New Age Metals Inc. (TSXV: NAM; OTCQB: NMTLF) has released an independent updated Mineral Resource Estimate for its 100% owned River Valley Palladium Project near Sudbury, Ontario
Harry Barr, Chairman and CEO of NAM, said, numbers have been substantially improved on the previous Mineral Resource Estimates completed for the Project.
At a CDN$15/t NSR cut-off, Pd+Pt+Au grades and total Measured and Indicated Mineral Resources increased compared to the previous updated 2019 Mineral Resource Estimate.
“The presence of higher-grade mineralisation for many kilometres of strike-length at River Valley at a wide range of cut-offs, within 100 km of the Sudbury mining and processing hub bodes well for the ongoing Pre-Feasibility Study,” Mr Barr said.
“In order to better highlight the potential for economic mining at River Valley, we graduated from a palladium metal grade equivalency used in the 2019 Preliminary Economic Assessment to an NSR-based model in the 2021 updated Mineral Resource Estimate. An advantage of this change is that NSR less the cut-off NSR better showcases the potential positive economics of the River Valley Project.
“The predominant contribution of palladium to the NSR clearly demonstrates that River Valley is a true PGM deposit, which is very rare outside of southern Africa. In addition, ongoing and future exploration programmes will target zones for converting Inferred to Indicated Mineral Resources and new zones nearby with potential to expand the Mineral Resources.”
Highlights of the updated 2021 Mineral Resource Estimate are as follows:
- At a cut-off of C$15 NSR/t, pit constrained Measured and Indicated Mineral Resources contain 2.25 Moz Pd+Pt+Au within 89.0 Mt grading 0.79 g/t Pd+Pt+Au or at C$47.6/t NSR and Inferred Mineral Resources of 1.59 Moz Pd+Pt+Au within 92.7 Mt grading 0.53 g/t Pd+Pt+Au or at C$31.1/t NSR.
- At a C$25 NSR/t cut-off, pit constrained Measured and Indicated Mineral Resources contain 1.96 Moz Pd+Pt+Au within 60.1 Mt grading 1.02 g/t Pd+Pt+Au or at C$60.5/t NSR and Inferred Mineral Resources contain 1.12 Moz within 48.4 Mt grading 0.72 g/t Pd+Pt+Au or at C$41.5/t NSR.
- Out-of-pit constrained Measured and Indicated Mineral Resources contain 31,000 ounces Pd+Pt+Au within 642,000 tonnes grading 1.49 g/t Pd+Pt+Au or at C$88.5/t NSR and Inferred Mineral Resources contain 62,000 ounces within 1.6 Mt grading 1.21 g/t Pd+Pt+Au or at C$68.1/t NSR, at a C$50 NSR/t cut-off.
Recommendations include in-fill drilling to convert Inferred to Indicated Mineral Resources and exploration drilling down-dip/down-plunge of the mineralised zones to potentially expand the Mineral Resources along strike and at depth.
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