(TheNewswire)
September 24, 2020 - TheNewswire- Rockport,Canada - New Age Metals Inc. (NAM) (TSXV:NAM ) ; ( OTC:NMTLF ) ; ( FSE:P7J) ("NAM" or the"Company") New AgeMetals announces results from the Phase 2 exploration drill programand surface prospecting activities at its 100% owned River ValleyPalladium Project near Sudbury, Ontario. Reported herein are theassay results for holes drilled to test Pine Zone and T3 targetsand
high-grade mineralized surface samples from the footwall to the eastof the Dana South Zone. Phase Three plans are discussed below in therelease and its final plan will be announced before the end ofSeptember.
Holes T3-20-03, T3-20-04 and PZ-20-07were drilled in Q3 2020 for a total of 792 metres
(Figure 1; Table 1). Hole T3-20-03 was drilled as an infill holewithin the Pine Zone-T3 Target. The hole intersected three mineralizedintervals: 1) 5 metres grading 0.21 g/t Pd+Pt+Au and 0.05% Cu or 0.30g/t PdEq from 236 metres down hole; 2) 9 metres grading 0.27 g/tPd+Pt+Au and 0.02% Cu or 0.32 g/t PdEq from 247 metres downhole; and3) 6 metres grading 0.30 g/t Pd+Pt+Au and 0.02% Cu or 0.37 g/t PdEqfrom 259 metres downhole. The results confirm presence of the PineZone mineralization.
Hole T3-20-04 was drilled to expand theboundaries of the Pine Zone-T3 Target eastwards and southwards. Thehole intersected the favourable Breccia Unit, but failed to intersectsignificant intervals of mineralization. Best assay result is 1 metregrading 0.64 g/t Pd+Pt+Au and 0.02% Cu from 307 metres downhole.
PZ-20-07 was drilled to test an IPchargeability feature 250 m east along strike from the Pine Zone. Thehole was abandoned at 166 metres depth, due to the presence of lengthyintersections of heavy pyrite coatings on fractures in core of theArchean basement. No assays were generated, but the IP chargeabilityfeature is explained.
Figure 1. Location of2020 Phases 1 and 2 drill holes (labelled) and previously drill holesplotted on 3-D wireframe model of the Dana North Zone (exposed) andPine Zone (covered), River Valley Palladium Project near Sudbury,Ontario.
Mineral prospecting activities in Q32020 focused on Dana South and Pardo Zones (Figure 2).
At the Dana South Zone, the covered area between the eastern boundaryof the mineral resources and the western shoreline of Dana Lake wasprospected and sampled. Samples collected from here previouslyreturned assays of up to 4.91 g/t Pd+Pt+Au and 0.25% Cu (see pressreleased dated December 6, 2016). The purpose of returning was toconfirm the presence of the favourable River Valley Breccia Unit andCu-Fe sulphide mineralization in outcrop.
Significant assays were returned forseven of the 14 outcrop samples (Table 2). The highest assay result isa remarkable 8.29 g/t Pd+Pt+Au and 0.24% Cu . Evidently, the confirmed surfacemineralization means that either the footprint of the Dana South Zoneis larger than the modelled mineral resources or it representsdiscovery of a potential new zone located approximately 50 m to 100 m to the east ofDana South. The surface mineralized area is planned to be stripped and drilledwhen conditions allow in 2021.
At Pardo, the northernmost mineralizedzone of the River Valley Deposit (2 km north-northeast of
Dana North; Figure 3), four samples were taken to confirm the presenceof surface mineralization indicated in historic sampling. Three of thefour samples returned assays indicative of palladium mineralization(Table 2). The highest assay result was 1.46 g/t Pd+Pt+Au and 0.12% Cu.
With such confirmed indicationsof palladium mineralization on surface, and in historic drilling(eleven holes drilled in 2004), Pardo Zone is under consideration for additionalmineral prospecting and mapping surveys and trenching and drilling, inorder to ultimately support an NI 43-1010 compliant Mineral ResourceEstimate.
Figure 2. Mineralizedsurface grab sample locations outside to the east of the 2019 mineralresources model ( red ) at DanaSouth Zone.
