River Valley PGM Project
Location and Access:
The River valley project is located in the Dana and Pardo townships of Northern Ontario, approximately 60km east of Sudbury, Ontario. The project is road accessible in Canada's premier Ni-Cu-PGM mining and smelting district which boasts perfect infrastructure and community support for mining activities.
Property and Ownership:
River Valley PGM Project is by New Age Metals.
The project is under two Mining leases. The Mining Leases cover an area of 5381.1 hectares, including 4,756.2 hectares of Surface and Mining Rights and an additional 624.9 hectares of Mining Rights. The Mining Leases cover all of the NI43-101 mineral resources of the River Valley PGM Project.
The River Valley PGM project was acquired in 1998 by PFN (Pacific North West Capital, now New Age Metals) through a number of transactions. PFN discovered significant PGM occurrences on the property and entered into a joint venture agreement with Anglo Platinum in 1999. PFN remained operator of the joint venture.
In January 2011, Pacific North West Capital Corp. (Now New Age Metals Inc.) successfully negotiated the 100% acquisition of the Project from Anglo Platinum Limited.
The East Bull Lake Intrusive Suite comprises a series of ~2.5 Ga mafic plutons that occur along the boundary of the Archean Superior Province and the Proterozoic Southern Province (East Bull Lake intrusion and Agnew Lake intrusion) and along the boundary of the Southern Province and the Grenville Province, within the Grenville Front Tectonic Zone (River Valley intrusion) . These intrusions are eroded remnants of layered sills that formed from tholeiitic, plagioclase-rich magmas that were emplaced during a Paleoproterozoic rifting event that lasted for several million years.
River Valley Property Geology:
The River Valley intrusion (RVI) is shallow-dipping, layered, and approximately 900 m thick. There is an increase in metamorphic grade from the northwest part of the intrusion (middle greenschist facies) to the southeast part (lower amphibolite). The dominant rock types are leucogabbronorite and leucogabbro with gabbros and anorthosites . Along the Grenville Front, the RVI is either in thrust contact with quartzite of the Huronian Mississagi Formation or is in contact with mafic and felsic metavolcanic rocks of the lower Huronian Supergroup where the nature of the contact is unknown.
2012 Mineral Resource Summary
NI43-101 Compliant Mineral Resource Estimate at Cut-Off Grade of 0.8 gpt PdEq - Effective May 1, 2012 (TetraTech)
Contained Metal Contents
Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is not certainty that all or any part of the mineral resource will be converted into mineral reserves
Long-term forecast prices (US$): $896/oz Pd, $1885/oz Pt, $1271/oz Au, $3.0/lb Cu, $9.7/lb Ni, $15.9/lb Co
Resource estimate based on 462 holes for 100,000 metres drilled at sectional spacing of 25 metres to 100 metres on eight separate mineralized zones
See www.newagemetals.com for more details and notes on the mineral resource estimate
The Company intends to continue exploration at River Valley in order to further expand the PGM resources and to discover new resources and delineate sufficient resources to establish a multi‐million tonne open pit PGM mine.
2012 Exploration Program will include but not limited to; Metallurgical study, drilling, channel sampling and geophysical programs designed to ultimately expand the current mineral resources at River Valley.
Qualified Person Statement: Technical information provided on this report has been reviewed and approved for technical content by Carey Galeschuk, Principal Consulting Geologist of New Age Metals, a Qualified Person under the provisions of National Instrument 43‐101
- 100% owned by New Age Metals
- River Valley Measured + Indicated resources: 91 million tonnes @ 0.58 g/t* palladium, 0.22 g/t platinum, 0.04 g/t gold at a cut-off grade of 0.8 g/t PdEq** for 2,463,000 ounces PGM*** plus gold
- River Valley Inferred resources: 36 million tonnes @ 0.36 g/t palladium, 0.14 g/t platinum, 0.03 g/t gold at a cut-off grade of 0.8 g/t PdEq for 614,000 ounces PGM plus gold
- On a PdEq basis, the Measured + Indicated resources contain 3,944,000 ounces PdEq and the Inferred resources contain 1,201,000 ounces PdEq
- River Valley PGM-copper-nickel sulphide mineralized zones remain open to expansion with continued exploration
SFA Oxford - January 2016