New Age Metals (TSXV: NAM; OTCQB: NMTLF) continues a baseline environmental study of its River Valley Palladium Project, located 100 kilometers east of Sudbury, Ontario. This is the fifth year the company has documented water conditions in the valley.
“We are pleased with the progress made to date on the environmental foundation work of the River Valley Palladium Project, particularly the involvement of technical experts from local Aboriginal groups,” said New Age Chairman and CEO Harry Barr. With such a proactive approach, we believe NAM is well-positioned to accelerate future mineral exploration plans and project development studies.”
This year’s baseline study will focus on surface water and groundwater sampling in the project area and river valley flow monitoring studies. Previous environmental studies have focused on the Pine, Dana, Banshee and Lismer areas to the north of the project.
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The current study was led by Story Environmental and included the participation of environmental engineers from local Aboriginal communities, namely Temagami First Nation (Bear Island) and Nipissing First Nation (Garden City).
New Age completed a preliminary economic assessment (PEA) of the river valley last summer. It describes an open-pit mine, an underground mine and a plant with a capacity of 6,850 tonnes per day and 47,400 ounces per year. Palladium mine life is up to 16 years. Using a metal price of $2,150 per ounce. Palladium, $1,050/oz. Platinum, $1,830/oz. gold and $4.00/lb. For copper, PEA has a pre-tax net present value of $296 million at a 5% discount rate and a pre-tax internal rate of return of 16%. After taxes, the NPV (5%) is $140 million and the IRR is 11%.
The company has commissioned SGS Canada to conduct a scoping study into the recovery of platinum group metals without smelting using the Platsol process. These results will be released as soon as they are available.