New Age Metals (“NAM” and the “Company”) (TSX.V: NAM; OTCQB: PAWEF) is pleased to announce that the Company plans to commence its 2017 Exploration Program this spring with a surface geophysical program at the Pine Zone of the River Valley platinum group metal (PGM) deposit near Sudbury, Ontario (Figure 1).
The Pine Zone is one of many PGM zones within the district-scale River Valley PGM Project and was most recently drilled in the fall of 2016 (see to press release dated December 13, 2016). The 2016 drill program confirmed the higher-grade, near-surface PGM discovery made previously in the 2015 drill program (see press release dated March 11, 2015) and highlighted the continuity of the mineralization for 200 metres along strike and 100-200 metres depth. The Pine Zone remains open along strike and at depth. The surface geophysical survey will be performed to test the potential for eastwards and southwards extension of the Pine Zone and aid generation of new targets for drill testing later in 2017.
- Closed $2,614,762 Private Placement, April 27, 2017
- Signed contract with Abitibi Geophysics to commence surface geophysical program.
- Projects cover 16 km long River Valley PGM deposit
- River Valley is the Largest Undeveloped Primary PGM resource in Canada, with 2.5 Moz PGM, in Measured Plus Indicated mineral resources and near-surface covering over 16kms of strike.
- New discovery in 2015: 91 g/t Pd+Pt/9m from 145m in drill hole 2015-DN002
- Discovery confirmed in 2016: 07 g/t Pd+Pt/9m from 202m in drill hole DN-T2-06
- Upon completion of the geophysical program, drilling slated for summer 2017.
The 2017 Exploration Program will begin in May-June with cutting of a line grid for the surface geophysical induced polarization (IP) survey. The IP survey itself will consist in part of a detailed orientation survey to record geophysical responses over known geologic features and higher-grade PGM mineralization located in the Pine Zone and the adjacent Dana North Zone (Figure 2).