Vancouver, British Columbia--(Newsfile Corp. - March 22, 2018) - New Age Metals (TSXV: NAM) (OTCQB: PAWEF) (FSE: P7J2) has issued an update on the company's River Valley Project. The 100% owned River Valley Project, the largest undeveloped primary Platinum Group Metals resource in Canada, has excellent infrastructure and is within 100 kilometers of the Sudbury Metallurgical Complex.
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The March 2018 NI 43-101 technical report, which updates the 2012 resource, shows a resource estimation of 4,626,250 Palladium equivalent ounces, with 2,713,933 ounces in the Inferred category at a 0.4 gram per ton cut-off.
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Geological interpretation of the March 2018 NI 43-101 geophysical report is ongoing to target and better define the summer/fall 2018, and winter 2019 drill programs. To date an approximate 140,659 meters in 628 drill holes have been conducted by the company as operator on the River Valley Project.
In 2016, the company purchased 100% of Mustang Minerals' southern portion of the River Valley contact, known as the River Valley Extension, which added an additional 4 kilometers for a total of 16 kilometers of strike.
Harry Barr, Chairman and CEO, stated: "The River Valley PGM Project continues to grow and we are focusing our efforts on creating shareholder value with distinct project objectives. The first objective is establishing a minimum ounce bank in the northern portion of the project that would allow the company to economically open pit mine, crush, and concentrate on site and then ship the concentrates to the Sudbury Metallurgical Complex. The second objective is to continue to explore and develop the entire 16 kilometers of mineralization throughout the contact zone (current established resource) and test the new footwall discovery that has potential to extend throughout the overall project."
Trevor Richardson, President & COO, stated: "To date, approximately 40 million dollars has been expended on our combined River Valley and River Valley Extension project. We are pleased with the current significant defined resource on the project. However, the project is a long way from being drilled out, in the past all of the focus has been on the contact mineralization. The contact extends throughout the 16 kilometers of the project. We are most excited about the newly defined footwall mineralization, which we have only completed 3,000 meters of geophysics on and have already identified the Pine and T3 Zone discoveries. Our stated objective to increase the resource beyond 1million ounces in this northern portion was achieved."
In January, the company announced an agreement with Azincourt Energy whereby Azincourt will commit up to $3.85 million dollars in exploration, pay up to 3 million shares of Azincourt stock, and up to $210,000 in cash, and a 2% net smelter royalty on New Age's 5 pegmatite hosted Lithium Projects in the Winnipeg River Pegmatite Field in southeast Manitoba.
Fundamental Research issued an updated report on the company in January, giving a fair value of $0.49 a share. The shares are trading at $0.11.
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