New Age Metals has entered a deal to acquire 100% interest in Anglo Alaska Gold’s Genesis PGM project in the Valdez and Chitina Recording District of Alaska, US, in order to boost its mineral inventory.

The acquisition will allow New Age Metals and its wholly owned subsidiary Pacific Northwest Capital USA, together referred to as NAM, to have access to the 10,240-acre, drill-ready Pd-Pt-Ni-Cu property project.

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"Our objective is to find an option / joint venture partner to further the development of this promising new drill-ready project with excellent base metal credits."

New Age Metals intends to leverage the acquisition to capitalise on the growing demand for platinum group metals (PMG), which are increasingly being used to reduce toxic emissions from automotive, gasoline and diesel engines.

New Age Metals chairman / CEO Harry Barr said: “NAM uses the prospector generator model and after the preliminary field work and additional ground proofing, our objective is to find an option / joint venture partner to further the development of this promising new drill-ready project with excellent base metal credits.

“NAM’s management will continue to actively acquire other PGM and other rare metal projects in the state of Alaska.”

The agreement will see NAM offer a total payment of $1.2m to Anglo Alaska in multiple tranches in exchange for the acquisition.

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The company is also required to issue 800,000 shares to Anglo Alaska under the arrangement.

In addition, NAM will be expected to pay Anglo Alaska a 3% net smelter royalty (NSR) return in the event that the project comes on stream.

The agreement offers NAM an option to buy back 1.5% of the NSR for a sum of $1.5m.

A programme of follow-up drilling, additional surface mapping and sampling is slated to be conducted at the project, which is a reef style target with 2.4 grams per tonne (g/t) Pd, 2.4 g/t Pt, 0.96% Ni and 0.58% Cu.

The activities will enable the expansion of the known mineralisation footprint at the site.

NAM previously signed a letter of intent (LoI) with Avalon Development earlier this month for the acquire PGM projects in Alaska.