New Age Metals Inc. (TSXV: NAM; OTCQB: NMTLF) has identified new high-grade palladium (Pd) assay results for channel samples taken from a trench excavated on an area of mineralised outcrops in the footwall to the Dana South Zone, at the River Valley Palladium Deposit near Sudbury, Ontario.
This Pd mineralisation could represent an opportunity to expand Dana South eastwards, or is a new discovery in the footwall to the River Valley Palladium Deposit. The Dana South Zone is located in the northern area of the Deposit, and is therefore a key zone in the ongoing Pre-Feasibility Study of the River Valley Project.
Highlights
- Channel sample assay grades of up to 6.11 g/t Pd, 1.86 g/t Pt and 0.26% Cu
- Mineralised channel intercepts of up to 2.36 g/t Pd, 0.70 g/t Pt and 0.13% Cu over
- 5.0 metres
- Channels saw-cut in newly excavated trench located 100 metres east of the Dana South Mineral Resources
Harry Barr, Chairman and CEO, said this footwall Pd mineralisation appears open to expansion by drilling.
“The Pd mineralised potential of the footwall to the River Valley Deposit continues to impress,” Mr Barr said.
“From discovery of the Pine Zone in 2015 (1 km north of the Dana South Zone) to indications of mineralised footwall at Lismer North (press release dated March 1, 2022) and now at Dana South, the potential for exciting new discoveries at River Valley remains surprisingly high.
“As Russia is the worlds largest producer of palladium, the current sanctions have driven the palladium price to new all-time highs this week. Rhodium, another metal for which we are exploring at River Valley, is also trading at very high prices.”
2021 Trenching and Channel Sampling Programme
In 2016 and 2020, sparsely sulphide mineralised grab samples from outcrops located east of the Dana South Mineral Resources returned assays of up to 8.29 g/t Pd+Pt+Au, 0.124 g/t Rh and 0.24% Cu. As these outcrops are located 50 to 100 metres east of the Mineral Resources, the mineralization here suggests that the Dana South Zone extends farther east than currently defined, or that it constitutes a new discovery.
In 2021, a trench was excavated on the mineralised outcrops to investigate the continuity of this mineralisation, particularly westward towards the Dana South Zone.
Subsequently, four channels totalling 95 metres in length were cut and contiguously sampled in 1.0 metre intervals
The Pd mineralisation in the Southeast Trench area remains open to the north, south and west towards Dana South. Additional trenching and channel sampling and new drilling programmes to further test continuity of this mineralisation are being planned for 2022.
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