- River Valley is the largest undeveloped primary PGM resource in Canada, the March 2018 NI 43-101 has updated the 2012 resource. The River Valley PGM Project has excellent infrastructure and is within 100 kilometers of the Sudbury Metallurgical Complex. The project is 100% owned by New Age Metals.
- 4,626,250 PdEq ounces, with 2,713,933 ounces in Inferred at a 0.4 g/t cut-off.
- The company objective of increasing the resource beyond 1Moz in the northern portion was achieved.
- Footwall PGM mineralization, “The Pine Zone/T3”, a new discovery and additional source of PGMs at the River Valley Project (RVP), was included in the new resource model.
- The River Valley Extension mineralization in the south end of the deposit was added to the NI 43-101 Resource Calculation
- The 43-101 is filed on Sedar at www.sedar.com or on the NAM website at 2018 NI 43-101.
- Lithium Division: A minimum of $600,000 will be expended in 2018 on the companies Lithium division by New Age Metals option/joint venture partner Azincourt Energy Corp. (TSX.V: AAZ) (news release May 2nd, 2018) The 2018 budget will allow for 2 out of the 3 drill ready projects to be drilled. New Age Metals technical team is the field manager (press release dated Jan 15th, 2018).
May 8th 2018 / Rockport, Canada – New Age Metals Inc.(NAM) (TSX.V: NAM; OTCQB: NMTLF; FSE: P7J.F) The company is very pleased to announce that the NI43-101 compliant Measured and Indicated mineral resource calculation at a cut-off grade of 0.4 g.t PdEq is complete and has been posted on Sedar and the company website. The River Valley PGM Project is located 100 km from the world-class Sudbury Ni-Cu-PGM Mining Camp and has excellent infrastructure. The project is 100% owned by New Age Metals (NAM).
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New NI 43-101 Compliant Resource Estimation
WSP Canada, under the supervision of Todd McCracken, P. Geo (Manager-Mining at WSP Canada) has completed the new NI 43-101 compliant resource estimation of the River Valley PGM Deposit in the Sudbury Mining District of Ontario, Canada. The new resource estimation has incorporated all the past data, geophysics, new drilling since 2015 and the River Valley Extension (RVE), including the additional drilling in the new footwall discoveries Pine Zone and T3.
The results of the new resource estimation are tabulated in Table 1 below (0.4 PdEq cut-off).
| Class |
Tonnes
‘,000 |
Pd (g/t) |
Pt (g/t) |
Rh (g/t) |
Au (g/t) |
Cu (%) |
Ni (%) |
Co (%) |
PdEq (g/t) |
| Total Measured |
62,877.5 |
0.49 |
0.19 |
0.02 |
0.03 |
0.05 |
0.01 |
0.002 |
0.99 |
| Total Indicated |
97,855.2 |
0.40 |
0.16 |
0.02 |
0.03 |
0.05 |
0.01 |
0.002 |
0.83 |
| Total Meas +Ind |
160,732.7 |
0.44 |
0.17 |
0.02 |
0.03 |
0.05 |
0.01 |
0.002 |
0.90 |
| Inferred |
127,662.0 |
0.27 |
0.12 |
0.01 |
0.02 |
0.05 |
0.02 |
0.002 |
0.66 |
| Class |
PGM + Au (oz) |
PdEq (oz) |
PtEq (oz) |
AuEq (oz) |
| Total Measured |
1,440,248 |
1,999,575 |
1,999,575 |
1,136,930 |
| Total Indicated |
1,856,925 |
2,626,675 |
2,626,675 |
1,463,793 |
| Total Meas +Ind |
3,297,173 |
4,626,250 |
4,626,250 |
2,600,724 |
| Inferred |
1,578,367 |
2,713,933 |
2,713,933 |
1,323,809 |
Table 1: River Valley 2018 Resource Calculation (WSP Canada, Todd McCracken, P.Geo)
Notes:
- 1.CIM definition standards were followed for the resource calculation.
- 2.The 2018 resource models used Ordinary Krig grade estimation within a three-dimensional block model with mineralized zones defined by wireframed solids.
- 3.A base cut-off grade of 0.4 % g/t PdEq was used for reporting resources.
- 4.Palladium Equivalent (PdEq) calculated using (US$): $1,000/oz Pd, $1,000/oz Pt, $1,350/oz Au, $1750/oz Rh, $3.20/lb Cu, $5.50/lb Ni, $36/lb Co.
- 5.Numbers may not add exactly due to rounding.
- 6.Mineral Resources that are not mineral reserves do not have economic viability
- 7.The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.
