Abitibi Geophysics has completed a surface IP geophysical program on the Pine Zone.
- IP survey extended to Banshee Zone.
- Drilling is planned to commence in mid-July with a ~5000 metre 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.
Vancouver, Canada / June 19th, 2017Â – New Age Metals Inc. (TSX.V: NAM; OTCQB: PAWEF; FSE: P7J.F)Â is pleased to announce that the Induced Polarization (IP) geophysical survey is now complete on the Pine Zone and extended to the Banshee Zone at the River Valley PGM Project in northwest Ontario.
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 IP geophysical survey tested 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. A complete interpretation of the IP geophysical results will be carried out by Abitibi Geophysics, which will include drill recommendations. Drilling is scheduled to begin mid-July of 2017 with a program of ~5000 metres.
Approximately 2 km of untested potential for the discovery of additional mineralization presently exists along the trend between the current drilled extent of the Pine Zone and the underexplored Pardo Zone to the northwest (Figure 2). The Banshee Zone is approximately 2 km to the southeast along the trend of the River Valley PGM Zone.
The Banshee was drilled with 25 holes in 2003 as well with accompanied surface exploration and geophysics. Surface work outlined a zone over 600 metres. Metallurgical work from SGS in 2012 defined the Banshee Zone to be an inferred resource (cut off a 0.8 g/t PdEq) of 3,320,000 tonnes with a contained metal content of 62,000 oz of PGM+Au and 103,000 oz of PdEq. The new IP survey will allow the company to geophysically explore the Banshee Zone to a greater depth than previous explored.
The geophysical survey being used is a high-resolution OreVision(R) IP survey performed by Abitibi Geophysics. OreVision IP can reveal targets at four times the depth of conventional IP without compromising near-surface resolution.
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Figure 1. Location of NAM’s 100% owned River Valley PGM Project.
The Pine Zone survey was 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 was 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 carry out a borehole survey on two drill holes from the 2016 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(R) survey dataset, thereby aiding generation of high priority targets for drill testing. Target generation will be followed by a drill program in the summer/fall of 2017.
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Figure 2. Property scale geological map showing the location of the Pine Zone discovery relative to the Dana North Zone immediately to the west and the Pardo Zone 2 km to the northeast. Note the apparent dextral sense of offset of the River Valley PGM deposit (red) across the Grenville Front Tectonic Zone.
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Figure 3. Design map grid for the OreVision(R) IP surface survey in the Pine Zone-Dana North Zone (DNZ) area of the River Valley PGM Project. WBSZ = West Boundary Shear Zone. Solid black circles = diamond drill hole collar locations.
Trevor Richardson, President and COO comments;Â “We are delighted to have completed the survey over the Pine Zone as well as extending additional IP work over the Banshee Zone in such an efficient manner. This will allow the company to commence drilling on targets from both previous work and the new IP interpretation. We look forward to ongoing updates from the drilling program in the following months.”
In addition, New Age Metals Inc. announces that the Company has granted 3,500,000 incentive stock options to directors, officers and consultants of the Company at an exercise price of $0.14 per share, and are exercisable for a period of five years from the date of grant in accordance with the Company’s Stock Option Plan. The Stock Options granted will be subject to vesting restrictions and will vest quarterly over one (1) year from the date of grant. The options are subject to acceptance for filing by the TSX Venture Exchange.
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 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 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 geophysics currently completed and drilling to commence mid July 2017 as part of our ongoing 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.
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