate incorporated into a financial model to provide total cash flow,
net present value (NPV), and internal rate of return (IRR).
3.
River Valley is the largest undeve
lope
d primary PGM resource in North America
,
with
4.6Moz PdEq in Measured Plus Indicated
including an additional
2.7Moz PdEq
in
Inferred. The River Valley PGM Project has excellent infrastructure and is within 100
kilometers of the Sudbury Metallurgical
Complex. The project is 100% owned by New
Age Metals.
4.
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-
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May
23
rd
, 2018 Rockport, Canada
–
New Age
Metals Inc. (TSX.V: NAM; OTCQB: NMTLF; FSE:
P7J.F)
is pleased to announce that
the directors of the company have approved the request
,
from management,
that NAM would like to complete a Preliminary Economic Assessment
(PEA), on the 100% owned River Valley
Platinum Group Metals (PGM) Project.
Located
approximately 100 km from the world famous Sudbury Metallurgical Complex, the River
Valley Project is the largest undeveloped primary PGM resource in Canada.
View our
Corporate Video
here
.
The PEA will evaluate the Project at a high
-
level engineering and financial study.
The
mineralization will be interrogated with pit shell designs and mining schedule.
The study would
incorporate the
latest information provided by the exploration programs as well as the
metallurgical, geo
technical studies, and the new g
eophysics.
The objective of the PEA would
be a mine plan, mine schedule, a capital cost estimate, operating cost estimate incorporated
into a financial model to provide total cash flow, net presen
t value (NPV), and internal rate of
New Age Metals
TSX
-
V: NAM OTCQB:
NMTLF
59 Burtch’s Lane,
Rockport, ON, Canada, K0E 1V0
+1.6
13. 659.2773
www.newagemetals.com
Page
2
return (IRR).
NAM is currently conducting negotiations with several
3
rd
party engineering
companies and will finalize its selection by the end of June 2018.
NAM
’s
phase 1 program
outlined in the NI
-
43
-
101
: Diamond Drilling
,
Geological and Engineering
Consulting,
Metallurgical Studies, Geotechnical Studies, and
a LiDAR
survey.
The approximate cost of the
phase 1 program, including
the PEA, will be
$980,000, according to
WSP Canada
, the company
who completed the May 2018 NI
-
43
-
101
.
WSP
, who completed the May 2018 NI
-
43
-
101,
recommends
that additional exploration
expenditures are warranted to improve the viability of the Project and advance the Project
towards a Preliminary Economic Assessment (PEA). It is recommended that NAM undertake a
two
-
stage exploration program focused on delinea
tion and expansion drill programs that will
concentrate on the open pit potential along strike and down
-
dip of the known resources. Each
program can be carried out concurrently and independently of each other; neither is contingent
on
the results of the ot
her.
River
Valley
2018
Exploration
&
Development
Objectives
1.
Ground IP geophysics
from T3 south to T9 completed and Alan King, NAM’s
Sudbury
based S
enior
G
eophysical
C
onsultant, will have his
final
recommendations (
for
Q2 2018)
2.
Utilize the new resource estimation
, geophysical studies and reports
to establish further
drill targets (Q1
-
Q3 2018)
3.
Continue with drilling in the northern portion of the project (
Q3
-
Q4 2018 & Q1 2019)
4.
Explore more target areas based on recommenda
tions
of the updated 43
-
101 and the
2018 geophysics (Q3
-
Q4 2018 & Q1
-
Q2
2019)
5.
Complete
further
baseline studies, geotechnical studies, a Lidar survey, and
mineralogical
and metallurgical
studies
(Q4 2018)
6.
Continue to advance the River Valley PGM Project
towards a Preliminary Economic
Assessment (PEA) on the River Valley PGM Deposit
(slated for end of Q1 2019)
7.
The PEA will evaluate the Project at a high
-
level engineering and financial study. The
mineralization will be interrogated with pit shell designs a
nd mining schedule. The
study would incorporate the latest information provided by the exploration programs
as well as the metallurgical and geotechnical studies.
The output of the PEA would be a
mine plan, mine schedule, a capital cost estimate, operating cost estimate incorporated
into a financial model to provide
total cash flow, net present value (NPV), and internal
rate of return (IRR).
8.
Our Corporate Mandate is to build a series of open pits (bulk mining) over the 16
kilometers of mineralization. We will mine, crush, and concentrate on site, then ship
the concen
trates to Sudbury. The objective of NAM before the March 2018
NI
-
43
-
101
New Age Metals
TSX
-
V: NAM OTCQB:
NMTLF
59 Burtch’s Lane,
Rockport, ON, Canada, K0E 1V0
+1.6
13. 659.2773
www.newagemetals.com
Page
3
was to increase the resource in the northern portion (Pine Zone/Dana North/Dana
South/Lismer North) to over 1Moz of PGMs. The new
NI
-
43
-
101 accomplished this
.
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-
IN LIST
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not done so already, we encourage you to sign up on our website
(
www.newagemetals.com
) to receive our updated news or click
here
.
ABOUT NAM’S PGM DIVISION
NA
M’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 (Table 1). This equates to
4,626,250 PdEq ounces M+I and 2,713,933 PdEq ounces in inferred (see
May 8
th
, 2018 press
release).
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.
