Gold and Precious Metals

Major Precious Metals Corp says drilling at its Skaergaard project in Greenland has confirmed grades and widths of palladium and gold mineralization

Major Precious Metals Corp revealed the final batch of drill results from its 2021 diamond drilling program at the Skaergaard project in Greenland that confirmed grades and widths of gold and palladium mineralization.

Assay results from 32 holes drilled last year supported grades and mineralized lengths for palladium (Pd), platinum (Pt) and gold (Au) in the four main mineralized horizons, the company said in a statement.

The 2021 program was designed to upgrade and expand a May 2021 mineral resource estimate, which outlined indicated resources of 5.5 million palladium equivalent ounces (PdEq) and a further 14.4 million PdEq ounces in the inferred category.

READ: Major Precious Metals says drilling at Skaergaard project in Greenland confirms precious metals mineralization

Highlights from the results include 2.5 meters at 2.98 grams per ton (g/t) PdEq, including 0.5m at 7.4 g/t PdEq, and 1.75m at 3.24 g/t PdEq, including 0.75m at 4.73 g/t PdEq.

Results also confirmed precious metal mineralisation in previously untested areas beneath and to the north of the glacier in 14 of the holes, the group told shareholders.

Four holes drilled on the northern plateau area show mineralization which may support the potential for open pit mining, Major Precious Metals added.

CEO Tony Williams told investors that the company was “delighted” to have all the results back from its extensive 2021 drilling and sampling program.

“Not only do these results give further confirmation of the grades and widths of the palladium and gold-rich stratiform mineralisation which formed the basis for the mineral resource estimate, but importantly the results also affirm the presence of near-surface mineralisation on the previously undrilled northeastern plateau area, and the new drilling outside the inferred mineral resources shows potential for mineral resource expansion.”

SLR Consulting Ltd will prepare an updated resource estimate, Williams added, which will then form the basis for a preliminary economic assessment over the coming months.

Palladium resource ‘of global significance’

The results also showed a consistent halo of anomalous concentrations of palladium and iron-titanium oxide mineralisation spanning the precious metal-rich stratiform horizons, according to the CEO, which SLR will review for other possible elements for additional metal value credits.

“We believe the company already has a palladium and gold-rich mineral resource of global significance, as demonstrated in the current MRE and Report,” Williams said.

“These latest results reinforce our opinion and pave the way for further Mineral Resource upgrades and expansion.”

Skaergaard contains one of the largest palladium and gold deposits outside the major platinum group element-producing areas of Russia and South Africa.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

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