(TheNewswire)
November 19, 2021 – TheNewswire - Rockport,Ontario - New Age Metals Inc. (TSXV:NAM ) ; ( OTC:NMTLF ) ; ( FSE:P7J.F) (“NAM” or “Company”) is pleased toannounce the filing of an independent Technical Report in accordancewith National Instrument 43-101 – Standards of Disclosure forMineral Projects (“NI 43-101) on its 100% owned River ValleyPalladium Deposit, near Sudbury, Ontario. The Technical Report,titled “Technical Report and Updated Mineral Resource Estimate ofthe River Valley Palladium Project, Dana, Janes, McWilliams, and PardoTownships, Sudbury Mining Division, Ontario”, dated November 29,2021 (effective date September 14, 2021) has been prepared by P&EMining Consultants Inc., and is available on SEDAR ( www.sedar.com ) under NAM’s issuer profile.
Highlights of the updated 2021 Mineral ResourceEstimate include:
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- At a cut-off of /t NSR, pitconstrained Measured and Indicated Mineral Resources contain 2.25 MozPd+Pt+Au within 89.0 Mt grading 0.79 g/t Pd+Pt+Au or at .6/t NSRand Inferred Mineral Resources of 1.59 Moz Pd+Pt+Au within 92.7 Mtgrading 0.53 g/t Pd+Pt+Au or at .1/t NSR.
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- At a CDN$25/t NSR cut-off, pitconstrained Measured and Indicated Mineral Resources contain 1.96 MozPd+Pt+Au within 60.1 Mt grading 1.02 g/t Pd+Pt+Au or at CDN$60.5/t NSRand Inferred Mineral Resources contain 1.12 Moz within 48.4 Mt grading0.72 g/t Pd+Pt+Au or at CDN$41.5/t NSR.
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- Out-of-pit constrained Measured andIndicated Mineral Resources contain 31,000 ounces Pd+Pt+Au within642,000 tonnes grading 1.49 g/t Pd+Pt+Au or at CDN$88.5/t NSR andInferred Mineral Resources contain 62,000 ounces within 1.6 Mt grading1.21 g/t Pd+Pt+Au or at CDN$68.1/t NSR, at a CDN$50/t NSR cut-off.
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- The predominant contribution of Pd+ Pt to the NSR value (88.4%) is particularly noteworthy, given therarity of such true platinum-group metal deposits in secure andestablished mining jurisdictions globally.
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- Recommendations include in-filldrilling to convert Inferred to Indicated Mineral Resources andexploration drilling down-dip/down-plunge of the mineralized zones topotentially expand the Mineral Resources at depth.
The updated 2021 Mineral Resource Estimate of River Valley, with aneffective date of September 14, 2021, is summarized in Figure 1 andpresented in Table 1.
Figure 1. Distribution of pit constrained Mineral Resources at CDN$15/t NSRcut-off by mineralized zone at River Valley. Grenville, Huronian andNipissing units not shown for clarity. Note that the Pine Zone is notexposed at surface. M&I = Measured and Indicated, Ind: =Indicated, Inf = Inferred, NSR = net smelter return.
Notes: Class =Classification, Meas + Ind = Measured and Indicated classifications.
1 Mineral Resources that are not Mineral Reserves donot have demonstrated economic viability.
2. The estimate of Mineral Resources may be materiallyaffected by environmental, permitting, legal, title, taxation,socio-political, marketing, or other relevant issues.
3. The Inferred Mineral Resource in this estimate hasa lower level of confidence than that applied to an Indicated MineralResource and must not be converted to a Mineral Reserve. It isreasonably expected that the majority of the Inferred Mineral Resourcecould potentially be upgraded to an Indicated Mineral Resource withcontinued exploration.
4. The Mineral Resources were estimated in accordancewith the Canadian Institute of Mining, Metallurgy and Petroleum (CIM),CIM Standards on Mineral Resources and Reserves, Definitions (2014)and Best Practices Guidelines (2019) prepared by the CIM StandingCommittee on Reserve Definitions and adopted by the CIM Council.
5. The Mineral Resource Estimate is based on US$ metalprices of $1,850/oz Pd, $900/oz Pt, $1,600/oz Au, $3.00/lb Cu, $16/lbCo, $6.50/lb Ni, $8,000/oz Rh, $18.50/oz Ag. The US$:CDN$ exchangerate used was 0.75.
