New Age Metals (TSXV: NAM; US-OTC: NMTLF) has signed a memorandum of understanding (MOU) with the Nipissing First Nation. The settlement covers the exploration of New Age Metals’ River Valley palladium venture 100 km northeast of Sudbury, Ont.
The River Valley venture is positioned on the Nipissing First Nation’s conventional territory.
Ought to the venture transfer into the development part, the MOU outlines the scope and timelines for the 2 events to barter additional agreements.
“Ongoing engagement and consultations with our nation members will guarantee any potential mine developments respect our rights and the significance of the surroundings whereas creating direct advantages for our Nation,” stated Nipissing First Nation Chief Scott McLeod in a launch.
The flagship River Valley venture was optioned from Anglo Platinum in 1998 when the corporate was often known as Pacific North West Capital. The corporate purchased out Anglo Platinum in 2011, leaving New Age Metals with 100% possession.
The 2021 useful resource estimate measured and indicated sources of 89.9 million tonnes grading 0.54 gram per tonne palladium, 0.21 gram per tonne platinum, 0.04 gram per tonne gold and 0.06% copper. The inferred portion is 94 million tonnes at 0.35 gram per tonne palladium, 0.16 gram per tonne platinum, 0.04 gram per tonne gold and 0.06% copper.
New Age Metals is making ready a pre-feasibility examine for River Valley, and it’s to be launched someday this 12 months.