Palladium company to release pre-feasibility study on open-pit River Valley mine project
Areas outside the Sudbury Basin are proving to be fertile ground for junior mining exploration companies probing for precious, base and so-called ‘green’ metals. Two projects are showing definite mining potential.
New Age Metals expects to release a pre-feasibility study this summer for a proposed open-pit mine at its River Valley project.
Situated on a 15,800-acre property 100 kilometres east of Sudbury and north of the town of Warren, the Vancouver junior miner maintains it could be a multi-million ounce producer of platinum group metals. The plan is for a pit operation that would extract 119,000 ounces of palladium per year over 14-year mine life. The pricetag to build it is $495 million.
Palladium is the primary metal at River Valley, making up 63 per cent of the deposit. Palladium is used in automobile catalytic converters and is a hot commodity these days, currently trading in the US$1,850-per-ounce range.