EXPLORATION & DEVELOPMENT

New Age ups PGM resource in Ontario

New Age Metals (CN:NAM) has updated the resource for its flagship River Valley project in Ontario and says it has Canada’s largest undeveloped primary platinum group metal resource.

Staff reporter
River Valley reaches 4.63Moz palladium-equivalent

River Valley reaches 4.63Moz palladium-equivalent

The update to the 2012 resource has a measured and indicated 4.63 million palladium-equivalent ounces, plus 2.7Moz in the inferred category at a 0.4g/t cut-off.

The measured and indicated resource also equates to 2.6Moz gold-equivalent.

"Our stated objective of increasing the resource beyond 1Moz in the northern portion was achieved," New Age said.

The company included its new Pine Zone/T3 deposit in the updated resource model which it said upgraded the bulk mining potential.

President and COO Trevor Richardson said the company had spent about C$40 million on its combined River Valley and River Valley Extension project but said it was "a long way from being drilled out".

"Our ultimate goal is to bulk mine a series of openpits throughout our 16km, concentrate on site and ship the concentrates to the long-established Sudbury Metallurgical complex," he said.

The company will take a geophysics and drilling programme from north to south across the project and advance towards a preliminary economic assessment for the PGM deposit.

It also said C$500,000 would be spent on exploration this year at its hard rock lithium joint venture projects in Manitoba by JV/option partner Azincourt Energy (CN:AAZ).

New Age had $1.9 million (US$1.47 million) in working capital at the end of October and raised $350,000 in a private placement in December at 7.5c per unit.

Its shares rose 4.5% yesterday to 11.5c, capitalising it around $7.9 million.

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