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 100% owned by New Age Metals (NAM).
The project is under two Mining Leases. The Mining Leases cover an approximate area of 12,000 acres of Surface and Mining Rights. The Mining Leases cover all of the 2012 NI 43-101 mineral resources of the River Valley PGM Project. The 2019 NI 43-101 covers both the River Valley PGM Project and the River Valley Extension.
The River Valley PGM project was acquired in 1998 by NAM (formally Pacific North West Capital, now New Age Metals) through a number of transactions. NAM discovered significant PGM occurrences on the property and entered into a joint venture agreement with Anglo Platinum in 1999. NAM was the operator of the joint venture and continues to be the operator today.
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. In 2016, NAM’s management negotiated the purchase of 100% of the River Valley Extension from Mustang Minerals. This acquisition increased the companies land position to 64 square Kilometres (15,800 acres). With this acquisition the strike length of River Valley increased from 12 to 16 Kilometres. The 2019 NI 43-101 report included an inferred resource on the River Valley Extension.
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.
The projects first economic study, a Preliminary Economic Assessment (PEA) is underway and is being overseen by Mr. Michael Neumann, P.Eng., a veteran mining engineer and one of NAM’s directors.
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.
NAM management and consultants are currently designing a complete 500 metre drill program for the River Valley Project. This plan will consider previously proposed drill parameters and will be based on the most recent geophysical assessment and consultant expertise.
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