New Age Metals Commences 2017 Exploration Program At The River Valley PGM Project, Subdury Mining District
May 10, 2017 (Source) —
- Closed $2,614,762 Private Placement, April 27, 2017
- Signed contract with Abitibi Geophysics to commence surface geophysical program.
- Projects cover 16 km long River Valley PGM deposit
- River Valley is the Largest Undeveloped Primary PGM resource in Canada, with 2.5 Moz PGM, in Measured Plus Indicated mineral resources and near-surface covering over 16kms of strike.
- New discovery in 2015: 3.91 g/t Pd+Pt/9m from 145m in drill hole 2015-DN002
- Discovery confirmed in 2016: 4.07 g/t Pd+Pt/9m from 202m in drill hole DN-T2-06
- Upon completion of the geophysical program, drilling slated for summer 2017.
New Age Metals Inc. (“NAM” and the “Company”) (TSX.V: NAM; OTCQB: PAWEF)is pleased to announce that the Company plans to commence its 2017 Exploration Program this spring with a surface geophysical program at the Pine Zone of the River Valley platinum group metal (PGM) deposit near Sudbury, Ontario (Figure 1). The Pine Zone is one of many PGM zones within the district-scale River Valley PGM Project and was most recently drilled in the fall of 2016 (see to press release dated December 13, 2016). The 2016 drill program confirmed the higher-grade, near-surface PGM discovery made previously in the 2015 drill program (see press release dated March 11, 2015) and highlighted the continuity of the mineralization for 200 metres along strike and 100-200 metres depth. The Pine Zone remains open along strike and at depth. The surface geophysical survey will be performed to test the potential for eastwards and southwards extension of the Pine Zone and aid generation of new targets for drill testing later in 2017.
The 2017 Exploration Program will begin in May-June with cutting of a line grid for the surface geophysical induced polarization (IP) survey. The IP survey itself will consist in part of a detailed orientation survey to record geophysical responses over known geologic features and higher-grade PGM mineralization located in the Pine Zone and the adjacent Dana North Zone (Figure 2). The orientation survey will produce a geophysical fingerprint, which can be used to target favorable geologic features and potentially identify additional blind, structurally controlled PGM mineralization to the east, down-dip and up-dip of the Pine Zone, and elsewhere at River Valley for drill testing. Approximately 2 km of untested potential for discovery of additional mineralization presently exists along strike between the current drilled extent of the Pine Zone and the under explored Pardo Zone to the northwest (Figure 2).
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 survey size will be 20 line-km over an area measuring 1.1 sq km (Figure 3). The survey will be performed along NW-SE trending, 50m to 100m spaced cut-lines across the apparent strike direction of the geological features controlling the Pine Zone. The depth of investigation is planned to be 440m, which is 40m below the maximum predicted depth of the Pine Zone in this area. In addition to the OreVision(R) IP survey, Abitibi Geophysics will also survey two open drill holes through the host geology and PGM mineralization for physical property measurements. The physical property data will benefit 3D inversion and modelling of the OreVision(R) survey dataset, thereby aiding generation of high priority targets for drill testing. Target generation will be followed by a ~5000 metre drill program in the summer or fall of 2017.
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 NW Ontario (100 km east of Sudbury, Ontario). Presently, the River Valley Project has 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 for a PdEq of 2,463,000 ounces PGM plus Gold. The River Valley PGM-Copper-Nickel Sulphide mineralized zones remain open to expansion and are undergoing continued exploration.
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In 2016, the company acquired the River Valley extension property which added approximately 4kms to the project mineralized strike length.
ABOUT NAM’S LITHIUM DIVISION
The Company has several Hard Rock Lithium Projects in Canada:
To date the Company has acquired 5 hard rock (Pegmatite) Lithium Projects, in the Winnipeg River Pegmatite Field, in SE Manitoba. This Pegmatite Field hosts the giant Tanco Pegmatite that has been mined for Tantalum, Cesium and Spodumene (one of the primary Lithium ore minerals) in varying capacities, since 1969. Today, the Tanco Mine is focused on the mining of Pollucite (primary Cesium ore) and the production of Cesium Formate, a completion drilling fluid for the petroleum industry. 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.
The Company also announces that it has issued an aggregate of 287,954 common shares to Agora Internet Relations Corp. (“AGORACOM”). The securities issued represent the payment for services under the terms of an existing agreement and are subject to a four month plus one day hold period expiring September 3, 2017.
The contents contained herein that relate to Exploration Results or Mineral Resources is based on information compiled, reviewed or prepared by Dr. Bill Stone, Principal Consulting Geoscientist for Pacific Northwest Capital. Dr. Stone 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 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.
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