New Age Metals Reports Banshee Zone IP Survey Results
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 Reports Banshee Zone IP Survey Results
Highlights
• OreVision® 3D induced polarization survey completed over the Banshee Zone,
River Valley Palladium Deposit
• 14 high chargeability targets identified: 11 sub-surface and 3 surface
• 5 targets coincide with the known mineralized trend at Banshee Zone
• 9 targets may represent opportunities expanding the known mineralization or
making new discoveries
October 26, 2021 Rockport, Ontario - New Age Metals Inc. (TSX.V: NAM; OTCQB: NMTLF;
FSE: P 7J.F) (“NAM” or “Company”) NAM is pleased to announce the results of a 2021
OreVision® 3D induced polarization (“IP”) survey over the Banshee Zone on its 100% owned
River Valley Palladium Property near Sudbury, Ontario. The purpose of the survey was to generate
priority exploration targets for drill testing . Banshee Zone’s location between the Dana Zones to
the north and the Lismer Zones to the east makes it an exploration priority, at River Valley (Figure
1).
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. Geological setting of the Banshee Zone within the River Valley Intrusion, near Sudbury, Ontario. Also
shown is the distribution of pit constrained Mineral Resources at $15/t NSR (Net Smelter Return) cut-off (see NAM
press release dated October 5, 2021 ). N ote that the Pine Zone is not exposed at surface. M&I = Measured and
Indicated, Ind: = Indicated, Inf = Inferred.
OreVision® 3D Survey
This OreVision® 3D survey was performed by Abitibi Geophysics along 4 cut -lines (roughly 6
line-km) over the Banshee Zone area (Figure 2). This survey was conducted using the Pole-dipole
configuration of "a" spacing equal to 37.5 m and "n" spacings of 1 to 30, with in -line and across-
line measurements (3D DC -IP design) and depth penetration of up to 485 m vertically below
surface.
The inversions performed incorporated the previous survey data from the nearby 2017 geophysical
survey. That survey included four OreVison® 3D survey lines, acquired using the same
configuration as this new dataset.
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 2. OreVision® 3D 2021 survey cut-line grid (four thicker blue lines) overlain on generalized geological map
of the Banshee Zone area. The thinner blue lines to the northeast were surveyed (to the edge of the Banshee Zone) by
OreVision IP in 2017.
Results
The OreVision® 3D survey was completed over the Banshee Zone in the early summer of 2021.
Following QAQC protocols, data processing and integration with the 2017 survey data, and
inversion and interpretation, Abitibi Geophysics delivered 11 sub-surface targets and three surface
targets to NAM for further evaluation (Figure 3 ). NAM prioritized the targets situated on
chargeability highs that continue to depths of up to 400 m below surface for follow-up evaluation
work and potential drill testing . The prioritized targets on the Banshee Zone trend (northwest)
potentially coincide with contact-type palladium mineralization (historical drill hole BL-02: 1.11
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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g/t Pd+Pt+Au/7.5 m) and may indicate potential for Mineral Resource expansion by drilling down-
dip and across strike, particularly in the north part of the Zone. The prioritized targets on cross -
cutting (north to northeast-trending) faults may indicate areas of mineralization transposed into the
footwall during deformation, like the Pine Zone farther north (Figure 1). Such footwall structural
targets (for example, near historical drill holes BL-19, -11 and -13 and BL-21 in Figure 3) represent
an under -explored target type at the Banshee Zone and , more generally , on the River Valley
Property.
Figure 3. Surface (white stars) and sub-surface (red squares – with masl elevations in metres) OreVision® 3D targets
overlain on calculated Metal Factor [Metal Factor = (chargeability/√resistivity) x 1000] plan map at 250 m elevation
(about 60 m below surface) for Banshee Zone (grey). OreVision ® 3D inversion products generated by Abitibi
Geophysics. The targets (white circles) that correspond to or overlap with high Metal Factor map values are prioritized
by NAM for follow-up work. Also shown are the historical drill holes.