To date, approximately 45 million dollars has been expended by NAM and previous partners on the projects. The River Valley mineralized contact extends throughout the 16 kilometers of the project as well as the additional possibility of other footwall mineralization zones. To date footwall PGM mineralization has been identified the Pine and T3 Zone.
Click Image To View Full Size
Figure 1: River Valley Geology and Zone Map, 2018
| Zone |
Tonnes |
Pd (g/t) |
Pt
(g/t) |
Au
(g/t) |
Ni
(%) |
Cu
(%) |
Co
(%) |
Rh (g/t) |
PdEq (g/t) |
| Measured Resources |
| Dana |
32,631,150 |
0.52 |
0.20 |
0.04 |
0.01 |
0.06 |
0.002 |
0.02 |
1.05 |
| Pine |
2,568,000 |
0.55 |
0.20 |
0.03 |
0.02 |
0.06 |
0.004 |
0.01 |
1.11 |
| Dana S |
9,433,730 |
0.58 |
0.21 |
0.04 |
0.01 |
0.05 |
0.003 |
0.02 |
1.10 |
| Lismer |
18,244,630 |
0.38 |
0.16 |
0.03 |
0.01 |
0.04 |
0.002 |
0.01 |
0.80 |
| Lismer Ext |
– |
– |
– |
– |
– |
– |
– |
– |
– |
| Varley |
– |
– |
– |
– |
– |
– |
– |
– |
– |
| Razor |
– |
– |
– |
– |
– |
– |
– |
– |
– |
| Banshee |
– |
– |
– |
– |
– |
– |
– |
– |
– |
| Azen |
– |
– |
– |
– |
– |
– |
– |
– |
– |
| River Valley Ext |
– |
– |
– |
– |
– |
– |
– |
– |
– |
| TOTAL |
62,877,510 |
0.49 |
0.19 |
0.03 |
0.01 |
0.05 |
0.002 |
0.02 |
0.99 |
| Indicated Resources |
| Dana |
2,175,700 |
0.53 |
0.22 |
0.02 |
0.02 |
0.06 |
0.0003 |
0.01 |
1.00 |
| Pine |
271,600 |
0.49 |
0.21 |
0.02 |
0.01 |
0.07 |
0.001 |
0.01 |
0.97 |
| Dana S |
13,573,600 |
0.51 |
0.18 |
0.03 |
0.01 |
0.04 |
0.003 |
0.02 |
0.97 |
| Lismer |
33,356,300 |
0.35 |
0.14 |
0.03 |
0.02 |
0.05 |
0.002 |
0.01 |
0.77 |
| Lismer Ext |
19,836,300 |
0.46 |
0.19 |
0.03 |
0.01 |
0.05 |
0.002 |
0.02 |
0.93 |
| Varley |
28,632,100 |
0.37 |
0.14 |
0.02 |
0.01 |
0.05 |
0.002 |
0.01 |
0.76 |
| Razor |
– |
– |
– |
– |
– |
– |
– |
– |
– |
| Banshee |
9,600 |
0.26 |
0.16 |
0.03 |
0.00 |
0.03 |
– |
0.01 |
0.55 |
| Azen |
– |
– |
– |
– |
– |
– |
– |
– |
– |
| River Valley Ext |
– |
– |
– |
– |
– |
– |
– |
– |
– |
| TOTAL |
97,855,200 |
0.40 |
0.16 |
0.03 |
0.01 |
0.05 |
0.002 |
0.02 |
0.83 |
| (table continues on next page) |
| Measured & Indicated Resources |
| Dana |
34,806,850 |
0.52 |
0.20 |
0.04 |
0.01 |
0.06 |
0.002 |
0.02 |
1.05 |
| Pine |
2,839,600 |
0.55 |
0.20 |
0.03 |
0.02 |
0.06 |
0.003 |
0.01 |
1.10 |
| Dana S |
23,007,330 |
0.54 |
0.19 |
0.03 |
0.01 |
0.04 |
0.003 |
0.02 |
1.02 |
| Lismer |
51,600,930 |
0.36 |
0.14 |
0.03 |
0.02 |
0.05 |
0.002 |
0.01 |
0.78 |
| Lismer Ext |
19,836,300 |
0.46 |
0.19 |
0.03 |
0.01 |
0.05 |
0.002 |
0.02 |
0.93 |
| Varley |
28,632,100 |
0.37 |
0.14 |
0.02 |
0.01 |
0.05 |
0.002 |
0.01 |
0.76 |
| Razor |
– |
– |
– |
– |
– |
– |
– |
– |
– |
| Banshee |
9,600 |
0.26 |
0.16 |
0.03 |
0.00 |
0.03 |
– |
0.01 |
0.55 |
| Azen |
– |
– |
– |
– |
– |
– |
– |
– |
– |
| River Valley Ext |
– |
– |
– |
– |
– |
– |
– |
– |
– |
| TOTAL |
160,732,710 |
0.44 |
0.17 |
0.03 |
0.01 |
0.05 |
0.002 |
0.02 |
0.90 |
| Inferred Resources |
| Dana |
272,000 |
0.56 |
0.21 |
0.00 |
0.01 |
0.05 |
– |
0.02 |
0.94 |
| Pine |
51,000 |
0.37 |
0.21 |
0.00 |
0.00 |
0.04 |
– |
0.00 |
0.66 |
| Dana S |
– |
– |
– |
– |
– |
– |
– |
– |
– |
| Lismer |
2,453,000 |
0.22 |
0.10 |
0.02 |
0.01 |
