New Age Metals Inc. (TSXV: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”).
New Age Metals Inc. (TSXV: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.”
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 targeting 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.
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 G. Barr
Chairman and CEO
Should you have additional inquiries, please contact Paul Poggione, Corporate Development, Tel: 1-613-659-2773, email: PaulP@NewAgeMetals.com.
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 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 depending 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 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 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 forward-looking statements.