Winter drilling campaigns underway for properties with open-pit potential
The Sudbury Basin is known as one of the world’s most prolific mining camps for nickel and base metals. But on underexplored ground in the outlying areas many exploration-stage junior miners continue to actively drill and sample for gold and metals related to the electric vehicle battery revolution.
East of Sudbury, New Age Metals reported it’s found rhodium at its River Valley Palladium Project. The company is in the advanced stages of planning for an open-pit mine, 60 kilometres east of the city.
In a March 2 news release, New Age calls rhodium is the “rarest and most valuable” of all the platinum group metals. Recent spot prices have reached highs of more than US$24,000 per ounce, the company said.
Rhodium is used in catalytic converters, designed to clean vehicle emissions. The metal was found in samples from a drill program in the north end of the deposit n the 15,800-acre property.
With a preliminary economic study of the mine project finished, the company is out raising more than $5.2 million to do a next-stage pre-feasibility study for River Valley.