0.04 |
0.002 |
0.01 |
0.54 |
| Lismer Ext |
– |
– |
– |
– |
– |
– |
– |
– |
– |
| Varley |
125,000 |
0.20 |
0.11 |
0.03 |
0.02 |
0.05 |
0.002 |
0.01 |
0.58 |
| Razor |
42,744,000 |
0.26 |
0.11 |
0.02 |
0.03 |
0.04 |
0.001 |
0.01 |
0.63 |
| Banshee |
13,893,000 |
0.25 |
0.14 |
0.03 |
0.01 |
0.04 |
– |
0.01 |
0.57 |
| Azen |
35,903,000 |
0.27 |
0.09 |
0.02 |
0.03 |
0.05 |
0.00 |
0.01 |
0.70 |
| River Valley Ext |
32,221,000 |
0.29 |
0.17 |
0.02 |
0.03 |
0.05 |
– |
– |
0.70 |
| TOTAL |
127,662,000 |
0.27 |
0.12 |
0.02 |
0.02 |
0.05 |
0.002 |
0.01 |
0.66 |
Table 2: River Valley Detailed Resource Summary (using 0.4 g/t PdEq Cutoff)
Click Image To View Full Size
Figure 2: Northern Portion of the River Valley PGM Deposit Showing Regions of Recent IP Geophysics and grade at a 0.4g/t cut-off. NOTE: Image only represents approximately 3.5 km of the 16 km of the overall strike length of the River Valley PGM deposit. Note: The Yellow Band represents the footwall potential area of the River Valley Deposit based on the results of the Pine Zone where footwall mineralization was noted to extend 150 meters eastward from the Pine Zone/ T3 main deposit. At present the only area that has confirmed footwall mineralization is in the Pine Zone (defined from 2015 to 2017 drilling). Geophysics and exploration are in progress to test other areas of the project.
River Valley 2018 Exploration & Development Objectives
- 1.Ground IP geophysics from T3 south to T9 (Completed);
- 2.Utilize the new resource estimation to establish further drill targets (Q1-Q3 2018);
- 3.Continue with drilling in the northern portion of the project (slated for Q3-Q4 2018 & Q1 2019);
- 4.Explore more target areas based on recommendations of the updated 43-101 and the 2018 geophysics (slated for Q3-Q4 2018 & Q1-Q2 2019);
- 5.Complete mineralogical studies (Complete), ongoing Metallurgical studies;
- 6.Continue to advance the River Valley PGM Project towards a Preliminary Economic Assessment (PEA) on the River Valley PGM Deposit; and
- 7.Our Corporate Mandate is to build a series of open pits (bulk mining) over the 16 kilometers of mineralization. We will mine, crush, and concentrate on site, then ship the concentrates to Sudbury. The objective of NAM before the March 2018 43-101 was to increase the resource in the northern portion (Pine Zone/Dana North/Dana South/Lismer North) to over 1Moz of PGMs. The new 43-101 accomplished this.
Click Image To View Full Size
Figure 3: Zone map of the River Valley PGM Deposit Note: The Yellow Band represents the footwall potential area of the River Valley Deposit based on the results of the Pine Zone where footwall mineralization was noted to extend 150 meters eastward from the Pine Zone/ T3 main deposit. At present the only area that has confirmed footwall mineralization is in the Pine Zone (defined from 2015 to 2017 drilling). Geophysics and exploration are in progress to test other areas of the deposit. Management’s specific focus is to outline a sufficient economic resource in the northern portion of the project, and then develop a series of open pits (bulk mining), crush, and concentrate on site, then ship the concentrates to Sudbury.
