(TheNewswire)
February 7, 2023 – TheNewswire - Rockport, Ontario - New Age Metals Inc. (TSXV:NAM ) ; ( OTC:NMTLF ) ; ( FSE:P7J.F) (“NAM” or“Company”) announces the assay results from its 2022 explorationdrilling program on the River Valley Palladium (“Pd”) Project,near Sudbury, Ontario. Six diamond drill holes were completedtotalling 1,328 m at Dana South Zone, located near the north end ofthe River Valley Deposit (Figure 1), and all intersected Pdmineralization, thereby expanding the known extents of Pdmineralization.
Drilling Highlights
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DS-22-01: 1.553 g/t Pd+Pt+Au (“3E”) and 0.070% Cu over 14 m from 249 m downhole at the DanaSouth-Extension target
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DS-22-02: 0.891g/t 3E and 0.091% Cu over 14 m from 210 m downhole at the DanaSouth-Extension Target
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DS-22-03: 1.335 g/t 3E and0.134% Cu over 41m from 258 m downhole at the DanaSouth-Extension Target
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DS-22-04: 1.251 g/t 3E and0.145% Cu over 23 m from 190 m downhole at the Dana South extensionTarget
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DS-22-05: 2.076 g/t 3E and0.131% Cu over 63m from 12 m downhole at the Dana South-SETTarget
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DS-22-06: 1.073 g/t 3E and0.085% Cu over 3 m from 11 m downhole at the Dana South-SET Target
The mineralization at the Dana South-Extension Targetremains open to expansion by drilling along strike and atdepth.
NAM’s Chairman and CEO, Harry Barr, said, “In termsof Pd grade and zone location, Dana South is one of the most importantmineralized zones at River Valley. The fact that there now appears tobe even more higher-grade mineralization there than is included in thecurrent Mineral Resource Estimate is very encouraging for the futureexploration upside of the River Valley Project. We plan to fully modelthe drill hole results and expand the Dana South Zone thoughadditional step-out drilling as part of NAM’s 2023 explorationprogram.
Dana South Zone 2022 Drilling Program
Two Pd mineralization targets were drilled in September2022: 1) the Dana South-Extension Target and 2) the Dana South-SETTarget (Figure 2).
Dana South-Extension Drilling Results
Four drill holes totalling 1,133 m were completed atthe Dana South-Extension Target (Table 1). These drill holes weredesigned to test for mineralization intersected in a 2021geomechanical drill hole that intersected a thick interval ofhigher-grade mineralization outside the modelled boundary of Dana South mineralized (see NAM press releasedated June 9, 2022). All four 2022 drill holes intersected Pdmineralization. Assay interval highlights are listed in Table 2.
Drill holes DS-22-01 to DS-22-03 were completed on astep-out cross-section 50 m from the previously interpreted, faultedboundary of Dana South (Figure 2). Drill hole DS-22-01 tested themiddle part of the section, returned four mineralized intersections,one of which is higher-grade than the average grade of the currentDana South Mineral Resources (Table 2). DS-22-02, drilled aboveDS-22-01, intersected 6.803 g/t 3E over 1 m from 197 m downhole.DS-22-03, the deepest hole on the section, returned the best results:1.335 g/t 3E and 0.134 % Cu over 41 m from 258 m downhole, including2.010 g/t 3E and 0.156% Cu over 15 m from 268 m downhole and 1.582 g/t3E and 0.221% Cu over 9 m from 288 m downhole.
Drill hole DS-22-04, completed on an additional 50-mstep-out, returned three mineralized intersections. The best of theseintersections was 1.251 g/t 3E and 0.145% Cu over 23 m from 190 mdownhole, including 1.744 g/t and 0.205% Cu over 13 m from 195 mdownhole. In addition, DS-22-04 also intersected mineralization fromsurface; that is, 0.969 g/t 3E and 0.110% Cu over 10.4 m from bedrocksurface (Figure 2). This shallower occurrence of mineralization isknown from historical drilling, but the latter is currently too sparsefor Mineral Resource estimation.
Dana South-SET Results
Two drill holes totalling 195 m were completed at theDana South-SET Target (Table 1).
An inclined hole (DS-22-05) and a vertical hole (DS-22-05) weredesigned to test the mineralization in a trench excavated in 2021 onmineralized outcrops 100 m to the east of the Dana South MineralResources (see NAM press release dated March 9, 2022) (Figures 1 and2). Both drill holes intersected mineralization under the trench.Assay interval highlights are listed in Table 2.