Figure 3. Location ofthe Pardo mineralized zone ( red ), 2 km north-northeast of the Dana North and PineZones.
The Company's management and technicalteam are finalizing plans for a phase three program at River Valley.This phase will focus on the project's rhodium potential and anannouncement outlining our plans is forthcoming
Additional activities planned for Q4regarding River Valley include environmental baseline studies,archaeological assessments, and development of new exploration targetsfor field validation and testing in 2021.
The environmental baseline studies willinvolve a second round of surface water quality sampling and flowmeasurement. For the Archaeological work, a stage 2 assessment will becompleted in areas adjacent to selected water bodies and streams.Exploration targeting will continue to focus on footwallmineralization, though at the Dana South Zone in addition to the PineZone-T3 target. The interior of the River Valley Intrusion will alsobe re-evaluated for the possibility of MT and gravity surveys to aiddevelopment of targeting models for contact-type PGM deposits.
The 2020 Phase 1 drilling was completedby Jacob & Samuel Drilling Ltd. of Sudbury, Ontario under thesupervision of NAM geologists. The drill core samples were sent to theSGS Canada Inc. Laboratory in Lakefield, Ontario for samplepreparation and assay analyses. The preparation involved crushing of 3kg of each sample to 90% passing 2 mm, and then pulverizing 0.5 kg to85% passing 75 um. Palladium, Platinum and Gold were assayed by fireassay with ICP-AES finish (GE-FAI313). Copper, Nickel and 32additional metals were assayed by two acid digestion and ICP-OESfinish (GE-ICP14B). Blanks and blind certified standard samples weresubmitted at regular intervals for assay with the core samples as partof NAM's rigorous Quality Assurance/Quality Control program.
New Age Metals is a junior mineralexploration and development company focused on the discovery,exploration and development of green metal projects in North America.The Company has two divisions; a Platinum Group Metals division and aLithium/Rare Element division. The PGM division includes the 100%owned River Valley Project, one of North America's largest undevelopedPlatinum Group Metals Projects, situated 100 km from Sudbury, Ontario,as well as the Genesis PGM-Cu-Ni Project in Alaska. The Lithiumdivision is the largest mineral claim holder in the Winnipeg RiverPegmatite Field, where the Company is exploring for hard rock lithiumand various rare elements such as tantalum and rubidium. Ourphilosophy 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 venture partner forits road-accessible Genesis PGM Cu-Ni project in Alaska and for ourLithium division in Manitoba.
About the River Valley PalladiumProject
The details of the updated Mineral Resource Estimate(MRE) and Preliminary Economic Assessment (PEA) were announced in thepress release dated August 9, 2019 and are described on NAM's website. The pit constrained Updated Mineral ResourceEstimate formed the basis of the PEA . At acut-off grade of 0.35 g/t PdEq, the Updated Mineral Resource Estimatecontains
2.867 Moz PdEq in the Measured plus Indicated classifications and1.059 Moz PdEq in the
Inferred classification. The PEA is apreliminary report, but it demonstrates that there are potentiallypositive economics for a large-scale mining open pit operation, with14 years of Palladium production. Refer to theNAM website (www.newagemetals.com) for details.
If you have not done so already, weencourage you to sign up on our website ( www.newagemetals.com ) toreceive our updated news.
The contents contained herein thatrelate to Exploration Results or Mineral Resources is based oninformation compiled, reviewed or prepared by Dr. Bill Stone, P.Geo.,a consulting geoscientist for New Age Metals. Dr. Stone is theQualified Person as defined by National Instrument 43-101 and hasreviewed 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 Regarding ForwardLooking Statements: This release contains forward-looking statementsthat involve risks and uncertainties. These statements may differmaterially from actual future events or results and are based oncurrent expectations or beliefs. For this purpose, statements ofhistorical fact may be deemed to be forward-looking statements. Inaddition, forward-looking statements include statements in which theCompany 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, andactual results may differ materially depending on a variety ofimportant factors, 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- looking statements. The Company does notundertake any obligation to review or confirm analysts' expectationsor estimates or to release publicly any revisions to anyforward-looking statements to reflect events or circumstances afterthe 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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