I've been catching up on a lot of underground bands, new and old. There's a LOT of new ones that have the old school sound. Like, if you didn't know any better, they sound like they are 1980's. Not a bad thing.
Couple of ones you guys may want to check out. I highly recommend all of these bands (both new and old):
Primal Fear -Classic elements with a modern-ish sound (guys played in the 80s) and very clear production. Everything from pop rock to ballads to power metal to thrash to mainstream straight up rippage. Their singer Ralf Scheepers could easily be mistaken for Rob Halford, and his range is arguably the same. In fact he tried out for Priest. Vocals are FANTASTIC. This is the same guy that sung on the first 3 albums from Gamma Ray before Kai Hansen from Helloween took over. His voice has since deepened but it actually sounds better that way and my lord can that guy get HIGH.
Sinner - Formed by Primal Fear's bassist circa 1983. He also does vocal duties. More based on heavy riffs but in a technical form, though there is thrashy-ness in some songs. Vocals are much deeper. Has a lot of stuff that could easily go mainstream metal, but not be overrated in that regard.
Leige Lord - Heavy metal riffage. Vocals reminiscent of Blaze Bayley of Iron Maiden and Wolfsbane.
Air Raid - Straight up 1980's thrash right down to the production quality. Easily mistaken for something from 1986. Deep vocals, nothing too screamy.
Tyran' Pace - Judas Priest circa 1980. Scheepers (Primal Fear, Gamma Ray) on vocals. Play this somewhere and I bet you'll have people ask what Priest song that is or what record you are listening to. You literally cannot tell the difference, so much that even I was shocked at the resemblance, and it's so close even the guitar tones are indentical...
Leeway - These guys were featured on GTA IV with their song "Enforcer". Later material is more punk-metal but still good. Early stuff is very thrashy.
Enforcer - I can't really explain this band. It's almost thrashy with extremely technical guitar work and riffs but light tones with old school style production if that makes sense. Add in Scorpions style guitar fills frequently with light pitch but high vocals and you've got this band.
Mantic Ritual - Kill 'em All era Metallica. The guy even sounds like Hetfield with his screams, but with a twist. Shame this band only made one album. If you're looking for more music in that style from Metallica, this is your band.
Lich King: More classic sounding straight up thrash. Some songs sound power metal-ish.