Drill hole DS-22-05 intersected 2.076 g/t 3E over 63 mfrom 12 m downhole, including 3.316 g/t 3E and 0.191% Cu over 14 mfrom 13 m downhole, 2.833 g/t 3E and 0.157% Cu over 15 m from 30 mdownhole, and 2.674 g/t 3E and 0.155% Cu over 12 m from 48 m downhole.Drill hole
DS-22-06 intersected 0.629 g/t 3E and 0.063% Cu over 4 m from 3 mdownhole and 1.073 g/t 3E over 3 m from 11 m downhole. These drillresults and preliminary surface mapping of the trench indicate thatthe mineralization at SET is the Dana South Zone offset sinistrally onthe southeast side of a NNE-trending fault. Infill-drilling isrequired at SET for incorporation of this mineralization into futureMineral Resource estimations.
Figure 1. Location of the two drill targets at the Dana South Zone of the RiverValley Deposit (red).
The River Valley mineralized zones (red) dip steeply to the southwestand are projected to surface. The Mineral Resources were estimatedusing $15/t NSR cut-off and NSR calculation described in the 2021Updated Mineral Resources and Technical Report (P&E, 2021 –filed under NAM’s profile on SEDAR). Note that the Huronian,Grenville and Nipissing geological units not shown for illustrationclarity.
Figure 2. Planview of the Dana South Zone at River Valley. The 2022 drill programcollar locations and hole traces are coloured and sized by 3Emineralized interval. The mineralized intervals in drill holesDS-22-01 to DS-22-04 confirm and expand the extent of higher-grade Pdmineralization in 2021 drill hole KP21-05 outside of the MineralResources ( red ). Drill holes DS-22-05 and DS-22-06 confirm that themineralization previously excavated in the surface trench at SET ispresent at depth.
Notes: 1 UTM NAD83 Zone 17N; 2 masl = metres above sealevel
Notes: 1 Core length, not truethickness; 2 3E =Pd+Pt+Au
Assay Procedures & QA/QC
The six Dana South Zone drill holes were completedunder the supervision of NAM geologists.
The core samples were sent to the SGS Canada Inc. Laboratory inLakefield, Ontario, for initial sample preparation, and then to SGSLaboratory in Burnaby, BC for assay analysis. The sample preparationinvolved crushing of 3 kg of each sample to 90% passing 1.25 mm, andthen pulverizing a representative subsample of ~0.1 kg to 85% passing75 ?m. Palladium, platinum and gold wereanalyzed by fire assay with ICP-AES finish (GE-FAI30V5). Copper,nickel, sulphur and 32 additional elements were assayed by two-aciddigestion and ICP-OES finish (GE-ICP21B20). Blanks and blind certifiedstandard samples were submitted at regular intervals for assay withthe core samples,
as part of NAM’s rigorous Quality Assurance/Quality Control program.
River Valley Project Pre-FeasibilityStudy Update
On October 28, 2022, NAM announced its decision todelay release of the PFS, in order to enable confirmation andoptimization of critical project options and development of a moreindicative value of the River Valley Project. Project options underreview include increased underground mining, mine plan and mineralprocessing enhancements, tailings management alternatives, andconverting and extending Mineral Resources, among others, which offeradditional flexibility and potential for better economics. Inaddition, current price volatility due to inflationary pressure andeconomic uncertainty continues to make it difficult to obtain suitablelong-term cost quotes for site equipment and infrastructure systemsfrom potential vendors.
Subject to the determination of the above options andstabilization of the economic climate, NAM plans to finalize the RiverValley Project Study. An update on when the PFS is anticipated to becompleted will be provided in Q1 2023.
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. In addition to River Valley,NAM owns 100% of the Genesis PGM-Cu-Ni Project in Alaska, and plans tocomplete 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 2023 include continuedmapping/sampling field program following up on prospective trendsoutlined in the magnetic data, and phase two drill program at LithiumTwo Project along with identifying additional drill targets throughoutthe company’s 11 projects. TheCompany has a partnership with Mineral Resource Limited (MRL, ASX:MIN), a top global lithium producer to explore and develop theCompany’s lithium project portfolio. The 2022 budget for theCompany’s Lithium Division is $1.8 million and will include worktill the end of Q1 2023.
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/joint venturepartner for its road-accessible Genesis PGM-Cu-Ni project in Alaska.
Investors are invited to visit theNew Age Metals website at www.newagemetals.com where they can reviewthe company and its corporate activities. Any questions or commentscan be directed toinfo@newagemetals.com or Harry Barr at Hbarr@newagemetals.com or Farid Mammadov at faridm@newagemetals.com or phone 613 659 2773.
If you have not done so already, we encourage you tosign up on our website ( www.newagemetals.com ) to receive our updated news.
Qualified Person
The contents contained herein that relate to thescientific and exploration results for the River Valley Project isbased on information compiled, reviewed or prepared by Dr. Bill Stone,P.Geo., a consulting geoscientist for New Age Metals. Dr. Stone isthe Qualified Person as defined by National Instrument 43-101 and hasreviewed and approved the River Valley technical content of this newsrelease.
On behalf of the Board of Directors
“ Harry Barr”
Harry G. Barr
Chairman and CEO
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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