New Age Metals (TSXV:NAM) Announces New Assay Results From River Valley Palladium Project

New Age Metals (TSXV:NAM) has released new assay results from its 2022 drilling program at the River Valley Palladium Project near Sudbury, Ontario. The company has completed a total of 1,328m of drilling across six diamond drill holes at the Dana South Zone, located close to the north end of the River Valley Deposit. All six drill holes intersected Pd mineralization, expanding the currently known extents of Pd mineralization. Mineralization at the Dana South Extension Target also remains open to expansion by drilling along strike and at depth.

New Age Metals Chairman and CEO, Harry Barr, commented in a press release: “In terms of Pd grade and zone location, Dana South is one of the most important mineralized zones at River Valley. The fact that there now appears to be even more higher-grade mineralization there than is included in the current Mineral Resource Estimate is very encouraging for the future exploration upside of the River Valley Project. We plan to fully model the drill hole results and expand the Dana South Zone though additional step-out drilling as part of NAM’s 2023 exploration program.

Highlights from the results are as follows:

  • DS-22-01:1.553 g/t Pd+Pt+Au (“3E”) and 0.070% Cu over 14 m from 249 m downhole at the Dana South-Extension target 
  • DS-22-02: 0.891 g/t 3E and 0.091% Cu over 14 m from 210 m downhole at the Dana South-Extension Target 
  • DS-22-03: 1.335 g/t 3E and 0.134% Cu over 41 m from 258 m downhole at the Dana South-Extension Target 
  • DS-22-04:1.251 g/t 3E and 0.145% Cu over23 m from 190 m downhole at the Dana South extension Target 
  • DS-22-05:2.076 g/t 3E and 0.131% Cu over 63 m from 12 m downhole at the Dana South-SET Target  
  • DS-22-06:1.073 g/t 3E and 0.085% Cu over 3 m from 11 m downhole at the Dana South-SET Target 

Dana South Zone 2022 Drilling Program

Two Pd mineralization targets were drilled in September 2022: 1) the Dana South-Extension Target and 2) the Dana South-SET Target (Figure 2).  

Figure 1. Location of the two drill targets at the Dana South Zone of the River Valley Deposit (red). Source: New Age Metals

Dana South-Extension Drilling Results    

Four drill holes totalling 1,133 m were completed at the Dana South-Extension Target (Table 1). These drill holes were designed to test for mineralization intersected in a 2021 geomechanical drill hole that intersected a thick interval of higher-grade mineralization outside the modelled boundary of Dana South mineralized (see NAM press release dated June 9, 2022). All four 2022 drill holes intersected Pd mineralization. Assay interval highlights are listed in Table 2.

Figure 2. Plan view of the Dana South Zone at River Valley. Source: New Age Metals

Drill holes DS-22-01 to DS-22-03 were completed on a step-out cross-section 50 m from the previously interpreted, faulted boundary of Dana South (Figure 2).  Drill hole DS-22-01 tested the middle part of the section, returned four mineralized intersections, one of which is higher-grade than the average grade of the current Dana South Mineral Resources (Table 2). DS-22-02, drilled above DS-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, including 2.010 g/t 3E and 0.156% Cu over 15 m from 268 m downhole and 1.582 g/t 3E and 0.221% Cu over 9 m from 288 m downhole.

Drill hole DS-22-04, completed on an additional 50-m step-out, returned three mineralized intersections. The best of these intersections was 1.251 g/t 3E and 0.145% Cu over 23 m from 190 m downhole, including 1.744 g/t and 0.205% Cu over 13 m from 195 m downhole. In addition, DS-22-04 also intersected mineralization from surface; that is, 0.969 g/t 3E and 0.110% Cu over 10.4 m from bedrock surface (Figure 2). This shallower occurrence of mineralization is known from historical drilling, but the latter is currently too sparse for Mineral Resource estimation.  

 

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

By Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

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