6. The NSR estimates use flotation recoveries of 80%for Pd, 80% for Pt, 80% for Au, 85% for Cu, 25% for Co, 90% for Ni,80% for Rh and 65% for Ag and smelter payables of 80% for Pd, 80% forPt, 85% for Au, 85% for Cu, 50% for Co, 90% for Ni, 80% for Rh and 65%for Ag.
7 The pit optimization used a mining cost of $2.25/tmined, combined processing and G&A costs of CDN$15/t, and pitslopes of 50º. The out-of-pit Mineral Resources used undergroundmining, processing and G&A cost of CDN$50/t.
8 Out-of-pit Mineral Resources were determined to bepotentially extractable with the longhole mining method.
The Mineral Resource Estimate is sensitive to the selection of areporting NSR cut-off value for pit constrained Mineral Resources. Ata cut-off of /t NSR, pit constrained Mineral Resources arepresented in Table 2.
The updated 2021 Mineral Resource Estimate is based onall historical and 2020 diamond drilling, more conservativemineralized domain wireframing strategy and revised mineralized domainmodelling, inverse distance grade interpretation methodology, andhigher overall metal prices, particularly for palladium. As a result, Measured and Indicated MineralResources increased compared to the 2019 updated Mineral ResourceEstimate. At the CDN$15/t NSR cut-off, the pitconstrained Measured & Indicated Mineral Resources total of 89 Mtgrading 0.79 g/t Pd+Pt+Au (2.3 Moz) reported herein significantlyexceeds the potentially extractable Mineral Resources total of 78 Mtgrading 0.79 g/t Pd+Pt+Au (2.0 Moz) reported in the 2019 PreliminaryEconomic Assessment of River Valley.
Pre-Feasibility Study Update
A Pre-Feasibility Study of the River Valley PalladiumProject was announced in a Company press release dated April 2021. Aprogress update was announced in a Company press release datedNovember 10, 2021. At this point, the final batch of assay resultsfor fresh drill core samples from the Dana North, Dana South, LismerNorth and Lismer Ridge Zones should be delivered by SGS Canada Inc.this week. The geomechanical and hydrogeological site investigationstudies by Knight Pi é soldLtd. are largely completed, whereas the geotechnical siteinvestigation studies are ongoing. Story Environmental continuedbaseline environmental studies of the River Valley Property andworking towards establishing meaningful relationships with localIndigenous Communities.
Palladium Exploration Update
At this point in 2021, four Mineral Resource expansionholes totalling 1,277 m have been drilled at the Banshee Zone, whichis located between the Dana Zones to the North and the Lismer Zones tothe northeast and east (Figure 1). Mineralization was intersected inthe drill holes and assays are pending from the laboratory. Near theDana South Zone, a new trench has been excavated and moremineralization exposed to the east adjacent to the mineralized domain.Channel samples have been taken of the mineralization and assays arepending from the laboratory.
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 a positivePreliminary Economic Assessment on the Project in 2019 and, is fullyfinanced to complete a Pre- Feasibility Study on the Project in 2022. In addition toRiver Valley, the Company owns 100% of the Genesis PGM-Cu-Ni Projectin Alaska, and has plans to complete a surface mapping and samplingprogram 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. Plans for 2021 includedrone geophysics on at least five of the Company’s seven projectsand a maiden drill program on the Company’s Lithium Two Project. OnSeptember 28, the Company announced a partnership with MineralResource Limited (MRL, ASX: MIN), the world’s fifth largest lithiumproducer to explore and develop the Company’s lithium projectportfolio.
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 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 to info@newagemetals.com or Harry Barr at Hbarr@newagemetals.com or Cody Hunt at Codyh@newagemetals.com or call 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 Persons
Eugene Puritch, P.Eng., President of P&E MiningConsultants Inc., and an independent Qualified Person and CompetentPerson has reviewed and approved the technical content of this newsrelease.
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 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 nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release. Cautionary Note Regarding Forward Looking Statements:This release contains forward-looking statements that involve risksand uncertainties. These statements may differ materially fromactual future events or results and are based on current expectationsor beliefs. For this purpose, statements of historical fact may bedeemed to be forward-looking statements. In addition,forward-looking statements include statements in which the Companyuses words such as “continue”, “efforts”, “expect”,“believe”, “anticipate”, “confident”, “intend”,“strategy”, “plan”, “will”, “estimate”, “project”,“goal”, “target”, “prospects”, “optimistic” or similarexpressions. These statements by their nature involve risks anduncertainties, and actual results may differ materially depending on avariety of important factors, including, among others, the Company’sability and continuation of efforts to timely and completely makeavailable adequate 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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