New Age Metals Outlines 2017 Exploration Plans For River Valley PGM Projects, Sudbury
February 15, 2017 (Source) —
- Two 100% owned Platinum Metal Projects near Sudbury, northeastern Ontario
- Projects cover 16 km long River Valley PGM deposit
- Majority of resources in Measured and Indicated categories and near-surface
- Established infrastructure with communities nearby in mining friendly jurisdiction
- 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
- Exploration Plans proposed for 2017 include ground geophysical surveys and drilling
- Geophysical survey underway
New Age Metals (“NAM”, the “Company”) (TSX.V: NAM; Frankfurt: P7J.F; OTCQB: PAWED) is pleased to announce exploration plans proposed for 2017 at its 100% owned River Valley platinum group metal (PGM) projects near Sudbury, Ontario. The exploration focus will be on drilling priority PGM targets generated from modelling of previous exploration data and of new data from geophysical surveys to be conducted over the Pine Zone-Dana North Zone-Pardo Zone area of the vast River Valley PGM deposit (Figure 1).
Three-dimensional geological and structural modelling of the available drilling data, particularly from the 2015 and 2016 programs that discovered the Pine Zone (see press releases dated March 11, 2015 and December 13, 2016), highlights the potential to expand the PGM mineralization in three directions (Figure 2): 1) down-dip towards Target T3, 2) east along strike towards Pardo Zone 2 km away, and 3) up-dip 100 metres to surface. The Pine Zone as currently defined is located under the main access road into the north part of the River Valley PGM deposit, in the immediate footwall to measured and indicated PGM resources at the Dana North Zone (see NI43-101 Technical Report dated May 1, 2012), and is overlain by mineral leases owned 100% by NAM.
As for geophysics, a study is currently underway (with Blaine Webster, PGeo consulting geophysicist) to recover and review the historic surface and borehole induced polarization (IP) survey results for the Dana North and Pardo Zones. The PGM mineralization occurs closely associated with disseminated chalcopyrite-pyrrhotite mineralization with a strong positive IP chargeability response. The review study results will aid planning of the 2017 surface and borehole IP geophysical surveys of the Pine Zone-Pardo Zone-Target T3 area. Modern 3D IP survey systems can detect disseminated sulphide zones at greater depths and with better resolution than previous systems. Software packages can now more accurately model the position of IP chargeability anomalies in 3D space to aid development of drill targets. A total of up to about 50 line-km is proposed to be IP surveyed in the spring/summer 2017, prior to drilling.
The 2017 drill program will focus on expansion of the Pine Zone up- and down-dip and laterally, based on the results of the geological and geophysical modelling activities as outlined above. A total of up to about 5000 metres is proposed to be drilled in about 20 holes, beginning in the summer/fall 2017. The exploration plans proposed for 2017 are subject to financing in the capital markets and (or) finding a Strategic Partner and approval of Exploration Permit Applications.
ABOUT NAM’s PGM DIVISION
Get our daily investorintel update
NAM’s flagship project is its 100% owned River Valley PGM Project (NAM Website – River Valley Project) in the Sudbury Mining District of northwest Ontario (60 kilometres due 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. River Valley PGM-copper-nickel sulphide mineralized zones remain open to expansion and are undergoing continued exploration.
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.
InvestorIntel is a trusted source of reliable information at the forefront of emerging markets that brings investment opportunities to discerning investors.