Canadian Palladium’s Drill Program Bridges Valhalla and Garden Zones to Define Over 2.5 km Strike Length of Palladium Mineralization at East Bull Deposit
Vancouver, British Columbia, March 10, 2021 – Canadian Palladium Resources Inc. (the "Company") (CSE: BULL) (OTCQB: DCNNF) (FSE: DCR1) is pleased to provide new assay results for five diamond drill holes EB-20-43 to EB-20-47 at the East Bull Palladium Deposit, located 90 kilometres west of Sudbury, Ontario. These holes bridged the west end of the Valhalla Zone with the Garden Zone. The drilling program has now defined over 2.5 km strike length of near-continuous disseminated sulphide mineralization hosting palladium, platinum, rhodium, gold and base metals.
A highlight from the current results is Hole EB-20-43 that intersected two mineralized intervals with 1.71 grams of Palladium equivalent (PdEq) over 7.0 metres and 1.44 grams PdEq over 10.0 metres at the west end of the Valhalla Zone. Holes EB-20-46 and -47 extended the Garden Zone east from previously drilled mineralization with 9.0 m of 1.16 g/t PdEq and 7.0 m of 1.30 g/t PdEq respectively. Hole EB-20-45 intersected the fault zone that separates the Valhalla and Garden Zones and did not encounter any significant values. The hole locations and selected intersections relative to the mineralized zones are shown in Figure 1 and Appendix 1 below.
Wayne Tisdale, Canadian Palladium’s CEO, commented, “Our East Bull drilling program has succeeded in showing that this Deposit continues on strike to the west. We’re very encouraged that we’ve been able to use our 2020 airborne magnetic survey to enhance our understanding of the Property geology and optimize our drill targeting. We look forward to updating the resource estimate for the Property at the conclusion of our drilling program.”
Rhodium (Rh) is currently trading at an all-time high price of US$25,000/oz and the Company notes that rhodium is a significant component of East Bull mineralization. Previously reported high-grade intersections from the East Bull drilling program include the following rhodium (Rh) values:
- EB-20-01 – 6.0 m at 6.30 g/t 3PGM+Au including 0.083 g/t Rh;
- EB 20-03 – 3.0 m at 4.85 g/t 3PGM+Au including 0.065 g/t Rh;
- EB-20-07 – 3.0 m at 6.06 g/t 3PGM+Au including 0.108 g/t Rh;
- EB-20-12 – 2.0 m at 4.90 g/t 3PGM+Au including 0.153 g/t Rh.
The Company’s protocol is to analyze Rh after initially assaying for palladium, platinum and gold. Once Rh results are received, the Rh concentrations will be reported and Rh will be included as a component of 3PGM (palladium+platinum+rhodium) and included in calculations of palladium equivalent (PdEq). At current prices Rh will be the second most important contributor to PdEq at East Bull after Pd itself.
Table 1: Diamond Drill Hole Results EB-20-34 and EB-20-39 to EB-20-42
Hole ID
From Metres
To Metres
Width Metres
Pd g/t
Pt g/t
Au g/t
Cu %
Ni %
Co %
PGM + Au g/t
Pd Eq Grams per Ton
EB-20-43
192
199
7
0.765
0.331
0.057
0.127
0.081
0.009
1.153
1.71
also
204
214
10
0.766
0.365
0.035
0.042
0.028
0.005
1.166
1.437
EB-20-44
169
173
4
0.634
0.296
0.023
0.057
0.023
0.004
0.953
1.219
EB-20-45
No Significant Results
EB-20-46
113
122
9
0.552
0.178
0.049
0.101
0.034
0.007
0.779
1.163
EB-20-47
147
154
7
0.48
0.154
0.058
0.173
0.074
0.009
0.692
1.301
Individual demarked samples were sawn in half, bagged, sealed and transported by courier to the laboratory. Duplicates, blanks and standards were introduced to the sample stream on site. Samples were sent to AGAT Laboratories, Mississauga, Ontario. Each sample was analysed using the AGAT Laboratories codes 202555, Fire Assay-ICP (50g); 201070, 4 Acid Digest / ICP-OES Finish. Reported widths are drilled widths, with true widths estimated to be 90 per cent of drilled widths for minus-60-degree-holes to approximately 85 per cent of drilled width for minus-70-degree holes. Pd-Eq grade based on parameters in the May 23, 2019, NI 43-101 Resource Estimate and Technical Report. Metal prices are based on 24-month trailing averages at January 31, 2018. In US$ these prices are: Pd – $767/oz; Pt – $973/oz; Rh – $1,000/oz; Au – $1.262/oz; Cu – $2.53/lb; Ni – $4.62/lb; Co – $20/lb.
The Company’s drill program is ongoing and current drilling is successfully intersecting a western continuation of the Garden Zone. Samples have been submitted for analysis and assays are pending. The Palladium mineralization is hosted within a 45° north dipping vari-textured gabbro unit near the basal contact of the East Bull Gabbro. Drilling has successfully focused on testing the downdip extension of this “contact-type” mineralization. Such mineralization structures are typically tens of metres thick.
Mr. Garry Clark, P. Geo., of Clark Exploration Consulting, is the “Qualified Person” as defined in NI 43-101, who has reviewed and approved the technical content in this press release.
Canadian Palladium Resources Inc.
Wayne Tisdale, President and CEO
T: (604) 639-4472
Figure 1. Drill intersections reported in this release relative to Garden and Valhalla Zones of the East Bull Palladium Deposit. Base map is airborne total field magnetic survey.
Appendix 1. Drill Hole Location information
HOLE-ID
UTM Easting
UTM Northing
DEPTH
AZIMUTH
DIP
EB-20-43
404403
5141627
272
180
-60
EB-20-44
404302
5141473
272
180
-45
EB-20-45
404296
5141328
146
180
-45
EB-20-46
404202
5141335
152
180
-60
EB-20-47
404068
5141331
200
180
-60
Drill collar coordinates are in NAD83 UTM 17N
Reader Advisory
This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the analytical results and exploration at the East Bull palladium property.
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