New Age Metals CEO discusses how they differentiate from other green metals (Video)
Harry Barr, CEO of New Age Metals explains where platinum group metals are produced and their uses.
New Age Metals Inc. (TSX.V: NAM) (OTCQB: NMTLF) (FSE: P7J.F) is a mineral exploration company, focused on the discovery, exploration and development of Canada's largest primary platinum group metals (PGM) deposit, the River Valley PGM Project, located in the Sudbury region of Northern Ontario. The company also has a lithium division with eight lithium projects, of which three are drill ready. NAM’s philosophy is to be a project generator, explorer and project operator, with the objective of optioning/joint venturing their projects, with major and junior mining companies, through to production.
Jim Gordon: Hi, I'm Jim Gordon and you're watching Market One Minute. Joining us today is Harry Barr, Chairman and CEO of New Age Metals. Harry, let's jump right in by discussing what differentiates New Age Metals from other green metals in exploration and development.
Harry Barr: Most green metal companies have one product — we have two divisions. We have a lithium division that is basically for battery metals and for electric cars. We have the largest undeveloped primary platinum group metal deposit of its kind in North America and that is primarily palladium — 84 per cent of its use is for auto catalysts which is another green metal.
Jim Gordon: And where are platinum group metals predominantly produced and what are their uses?
Harry Barr: Platinum group metals are predominantly produced in South Africa, that's more platinum, and in Russia, which is more palladium. Here in North America, there are only two primary producers, one in the US and one in Canada. Our deposit could be the next primary producer. It's primarily palladium and our secondary metal is platinum, but we have seven metals in total.
Jim Gordon: Now the River Valley PGM project is large. Can you speak a bit about the work that has been done of it to date?
Harry Barr: Yes. There has been about 45 million dollars expended on the project to date. Over seven hundred bore holes, at least five 43-101's including one done this spring. Currently, we are conducting the first economic study the project's ever seen and that is a preliminary economic assessment.
Jim Gordon: And what do you plan to achieve from now until the end of Q2, 2019?
Harry Barr: We are conducting a program out in the field and in the northern portion of the project right now to define additional drilling on a new area we found called The Pine Zone. We have hired two engineering contractors who are going to help us complete a preliminary economic assessment. That will be done about the end of June 2019, and we are finishing geophysical studies that will help us enable to find more drill targets in the northern portion of the project. But basically, the big thing that we are doing right now is the first economic study on the project.
Jim Gordon: And what are the attributes of your lithium based division in Manitoba and your plans going forward?
Harry Barr: The lithium division has eight projects. We are the largest landholder in a pretty well-known pegmatite field. It's called The Winnipeg River Pegmatite Field. We have financing by a third party so there is no dilution to us. We have an aggressive exploration project. We have two different drill permits in and we hope to be drilling in the late fall and winter of 2018 and the winter of 2019.
Jim Gordon: Harry, we look forward to hearing more. Thanks for joining us.
Harry Barr: Thank you.