New Age Metals Inc. updated the resource estimate for its polymetallic River Valley property in Ontario, saying the amendment includes a pit constrained resource more representative of the potentially economic portion of the deposit.
A preliminary economic assessment on the project is anticipated by midyear, according to the Jan. 15 statement. The company also plans further drilling in 2019, to continue exploration and development as well as to test a new footwall discovery.
Measured and indicated resources at River Valley were pegged at 99.3 million tonnes grading 0.52 g/t of palladium, 0.20 g/t of platinum, 0.009 g/t of rhodium, 0.03 g/t of gold, 0.06% copper, 0.02% nickel and 0.006% cobalt, or 0.90 g/t of palladium equivalent.
Inferred resources were estimated at 52.3 million tonnes grading 0.31 g/t of palladium, 0.15 g/t of platinum, 0.012 g/t of rhodium, 0.04 g/t of gold, 0.04% copper, 0.02% nickel and 0.001% cobalt, or 0.63 g/t of palladium equivalent.
Contained metal in the measured and indicated categories was estimated at 2.9 million ounces of palladium equivalent, or 2.4 million ounces of platinum group metals plus gold.
The estimate used cutoffs of 0.35 g/t of palladium equivalent for open pit material and 2.0 g/t of palladium equivalent for underground material.
The previous estimate, completed in early 2018, defined measured and indicated resources totaling 160.7 million tonnes grading 0.90 g/t of palladium equivalent, with inferred resources of 127.7 million tonnes grading 0.66 g/t of palladium equivalent.