New Age Metals (TSXV: NAM; US-OTC: NMTLF) has signed a memorandum of understanding (MOU) with the Nipissing First Nation. The agreement covers the exploration of New Age Metals’ River Valley palladium project 100 km northeast of Sudbury, Ont.
The River Valley project is located on the Nipissing First Nation’s traditional territory.
Should the project move into the construction phase, the MOU outlines the scope and timelines for the two parties to negotiate further agreements.
“Ongoing engagement and consultations with our nation members will ensure any potential mine developments respect our rights and the importance of the environment while creating direct benefits for our Nation,” said Nipissing First Nation Chief Scott McLeod in a release.
The flagship River Valley project was optioned from Anglo Platinum in 1998 when the company was known as Pacific North West Capital. The company bought out Anglo Platinum in 2011, leaving New Age Metals with 100% ownership.
The 2021 resource estimate measured and indicated resources 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 preparing a pre-feasibility study for River Valley, and it is to be released sometime this year.
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