New Age seeks JV for Genesis PGM project

New Age Metals Inc. Aug. 29 announced the completion of a technical report that outlines a three-year plan for furthering exploration at its Genesis platinum group metals-copper-nickel project in Southcentral Alaska.

Located about 75 miles north of Valdez and less than three miles from the paved highway leading to the port town, Genesis is an underexplored project that covers a 5.6-mile stretch of know PGM mineralization.

This mineralization includes a drill-ready reef style target that has returned samples with 2.4 grams per metric ton palladium, 2.4 g/t platinum, 0.96 percent nickel and 0.58 percent copper.

The property also hosts a separate style of chromite mineralization containing up to 2.5 g/t palladium and 2.8 g/t platinum.

Past exploration at Genesis has revealed the presence of chromite-associated platinum and palladium mineralization and stratabound nickel-copper-PGM mineralization within steeply dipping magmatic layers at Sheep Hill. The 40-meter-thick mineralized horizon here has been identified in outcrop sampling for 850 meters along strike.

Additionally, two areas of banded chromite on Bernard Mountain, about five miles west of Sheep Hill, host strong platinum and palladium mineralization, along with nickel and copper.

The PGM values are strongly correlated with the chromite-rich portions of the mineralized horizon, while nickel and copper tend to be associated with the sulfide horizons.

Notwithstanding the surface PGE-copper-nickel mineralization identified at Genesis, no drilling has ever been carried out on this project.

The technical report, completed by Alaska-based Avalon Development Corp., recommends investing C$3 million in exploration at Genesis over a three-year span, including C$500,000 of initial mapping and sampling in year-one to further refine targets for a 2,500-meter drill program in year-two.

A roughly 5,000-meters of drill-program slated for year-three would target establishing an inaugural inferred resource for the Genesis property.

With the technical report confirming that Genesis is a drill ready property that warrants follow-up exploration to determine the ultimate size and grade of the layered mineralization found there, New Age Metals is seeking a joint venture partner for the project.

"NAM (New Age Metals) uses the prospector generator model and after the preliminary field work and additional ground proofing, our objective is to find an option/joint venture partner to further the development of this promising new drill ready project, with excellent base metal credits," said New Age Metals Chairman and CEO Harry Barr.

For a copy of the Genesis technical report and further information on JV opportunities contact Cody Hunt by email at [email protected] or phone at 613-659-2773.

–SHANE LASLEY