New Age Metals Inc. announced the assay results from its 2022 exploration drilling program on the River Valley Palladium Project, near Sudbury, Ontario. Six diamond drill holes were completed totaling 1,328 m at Dana South Zone, located near the north end of the River Valley Deposit and all intersected Pd mineralization, thereby expanding the known extents of Pd mineralization. The mineralization at the Dana South-Extension Target remains open to expansion by drilling along strike and at depth. Two Pd mineralization targets were drilled in September 2022: the Dana South-Extension the Dana South-SET Target. Four drill holes totaling 1,133 m were completed at the Dana South-Extension Target. These drill holes were designed to test for mineralization intersected in a 2021 geomechanical drill hole that intersected a thick interval of higher-grade mineralization outside the modelled boundary
of Dana South mineralized. All four 2022 drill holes intersected Pd mineralization. Drill holes DS-22-01 to DS-22-03 were completed on a step-out cross-section 50 m from the previously interpreted, faulted boundary of Dana South Drill hole DS-22-01 tested the middle part of the section, returned four mineralized intersections, one of which is higher-grade than the average grade of the current Dana South Mineral Resources. DS-22-02, drilled above DS-22-01, intersected 6.803 g/t 3E over 1 m from 197 m downhole. DS-22-03, the deepest hole on the section, returned the best results: 1.335 g/t 3E and 0.134 % Cu over 41 m from 258 m downhole, including 2.010 g/t 3E and 0.156% Cu over 15 m from 268 m downhole and 1.582 g/t 3E and 0.221% Cu over 9 m from 288 m downhole. Drill hole DS-22-04, completed on an additional 50-m step-out, returned three mineralized intersections. The best of these intersections was 1.251 g/t 3E and 0.145% Cu over 23 m from 190 m downhole, including 1.744 g/t and 0.205% Cu over 13 m from 195 m downhole. In addition, DS-22-04 also intersected mineralization from surface; that is, 0.969 g/t 3E and 0.110% Cu over 10.4 m from bedrock surface. This shallower occurrence of mineralization is known from historical drilling, but the latter is currently too sparse for Mineral Resource estimation. Dana South-SET Results Two drill holes totaling 195 m were completed at the Dana South-SET Target. An inclined hole and a vertical hole were designed to test the mineralization in a trench excavated in 2021 on mineralized outcrops 100 m to the east of the Dana South Mineral Resources. Both drill holes intersected mineralization under the trench.