New Age Metals has released the assay results for 552 core samples collected during its rhodium geochemistry study of its River Valley palladium project, located 100 kilometres east of Sudbury, Ontario.
During the study, the samples were collected from four metallurgical drill holes completed in 2021 within the Dana North, Dana South, Lismer North, and Lismer Ridge ones.
The highest assay result was 0.306 grams per ton (g/t) rhodium, New Age Metals reported in a statement.
An additional 33 samples returned assay results greater than 0.100 g/t rhodium and a total of 113 samples returned assay results greater than 0.050 g/t rhodium.
The company added that the highest rhodium concentrations generally coincided with the highest palladium and platinum grades, with rhodium concentrations at River Valley equivalent to approximately 9% of platinum grades.
Noting the results as “encouraging,” New Age Metals said it is now planning subsequent phases to its rhodium evaluation program which will take samples of platinum group elements (PGE) mineralized intervals from more of the mineralized zones for assay analysis and PGE mineralogical studies.
The company noted that rhodium is the most valuable platinum group metal, with recent spot price highs of US$7,950 per ounce about five times higher than palladium and seven times higher than platinum.
New Age Metals is a junior mineral exploration and development company focused on the discovery, exploration, and development of green metal projects in North America. The company has two divisions: a platinum group metals division and a lithium/rare element division.
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