- Closed $2,614,762 Private Placement, April 27, 2017
- Abitibi Geophysics has commenced a surface IP geophysical program.
- 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 mineralization covering over 16kms of strike.
- New discoveries in 2015 and 2016 continue to show the positive upside for the River Valley PGM Deposit
- Summer/Fall diamond drilling will commence upon completion of the IP geophysical survey and will consist of ~5000 metre program.
June 6th, 2017 Vancouver, Canada – New Age Metals Inc. (TSX.V: NAM; OTCQB: PAWEF; FSE: P7J.F) is pleased to announce that the line cutting of the Pine Zone Grid is complete at the River Valley PGM Project in northwest Ontario and the Induced Polarization (IP) geophysical survey has begun. During a recent review of the past data, the line cutting and IP work has been planned to extend in other areas.
The Pine Zone is one of numerous prospective PGM zones (Figure 1) within the district-scale River Valley PGM Project and was most recently drilled in the fall of 2016 (press release December 13, 2016). The 2016 drill program confirmed the higher-grade, near-surface PGM discovery made in the 2015 drill program (press release March 11, 2015) and highlighted the continuity of the mineralization for 200 metres along strike and 100-200 metres depth at the Pine Zone. The Pine Zone remains open along strike and at depth. This re-interpretation of the River Valley Deposit and its mineralization has the potential of advancing the project to a strong economic stage. The surface geophysical survey will test the potential for eastwards and southwards extension of the Pine Zone as well as the adjacent Dana North Zone (Figure 2). The survey will aid in the generation of new targets for follow up drill testing. The diamond drill crew is on standby awaiting the completion and interpretation of the present IP geophysical survey.
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 underexplored Pardo Zone to the northwest (Figure 2).
The geophysical survey will be a high-resolution OreVision® 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 at the Pine Zone 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 and structural 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® IP survey, Abitibi Geophysics will also carry out a borehole survey on two drill holes from the last drill program at the Pine Zone through the host geology and PGM mineralization for physical property measurements. The physical property data collected from these drill holes will benefit 3D inversion and modelling of the OreVision® 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/fall of 2017.
Trevor Richardson, President and COO comments; “We are very pleased to commence our 2017 exploration program from the completion of our private placement. The geophysics will hone in on targets from our newly discovered areas and assist in targeting the summer/fall drill program. We are confident that this will assist in moving the project forward towards a Preliminary Economic Assessment.”
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.
In 2016, the company acquired the River Valley extension property from Mustang Minerals which added approximately 4kms to the project’s mineralized strike length.
ABOUT NAM’S LITHIUM DIVISION
The Company has several Hard Rock Lithium Projects in the Winnipeg River Pegmatite Field, located in SE Manitoba. 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. 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 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 G. Barr
Chairman and CEO
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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.