Business
New Age Metals Expands its Bird River Lithium Project, Announces Option Agreement
(TheNewswire) December 11, 2023 - TheNewswire - Rockport, Ontario - New Age Metals ...
About this update from New Age Metals Inc
[{"type":"text","content":"New Age Metals Expands its Bird River Lithium Project, Announces Option Agreement\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n December 11, 2023 -\n \n \n TheNewswire -\n \n \n Rockport, Ontario - New Age Metals Inc. (TSXV:NAM\n \n \n )\n \n \n ;\n \n \n (\n \n \n OTC:NMTLF\n \n \n )\n \n \n ;\n \n \n (\n \n \n FSE:P7J.F) (“NAM” or\n“Company”) is pleased to announce that it has entered into an\noption agreement (the “Agreement”) dated December 1, 2023 with\nW.S. Ferreira Ltd. (“Ferreira”) to acquire an undivided 100%\ninterest in the mineral property claim Bridge and Bridge 1 located in\nthe Bird River area in the province of Manitoba, Canada (the\n“Option”).\n \n \n \n \n In order to exercise the Option, the Company is\nrequired to make cash and share payments to Ferreira as\nfollows:\n \n \n \n \n \n \n A payment of $40,000 on or before December 29,\n2023\n \n \n \n \n \n \n A payment of $50,000 on or before January 10,\n2025\n \n \n \n \n \n \n A payment of $60,000 on or before January 10,\n2026\n \n \n \n \n \n \n Issue 100,000 common shares of the Company on or before\nDecember 29, 2023\n \n \n \n \n \n \n Issue 200,000 common shares of the Company on or before\nJanuary 10, 2025\n \n \n \n \n \n \n Issue 200,000 common shares of the Company on or before\nJanuary 10, 2026\n \n \n \n \n \n \n Pursuant to the terms of the Agreement, in the event\nthat the Option is fully exercised, a 2% Gross Over Ridding Royalty\n(the “Royalty”) shall be retained by Ferreira.  The Company has\nthe exclusive right to purchase 1% of the Royalty for $1 million\ndollars.\n \n \n \n \n Any securities issued in connection with the Agreement\nare subject to TSX Venture Exchange approval and a four-month and a\nday hold period\n \n \n in accordance with applicable\nSecurities Laws.\n \n \n \n \n \n \n The\nBridge and Bridge 1 claims now creates a contiguous claim package\nacross our Bird River Lithium Claim. The claims host the Matty\nPegmatite, a spodumene bearing LCT pegmatite. This pegmatite body is\ninterpreted to be part of the same dyke swarm hosting the Company’s\nTappy Pegmatite and exhibits high grade lithium mineralization at\nsurface.\n \n \n \n \n \n \n \n \n...