New Age Metals Launches Rhodium Assay Program on Mineralized Metallurgical Samples from 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 Launches Rhodium Assay Program on Mineralized
Metallurgical Samples from the River Valley Palladium Project
March 22, 2022 Rockport, Ontario - New Age Metals Inc. (TSX.V: NAM; OTCQB: NMTLF;
FSE: P7J.F) (“NAM” or “Company”) is pleased to announce the launch of its rhodium (“Rh”)
assay program on 2021 metallurgical drill core samples from NAM’s 100% owned River Valley
Palladium Project near Sudbury, Ontario. Based on encouraging recent Rh assay results from
historical core (see Company press releases dated March 2, 2021 and December 12, 2021), NAM
has commenced a much larger rhodium assaying program of all the samples used to make-up the
composite samples for the ongoing metallurgical testwork. The purpose of th is rhodium assay
program is to further investigate whether Rh could be a payable metal for any future
potential mining and mineral processing operation at River Valley.
Rhodium MinMet Assay Program
In February and March 2022, 543 mineralized samples from four of the mineralized zones at River
Valley were delivered to Geoscience Laboratory in Sudbury for Rh assay. Breakdowns of the core
sampling for Rh assay by mineralized zone and by drill hole are shown in Figure 1 and Table 1.
All the samples were ¼ HQ size core drilled for fresh rock material to be used in metallurgical
studies. The samples selected for Rh assay are those that have been used to make-up the grade
variability composites for testwork at SGS Canada Inc, from which metal recoveries will be
determined. The Rh assay samples are currently in processing and preparation at the Geoscience
Laboratory. In addition to Rh, the assays will include results for iridium (“Ir”) and ruthenium
(“Ru”), which are also very valuable PGMs . The assay r esults are anticipated to be available in
summer 2022.
In addition to the primary applications in the payable metal investigation, the Rh assay results will
also be utilized to generate more reliable regression equations to more accurately predict
Rh grades for each of the major mineralized zones at River Valley. Given the high metal price
(US$20,000/oz Rh as of March 7, 2022 Source: Kitco .com), this input could potentially add
significant value to future Mineral Resource Estimates and even Mineral Reserve Estimates for
the Project. Concurrently, additional Rh assaying of historical drill core is also planned to
continue in 2022, mainly from the Dana South and Lismer Ridge Zones, as outlined below.
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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Figure 1. Sampling of 2021 metallurgical hole drill cores for rhodium assay. The background image is from the
2014 LiDAR survey of the River Valley Property . The 2021 Updated Mineral Resource Estimates given for
each palladium mineralized zone and for the River Valley Intrusion overall are for a $15/t NSR cut -off.
Note that the Pine Zone occurs in the footwall to the Dana North Zone and is not exposed at surface.
M&I = Measured plus Indicated Mineral Resources; Inf = Inferred Mineral Resources.
*Rh is regressed on Pt (platinum) for the River Valley 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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Concurrent Rhodium Evaluation Work Programs
Based on improved PGM and especially Rh metal prices, NAM decided in 2020 to initiate a
Rh evaluation program focused on re -assaying historical River Valley drill holes for Rh .
The primary purpose of th at program is to determine the contents of Rh in each of the major
mineralized zones for direct inclusion in future Mineral Resource estimations of the River Valley
Deposit. The historical drill holes to be sampled are carefully selected from representative drill
cross-sections of priority mineralized zones, starting at the Pine and Lismer North Zones in Phases
1 and 2 in 2020 and 2021 , and then progressing to the Dana South and Lismer Ridge Zones in
Phases 3 and 4 in 2022 and 2023. Samples from mineralized core intervals above the lower cut -
off grade and adjacent material at Pine and Lismer North were submitted to the Geoscience
Laboratory, for PGM assay with enhanced detection limits. Results from completed Phases 1 and
2 of the Rh evaluation program are summarized below.
Phase 1 (2020): Rhodium at Pine Zone
Rhodium at Pine Zone was determined from 303 out of 2,443 drill core samples. The sampled drill
holes were completed between 2015 and 2020. Assays ranged in grade from the lower detection
limit up to 0.177 g/t Rh. Fifty of the samples returned assays >0.05 g/t Rh. Rh odium was
interpreted from statistical analysis to occur with sulphides and not chromite, which differs from
other Rh-bearing deposits elsewhere and could potentially simplify future metallurgical recovery
processes.
