New Age Metals (CVENAM, OTCMKTSPAWEF) – Successful Extension Drilling Update
New Age Metals announced the first batch of drill hole results of the 2017 drilling campaign, focusing on the Dana North (T3) and Pine Zone.
We already consider the campaign a success, with drilling confirming continued PGM mineralization in the footwall to the main River Valley contact.
The PGM mineralization has been extended for ~140 meters east of the previous known mineralization into the footwall of the identified resources. PGM mineralization in the Pine Zone has now been shown to extend to at least 300 meters below surface.
If NAM had a larger drill program, we imagine newer targets could extend along the 16 kilometers of strike, which is still open at depth.
Assay results have been received for six of the eleven presently drilled holes, and grades have actually increased, identifying breccia host zones in all holes, including 2.45 g/t 3E over 28 meters, including 7.12 g/t over 3 meters and 4.06 g/t over 6 meters with a second zone of 3.30 g/t over 4 meters.
This present exploration activity of drilling and geophysics will be used for the upcoming Preliminary Economic Assessment (PEA).
New Age Metals remains our sole holding in PGMs, and through our research and network we have determined it is on the radar of many majors looking to bolster their portfolios.
With another batch of drill results on the horizon, NAM’s River Valley Deposit, home to an M&I resource of 3.9 million ounces PdEq and an additional inferred resource of 1.2 million ounces PdEq, offers extreme value and optionality. The safe jurisdiction of Ontario only offers more safety in the volatile world of mining.
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