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New Age Metals resumes drilling and studies at River Valley Palladium project near Sudbury

Jul 31, 2020

New Age Metals is back on its Valley Palladium property near Sudbury. “New Age Metals is pleased to announce that the company commenced the next phase of drilling at the River Valley Palladium deposit near Sudbury, Ontario.," Harry Barr, Chairman & CEO, stated. "The company plans to drill about 750 m of core in three holes to test high-priority targets adjacent to the Pine Zone and Dana North Zone of the River Valley deposit.  This drill program is the second phase of our 2020 exploration and development program, and will run through August.”

The objectives of the Phase 2 drill program are threefold: 1) in-fill a gap in the previous drilling of the T3 target; 2) expand the T3 target along strike and southwards, and 3) test an undrilled IP chargeability high along 300 metres along strike from the Pine Zone. The T3 target is located downdip/down-plunge of the Pine Zone, in the footwall to the Dana North Zone.  Additional information can be found in the various press releases on the New Age Metals website.

The Phase 2 program also includes environmental baseline studies being conducted underway by Story Environmental. This year’s data collection program includes: collecting and analyzing two rounds of surface water samples in low- and high-flow conditions, conducting flow measurements at two local sites, and conducting a fish community and habitat survey. The baseline program data collection may continue into Q4 2020, depending on progress and field conditions. 

In addition to the environmental baseline studies, the Phase 2 program also includes a Stage 1 Archaeological Assessment within the River Valley Palladium Project area.

About the River Valley Palladium Project

The details of the updated Mineral Resource Estimate (MRE) and Preliminary Economic Assessment (PEA) were announced in the press release dated August 9, 2019 and are described on NAM’s website. The pit constrained Updated Mineral Resource Estimate formed the basis of the PEA.  At a cut-off grade of 0.35 g/t PdEq, the Updated Mineral Resource Estimate contains 2.867 Moz PdEq in the Measured plus Indicated classifications and 1.059 Moz PdEq in the Inferred classification. The PEA is a preliminary report, but it demonstrates that there are potentially positive economics for a large-scale mining open pit operation, with 14 years of Palladium production.  Refer to the NAM website (www.newagemetals.com) for details.

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