Next Steps
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 current drill program plan for Banshee Zone will be revisited and revised in view of the new
targets generated by the OreVision® 3D IP survey. The surface targets (outcrops or subcrops) will
be prospected or stripped when field conditions allow. Exploration drilling is tentatively slated to
resume in the Banshee Zone area in H1 2022.
Banshee Zone Background
The Banshee Zone was drilled between 2002 and 2004 and is currently defined in 22 diamond drill
holes totalling 4,274 m. The Zone measures 700 m long and up to 100 m wide, is drilled to an
average depth of 134 m vertically below surface (maximum depth = 261 m), strikes NNE, and dips
vertically to steeply to the east (i.e., overturned). At a CDN$15 NSR/t cut-off, the current (2021)
Mineral Resource Estimate of the Banshee Zone is 2.44 Mt grading 0.29 g/t Pd, 0.17 g/t Pt, 0.03
g/t Au, 0.06% Cu, 0.01% Ni, or CDN$30.11 NSR/t for 39 koz of 3E in the Indicated classification
and 3.51 Mt grading 0.29 g/t Pd, 0.16 g/t Pt, 0.06% Cu, 0.01% Ni or CDN$29.28 NSR/t for 53 koz
of 3E in the Inferred classification. The Banshee Zone remains open to expansion by drilling,
particularly at depth.
The Banshee Zone is located between the core Dana Zones to the North and the Lismer Zones to
the east and south (Figure 1), which collectively are the focus of the ongoing Pre-Feasibility Study
of the River Valley Project. Due to its central location, Banshee could therefore be of strategic
importance to any potential future mining-processing operation at the Project.
Pre-Feasibility Study Update
A Pre-Feasibility Study of the River Valley Palladium Project was announced in a Company press
release dated April 2021. At this point, fresh drill core samples from the Dana North, Dana South,
Lismer North and Lismer Ridge Zones are being processed, prepared an d assayed for mineral
processing and metallurgical testwork at SGS Lakefield. The geomechanical and geotechnical
drilling and pit excavation programs are underway o n the Dana and Lismer Zones , under the
direction of Knight-Piésold. Environmental baseline sampling and surface water and hydrological
studies will be carried out by Story Environmental in Q4 2021.
Exploration Update
Exploration in 2021 is focused on identifying opportunities for converting Inferred to Indicated
Mineral Resources and for expanding the known Mineral Resources. An induced polarization
geophysical survey (subject of this press release) and four drill holes totalling 1,300 m have been
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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completed at Banshee Zone. Mineralization was intersected and assays are pending from the
laboratory. A new trench has been excavated and more mineralization exposed to the east adjacent
to the known mineralization at Dana South Zone. Channel sampling is complete and samples will
be submitted to the assay lab shortly.
About River Valley
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.
The current Mineral Resource Estimate was announced in a press release dated October 5, 2021 .
At cut -offs of CDN$15NSR/t (pit constrained) and CDN$50NSR/t (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 NSR/t 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 NSR/t 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 announced 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% increases to $501M and the pre -tax IRR to 19%. As of October 26, 2021 the
palladium price is $US1,962/oz.
The updated 2021 Mineral Resource Estimate will form a basis for the ongoing Pre -Feasibility
Study of the River Valley Palladium Project.
About NAM
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 is a junior mineral exploration and development company focused on th e
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 from Sudbury, Ontario. The Company completed a positive Preliminary Economic
Assessment on the Project in 2019 and, is fully financed t o complete a Pre-Feasibility Study
in 2022. In addition to River Valley, the Company owns 100% of the Genesis PGM-Cu-Ni Project
in Alaska, and plans to complete a surface mapping and sampling program there 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. Exploration in 2021 has included drone geophysics on at least five of the
Company’s seven projects and a maiden drill program on the Company’s Lithium Two
Project. On September 28, 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 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 Cody Hunt at
[email protected] or call 613 659 2773.
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Qualified Persons
The contents contained herein that relate to Exploration Results and Mineral Resources for the
River Valley Project is based on information compiled, reviewed or prepared by Dr. Bill Stone,
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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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
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