New Age Metals (TSXV: NAM; OTC: NMTLF) has encountered palladium mineralization in all four drill holes completed in 2021 at the the Banshee zone of its River Valley deposit near Sudbury, Ont.
The highlight was BZ1-3, which hit 2.92 g/t palladium+platinum+gold over 6 metres from 251 metres downhole and 0.88 g/t palladium+platinum+gold over 4 metres from 348 metres downhole. Another hole, BZ1-1, intersected 1.47 g/t palladium+platinum+gold over 4 metres from 118 metres downhole.
“Drilling continues to demonstrate strength and continuity of the palladium mineralization at River Valley. This is the first drilling completed at Banshee zone since 2004," New Age Metals chairman and CEO Harry Barr commented. "Intersecting the palladium mineralization after almost 20 years is very encouraging, as we plan to expand the Banshee zone by drilling multiple down-dip and footwall targets in 2022.”
The Banshee zone is located in the northern area of the River Valley deposit, between the key Dana zones to the north and the Lismer zones to the east, which collectively are the focus of an ongoing pre-feasibility study on the River Valley project.
Banshee was last drilled between 2002 and 2004, and is currently defined by 22 diamond drill holes totaling 4,274 metres, together with surface outcrop exposures. The mineralized zone measures 700 metres long and up to 100 metres wide, drilled to an average depth of 134 metres vertically below surface.
Initially, New Age Metals planned a total of 13 holes (4,175 metres) for the 2021 summer drilling, designed to expand the zone by stepping out distances of 25 to 50 metres below the base of the resource. However, drilling was paused on completion of the fourth hole, as the company turned to site investigation work for the PFS.
An updated mineral resource estimate of the Banshee zone in 2021 showed 2.44 million tonnes grading 0.29 g/t palladium, 0.17 g/t platinum, 0.03 g/t gold, 0.06% copper and 0.01% nickel in the indicated category (assuming a $15 net smelter return per tonne cut-off).
The next steps at the Banshee zone are to complete the nine drill holes (2,875 metres) remaining from the 2021 planned program.
More details on the River Valley project can be found at www.NewAgeMetals.com.
April 25, 2024
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