{"id":1160620,"date":"2020-01-17T15:52:26","date_gmt":"2020-01-17T21:52:26","guid":{"rendered":"https:\/\/resourceworld.com\/?p=57310"},"modified":"2020-01-17T15:57:22","modified_gmt":"2020-01-17T21:57:22","slug":"new-age-metals-seeks-strategic-alternatives","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1160620","title":{"rendered":"New Age Metals seeks strategic alternatives"},"content":{"rendered":"

New Age Metals Inc.<\/strong> [NAM-TSXV; PAWEF-OTCQB; Forum] has stepped up its bid to capitalize on investor interest in platinum group metals and lithium by recruiting IBK Capital Corp.<\/strong> to assist the company in evaluating strategic alternatives to maximize shareholder value.<\/p>\n

IBK is a Toronto-based financial advisory firm. New Age said its mandate will include the co-ordination of discussions with interested parties on a potential investment in, or acquisition of the company, at a time and on terms that produce the best possible value for New Age Metals\u2019 shareholders.<\/p>\n

\u201cWe are very pleased to have a firm with IBK Capital\u2019s global relationships in the mining sector working to explore ways to create value for our shareholders,\u201d said New Age Metals Chairman and CEO Harry Barr.<\/p>\n

On Friday, New Age shares jumped 25% or $0.015 to 7.5 cents on volume of 3.67 million. The shares are currently trading in a 52-week range of $0.03 and 10 cents.<\/p>\n

New Age has been moving to capitalize on investor interest in both lithium and platinum group metals by proceeding with exploration and development programs in Ontario and Manitoba<\/p>\n

Both of the company\u2019s mineral divisions \u2013 platinum group metals in Ontario and lithium in Manitoba, are in different stages of the exploration and development cycle.<\/p>\n

New Age\u2019s 100%-owned River Valley property is the largest undeveloped primary PGM resource in Canada. It hosts a measured and indicated pit-constrained resource of 99.2 million tonnes of 0.52 g\/t palladium, 0.20 g\/t platinum, 0.009 g\/t rhodium, 0.03 g\/t gold, 0.06% copper, 0.02% nickel, 0.006% cobalt or 0.90 g\/t palladium equivalent.<\/p>\n

That adds up to a measured and indicated resource of almost 2.4 million ounces of platinum group metals or 2.87 million palladium equivalent ounces.<\/p>\n

New Age said River Valley PGM has excellent infrastructure and is located within 100 kilometres of the Sudbury Metallurgical Complex.<\/p>\n

A Preliminary Economic Assessment (PEA) announced in June 2019 envisages a life-of-mine of 14 years, with six million tonnes annually of potential process plant feed at an average grade of 0.99 g\/t palladium. Pre-production capital requirements would be $495 million.<\/p>\n

The PEA foresees life-of-mine operating cash costs of US$709\/oz and all-in-sustaining cash costs of US$709\/oz.<\/p>\n

New Age\u2019s Lithium Division includes seven pegmatite-hosted Lithium Projects in the Winnipeg River Pegmatite Field in southeast Manitoba. The projects are located 140 km northeast of Winnipeg. Three of the projects are considered drill ready. They are Lithium One, Lithium Two and Lithium West.<\/p>\n

The Winnipeg River-Cat Lake Pegmatite Field hosts numerous pegmatite deposits and contains the world class Tanco Pegmatite, which has been mined since 1969 in varying capacities for spodumene, tantalum and cesium. The pegmatite field contains at least 10 pegmatite groups and hosts hundreds of pegmatite bodies. Many of the pegmatites are lithium-bearing.<\/p>\n

The Tanco Mine, which was owned by Cabot Corp., was recently sold to China-based Sinomine Rare Metals Resources Co. Ltd for US$130 million.<\/p>\n

New Age recently said a drill permit has been issued by the Manitoba government for the Lithium Two Project, which is located approximately north of the Tanco Mine and is located in an active area for lithium exploration.<\/p>\n

New Age said its management team is finalizing plans for a 1,500-metre drill program on Lithium Two.<\/p>\n

In an October, 2018, New Age and the Sagkeeng Anicinabe Nation signed an exploration agreement. \u201cBy signing this exploration agreement, the company believes that there is a structured method to work constructively with the Sagkeeng Nation in regards to the exploration and development of any of the company\u2019s claims [in Manitoba] that are located on Sagkeeng territories,\u201d Barr said in a recent update.<\/p>\n

\u201cGoing forward, New Age has agreed to complete desktop archaeological studies on the areas in which exploration and development activities will be conducted,\u201d he said.<\/p>\n

\u201cOnce desktop archaeological assessments are completed, New Age expects to begin drilling shortly thereafter.\u201d<\/p>\n

Back in October, 2019, New Age said it was in talks with joint venture partner Azincourt Energy Corp.<\/strong> [AAZ-TSXV] regarding Azincourt\u2019s compliance for its contractual obligations as part of a joint venture agreement and regarding a revision to the existing option agreement or termination.<\/p>\n","protected":false},"excerpt":{"rendered":"

New Age Metals Inc. [NAM-TSXV; PAWEF-OTCQB; Forum] has stepped up its bid to capitalize on…<\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[391],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1160620"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1160620"}],"version-history":[{"count":1,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1160620\/revisions"}],"predecessor-version":[{"id":1160621,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1160620\/revisions\/1160621"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1160620"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1160620"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1160620"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}