New Age Metals Inc. (TSXV: NAM; OTCQB: NMTLF; FSE: P7J) has announced it has entered into an option agreement with Benton Resources Inc. (TSXV: BEX) to potentially acquire a 100% interest in Benton's Abernethy Lake Gold Project, to be renamed the Kenora Thunder Gold Project, located approximately 10 kilometres from the City of Kenora in Northwestern Ontario. The due diligence period runs until November 15, 2026, during which NAM will assess whether sufficient Indigenous community support, access rights, and regulatory approvals can be secured to proceed. If the company delivers a notice to proceed, the formal option terms would become effective and a subsequent announcement would be issued.

Key Points

  • New Age Metals Inc. (TSXV: NAM; OTCQB: NMTLF; FSE: P7J)
  • NAM has entered a due diligence period until November 15, 2026, on the potential acquisition of a 100% interest in Benton Resources' Abernethy Lake Gold Project, to be renamed the Kenora Thunder Gold Project
  • Option terms include aggregate cash payments of $10,000, issuance of 500,000 common shares, and $150,000 in work expenditures over two years and six months, plus a 2% Net Smelter Return Royalty to Benton upon earning interest
  • Investors will be watching for NAM's notice to proceed before the November 15, 2026 deadline

Kenora Thunder Gold Project Location and Historical Drilling Results

The project covers 4 claims totalling approximately 1,461 hectares, situated about 10 kilometres west-southwest of Kenora and 2 kilometres south of the Trans-Canada Highway. Historical drilling includes a 1975 Hudson Bay Exploration hole returning 17.8 g/t Au over 1.52 metres, and a 1987 Mingold Resources hole returning 20.2 g/t Au over 1.83 metres. A 2011 Benton Resources program drilled nine holes totalling 1,425 metres, with eight intersecting anomalous gold. The company notes these are historical results that have not been independently verified and should not be relied upon as current exploration results.

NAM's Strategic Rationale for Expanding in the Kenora Mining District

If exercised, the option would represent NAM's third gold and critical metals project in the Kenora Mining District, complementing its existing Kenora Field Office opened in 2026 approximately 11 kilometres outside Kenora. Chairman and CEO Harry Barr stated in the release that the Kenora District offers excellent infrastructure and growing strategic interest from major industry participants. The geology suggests a possible bulk-tonnage system with local high-grade shoots, though no resource estimate has been established. The company notes that remaining exploration targets, including trenches, soil anomalies, and geophysical anomalies, are untested.

Regional Activity and First Nations Engagement Informing the Due Diligence

NAM's due diligence scope includes engaging with applicable First Nations Chief and Council and other relevant Indigenous representatives to assess whether sufficient support and authorizations can be obtained. The Kenora Mining District has attracted broader industry attention, with the release referencing Coeur Mining's approximately US$7 billion acquisition of New Gold and Seva Mining's acquisition of the Cameron Gold Project for approximately C$27 million, both completed in March 2026. NAM states it is committed to working collaboratively with local First Nations to ensure responsible and sustainable exploration.