New Age Metals begins drilling at River Valley
NEW AGE Metals Inc.’s 2017 drill program has commenced on the Pine zone at the River Valley platinum group metal project approximately 100 kilometres from Sudbury, Ont. The Induced polarization (IP) geophysical survey and borehole geophysics have been completed by Abitibi Geophysics, and a final report will be generated. The company will focus the exploration on drill testing the previous PGM mineralization in the Pine zone and the recommendations from the geophysical interpretation report.
• Abitibi Geophysics has completed the surface IP geophysical program and borehole geophysics.
• Drilling will focus on follow-up drilling to further test the continuation of the Pine zone.
• Further drilling will drill test the geophysical interpretation of Abitibi Geophysics.
• River Valley is the largest undeveloped primary PGM resource in Canada, with 2.5 million ounces PGM in measured plus indicated mineral resources and near-surface mineralization covering over 16 kilometres of strike.
The Pine zone is one of numerous prospective PGM zones within the district-scale River Valley PGM project and was recently drilled in the fall of 2016 (press release dated Dec. 13, 2016). The 2016 drill program confirmed the higher-grade, near-surface PGM discovery made in the 2015 drill program (press release dated March 11, 2015) and highlighted the continuity of the mineralization for 200 metres along strike and 100 to 200 metres deep at the Pine zone. The Pine zone remains open along strike and at depth.
The surface geophysical survey was designed to test the eastward and southward extension of the Pine zone, as well as the adjacent Dana North zone. The extension of the IP survey is designed to test the depth potential of the Banshee zone. The survey will aid in the generation of new targets for follow-up drill testing. The diamond drill crew is currently on site and will begin drilling to test the on-strike and depth extensions of the Pine zone as a continuation of the 2016 drilling (press release dated Dec. 13, 2016). Approximately 15,000 feet of drilling is planned in this program.
Abitibi Geophysics will generate a final report and interpretation of the IP geophysical survey. This report will recommend additional drill targets. These targets will be on the Pine and Banshee zones. Approximately two kilometres of untested potential for discovery of additional mineralization currently exist along strike between the current drilled extent of the Pine zone and the underexplored Pardo zone to the northwest.
This present exploration activity of drilling and geophysics is geared to establish the resource base for a preliminary economic assessment (PEA) report, which the company plans to initialize in the near future.
To date, an approximate 612 holes (136,574 metres) have been conducted by the company and its past joint venture partners to test the PGM mineralization extents of the River Valley intrusion. As well, several National Instrument 43-101-complaint resource estimates have been generated. The River Valley deposit is the largest undeveloped primary PGM resource in Canada, with 2.5 million ounces PGM, in measured plus indicated mineral resources and near-surface mineralization covering over 16 kilometres of continuous strike length.
The company will continue to update investors as the drill results are received.
The contents contained herein that relate to exploration results or mineral resources are based on information compiled, reviewed or prepared by Carey Galeschuk, a consulting geoscientist for New Age Metals. Mr. Galeschuk is the qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical content of this news release.
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Harry Gordon Barr, Colin Bird, John W Londry, Michael Francis Neumann
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