(TheNewswire)
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Rhodium (Rh) is the most valuableplatinum group metal (PGM), with recent spot price highs of,000/oz Rh, nearly 10 times higher than Pt
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187 Rh assay results reported for the Lismer North Zoneof the River Valley Palladium Deposit
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Highest assay result is 0.595 g/t Rh, with 8 othersamples returned assays ?0.100 g/t Rh and a total of 25 samplesreturned assays higher than 0.050 g/t Rh
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The highest Rh concentrations coincide with the highestpalladium (Pd) and platinum (Pt) grades
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Rh concentrations in the River Valley Deposit areequivalent to about 10% of Pt grades
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Based on encouraging results fromphases 1 and 2, subsequent phases of the multi-phase Rh evaluationprogram will take samples of PGM mineralized intervals from the DanaSouth and Lismer zones
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The River Valley Deposit is one of North Americaslargest undeveloped primary platinum-group metal projects with 2.3 MozPd+Pt+Au in the Measured + Indicated classifications and 1.6 MozPd+Pt+Au in the Inferred classification
Rockport, Canada – TheNewswire- December 15, 2021 - New Age Metals Inc. (NAM)(TSXV:NAM ) ; ( OTC:NMTLF ) ; ( FSE:P7J) (“NAM” or the “Company”) announcescompletion of Phase 2 of an ongoing Rh assay program on the RiverValley Palladium Deposit near Sudbury, Ontario (Figure 1). Phase 2 of the Rh assayprogram collected 185 one-quarter historical core samples plus twocoarse reject samples from 8 mineralized intervals in 4 drill holes ona single cross-section through the Lismer North Zone . This Zone is located near the north end of the 16 km-longRiver Valley Palladium Deposit. The sampled holes were drilled in 2001and 2004.
In addition to Rh, the core samples were also assayed for gold (Au),iridium (Ir), palladium (Pd), platinum (Pt), and ruthenium (Ru). Theassay analyses were completed at the Geoscience Laboratories inSudbury.
The new Rh data reported herein are in addition tohistorical data generated from drill core, channel and surface grabsamples from the River Valley Deposit (Figure 2) ( see also Pacific North West Capital Corp.press release dated July 26, 2011 ). Rh is the most valuable platinum groupmetal (PGM), with recent spot price highs of over ,000/oz Rh,about 10 times higher than Pt . However, Rhanalyses are too costly to be performed on every drill core assaysample. Rh is reported in the current Mineral Resource Estimate forthe River Valley Deposit ( seeNAM press release dated October 5, 2021 ), based on regression analysis of historical drill core andchannel sample assay data for the Dana North, Dana South and LismerZones.
This announcement reports newRh assay data for the Lismer North Zone.
Figure 1. Geological map showing the location of the Lismer North Zonerelative to the other mineralized zones of the River Valley PalladiumDeposit, 100 road-km east-northeast of Sudbury. Pit-constrainedMineral Resources are shown at a $15/t NSR cut-off. M&I = Measuredand Indicated, Ind: = Indicated, Inf = Inferred.
Figure 2. Property scale geology and topography map showing location ofthe Lismer North Zone relative to the other mineralized zones of the16 km long River Valley Palladium Deposit. Also shown are the numberof Rh assays for mineralized core sample intervals from eachmineralized zone (total = 8097).
The purpose of the multi-phase Rh assay program isthree-fold:
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1) InvestigateRh concentration and distribution trends within the River ValleyDeposit;
For this study of the Lismer North Zone, the Rh assayvalues returned range from <0.00005 g/t (below the lower limit ofdetection) to 0.565 g/t Rh (Table 1). Eight samples returned assays of? 0.100 g/t Rh and 25 samples returned assays higher than 0.050 g/tRh. The highest assay result for Ir is 0.113 g/t and for Ru is 0.088g/t.
Note: *2.700 g/t Pd is the upper limit ofdetection for the analytical method employed by the assay lab.
Compared to the other mineralized zones, the range ofRh assay values for Lismer North Zone appears to be most similar tothe Dana North Zone (Table 2).
Notes: *drill core samples of mineralizedintervals |
(Channel samples, surface rocksamples and academic study samples excluded) |
** <0.01 g/t (10 ppb) was lowerlimit of detection at the time of historical assay |
Rhodium at the Lismer North Zone was determined for atotal of 187 samples, 33 of which were for mineralized core intervalswith historical Rh assay results and 154 were for intervals lacking Rhassays. The re-assay results for the 33 historical samples showmoderately strong positive correlation with the historical Rh assayresults (Rh R 2 = 0.714). At this point, Rh assay data are available for 654out of a total of 10,719 (6%) drill core samples from that Zone. Theresults show moderate to strong positive correlation of Rh with theother four PGM (R 2 >0.7 to 0.9) (Table 3), consistent withpresence in the mineral phases Hollingworthite [(Rh,Pt,Pd)AsS],platarsite [(PtAsS) with minor Rh and Ru), and laurite[(RuS 2 with minor Rh],which have all been identified in previous mineralogical studies ofRiver Valley. In contrast to the Pine Zone, Rh shows only weakcorrelation (R 2 >0.3) with copper (Cu) and very weakcorrelation (R 2 >0.2) with nickel (Table 3). On the otherhand, and like the Pine Zone, Rh (and Ru) do not correlate withchromium (Rh R 2 = 0.001 and Ru R 2 = -0.016), andtherefore is unlikely to be held in Cr-bearing phases like chromite. The evident occurrence of Rhindependently of chromite differs from other Rh-bearing PGM depositselsewhere, and could potentially simplify metallurgical recoveryprocesses. Similarly, the presence of laurite may bode well forpotential Ru recovery.
