New Age Metals Inc. (
TSX: V.NAM,
OTCQB:PAWEF,
Forum) said Wednesday it has signed a binding letter of intent with Avalon Development Corp. Under the LOI, Avalon will provide acquisition and geological services to New Age Metals in the state of Alaska.
The services to be provided are as follows:
Provide New Age with its extensive geological, geochemical, and geophysical database on Platinum Group Metals (PGMs),PGM Polymetallic, and Rare Metals for a minimum of two years.
Avalon will provide field manager services to New Age in the event any new acquisitions are made as a result of the LOI agreement.
Avalon and/or its associated companies will receive finder’s fees and/or property option compensation for its services.
“We are pleased to partner with Avalon Development Corp. and its President Mr. Curt Freeman in Alaska,’’ said Harry Barr, New Age’s Chairman and CEO.
“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, PGMs and Rare Metals,’’ he said.
“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 well seek out partners to help us develop our newly acquired projects.”
More information can be found
here.
New Age Metals was in the news recently when the company said it plans to launch its 2017 exploration program at the River Valley platinum group metals (PGM) project with a surface geophysical program.
At the time, the company said work will focus on the Pine Zone, which is one of many PGM zones located within the River Valley project, which was most recently drilled in the fall of 2016.
Full Disclosure: New Age Metals Inc.
is a paid client of Stockhouse Publishing.