(TheNewswire)
September 8, 2022 – TheNewswire - Rockport, Ontario - New Age Metals Inc.(TSXV:NAM ) ; ( OTC:NMTLF ) ; ( FSE:P7J.F) (“NAM” or “Company”) is pleased toannounce updated exploration plans for its River Valley PalladiumProperty, located 100 km east of the City of Sudbury in northeasternOntario (Figure 1). Several exploration targets have been worked-up,ranked and prioritized from drill testing in fall 2022 and winter2023. The highest ranked targetsfor drill testing are the Dana South Zone-Extension target, the DanaSouth Zone-SET target, Pine Zone, and Banshee Zone (Figure2). Adiamond drill rig has been mobilized to site and is set to commence aPhase 1 drill program at the Dana South Zone-Extension target.
The DanaSouth Zone-Extension Target
The Dana South Zone-Extension target was recently identified from coreassays of drill hole
KP21-05, which returned 1.129 g/tPd+Pt+Au (“3E”) over 84 m within the favourable BrecciaUnit of the River Valley Intrusion (Figure 2). This higher-grademineralization extends southeastward beyond the previouslyinterpreted, faulted-limited boundary of the Dana South Zone, andtherefore represents a recentlyrecognized opportunity to expand this key zone in that direction. The plan isto test this expansion opportunity in a 5-hole, 1550 m drill programduring September.
These 5 drill holes will be completedon two cross-sections to test for presence of the higher-grademineralization many tens of metres up-dip and down-dip and southeastalong strike of the KP21-05 intersection. Diamond drilling commencedSeptember 6 th and should be completedby the end of the month. Updates will be forthcoming pending progressand results. The location of Dana South in the northern area of River ValleyProject (Figure 1) makes it a very important mineralized zone in theongoing Pre-Feasibility Study.
Next Stepsin Pd Exploration
Following completion of the current drill program at the Dana SouthZone-Extension target, the rig may be moved to the next priorityranking target at the time. That target will likely be either thenearby Dana South Zone-SET (“Southeast Trench”) target (NAM pressrelease dated March 9, 2022) or the Pine Zone, 1-km north. Although the Pine Zone has been tested inmore than 30 diamond drill holes to date, it still remains open toexpansion by drilling down-dip . Further exploration planupdates will be announced pending progress and results.
Figure 1. ThePd Mineral Resources in the northern area of the River Valley Project.The zones labelled in red are prioritized forextensional drilling in 2022-2023. KP21-05 signifies thehighest priority target for drilling. The Mineral Resources wereestimated using $15/t NSR cut-off and NSR calculation described in the2021 Updated Mineral Resources and Technical Report (P&E, 2021 –filed on SEDAR). The Huronian, Grenville and Nipissing geologicalunits not shown for illustration clarity.
Figure 2. Plan view of the Dana South Zone areashowing the Extension Target and the 5 drill holes ( DS-22-01p,
DS-22-02p, DS-22-04p, DS-22-07p, and DS-22-08p ) that are planned to test it in a Phase 1drilling program. (Note that drill holes DS-22-01 and DS-22-02 are tobe set-up at the same collar location, but drilled at differentdips).
The Dana South Zone mineralized domain (red translucent), historicaldrilling, and the KP21-05 drill hole mineralization are also shown.SET = Southeast Trench area, which is a second drill target area thatalso lies outside (east) the Dana South mineralized domain (NAM pressrelease dated March 9, 2022).
About Dana South Zone
The Dana South Zone appears to be afault offset of the larger Dana North Zone. This Zone measures 250metres along strike and 50 metres wide (at surface), and has beentraced in drilling to approximately 500 metres below surface, thedeepest drilling completed at River Valley.
Dana South remains open to expansion by drilling at depth, possibly tothe east towards the SET target, and to the south-southeast along theKP21-05 mineralized trend . Basedon a CDN$15/t NSR cut-off, the 2021 updated pit-constrained MineralResource Estimate of Dana South is 15.37 Mt grading 0.97 g/t 3E and0.06% Cu, or CDN$57.95/t NSR in Measured and Indicated MineralResources, and 1.17 Mt grading 0.61 g/t 3E and 0.06% Cu, orCDN$37.02/t NSR in Inferred Mineral Resources (NAM press release datedOctober 5, 2021).
Pre-Feasibility Study Update
A Pre-Feasibility Study of the RiverValley Palladium Project was announced in the NAM press release datedApril 12, 2021 and the most recent progress update was announced onAugust 10, 2022.
The Pre-Feasibility Study as led by P&E Mining Consultants Inc.(“P&E”) will consider optimized mine production and mineralprocessing rates, based on the current, potentially more valuableUpdated Mineral Resource Estimate than that which underpinned the 2019Preliminary Economic Assessment . Pit slope recommendations by Knight-Piésold Ltd.have been reviewed and accepted. SGS Canada Inc./D.E.N.M EngineeringLtd. delivered indicative metallurgical recoveries to P&E by theend of June 2022 for NSR modelling, Mineral Reserve estimation, andproduction scheduling work. Site design plans by P&E areprogressing and environmental studies and First Nation engagements byStory Environmental Inc. are advancing for future permit applications.After delays due to the Covid-19pandemic, difficulties in finding and retaining experienced labour, amajor shortage of suitable drill rigs and experienced drillers, andbacklogged assay laboratories, t he Pre-Feasibility Study of the River ValleyPalladium Project is currently slated for completion in Q42022.
