(TheNewswire)
-
- Drilling continues to encounter PGM mineralization in the Pine Zone of the River Valley PGM
Deposit
- Borehole PL-17-06 intersects 22m of 1.51.g/t Pd+Pt+Au, including 10m at 2.58 g/t, and 3m of
3.95 g/t.
- T3 becomes 2 nd footwall discovery with T4 to
T9 earmarked for future footwall exploration (Figure 2 ).
- Updated NI 43-101 to commence upon the announcement of final assays.
- River Valley is the Largest Undeveloped Primary PGM resource in Canada, with 3.9Moz PdEq in Measured Plus Indicated including an additional 1.2Moz
PdEq in Inferred.
October 31st, 2017 / TheNewswire / Vancouver, Canada
– New Age Metals Inc. (TSX.V: NAM; OTCQB: PAWEF; FSE: P7J.F) is pleased to announce the
second batch of drill hole results from the 2017 drilling campaign. Drilling was focused on the T3 Zone and Pine Zone as a
follow up of the 2015 and 2016 drilling at the River Valley PGM Deposit. The drill program is now complete and the
company is waiting for the last batch of assays.
Harry Barry, Chairman/CEO states. “The purpose of the 2017 summer/fall exploration program was to focus on the
footwall mineralization and recent IP geophysical targets from the Pine Zone to T3 (figure 1). The footwall
mineralization is a new model as opposed to the historical contact mineralization model where the bulk of the resource had been
identified, giving us further confidence that the project can be developed into an open pit mining operation”.
T3 Target Becomes 2 nd Footwall Discovery
To date, 4 holes have been drilled in the T3 area which is approximately 1000m South from the top of
the Pine Zone discovery. All 4 holes in the T3 area hit significant mineralization with borehole T3-17-04
(News Release
September 20
th
, 2017 ) resulted in 28m of 2.45 g/t Pd+Pt+Au at 4m below surface, including 3m of 7.12 g/t. Within
the same hole, mineralization was also intersected at 24m below surface with an additional 6m of 4.06 g/t Pd+Pt+Au, and at 37m
below surface with another zone of 4m at 3.30 g/t.
Upon completion of this program, further holes will be delineated for additional drilling on the T3
discovery as the results are reviewed. The new exploration model of footwall mineralization has yet to be tested
further south of T3, between T3 and T9 (figure 1), and these targets equate to a small portion of the 16km of strike length of the
main zone. Drilling of the T3 continues to show PGM (Pd+Pt+Au) mineralization in the footwall of the main
River Valley PGM Deposit and therefore increasing the amount of known PGM mineralization in this new area.
Pine Zone
The Pine Zone was the first of numerous newly discovered PGM zones within the district-scale River
Valley PGM Project . The Pine Zone is located east of the main River Valley Deposit in an area previously
not known for mineralization. The 2016 drill program (figure 2) confirmed the higher-grade, near-surface PGM discovery
made in the 2015 drill program (figure 2) and highlighted the continuity of the PGM mineralization into the footwall.
The Pine Zone remains open along strike and at depth.
Figure 1: Drill Hole Distribution Map
Click Image To View Full Size
6
Table 1: Drill Results from Banshee and Pine Zone
(3E = Au+Pt+Pd,
N.S.A. = no significant assays)
Click Image To View Full Size
Figure 2: T3 Zone and Pine Zone Drill Map
Click Image To View Full Size
Assay Procedures and QAQC
The drilling was undertaken by Jacob & Samuel Drilling Ltd. of Sudbury, Ontario under the supervision of a NAM
geologist. The drill core samples were sent to the SGS Canada Inc. Laboratory in Lakefield, Ontario for sample preparation and
assay analyses. The preparation involved crushing of 3kg of each sample to 90% passing 2mm, and then pulverizing 0.5kg to 85%
passing 75µm. Palladium, Platinum and Gold were assayed by fire assay with ICP-AES finish (GE-FAI313). Copper, Nickel and 32
additional metals were assayed by two acid digestion and ICP-OES finish (GE-ICP14B). Blanks and blind certified standard samples
were submitted at regular intervals for assay with the core samples as part of NAM’s quality control program.
Future Activity
WSP Canada (News Release:
Sept 7
th
, 2017 ) will be conducting the updated resource calculation and model for the River Valley PGM Deposit.
This will incorporate the new findings and interpretations. The company plans to initialize a
Preliminary Economic Assessment (PEA) Report in the future with WSP Canada. In-house recommendations will be compiled
to delineate future work upon completion of the 2017 field program with future work on Pine Zone, T3, and new un-explored footwall
targets.
To date an approximate 140,659m (461,480ft) in 628 holes have been conducted by the company and its past major
joint venture partners to test the PGM mineralization of the River Valley PGM Deposit. Several 43-101 compliant
resource estimates have previously been generated for the deposit through the development phases. The River Valley Deposit present
resource, with approximately 3.9 PdEq ounces in Measured Plus Indicated mineral resources and near-surface mineralization covers
over 16km 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
PdEq for 2,463,000 ounces PGM plus Gold. This equates to 3,942,910 PdEq ounces. The River
Valley PGM-Copper-Nickel Sulphide mineralized zones remains open to expansion. The company has recently completed a drill program
on the Pine and T3 Zones.
In 2016, the Company acquired the River Valley extension property from Mustang Minerals which added
approximately 4 kilometres to the project’s mineralized strike length to the southern portion of the intrusion.
ABOUT NAM’S LITHIUM DIVISION
The Company has five 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 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 forw ard-looking statements.
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