New Age Metals Completes Phase 3 Rhodium Geochemistry Study of the River Valley Palladium Project
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
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New Age Metals Completes Phase 3 Rhodium Geochemistry
Study of the River Valley Palladium Project
• Rhodium (Rh) (~US$ 7,950/ ounce, dated 9st May 2023) is the most valuable platinum
group metal (PGM), with recent spot price highs of 5 times higher than Pd and 7 times
higher than Pt
• 552 Rh new assay results for the Dana and Lismer Zones of the River Valley Palladium Deposit
• Highest assay result is 0.306 g/t Rh, with 33 more samples returned assays ≥0.100 g/t Rh and a
total of 113 samples returned assays >0.050 g/t Rh
• The highest Rh concentrations generally coincide with the highest palladium (Pd) and platinum
(Pt) grades
• Rh concentrations in the River Valley Deposit are equivalent to approximately 9% of Pt grades
• Based on encouraging results from Phases 1 to 3, subsequent phases of this multi-phase Rh
evaluation program will take samples of PGE mineralized intervals from more of the
mineralized zones for assay analysis and PGE mineralogical studies
• The River Valley Deposit is one of North Americas largest undeveloped primary platinum-group
metal projects with 2.3 Moz Pd+Pt+Au in the Measured + Indicated classifications and 1.6 Moz
Pd+Pt+Au in the Inferred classification
Rockport, Canada – May 9, 202 3 Rockport, Canada - New Age Metals Inc. (NAM) (TSX.V:
NAM; OTCQB: NMTLF; FSE: P7J) (“NAM” or the “Company”) announces completion of the
Rh geochemistry study of the River Valley Palladium Deposit, 100 km east of Sudbury, Ontario.
Phase 3 of the Rh geochemistry study c ollected 552 ¼ HQ core samples from four
metallurgical drill holes completed in 2021 within the Dana North, Dana South, Lismer
North and Lismer Ridge Zones . This announcement presents new Rh assay data for these
552 samples . These zones are located in the northern 5 -km of the 16 km -long River Valley
Palladium Deposit (Figure 1). In addition to Rh, the core samples were also assayed for gold (Au),
iridium (Ir), palladium (Pd), platinum (Pt), and ruthenium (Ru) at the Geoscience Laboratories in
Sudbury.
The new Rh data covered herein are in to addition to data generated from recent and historical
exploration drill core, surface channel samples and grab samples of the River Valley Deposit
(see NAM press releases dated March 2, 2021 for Phase 1 and December 15, 2021 for the Phase
2 results; see also Pacific North West Capital Corp. press release dated July 26, 2011). Rh is the
most valuable platinum group metal (PGM), with recent spot price highs of about US7950/oz
Rh, roughly 5 times higher than Pd and 7 times higher than Pt. However, Rh analyses are too
costly to be performed on every drill core assay sample. Rh is reported in the current Mineral
Resource Estimate for the River Valley Deposit ( see NAM press release dated October 5, 2021),
New Age Metals TSX-V: NAM OTCQB: NMTLF
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based on regression analysis of historical drill core and channel sample assay data for the Dana
and Lismer Zones.
Figure 1. Distribution of 2021 updated pit constrained Mineral Resources at $15/t NSR cut -off at the River Valley
Project. The mineralized zones labelled in red (Dana North, Dana South, Lismer North and Lismer Ridge) are the
subject of this press release. Notes: M&I = Measured and Indicated Mineral Resources, Ind: = Indicated Mineral
Resources, Inf = Inferred Mineral Resources.
The purpose of the multi-phase Rh geochemistry study program is three-fold:
1) Investigate Rh grades and distribution trends within the River Valley Deposit;
2) Develop a more robust regression technique to estimate Rh concentrations from Pt grades
for future Mineral Resource Estimates; and
3) Investigate the potential of Rh as payable metal at River Valley.
Each of these topics are addressed below.
1) Rh Grade and Distribution Trends
In total, 552 samples of mineralized drill core intervals in the four metallurgical holes were selected
for Rh assay: 200 from Dana North, 148 from Dana South; 84 from Lismer North, and 120 from
New Age Metals TSX-V: NAM OTCQB: NMTLF
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Lismer Ridge. Overall, the Rh assays values returned range from 0.0007 g/t to 0.306 g/t Rh.
Thirty-four drill of the core samples returned assays of ≥0.100 g/t Rh (Table 1) and 113 samples
returned assays >0.050 g/t Rh. The highest assay result for Ir is 0.069 g/t and for Ru is 0.039 g/t,
also for the samples from the Lismer Ridge Zone.
New Age Metals TSX-V: NAM OTCQB: NMTLF
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Note: *2.700 g/t Pd is the upper limit of detection for the analytical method employed by the assay lab ,
and therefore the higher Pd values listed can be regarded as provisional.
New Age Metals TSX-V: NAM OTCQB: NMTLF
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The announcement of these 552 results increases the total inventory of Rh data as says for River
Valley to 8,610 ( Table 2). At 80.2% of the total, the results for Dana North still dominate the
inventory. However, the maximum Rh assay in this dataset is reported for the Lismer Ridge Zone,
located 3 km south along strike from Dana North.
