New Age Metals Inc. on March 21 posted an updated estimate of resources at its flagship River Valley platinum group metals property in Ontario, where it aims to undertake bulk mining in a series of open pits.
Measured and indicated resources are estimated to total 160.7 million tonnes grading 0.44 g/t of palladium, 0.17 g/t of platinum, 0.02 g/t of rhodium, 0.03 g/t of gold, 0.05% copper, 0.01% nickel and 0.002% cobalt, with a palladium equivalent grade of 0.90 g/t.
River Valley also hosts inferred resources of 127.7 million tonnes grading 0.27 g/t of palladium, 0.12 g/t of platinum, 0.01 g/t of rhodium, 0.02 g/t of gold, 0.05% copper, 0.02% nickel and 0.002% cobalt, with a palladium equivalent grade of 0.66 g/t.
The analysis incorporates historical data and data from drilling completed since 2015.
New Age Metals noted that 4.6 million ounces of palladium equivalent are contained in the measured and indicated categories, with 2.7 million ounces of palladium equivalent classified as inferred, using a cutoff of 0.4 g/t of palladium equivalent.
The palladium equivalent grade was calculated using metal prices of US$1,000/oz of palladium, US$1,000/oz of platinum, US$1,350/oz of gold, US$1,750/oz of rhodium, US$3.20/lb of copper, US$5.50/lb of nickel and US$36/lb of cobalt.
Final results of a recent geophysical survey to better define targets for further drilling are anticipated shortly, with a preliminary economic assessment planned after further mineralogical studies.