Notes: *2021 assay data from GeoscienceLaboratories and 2015-2019 previous assay data are for the samesamples |
**Au, Ir, Pd, Pt, Rh and Ru valuesin grams per tonne (g/t); Cu, Ni, and Co values in %; Cr values inppm |
*** Correlation coefficient forrhodium |
na = not analysed |
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2) Develop amore robust regression technique to estimate Rh concentrations from Ptgrades for future Mineral Resource Estimates;
Statistical analysis indicates that Rh values for theremaining 10,123 samples from the Lismer North Zone can be estimatedon the basis of Pt values through regression analysis (Pd values toocommonly exceed the upper limit of detection). Results of this study indicate that Rhconcentrations in the Lismer North Zone are equivalent to beapproximately 11% of the Pt grades. A plot ofmeasured Pt values versus Rh values for the 187 drill core samplesfrom the Lismer North Zone and the robust simple regression line withits derived equation are shown in Figure 3.
Figure 3. Plot of measured Pt versusRh values for all 2021 Rh assayed core samples (187) from the LismerNorth Zone and the robust simple regression line with derivedequation.
Statistical analysis indicates that Rh values for theremaining River Valley Deposit can be estimated on the basis of Ptvalues through regression analysis. A plot of measured Pt valuesversus Rh values for all the drill core samples from River Valley andthe robust simple regression line with its derived equation are shownin Figure 4.
Figure 4. Plot of measured Pt versusRh values for all Rh assayed mineralized drill core intervals from theRiver Valley Palladium Deposit (8,097 samples) and the robust simpleregression line with derived equation.
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3) Investigatethe potential of Rh as payable metal at River Valley
In order to complete the study, subsequent phases ofwork will take samples of PGM mineralized intervals from additionalmineralized zones to establish and confirm the spatial distributionof
rhodium, where practical, throughout the River Valley Deposit. Specifically, the mineralizedzones selected to be studied next include Dana South and LismerRidge. Rhodium recovery testwork will beincluded in ongoing metallurgical studies, in order to determinewhether Rh could be a payable metal for a potential PGM miningoperation at River Valley. Non-linear regression models will also beinvestigated for more robust prediction of Rh contents, particularlyhigher values, where assays are not available.
Rhodium
Rh is the rarest and most valuable ofthe PGMs . The main use for Rh is in catalyticconverters designed to clean vehicle emissions. This metal is particularly effective incleaning nitric oxide emissions from internal combustion enginevehicles . The majority of Rh is produced as a
by-product of platinum mining in South Africa. South Africa is theworld’s largest producer of Rh (~80%), followed by Russia (~10%),Zimbabwe (~5%), Canada (~2%) and the USA (~2%).
The global average mineral resource/reserve grade is 0.281 g/t Rh,with the lowest reported mineral resource/reserve grade of 0.010 g/tRh and the highest reported mineral resource/reserve grade of 0.381g/t Rh (source: S&P Global, 2020). As of December 14, 2021 theprice of rhodium is ~US$12,800/oz (source: Kitco, 2021).
Assay Procedures & QualityControl
Historical drill (1/4) core samples and two coarsereject samples were selected by NAM geologists from PGM-Cu sulphidemineralized intervals in Lismer North Zone holes drilled in 2001 and2003. The samples were delivered directly to Geoscience Laboratoryin Sudbury, Ontario for processing, preparation and assay analyses.Gold, iridium, palladium, platinum, rhodium and ruthenium were assayedby 30 g nickel fire assay with ICP-MS finish (IMP-200; ISO/IEC 17025Accredited). Blanks and blind certified reference material (standards)samples were inserted at regular intervals for assay with the coresamples as part of NAM’s rigorous Quality Control program.
About the River Valley PalladiumProject
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.
A fully executed Memorandum of Understanding is in place with a localFirst Nation. Environmental baseline studies re-commenced in 2020.
The details of the 2021 updated Mineral Resource Estimate wereannounced in a Company press release dated October 5, 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; and 94Mt 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. Contained metalcontents are 2.3 Moz Pd+Pt+Au in the Measured and Indicatedclassifications and 1.6 Moz Pd+Pt+Au in the Inferred classification.
The 2019 PEA results for the River Valley Palladium Project wereannounced in a press release dated June 27, 2019, and are based on the2019 updated Mineral Resource Estimate. The 2019 PEA outlines a 20,000t/day open pit mine and processing plant operation producing anaverage of 119,000 ounces of PdEq per year over a mine life of 14years. Using base case metal prices of US$1,200/oz Pd, $1,050/oz Ptand $3.25/lb Cu, the PEA showed a pre-tax NPV5% of US$261 million anda pre-tax IRR of 13%. At a +20% palladium price of $1,440/oz Pd, thepre-tax NPV5% increases to $501M and the pre-tax IRR to 19%.
The updated 2021 Mineral Resource Estimate will form a basis for theongoing Pre-Feasibility Study of the River Valley Palladium Project.
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 to River Valley, the Company owns 100% of theGenesis PGM-Cu-Ni Project in Alaska, and has plans to complete asurface 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. 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.
The contents contained herein that relate toExploration Results or Mineral Resources is based on informationcompiled, reviewed or prepared by Dr. Bill Stone, P.Geo., a consultinggeoscientist 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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