New Age Metals drills 2.076 g/t 3E over 63 metres at River Valley, Ontario
New Age Metals Inc. [NAM-TSXV; NMTLF-OTCQB; P7J-FSE] reported assay results from its 2022 exploration drilling program on the River Valley palladium project near Sudbury, Ontario.
Six diamond drill holes were completed totalling 1,328 m at Dana South Zone, located near the north end of the River Valley Deposit and all intersected palladium mineralization, thereby expanding the known extents of Pd mineralization.
Drilling Highlights: DS-22-01 returned 1.553 g/t Pd+Pt+Au (3E) and 0.070% Cu over 14 metres from 249 metres downhole at the Dana South-Extension target. DS-22-02 returned 0.891 g/t 3E and 0.091% Cu over 14 metres from 210 metres downhole at the Dana South-Extension Target.
DS-22-03 returned 1.335 g/t 3E and 0.134% Cu over 41 metres from 258 metres downhole at the Dana South-Extension Target. DS-22-04 returned 1.251 g/t 3E and 0.145% Cu over 23 metres from 190 metres downhole at the Dana South extension Target.
DS-22-05 returned 2.076 g/t 3E and 0.131% Cu over 63 metres from 12 metres downhole at the Dana South-SET Target. DS-22-06 returned 1.073 g/t 3E and 0.085% Cu over 3 metres from 11 metres downhole at the Dana South-SET Target.
The mineralization at the Dana South-Extension Target remains open to expansion by drilling along strike and at depth.
Harry Barr, Chairman and CEO, said, “In terms of Pd grade and zone location, Dana South is one of the most important mineralized zones at River Valley. The fact that there now appears to be even more higher-grade mineralization there than is included in the current Mineral Resource Estimate is very encouraging for the future exploration upside of the River Valley Project. We plan to fully model the drill hole results and expand the Dana South Zone though additional step-out drilling as part of NAM’s 2023 exploration program.”
On October 28, 2022, NAM announced its decision to delay release of the PFS, in order to enable confirmation and optimization of critical project options and development of a more indicative value of the River Valley Project. Project options under review include increased underground mining, mine plan and mineral processing enhancements, tailings management alternatives, and converting and extending Mineral Resources, among others, which offer additional flexibility and potential for better economics. In addition, current price volatility due to inflationary pressure and economic uncertainty continues to make it difficult to obtain suitable long-term cost quotes for site equipment and infrastructure systems from potential vendors.
Subject to the determination of the above options and stabilization of the economic climate, NAM plans to finalize the River Valley Project Study. An update on when the PFS is anticipated to be completed will be provided in Q1 2023.
New Age Metals is a junior mineral exploration and development company focused on the discovery, exploration and development of green metal projects in North America. The Company has two divisions: a Platinum Group Metals division and a Lithium/Rare Element division.
The PGM Division includes the 100% owned, multi-million-ounce, district-scale River Valley Project, one of North America’s largest undeveloped Platinum Group Metals Projects, situated 100 km by road east of Sudbury, Ontario. In addition to River Valley, NAM owns 100% of the Genesis PGM-Cu-Ni Project in Alaska and plans to complete a surface mapping and sampling program in 2022.
The Lithium Division is one of the largest mineral claim holders in the Winnipeg River Pegmatite Field, where the company is exploring for hard rock lithium and various rare elements such as tantalum and rubidium. Further Exploration plans for 2023 include continued mapping/sampling field program following up on prospective trends outlined in the magnetic data, and phase two drill program at Lithium Two Project along with identifying additional drill targets throughout the company’s 11 projects.
The company has a partnership with Mineral Resource Limited, a top global lithium producer to explore and develop the company’s lithium project portfolio. The 2022 budget for the company’s Lithium Division is $1.8 million and will include work till the end of Q1 2023.