The update to the 2012 resource has a measured and indicated 4.63 million palladium-equivalent ounces, plus 2.7Moz in the inferred category at a 0.4g/t cut-off.

The measured and indicated resource also equates to 2.6Moz gold-equivalent.

"Our stated objective of increasing the resource beyond 1Moz in the northern portion was achieved," New Age said.

The company included its new Pine Zone/T3 deposit in the updated resource model which it said upgraded the bulk mining potential.

President and COO Trevor Richardson said the company had spent about C$40 million on its combined River Valley and River Valley Extension project but said it was "a long way from being drilled out".

"Our ultimate goal is to bulk mine a series of openpits throughout our 16km, concentrate on site and ship the concentrates to the long-established Sudbury Metallurgical complex," he said.

The company will take a geophysics and drilling programme from north to south across the project and advance towards a preliminary economic assessment for the PGM deposit.

It also said C$500,000 would be spent on exploration this year at its hard rock lithium joint venture projects in Manitoba by JV/option partner Azincourt Energy (CN:AAZ).

New Age had $1.9 million (US$1.47 million) in working capital at the end of October and raised $350,000 in a private placement in December at 7.5c per unit.

Its shares rose 4.5% yesterday to 11.5c, capitalising it around $7.9 million.