Highlights
- A drill hole collared in main mineralized zone (Dana North) encountered 2.45 g/t Pd+Pt+Au over 28m, including 7.12 g/t over 3m and 4.06 g/t over 6m with a second zone of 3.30 g/t Pd+Pt+Au over 4m
- Drilling continues to encounter PGM mineralization in the footwall of the River Valley PGM Deposit with assays of 1.56 g/t Pd+Pt+Au over 9m, 1.41 g/t over 8m, 1.12 g/t over 17 m and 1.64 m of 7m were obtained from drilling in the footwall
- Drilling has been focused on follow-up drilling to further test the continuation of the Pine Zone and Dana North Zone
- 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.
September 20th, 2017 Vancouver, Canada – New Age Metals Inc. (TSX.V: NAM; OTCQB: PAWEF; FSE: P7J.F) is pleased to announce the first drill hole results of the 2017 drilling campaign. Drilling has focused on the Dana North (T3) and Pine Zone as a follow up of the 2015 and 2016 drilling at the River Valley PGM Deposit.
Harry Barr, Chairman and CEO states, “Drill results (Table 1) have confirmed continued PGM mineralization in the footwall to the main River Valley contact, where the current measured and indicated resources have been proven. At present the PGM mineralization has been extended for approximately 140 metres east of the previous known mineralization into the footwall of the identified resources. PGM mineralization in the Pine Zone has now been shown to extend to at least 300 m below surface. With continued drilling success, other new targets could extend along the 16kms of strike and at depth that have not been previously explored.”
A ground geophysical survey was carried out on the Pine Zone by Abitibi Geophysics (News Release: June 19th, 2017). The surface IP geophysical survey was designed to test the eastward and southward extension and dip/plunge of the Pine Zone as well as the adjacent Dana North Zone (Figure 1-2). The extension of the IP survey tested the Banshee Zone. Initial interpretations are complete and the final report has been completed. Several new targets from the geophysics have been identified and are planned for drill testing. The Company has also retained the services of a geophysical consultant, Alan King of Geoscience North Ltd (News Release: Aug 22nd, 2017), to compile all past and current geophysics into one 3D model and aid in the understanding of the structural controls on the PGM mineralization.
(Red Banded Unit represents the River Valley mineralized breccia contact zone-westward dip)
(3E = Pd+Pt+Au, N.S.A. = no significant assays)
Assay results have been received for six of the eleven presently drilled holes. Breccia host zones were indentified in all holes in the program with four drill holes (Table 1) returning significant Pd+Pt+Au (3E in the Table 1) mineralization to date. The drilling is mainly of an exploratory nature and intended to test the footwall mineralization in the northern portion of the property. Further re-interpretation of the geology, structure and PGM mineralization on the project are ongoing with the company’s geological and geophysical consultants.
Drill hole T3-17-04 was collared obliquely into the main PGM Zone and therefore the results are not true widths. Two high grade PGM zones were encountered from surface to 41 m. The drill hole was designed to test the footwall Pine Zone PGM mineralization to depth. PGM mineralization in the Pine Zone has now been shown to extend to at least 300 m below surface.
Drill holes were drilled into the Pine Zone to test the PGM footwall mineralization. Drill widths are considered not true width due to the exploratory nature of the drill campaign.
Assay Procedures and QAQC
The drilling is being undertaken by Jacob & Samuel Drilling Ltd. of Sudbury, Ontario under the supervision of NAM geologists. The drill core samples are sent to the SGS Canada Inc. Laboratory in Lakefield, Ontario for sample preparation and assay analyses. The preparation involved crushing of 3 kilograms of each sample to 90% passing 2 mm, and then pulverizing 0.5 kilograms to 85% passing 75 µm. Palladium, Platinum and Gold were assayed by fire assay with ICP-AES finish (GE-FAI313). Copper, Nickel and 32 additional metals were assayed by two acid digestion and ICP-OES finish (GE-ICP14B). Blanks and blind certified standard samples were submitted at regular intervals for assay with the core samples as part of NAM’s rigorous Quality Assurance/Quality Control program.
Future Activity
WSP Canada (News Release: Sept 7th, 2017) will be conducting the updated resource calculation and model for the River Valley PGM Deposit. This will incorporate any new drill results and interpretations.
This present exploration activity of drilling and geophysics is geared to establish the resource base for a Preliminary Economic Assessment (PEA) Report which the company plans to initialize in the near future.
To date (not including the present drill program) an approximate 612 holes (136,574 metres) have been conducted by the company and its past major joint venture partner to test the PGM mineralization extents along the contact of the River Valley Intrusion. As well, several 43-101 complaint resource estimates have been generated. The River Valley Deposit 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.
The Company will continue to update investors as the drill results are received.
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, 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. The River Valley PGM-Copper-Nickel Sulphide mineralized zones remain open to expansion. Currently the company has completed new ground geophysics and is in the middle of a drill program focused on the Pine and Dana North Zones.
In 2016, the Company acquired the River Valley extension property from Mustang Minerals which added approximately 4kms to the project’s mineralized strike length to the southern portion of the intrusion.
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. 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 is the largest mineral claim holder in the Winnipeg River Pegmatite Field and is seeking JV partners to further develop the company’s Li division.
QUALIFIED PERSON
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.
On behalf of the Board of Directors
Harry Barr
Harry G. Barr
Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward Looking Statements: This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results and are based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. In addition, forward-looking statements include statements in which the Company uses words such as “continue”, “efforts”, “expect”, “believe”, “anticipate”, “confident”, “intend”, “strategy”, “plan”, “will”, “estimate”, “project”, “goal”, “target”, “prospects”, “optimistic” or similar expressions. These statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the Company’s ability and continuation of efforts to timely and completely make available adequate current public information, additional or different regulatory and legal requirements and restrictions that may be imposed, and other factors as may be discussed in the documents filed by the Company on SEDAR (www.sedar.com), including the most recent reports that identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company does not undertake any obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Investors should not place undue reliance on forward-looking statements.