Chasing Targets In Banshee Zone Of River Valley Palladium Deposit
New Age Metals Inc. (TSXV: NAM) has commenced an induced polarisation (IP) geophysical survey over the Banshee Zone of its 100% owned River Valley Palladium Project near Sudbury, Ontario.
A permit for the IP survey has been issued to NAM by the Ontario Ministry of Energy, Northern Development and Mines. The IP survey is being carried out by Abitibi Geophysics (Val-d’Or, Quebec).
IP Survey
The IP survey option selected for Banshee is Abitibi Geophysics’ OreVision 3D, which is the configuration to be field deployed has a depth of investigation of up to 485 m below surface. The IP survey will be completed over a newly cut 10 line-km grid.
The new line-grid overlaps with the limit of previous IP surveys (2017 and 2018) in the Grenvillian footwall and the River Valley Intrusion hanging wall rocks to Banshee, plus the Banshee Zone itself. The position of the Banshee Zone is known from drilling and mineralised surface outcrops.
From the end of June start date, the IP survey should be completed in about one week of starting and an interpretation report delivered in one month of completion. The IP survey data will be processed and inverted to aid identification of IP chargeability features of interest outside the known extents of the Banshee Zone for drill testing.
The IP survey is designed to detect chargeability features along the faults cutting at high-angle to the basal contact, which may contain structurally-controlled mineralization. The Pine Zone is the best-known example of what could be structurally-controlled mineralisation at River Valley. A 5,000m exploration and infill drill programme is provisionally planned at River Valley in 2021, mainly at the Banshee Zone.
Banshee Zone Background
The Banshee Zone was drilled between 2002 and 2004 and is currently defined in 22 diamond drill holes totalling 4,274m. The Zone measures 700m long and up to 100m wide, is drilled to depths of locally up to 300 m vertically below surface, strikes NNE, and dips vertically to steeply to the east (i.e., overturned).
At a cut-off grade of 0.35 g/t, the current (2019) Mineral Resource Estimate of the Banshee Zone is 3.36 Mt grading 0.29 g/t Pd, 0.17 g/t Pt, 0.03 g/t Au, 0.04% Cu, 0.01% Ni, or 0.55 g/t PdEq, all in the Inferred classification. The 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, 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.
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. 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 Company press release dated January 15, 2019 and is based on metal prices substantially lower than today. At a cut-off grade of 0.35 g/t PdEq, the Mineral Resource consists of: 99 Mt grading 0.52 g/t Pd, 0.20 g/t Pt, 0.03 g/t Au and 0.06% Cu, or 0.90 g/t PdEq in the Measured and Indicated classifications; and 52 Mt grading 0.31 g/t Pd, 0.15 g/t Pt, 0.04 g/t Au and 0.04% Cu, or 0.63 g/t PdEq in the Inferred classification. Contained metal contents are 2.4 Moz Pd+Pt+Au or 2.9 Moz PdEq in the Measured and Indicated classifications and 0.8 Moz Pd+Pt+Au or 1.1 Moz PdEq in the Inferred classification.
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