New Age Metals Announces Palladium Assay Results from 2022 Drilling Program at River Valley
New Age Metals TSX-V: NAM OTCQB: NMTLF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.newagemetals.com
NEW AGE METALS ANNOUNCES PALLADIUM ASSAY RESULTS
FROM 2022 DRILLING PROGRAM AT RIVER VALLEY
February 7, 2023 Rockport, Ontario - New Age Metals Inc. (TSX.V: NAM; OTCQB: NMTLF;
FSE: P7J.F) (“NAM” or “Company”) announces the assay results from its 2022 exploration
drilling program on the River Valley Palladium (“Pd”) Project, near Sudbury, Ontario. Six
diamond drill holes were completed totalling 1,328 m at Dana South Zone, located near the north
end of the River Valley Deposit (Figure 1), and all intersected Pd mineralization , thereby
expanding the known extents of Pd mineralization.
Drilling Highlights
• 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 over 23 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
The mineralization at the Dana South -Extension Target remains open to expansion by drilling
along strike and at depth.
NAM’s Chairman and CEO, Harry Barr, said, “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.
New Age Metals TSX-V: NAM OTCQB: NMTLF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.newagemetals.com
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).
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.
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.
Dana South-SET Results
Two drill holes totalling 195 m were comple ted at the Dana South -SET Target (Table 1) .
An inclined hole (DS -22-05) and a vertical hole (DS -22-05) were designed to test the
mineralization in a trench excavated in 2021 on mineralized outcrops 100 m to the east of the Dana
South Mineral Resources (see NAM press release dated March 9, 2022) (Figures 1 and 2). Both
New Age Metals TSX-V: NAM OTCQB: NMTLF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.newagemetals.com
drill holes intersected mineralization under the trench. Assay interval highlights are listed in Table
2.
Drill hole DS-22-05 intersected 2.076 g/t 3E over 63 m from 12 m downhole, including 3.316 g/t
3E and 0.191% Cu over 14 m from 13 m downhole, 2.833 g/t 3E and 0.157% Cu over 15 m from
30 m downhole, and 2.674 g/t 3E and 0.155% Cu over 12 m from 48 m downhole. Drill hole
DS-22-06 intersected 0.629 g/t 3E and 0.063% Cu over 4 m from 3 m downhole and 1.073 g/t 3E
over 3 m from 11 m downhole. These drill results and preliminary surface mapping of the trench
indicate that the mineralization at SET is the Dana South Zone offset sinistrally on the southeast
side of a NNE -trending fault. Infill-drilling is required at SET for incorporation of this
mineralization into future Mineral Resource estimations.
Figure 1. Location of the two drill targets at the Dana South Zone of the River Valley Deposit (red).
The River Valley mineralized zones (red) dip steeply to the southwest and are projected to surface. The Mineral
Resources were estimated using $15/t NSR cut -off and NSR calculation described in the 2021 Updated Mineral
Resources and Technical Report (P&E, 2021 – filed under NAM’s profile on SEDAR). Note that the Huronian, Grenville
and Nipissing geological units not shown for illustration clarity.
New Age Metals TSX-V: NAM OTCQB: NMTLF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.newagemetals.com
Figure 2. Plan view of the Dana South Zone at River Valley. The 2022 drill program collar locations and hole traces
are coloured and sized by 3E mineralized interval. The mineralized intervals in drill holes DS -22-01 to DS -22-04
confirm and expand the extent of higher-grade Pd mineralization in 2021 drill hole KP21 -05 outside of the Mineral
Resources (red). Drill holes DS -22-05 and DS -22-06 confirm that the mineralization previously excavated in the
surface trench at SET is present at depth.
