New Age drills 1.129 g/t Pd+Pt+Au over 84 metres at River Valley, Ontario

New Age Metals Inc. [NAM-TSXV; NMTLF-OTCQB; P7J-FSE] reported new assay results for core samples from 2021 drill hole KP21-05 completed at the Dana South zone at the 100%-owned River Valley project 100 km east of Sudbury, Ontario.

Drill core assays returned a long, higher-grade intersection of palladium (Pd) mineralization lying outside the established boundary of Dana South. This Pd mineralization intercept appears to represent an opportunity to expand Dana South in a south-southeastward direction. Location of the Dana South zone in the northern area of the River Valley deposit makes it a key zone in the continuing prefeasibility study of the River Valley project.

Drill Hole KP21-05 returned 1.129 g/t palladium+platinum+gold (Pd+Pt+Au (3E)) and 0.108% copper over 84 metres from 197 metres downhole, including 1.918 g/t 3E and 0.183% copper over 30 metres from 242 metres downhole; 2.373 g/t 3E over 18 metres from 243 metres downhole with 37 metres of the 84-metre long mineralized intercept located outside the wireframed domain boundary of Dana South Zone.

This external Pd mineralization indicates strong potential for expanding Dana South by drilling along strike to the south-southeast of the mineralized zone.

Harry Barr, Chairman and CEO of NAM said, “This palladium mineralization intercept of the Dana South Zone in drill hole KP21-05 is remarkable. The exploration upside potential at River Valley continues to surprise, despite historical and recent drilling of 723 holes totalling 156,000 metres along the 16-km strike length of the deposit. Follow-up drilling designed to confirm and expand the Dana South mineralization beyond the historically modelled boundaries will be undertaken this summer. Despite continued volatility in the global markets, palladium prices remain high and rhodium, an additional metal of potential interest at River Valley, is also trading at very high prices.”

As part of the ongoing PFS of the River Valley Project, Knight-Piesold Ltd (KP) planned KP21-05 as a diamond drill hole to test the location and geomechanical nature of the footwall contact to the Dana South Zone of the River Valley Palladium Deposit. The 290-metre long drill hole encountered a long interval of copper-iron sulphide mineralization in the favourable Breccia Unit of the River Valley Intrusion, and was therefore logged and sampled by NAM geologists as an exploration drill hole. Assays returned 84 metres grading 1.129 g/t 3E and 0.108% copper from 197 metres downhole, including an interval of 30 metres grading 1.918 g/t 3E and 0.183% copper, or $111/t NSR from 242 metres downhole, and 18 metres grading 2.373 g/t 3E and 0.212% Cu, or $139/t NSR from 243 metres downhole. At approximately 224 metres downhole, drill hole KP21-05 exited the Dana South wireframed mineralized domain and continued in mineralization mainly within the Breccia Unit for an additional 57 metres. From the end of mineralization at 281 metres downhole, the drill hole continued for an additional 9 metres through largely barren rock before being stopped at a depth of 290 metres in the footwall.

As a result of the KP21-05 intercept, the mineralization at Dana South is open to expansion by drilling along strike to the south-southeast, in addition to down-dip. A follow-up drilling program is planned to test for this potential extension of Dana South, as part of the proposed River Valley 2022 exploration program. The drilling will strive to confirm the presence of the higher-grade Pd mineralization, test its continuity along strike and down-dip, and determine the location of the boundary fault.

The River Valley 2021 Updated Mineral Resource Technical Report by P&E Mining Consultants Inc (P&E) was filed on SEDAR in November 2021. At cut-offs of CDN$15/t NSR (pit constrained) and CDN$50/t NSR (out-of-pit), the Mineral Resource Estimate consists of: 89.9 Mt grading 0.54 g/t Pd, 0.21 g/t Pt, 0.04 g/t Au and 0.06% Cu, or CDN$47.58/t NSR in the Measured and Indicated classifications; and 94.0 Mt grading 0.35 g/t Pd, 0.16 g/t Pt, 0.04 g/t Au and 0.06% Cu, or CDN$31.69/t NSR in the Inferred classification.

New Age has granted 450,000 incentive stock options to officers and consultants of the company at an exercise price of $0.10 per share for five years.