New Age Metals Inc. Enters Option Agreement for Abernethy Lake Gold Project
Oct. 27, 2026 — Leads & Copy — New Age Metals Inc. (NAM) has entered into an option agreement to acquire a 100% interest in Benton Resources Inc.’s Abernethy Lake Gold Project, which will be renamed the Kenora Thunder Gold Project. The project is located approximately 10 kilometres from Kenora in Northwestern Ontario.
Benton Resources, which also trades on the TSXV under the ticker BEX, has granted NAM a due diligence period until November 15, 2026. During this period, NAM will conduct necessary investigations, including consultations with applicable First Nations Chief and Council and other Indigenous representatives, to determine if sufficient support, access, approvals, permits, and authorizations can be obtained to proceed with the option.
If NAM decides to proceed, it will issue a notice to Benton, which will serve as the effective date of the agreement. NAM has stated its commitment to collaborating with local First Nations for responsible and sustainable exploration practices.
Harry Barr, Chairman and CEO of NAM, highlighted that the potential acquisition aligns with the company’s strategy of building a portfolio of technically strong exploration assets within the Kenora Mining District, which he believes is a premier Canadian mining jurisdiction offering excellent infrastructure and growing strategic interest from major industry participants.
The Kenora Mining District is described as historically underexplored and is emerging as an active exploration and development region, supported by improved commodity prices and renewed industry and investor interest. The region offers established mining infrastructure, highway access, proximity to power, a skilled workforce, favorable permitting, and opportunities for community relationships. Exploration and development activities by various mining companies are increasing in the area.
Recent acquisitions in the region include Coeur Mining’s approximately US$7 billion acquisition of New Gold, completed in March 2026, and Seva Mining Corp.’s acquisition of the Cameron Gold Project from First Mining Gold Corp. for approximately C$27 million, also completed in March 2026.
The potential acquisition would be NAM’s third gold/critical metal project in the Kenora Mining District. The project is located about 10 km west-southwest of Kenora, bordering the Rat Portage Reserve, and covers approximately 1,461 hectares across four claims and 70 cells. Historical records indicate that the Kenricia Mine, located about 2 km west of the project, produced approximately 2,533 ounces of gold and 521 ounces of silver in 1939-40. However, mineralization and historical production at the Kenricia Mine are not necessarily indicative of mineralization on the Kenora Thunder Gold Project.
Historical drilling data for the project includes results from Hudson Bay Exploration in 1975, Mingold Resources in 1987, and Benton Resources in 2011. A 2011 drill hole (ABE11-07) by Benton Resources returned 0.46 g/t gold over 92.5 meters, including 3.34 g/t gold over 4.5 meters, with visible gold observed. Another 2011 hole (ABE11-01) returned 7.8 g/t gold over 1.5 meters. NAM notes that these drilling results are historical and have not been independently verified by the Qualified Person, and therefore should not be relied upon as current exploration results.
The geology of the project area is described as sheared, silicified, quartz-veined volcanics at a metasediment contact, with the best grades found in pyrrhotite-pyrite bands. The interpretation suggests a possible bulk-tonnage system with local high-grade shoots, with the favorable geological package extending for several kilometers. There is no current resource estimate for the project, and past work has focused on specific areas, leaving trenches, soil anomalies, and geophysical anomalies untested.
If NAM exercises the option, the terms of the agreement stipulate aggregate cash payments of $10,000, the issuance of 500,000 common shares, and work expenditures of $150,000 over two years and six months from the effective date. Upon earning its interest, NAM must grant Benton a 2% Net Smelter Return Royalty.
The scientific and technical information in the release was reviewed and approved by Ali Alizadeh, M.Sc., MBA, P.Geo., a Qualified Person who serves as an Advisor to New Age Metals Inc.
New Age Metals is a junior mineral exploration and development company focused on critical green metal projects. The company has divisions for Platinum Group Elements, Lithium/Rare Metals, Gold-Antimony, and gold-critical metals in the Kenora Mining District. The company also holds a strategic equity investment in MetalQuest Mining Inc.
Source: New Age Metals Inc.
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