River Valley PGM Exploration Plan Going Forward
To date an approximate 140,659 meters (461,480 feet) in 628 drill holes have been conducted by the company as operator on the River Valley Project. Several independent NI 43-101 compliant resource calculations have previously been generated for the deposit through the exploration and development phases. In 2016, the company purchased 100% of Mustang Minerals’ southern portion of the River Valley contact (River Valley Extension, News Release – Oct 5th, 2016). This added 4 kilometers of mineralized strike length to the southern portion of the company’s main River Valley Project. The River Valley Deposit’s present resource, with approximately 4.6M PdEq ounces in Measured Plus Indicated mineral resources (0.4 g/t cut-off) and near-surface mineralization, covers over 16 kilometers of continuous strike length. The acquisition of the RVE adds an additional 4 kilometers for a total of 16 kilometers of strike. The March 2018 NI 43-101 report added a new inferred resource of PdEq (Oz) for a total of 729,658 ounces at a 0.4 g/t PdEq cut off on the River Valley Extension (RVE). The company continues to explore and enhance the River Valley PGM Deposit and is progressing towards the completion of a preliminary economic assessment, (PEA).
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 North America’s largest undeveloped primary PGM deposit with Measured + Indicated resources of 160 million tones @ 0.44 g/t Palladium, 0.17 g/t Platinum, 0.03 g/t Gold, with a total metal grade of 0.64 g/t at a cut-off grade of 0.4 g/t equating to 3,297,173 ounces PGM plus Gold and 4,626,250 PdEq Ounces. This equates to 4,626,250 PdEq ounces M+I and 2,713,933 PdEq ounces in inferred (see March 21st, 2018 press release). Having completed a 2018 NI-43-101 resource update the company is finalizing its 2018 exploration programs which will include geophysics, and extensive drill programs, which are all working towards the completion of a Preliminary Economic Assessment (PEA). Our objective is to develop a series of open pits (bulk mining) over the 16 kilometers of mineralization, concentrate on site, and ship the concentrates to the long-established Sudbury Metallurgical Complex. Alaska: April 4th, 2018, NAM signed an agreement with one of Alaska’s top geological consulting companies. The companies stated objective is to acquire additional PGM and Rare Metal projects in Alaska. On April 18th, 2018, NAM announced the right to purchase 100% of the Genesis PGM Project, NAM’s first Alaskan PGM acquisition related to the April 4th agreement. The Genesis PGM Project is a road accessible, under explored, highly prospective, multi-prospect drill ready Pd-Pt-Ni-Cu property.
ABOUT NAM’S LITHIUM DIVISION
The Company has six pegmatite hosted Lithium Projects in the Winnipeg River Pegmatite Field, located in SE Manitoba. Three of the projects are drill ready. 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. NAM’s Lithium Projects are strategically situated in this prolific Pegmatite Field. Presently, NAM is the largest mineral claim holders for Lithium in the Winnipeg River Pegmatite Field. On January 15th 2018, NAM announced an agreement with Azincourt Energy Corporation (see Jan 15, 2018, Feb 22nd, 2018 and April 11th, 2018, May 2nd, 2018 Press Releases) whereby Azincourt will commit up to $4.1 million dollars in exploration, up to 3.25 million shares of Azincourt stock to NAM, up to $210,000 in cash, and a 2% net smelter royalty on all 6 projects. Exploration plans for 2018 are currently in progress, whereby a minimum of $600,000 will be expended this year. For complete details on the terms and conditions of the NAM/AAZ option joint venture please see the press release dated Jan 15th, 2018.
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.
The Mineral Resources for the River Valley Project disclosed in this news release have been calculated by Mr. Todd McCracken, P.Geo., an employee of WSP and independent of New Age Metals. By virtue of his education and relevant experience, Mr. McCracken is a “Qualified Person” for the purpose of National Instrument 43-101. The Mineral Resource has been classified in accordance with CIM Definition Standards for Mineral Resources and Mineral Reserves, (May 2014). Mr. McCracken, P.Geo., has read and approved the contents of this press release as it pertains to the disclosed Mineral Resource calculation.
On behalf of the Board of Directors
“Harry Barr”
Harry G. Barr
Chairman and CEO
ADDITIONAL INFORMATION
Should you have additional inquiries, please contact Paul Poggione, Corporate Development, Tel: 1-613-659-2773, email: [email protected].
New Age Metals
Ontario Field Office: 59 Burtch’s Lane |1000 Islands, Rockport, ON, K0E 1V0 [email protected]
+1-613-659-2773 www.newagemetals.com
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”, “calculation”, “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/calculations 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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