- Abitibi Geophysics has completed the surface IP geophysical program and borehole geophysics
- Drilling will focus on follow-up drilling to further test the continuation of the Pine Zone
- Further drilling will drill test the geophysical interpretation of Abitibi Geophysics
- 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 / July 18, 2017 – New Age Metals Inc. (TSX.V: NAM; OTCQB: PAWEF; FSE: P7J.F) is pleased to announce that the 2017 Drill Program has commenced on the Pine Zone at the River Valley PGM Project approximately 100km’s from Sudbury, Ontario. The Induced Polarization (IP) geophysical survey and borehole geophysics has been completed by Abitibi Geophysics and a final report will be generated. The Company will focus the exploration on drill testing the previous PGM mineralization in the Pine Zone and the recommendations from the geophysical interpretation report.
The Pine Zone is one of numerous prospective PGM zones (Figure 1) within the district-scale River Valley PGM Project and was 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.
The surface geophysical survey was designed to test the eastward and southward extension of the Pine Zone as well as the adjacent Dana North Zone (Figure 2). The extension of the IP survey is designed to test the depth potential of the Banshee Zone. The survey will aid in the generation of new targets for follow up drill testing. The diamond drill crew is currently onsite and will begin drilling to test the on strike and depth extensions of the Pine Zone as a continuation of the 2016 drilling (press release December 13, 2016).Approximately 15,000ft of drilling is planned in this program.
Abitibi Geophysics will generate a final report and interpretation of the IP Geophysical Survey. This report will recommend additional drill targets. These targets will be on the Pine and Banshee Zones. 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).
Click Image To View Full Size
Figure 1. Location of NAM’s 100% owned River Valley PGM Project.
This present exploration activity of drilling and geophysics is geared to establish the resource base for a Preliminary Economic Assessment (PEA) Report which the company plans to initialize in the near future.
Click Image To View Full Size
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.
To date an approximate 612 holes (136,574 metres) have been conducted by the company and its past joint venture partners to test the PGM mineralization extents of the River Valley Intrusion. As well, several 43-101 complaint resource estimates have been generated. The River Valley Deposit is the Largest Undeveloped Primary PGM resource in Canada, with 2.5M oz PGM, in Measured Plus Indicated mineral resources and near-surface mineralization covering over 16kms of continuous strike length.
The Company will continue to update investors as the drill results are received.
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 Northern 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
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.