Alaska:
A
pril 4
th
, 2018
, NAM signed an agreement with one of Alaska’s top geological consulting companies.
The companies stated objective is to acquire additional PGM and Rare Metal projects in Alaska.
On
April 18
th
, 2018
, NAM announced the right to purchase 100% of the Genesis PGM Project,
NAM’s
first Alaskan PGM acquisition related to the April 4
th
agreement.
The Genesis PGM Project is a
road
accessible, under explored, highly prospective, multi
-
prospect drill ready Pd
-
Pt
-
Ni
-
Cu property.
The results of the new resource estimation are tabulated in Table 1 below (0.4 PdEq cut
-
off).
Class
Tonnes
‘,000
Pd (g/t)
Pt (g/t)
Rh (g/t)
Au (g/t)
Cu
(%)
Ni (%)
Co (%)
PdEq (g/t)
Total Measured
62,877.5
0.49
0.19
0.02
0.03
0.05
0.01
0.002
0.99
Total Indicated
97,855.2
0.40
0.16
0.02
0.03
0.05
0.01
0.002
0.83
Total Meas +Ind
160,732.7
0.44
0.17
0.02
0.03
0.05
0.01
0.002
0.90
Inferred
127,662.0
0.27
0.12
0.01
0.02
0.05
0.02
0.002
0.66
New Age Metals
TSX
-
V: NAM OTCQB:
NMTLF
59 Burtch’s Lane,
Rockport, ON, Canada, K0E 1V0
+1.6
13. 659.2773
www.newagemetals.com
Page
4
Class
PGM + Au (oz)
PdEq (oz)
PtEq (oz)
AuEq (oz)
Total Measured
1,440,248
1,999,575
1,999,575
1,136,930
Total Indicated
1,856,925
2,626,675
2,626,675
1,463,793
Total Meas +Ind
3,297,173
4,626,250
4,626,250
2,600,724
Inferred
1,578,367
2,713,933
2,713,933
1,323,809
Notes:
1.
CIM definition standards were followed for the resource estimation.
2.
The 2018 resource models used Ordinary Krig grade estimation within a three
-
dimensional block model with
mineralized
zones defined by wireframed solids.
3.
A base cut
-
off grade of 0.4 % g/t PdEq was used for reporting resources.
4.
Palladium Equivalent (PdEq) calculated using (US$): $1,000/oz Pd, $1,000/oz Pt, $1,350/o
z Au, $1750/oz Rh, $3.20/lb
Cu, $5.50/lb Ni, $36/lb Co.
5.
N
umbers may not add exactly due to rounding.
6.
Mineral Resources that are not mineral reserves do not have economic viability
7.
The quantity and grade of reported inferred resources in this estimation are uncertain in
nature and there has been
insufficient exp
loration to define these inferred resources as an indicated or measured mineral resource and
it is
uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.
PRIVATE PLACEMENT EXTENSION
The
Company also a
nnounces that it has received approval from the TSX Venture Exchange (the
"Exchange") for an extension to complete its current non
-
brokered private placement financing
previously announced
May 7, 2018
for proceeds of up to $1,200,000.
For further details
on the
private placement
please contact
Paul Poggione, Corporate Development, 1
-
613
-
659
-
2773,
.
ABOUT NAM’S LITHIUM DIVISION
The
Company
has
seven
separately
funded
pegmatite
hosted
Lithium
Projects
in
the
Winnipeg
River
Pegmatite
Field,
located
in
SE
Manitoba,
with
focus
on
Lithium
bearing
pegmatites.
Three
of
the
projects
are
drill
ready.
This Pegmatite Field hosts the world class Tanco Pegmatite that has
been mine
d 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
the
largest
mineral
claim
holders
for
Li
thium
in
the
Winnipeg
River
Pegmatite
Field.
On
January
15
th
2018,
NAM
announced
an
agreement
with
Azincourt
Energy
Corporation
(see
Jan
15,
2018
,
Feb
22
nd
,
2018
and
April
11
th
,
2018
Press
Releases)
whereby
Azincourt
will
commit
up
to
$4.35
million
dollars
in
exploration,
up
to
3.5
million
shares
of
Azincourt
stock
to
NAM,
up
to
$210,000
in
cash,
and
a
2%
net
smelter
royalty
on
all
7
projects.
New Age Metals
TSX
-
V: NAM OTCQB:
NMTLF
59 Burtch’s Lane,
Rockport, ON, Canada, K0E 1V0
+1.6
13. 659.2773
www.newagemetals.com
Page
5
Exploration
plans
for
2018
are
currently
in
progress,
whereby
a
minimum
of
$600,000
will
be
expended
this
year.
For
complete
details
on
the
terms
and
conditions
of
the
NAM/AAZ
option
joint
venture
please
see
the
press
release
dated
Jan
15
th
,
2018
.
QUALIFIED PERSON
The contents contained herein that relate to Exploration Results or Mineral Resources is based
on information compiled, reviewed or pr
epared 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
Should you have additional inquiries, please contact
Paul Poggione
, Corporate Development,
Tel: 1
-
613
-
659
-
2773, email:
.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Ven
ture
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 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 differ materially depend
ing on a variety 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 res
trictions 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 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 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
unanticipated events.
Investors should not place undue reliance on forw
ard
-
looking statements.