Notes: 1 UTM NAD83 Zone 17N; 2masl = metres above sea level
Drill Hole Target Easting1 Northing1 Elevation
(masl)2
Azimuth
(deg)
Dip
(deg)
Length
(m)
DS-22-01 DSZ-Extension 555,628 5,171,757 289.6 45 -45 293
DS-22-02 DSZ-Extension 555,661 5,171,794 290.1 45 -45 255
DS-22-03 DSZ-Extension 555,594 5,171,737 291.6 45 -45 330
DS-22-04 DSZ-Extension 555,661 5,171,724 297.6 45 -45 255
DS-22-05 DSZ-SET 555,536 5,171,963 288.8 45 -45 108
DS-22-06 DSZ-SET 555,567 5,172,013 293.3 0 -90 87
Table 1
Dana South Zone 2022 Drill Hole Collar Information
New Age Metals TSX-V: NAM OTCQB: NMTLF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.newagemetals.com
Notes: 1 Core length, not true thickness; 23E = Pd+Pt+Au
Assay Procedures & QA/QC
The six Dana South Zone drill holes were completed under the supervision of NAM geologists.
The core samples were sent to the SGS Canada Inc. Laboratory in Lakefield, Ontario, for initial
sample preparation, and then to SGS Laboratory in Burnaby, BC for assay analysis. The sample
preparation involved crushing of 3 kg of each sample to 90% passing 1.25 mm, and then
pulverizing a representative subsample of ~0.1 kg to 85% passing 75 μm. Palladium, platinum and
gold were analyzed by fire assay with ICP -AES finish (GE -FAI30V5). Copper, nickel, sulp hur
and 32 additional elements were assayed by two -acid digestion and ICP -OES fin ish (GE -
Drill Hole Target Intercept From
(m)
Length
(m)1
Au
(g/t)
Pt
(g/t)
Pd
(g/t)
3E
(g/t)2
Cu
(%)
Ni
(%)
S
(%)
DS-22-01 Extension 1 210 10 0.028 0.087 0.164 0.279 0.021 0.011 0.11
DS-22-01 Extension 2 228 6 0.023 0.097 0.106 0.227 0.036 0.009 0.06
DS-22-01 Extension 3 237 7 0.059 0.233 0.296 0.588 0.111 0.019 0.39
DS-22-01 Extension 4 249 14 0.068 0.440 1.045 1.553 0.070 0.017 0.27
DS-22-01 Extension incl. 250 12 0.073 0.485 1.161 1.719 0.067 0.017 0.21
DS-22-02 Extension 1 183 8 0.009 0.071 0.133 0.213 0.018 0.006 0.07
DS-22-02 Extension 2 197 1 0.043 1.390 5.370 6.803 0.070 0.007 0.12
DS-22-02 Extension 3 203 3 0.020 0.133 0.127 0.280 0.051 0.016 0.30
DS-22-02 Extension 4 210 14 0.040 0.254 0.597 0.891 0.091 0.032 0.89
DS-22-02 Extension incl. 214 4 0.070 0.318 0.914 1.302 0.148 0.037 1.04
DS-22-03 Extension 1 258 41 0.065 0.390 0.880 1.335 0.134 0.031 0.42
DS-22-03 Extension incl. 1 268 15 0.084 0.539 1.387 2.010 0.156 0.038 0.53
DS-22-03 Extension incl. 2 288 9 0.071 0.446 1.065 1.582 0.221 0.047 0.70
DS-22-04 Extension 1 1.56 10.44 0.047 0.247 0.675 0.969 0.110 0.023 0.40
DS-22-04 Extension 2 15 20 0.019 0.143 0.381 0.543 0.052 0.014 0.14
DS-22-04 Extension 3 190 23 0.068 0.345 0.838 1.251 0.145 0.030 0.52
DS-22-04 Extension incl. 195 13 0.103 0.475 1.166 1.744 0.205 0.037 0.73
DS-22-05 SET 1 12 63 0.085 0.450 1.540 2.076 0.131 0.027 0.39
DS-22-05 SET incl. 1 13 14 0.143 0.691 2.481 3.316 0.191 0.027 0.38
DS-22-05 SET incl. 2 30 15 0.105 0.606 2.122 2.833 0.157 0.031 0.41
DS-22-05 SET incl. 3 48 12 0.100 0.608 1.966 2.674 0.155 0.033 0.47
DS-22-06 SET 1 3 4 0.032 0.150 0.447 0.629 0.063 0.010 0.18
DS-22-06 SET 2 11 3 0.046 0.250 0.777 1.073 0.085 0.018 0.23
Table 2
Dana South Zone 2022 Highlight Assay Intercepts
New Age Metals TSX-V: NAM OTCQB: NMTLF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.newagemetals.com
ICP21B20). Blanks and blind certified standard samples were submitted at regular intervals for
assay with the core samples,
as part of NAM’s rigorous Quality Assurance/Quality Control program.