About River Valley
The River Valley Palladium Project is located 100 road-km east fromthe City of Sudbury.
The Project area is linked to Sudbury by a network of all-weatherhighways, roads and rail beds and is accessible year-round with hydrogrid and natural gas power nearby. River Valley enjoys the strongsupport of local communities, like the village of River Valley, 20 kmto the south.
Fully executed Memorandum of Understandings are in place with localFirst Nations, environmental baseline studies re-commenced in 2020,and archeological studies were completed in 2021.
The River Valley 2021Updated Mineral Resource Technical Report by P&E was filed onSEDAR in November 2021 (NAM press release dated November 19, 2021). Atcut-offs of CDN$15/t NSR (pit constrained) and CDN$50/t NSR(out-of-pit), the Mineral Resource Estimate consists of: 89.9 Mtgrading 0.54 g/t Pd, 0.21 g/t Pt, 0.04 g/t Au and 0.06% Cu, orCDN$47.58/t NSR in the Measured and Indicated classifications; and94.0 Mt grading 0.35 g/t Pd, 0.16 g/t Pt, 0.04 g/t Au and 0.06% Cu, orCDN$31.69/t NSR in the Inferred classification. The pit constrainedMeasured & Indicated Mineral Resources total of 89 Mt grading 0.79g/t Pd+Pt+Au (2.3 Moz) reported significantly exceeds the potentiallyeconomic portion Mineral Resources total of 78 Mt grading 0.79 g/tPd+Pt+Au
(2.0 Moz) reported in the 2019 Preliminary Economic Assessment(“PEA”) of River Valley. The2021 updated Mineral Resource Estimate will form a basis for theongoing Pre-Feasibility Study of the River Valley PalladiumProject.
About NAM
New Age Metals is a junior mineral exploration and development companyfocused on the discovery, exploration and development of green metalprojects in North America. The Company has two divisions; a PlatinumGroup Metals division and a Lithium/Rare Element division.
The PGM Division includes the 100% owned, multi-million-ounce,district scale River Valley Project, one of North America’s largestundeveloped Platinum Group Metals Projects, situated
100 km by road east of Sudbury, Ontario. The Company completed apositive Preliminary Economic Assessment on the Project in 2019 (NAMpress release dated August 8, 2019) and, is fully financed to completea Pre-Feasibility Study on the Project in 2022. In addition to RiverValley, NAM owns 100% of the Genesis PGM-Cu-Ni Project in Alaska, andplans to complete a surface mapping and sampling program in 2022.
The Lithium Division is one of the largest mineral claim holders inthe Winnipeg River Pegmatite Field, where the Company is exploring forhard rock lithium and various rare elements such as tantalum andrubidium. Further Exploration plans for 2022 include continuedmapping/sampling field program following up on prospective trendsoutlined in the magnetic data, and phase two drill program at LithiumTwo Project. The company has apartnership with Mineral Resource Limited (MRL, ASX: MIN), a topglobal lithium producer to explore and develop the Company’s lithiumproject portfolio. The 2022 budget for the Company’s LithiumDivision is $1.8 million.
Our philosophy is to be a project generator with the objective ofoptioning our projects with major and junior mining companies throughto production. The Company is actively seeking an option/ jointventure partner for its road-accessible Genesis PGM-Cu-Ni project inAlaska.
Investors areinvited to visit the New Age Metals website at www.newagemetals.comwhere they can review the company and its corporate activities. Anyquestions or comments can be directed to info@newagemetals.com orHarry Barr at Hbarr@newagemetals.com or Farid Mammadov at faridm@newagemetals.com or phone 613 6592773.
If you have not done so already, weencourage you to sign up on our website ( www.newagemetals.com ) to receiveour updated news.
Qualified Persons
The contents contained herein thatrelate to the scientific and exploration results for the River ValleyProject is based on information compiled, reviewed or prepared by Dr.Bill Stone, P.Geo., a consulting geoscientist for New Age Metals. Dr.Stone is the Qualified Person as defined by National Instrument 43-101and has reviewed and approved the technical content of this newsrelease.
On behalf of the Board ofDirectors
“ Harry Barr”
Harry G. Barr
Chairman andCEO
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release. Cautionary Note RegardingForward Looking Statements: This release contains forward-lookingstatements that involve risks and uncertainties. These statementsmay differ materially from actual future events or results and arebased on current expectations or beliefs. For this purpose,statements of historical fact may be deemed to be forward-lookingstatements. In addition, forward-looking statements includestatements 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. Thesestatements by their nature involve risks and uncertainties, and actualresults may differ materially depending on a variety of importantfactors, including, among others, the Company’s ability andcontinuation of efforts to timely and completely make availableadequate current public information, additional or differentregulatory and legal requirements and restrictions that may beimposed, and other factors as may be discussed in the documents filedby the Company on SEDAR (www.sedar.com), including the most recentreports that identify important risk factors that could cause actualresults to differ from those contained in the forward-lookingstatements. The Company does not undertake any obligation to reviewor confirm analysts’ expectations or estimates or to releasepublicly any revisions to any forward-looking statements to reflectevents or circumstances after the date hereof or to reflect theoccurrence of unanticipated events. Investors should not place unduereliance on forward-looking statements.
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