New Age Metals: 2018 Ground Geophysics Update at the River Valley Platinum Group Metals Project, Sudbury Mining District, Ontario
TSX VENTURE: NAM
- Line cutting is near completion in the footwall region of the River Valley Deposit
- Ground IP geophysics on new footwall discovery will commence January 20th to test the footwall regions of the T4 to T9 anomalies
- Footwall PGM mineralization is a new and additional source of PGMs at the River Valley project and it will be included in the new resource model.
- Updated NI 43-101 resource calculations with WSP Canada have commenced and will include all the new data on the deposit and the recently acquired southern extension.
- The new resource calculation is expected to be completed in Q1-2018.
- Mineralogical testing is ongoing
- River Valley is the Largest Undeveloped Primary PGM resource in Canada, with 3.9Moz PdEq in Measured Plus Indicated including an additional 1.2Moz PdEq in Inferred and has excellent infrastructure within 100 kilometers to the Sudbury Metallurgical complex.
- The Price of Pallidum the prominent metal at River Valley is trading at $1,078USD (Jan 10, 2018) near its all-time high based on limited supply and increasing demand.
Vancouver, Canada / TheNewswire / January 10, 2018 - New Age Metals Inc. (TSX.V: NAM; OTCQB: PAWEF; FSE: P7J.F) is pleased to provide an update of exploration activity at the company's River Valley PGM Deposit in Ontario. Field exploration presently is concentrated on the upcoming ground IP geophysical survey. WSP Canada is currently working on the upgraded 43-101 compliant resource calculation and mineralogical test of the different PGM grades is ongoing.
The geophysical survey will be a high-resolution OreVision(R) IP survey performed by Abitibi Geophysics (Thunder Bay, Ontario). OreVision IP can reveal targets at four times the depth of conventional IP without compromising near-surface resolution. The goal of the geophysical survey is to test the footwall portion to the main River Valley PGM Deposit, southward of the Pine Zone IP survey (News Release: Jun 19th, 2017) and to cover the area between target anomalies T4 to T9 (Figure 1). This area represents a survey strike length of approximately 2000 metres. The linecutting and grid is near completion and the IP crews are scheduled to mobilize on site for January 20th.
Upon completion of the geophysics, the company will outline a series of drill programs to test the geophysical anomalies generated from the survey. The goal is to examine the potential for continuous PGM mineralization into the footwall area of the main River Valley PGM Deposit.
WSP Canada (News Release: Sept 7th, 2017) is progressing through the new resource calculation for the River Valley PGM Deposit under the supervision of Todd McCracken, Manager-Mining at WSP Canada. The new resource model and calculation will incorporate all the past data, geophysics, new drilling since 2012 and the River Valley Extensions (previous Mustang Minerals ground).
Figure 1: Drill Hole Distribution Map in the Northern Portion of the River Valley PGM Deposit Showing Regions of Upcoming IP Geophysics.
(Image only represents approximately 3.5 km of the overall strike length of the deposit)
In 2016, the company obtained the Mustang Minerals' southern portion of the River Valley PGM Deposit (River Valley Extension, News Release - Oct 5th, 2016). This added 4 kilometres of mineralized strike length to the company's River Valley PGM Deposit.
ABOUT NAM'S PGM DIVISION
NAM's flagship project is its 100% owned River Valley PGM Project (NAM Website - River Valley Project) in the Sudbury Mining District of Northern Ontario (100 km east of Sudbury, Ontario). Presently the River Valley Project is Canada's largest primary undeveloped PGM deposit with Measured + Indicated resources of 91 million tonnes @ 0.58 g/t Palladium, 0.22 g/t Platinum, 0.04 g/t Gold, with a total metal grade of 1.28 g/t at a cut-off grade of 0.8 g/t PdEq for 2,463,000 ounces PGM plus Gold. This equates to 3,942,910 PdEq ounces. In the Northern portion of the project (Dana North), not including the new high-grade Pine Zone, there is 24 million tonnes @ 1.58 PdEq. The River Valley PGM-Copper-Nickel Sulphide mineralized zones remains open to expansion. The company has recently completed a drill program on the Pine and T3 Zones.
ABOUT NAM'S LITHIUM DIVISION
The Company has five pegmatite hosted Lithium Projects in the Winnipeg River Pegmatite Field, located in SE Manitoba. Three of the projects are drill ready
Recently NAM announced (News Release: Dec 12th, 2017) a signed Letter of Intent with Azincourt Energy Corp for the Manitoba Lithium Projects.. This Pegmatite Field hosts the world class Tanco Pegmatite that has been mined for Tantalum, Cesium and Spodumene (one of the primary Lithium ore minerals) in varying capacities, since 1969. NAM's Lithium Projects are strategically situated in this prolific Pegmatite Field. Presently, NAM, under its subsidiary Lithium Canada Developments, is one of the largest mineral claim holders in the Winnipeg River Pegmatite Field and is seeking JV partners to further develop the company's Lithium Division.
The contents contained herein that relate to Exploration Results or Mineral Resources is based on information compiled, reviewed or prepared by Carey Galeschuk, a consulting geoscientist for New Age Metals. Mr. Galeschuk is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical content of this news release.