Phase 2 (2021): Rhodium at Lismer North Zone
Rhodium at Lismer North was determined from 187 samples. The highest assay result was 0.595
g/t Rh and a total of 25 samples returned assays >0.05 g/t Rh. As for the Pine Zone, Rh at Lismer
North does not correlate with chromium, and therefore is unlikely to be held in chromium-bearing
phases like chromite. In 2022, Phases 3 and 4 of the Rh evaluation program will take samples from
historical drill holes completed at the Dana South and Lismer Ridge Zones for Rh assay at
Geoscience Laboratory in 2022 and 2023.
About Rhodium
Rh is the rarest and most valuable of the PGMs. 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%).
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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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 ). Note that on March 7, 2022, the rhodium p rice
reached $US20,000/oz (Kitco).
About 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 nearby. River Valley enjoys
the strong support of local communities, like the village of River Valley, 20 km to the south.
Fully executed Memorandum of Understandings are in place with local First Nations,
environmental baseline studies re-commenced in 2020, and archeological studies were completed
in 2021.
The current Mineral Resource Estimate was announced in a press release dated October 5, 2021
(Figure 2). At cut -offs of CDN$15/t NSR (pit constrained) and CDN$50/t NSR (out -of-pit),
the Mineral Resource Estimate consists of: 89.9 Mt grading 0.54 g/t Pd, 0.21 g/t Pt, 0.04 g/t Au
and 0.06% Cu, or CDN$47.58/t NSR in the Measured and Indicated classifications; and 94 Mt
grading 0.35 g/t Pd, 0.16 g/t Pt, 0.04 g/t Au and 0.06% Cu, or CDN$31 .69/t NSR in the Inferred
classification. Contained metal contents are 2.3 Moz Pd+Pt+Au in the Measured and Indicated
classifications and 1.6 Moz Pd+Pt+Au in the Inferred classification.
The 2019 PEA results for the River Valley Palladium Project were a nnounced in a press release
dated June 27, 2019, and are based on the updated 2019 Mineral Resource Estimate for River
Valley. The 2019 PEA outlines a 20,000 t/day open pit mine and processing plant operation
producing an average of 119,000 ounces of PdEq per year over a mine life of 14 years. Using base
case metal prices of US$1,200/oz Pd, $1,050/oz Pt and $3.25/lb Cu, the PEA showed a pre -tax
NPV5% of US$261 million and a pre-tax IRR of 13%. At a +20% palladium price of $1,440/oz
Pd, the pre -tax NPV5% inc reases to $501M and the pre -tax IRR to 19%. Note that a s of
March 7, 2022, the palladium price reached a new all-time high of $US 3,499/oz (Kitco).
The 2021 updated Mineral Resource Estimate will form a basis for the ongoing Pre -Feasibility
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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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 Platinum Group Metals Projects, situated
100 km by road east of Sudbury, Ontario. The Company compl eted a positive Preliminary
Economic Assessment on the Project in 2019 and, is fully financed to complete a
Pre-Feasibility Study on the Project in 2022. In addition to River Valley, the Company owns
100% of the Genesis PGM-Cu-Ni Project in Alaska, and has 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 occurrences and various rare elements
such as tantalum and rubidium. The plans for 2022 include additional geophysical surveys and
a maiden drill program on the Lithium One Project, phase two drill program at Lithium
Two Project, and a field program to follow up prospective targets identified on the five grids
completed in the 2021 geophysical surveys. On September 28, 2021, the Company announced
a partnership with Mineral Resource Limited (MRL, ASX: MIN), the world’s fifth largest
lithium producer, to explore and develop the Company’s lithium project portfolio.
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 opti on/
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 comme nts can be directed
to [email protected] or Harry Barr at [email protected] or Cody Hunt at
[email protected] or call 613 659 2773.
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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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The contents contained herein that 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 by
National Instrument 43-101 and has reviewed and approved the technical content of this news
release.
On behalf of the Board of Directors
“Harry Barr”
Harry G. Barr
Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. Cautionary Note Regarding Forward Looking Statements: This relea se contains forward -
looking statements that involve risks and uncertai nties. These statements may differ materially from actual future events or results and are based on
current expectations or beliefs. For this purpose, statements of historical 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”, “antic ipate”, “confident”,
“intend”, “strategy”, “plan”, “will”, “estimate”, “project”, “goal”, “target”, “prospects”, “optimistic” or similar expressions. These statements by their
nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the
Company’s ability and continuation of efforts to timely and completely make available adequate current public information, additional or different
regulatory and legal requirements and restrictions that may be imposed, and other factors as may be discussed in the document s filed by the Company
on SEDAR (www.sedar.com), including the most recent reports that identify important risk factors that could cause actual results to differ fr om those
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or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence
of unanticipated events. Investors should not place undue reliance on forward-looking statements.