Notes: *drill core samples of mineralized intervals only
(channel samples, surface rock samples and academic study samples excluded)
**lower limit of detection = 0.000008 ppm Rh
Statistically, the assay results show strong positive correlation of Rh with t he other four PG E
(R2 >0.9) and moderate to strong correlation with Au (R2 >0.6) (Table 3), consistent with presence
in the mineral phases Hollingworthite [(Rh,Pt,Pd)AsS], platarsite [(PtAsS) with minor Rh and Ru),
and laurite [(RuS 2 with minor Rh], each of which has been identified in previous mineralogical
and scientific studies of River Valley. In contrast, Rh shows moderate correlation (R2 >0.6) with
Cu, Ni and S at the Dana Zones and weak correlation (R2 <0.5) with Cu, Ni and particularly S at
the Lismer Zones. On the other hand, and as previously reported for the Pine and Lismer North
Zones, Rh (and Ru) do not correlate with chromium (Rh R2 <0.010, and therefore is very unlikely
to be held in Cr-bearing phases like chromite. The evident occurrence of Rh independently of
chromite differs from other Rh-bearing PG E deposits elsewhere , and could potentially
benefit metallurgical recovery processes. Similarly, the presence of laurite could bode well
for potential Ru recovery.
New Age Metals TSX-V: NAM OTCQB: NMTLF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
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Notes: *2022-2023 assay data from Geoscience Laboratories and 2021 assay data from SGS Canada Inc.
are for the same sampled drill core interval
**Au, Ir, Pd, Pt, Rh and Ru assay values in grams per tonne (g/t); Cu, Ni, and Co assay values in percent
(%); Cr assay values in ppm
*** Correlation coefficient for rhodium
New Age Metals TSX-V: NAM OTCQB: NMTLF
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2) Development of a Reliable Regression Technique
Statistical analysis indicates that Rh assay values for the remaining River Valley Deposit
(>100,000 samples) can be estimated on the basis of measured Pt values through regression
analysis. A plot of measured Pt values versus Rh values for the 552 drill core samples assayed at
Geoscience Labs and the non-linear regression line with its derived equation are shown in Figure
2. At this stage, non-linear regression models appear to be better than linear regression models for
predicting higher Rh values.
Figure 2. Plot of measured Pt versus Rh ppb values for the assayed mineralized drill core intervals (1044 samples) and
the non-linear regression line with derived equation solved in DataDesk 8.2.1.
3) Investigate the Potential of Rh as Payable Metal at River Valley
In order to progress Rh studies further , subsequent phases of work will take samples of PG E
mineralized intervals from additional mineralized zones to establish and confirm the spatial
distribution of rhodium, where practical, throughout the River Valley Deposit . Specifically, the
mineralized zones selected to be studied next include the Lismer Ridge Zone and the Varley
Zone. Rhodium recovery testwork and detailed mineralogical investigations will be included in
future metallurgical studies, in order to determine whether Rh could be a payable metal for a
New Age Metals TSX-V: NAM OTCQB: NMTLF
Field Office: 59 Burtch’s Lane, Rockport, ON, Canada, K0E 1V0 [email protected]
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potential PGM mining operation at River Valley. Additionally, non-linear regression models will
be further investigated for more even more reliable prediction of Rh contents, particularly higher
values, where Rh assays are not available.
Rhodium
Rh is the rarest and most valuable of the PGEs. The main use for Rh is in catalytic converters
designed to clean vehicle emissions. This metal is particularly effective in cleaning nitric oxide
emissions from internal combustion engine vehicles . The majority of Rh is produced as a
by-product of platinum mining in South Africa. South Africa is the world’s largest producer of Rh
(~80%), followed by Russia (~10%), Zimbabwe (~5%), Canada (~2%) , and the USA (~2%).
The global average mineral resource/reserve grade is 0.281 g/t Rh, with the lowest reported mineral
resource/reserve grade of 0.010 g/t Rh and the highest reported mineral resource/reserve grade of
0.381 g/t Rh (source: S&P Global , 2020 ). As of May 1, 202 3, the price of rhodium is
~US$7,300/oz (source: Kitco May 1, 2023).
Assay Procedures & Quality Control
Drill (¼ HQ) core samples were selected by NAM geologists from PGE-Cu sulphide mineralized
intervals in the Dana North and South and Lismer North and Ridge drill holes completed in 2021.
The samples were delivered directly to Geoscience Laboratory in Sudbury for processing,
preparation and assay analyses. Gold, iridium, palladium, platinum, rhodium and ruthenium were
assayed by 30 g nickel fire assay wi th ICP -MS finish (IMP -200; ISO/IEC 17025 Accredited).
Copper, nickel, cobalt, sulphur, Cr and 28 additional elements had previously been assayed by
two-acid digestion and ICP -OES finish by SGS Laboratory in Burnaby, B.C. ( see NAM press
release dated March 1, 2022). Blanks and blind certified reference material (standards) samples
were inserted at regular intervals for assay with the core samples , as part of NAM’s rigorous
Quality Control program.
About the River Valley Palladium Project
The River Valley Palladium Project is located 100 road -km east from the City of Sudbury.
The Project area is linked to Sudbury by a network of all -weather highways, roads and rail beds
and is accessible year -round with hydro grid and natural gas power nea rby. River Valley enjoys
the strong support of local communities, like the village of River Valley, 20 km to the south.
A fully executed Memorandum of Understanding is in place with a local First Nation.
Environmental baseline studies re-commenced in 2020 are planned to continue through 2023.