River Valley Project Pre-Feasibility Study Update
On October 28, 2022, NAM announced its decision to delay release of the PFS, in order to enable
confirmation and optimization of critical project options and development of a more indicative
value of the River Valley Project. Project options under r eview include increased underground
mining, mine plan and mineral processing enhancements, tailings management alternatives, and
converting and extending Mineral Resources, among others, which offer additional flexibility and
potential for better economics. In addition, current price volatility due to inflationary pressure and
economic uncertainty continues to make it difficult to obtain suitable long-term cost quotes for site
equipment and infrastructure systems from potential vendors.
Subject to the determination of the above options and stabilization of the economic climate, NAM
plans to finalize the River Valley Project Study. An update on when the PFS is anticipated to be
completed will be provided in Q1 2023.
About NAM
New Age Metals is a junior mineral exploration 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 a Lithium/Rare Element division.
The PGM Division includes the 100% owned, multi -million-ounce, district-scale River Valley
Project, one of North America’s largest undeveloped Pl atinum Group Metals Projects, situated
100 km by road east of Sudbury, Ontario. In addition to River Valley, NAM owns 100% of the
Genesis PGM-Cu-Ni Project in Alaska, and plans to complete a surface mapping and sampling
program in 2022.
The Lithium Division is one of the largest mineral claim holders in the Winnipeg River Pegmatite
Field, where the Company is exploring for hard rock lithium and various rare elements such as
tantalum and rubidium. Further Exploration plans for 2023 include continued mapping/sampling
field program following up on prospective trends outlined in the magnetic data, and phase two drill
program at Lithium Two Project along with identifying additional drill targets throughout the
company’s 11 projects. The Company has a partnership with Mineral Resource Limited
(MRL, ASX: MIN), a top global lithium producer to explore and develop the Company’s
New Age Metals TSX-V: NAM OTCQB: NMTLF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.newagemetals.com
lithium project portfolio. The 2022 budget for the Company’s Lithium Division is $1.8
million and will include work till the end of Q1 2023.
Our philosophy is to be a project generator with the objective of optioning our projects with major
and junior mining companies through to production. The Company is actively seeking an
option/joint venture partner for its road-accessible Genesis PGM-Cu-Ni project in Alaska.
Investors are invited to visit the New Age Metals website at www.newagemetals.com where they
can review the company and its corporate activities. Any questions or comments can be directed
to [email protected] or Harry Barr at [email protected] or Farid Mammadov at
[email protected] or phone 613 659 2773.
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Qualified Person
The contents contained herein t hat relate to the scientific and exploration results for the River
Valley Project is based on information compiled, reviewed or prepared by Dr. Bill Stone, P.Geo.,
a consulting geoscientist for New Age Metals. Dr. Stone is the Qualified Person as defined b y
National Instrument 43-101 and has reviewed and approved the River Valley technical content
of this news release.
On behalf of the Board of Directors
“Harry Barr”
Harry G. Barr
Chairman and CEO
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the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release. Cautionary Note Regarding Forward Looking State ments: This release contains
forward-looking statements that involve risks and uncertainties. These statements may differ
New Age Metals TSX-V: NAM OTCQB: NMTLF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
+1.613. 659.2773 www.newagemetals.com
materially from actual future events or results and are based on current expectations or beliefs.
For this purpose, statements of hi storical fact may be deemed to be forward -looking
statements. In addition, forward-looking statements include statements in which the Company
uses words such as “continue”, “efforts”, “expect”, “believe”, “anticipate”, “confident”, “intend”,
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