Major Precious Metals: Final Drilling Results Confirm Grades and Mineralised Widths As Well as Near Surface Mineralisation at Skaergaard Project
June 09, 2022 - Vancouver, British Columbia – Major Precious Metals Corp. (“Major Precious Metals” or the “Company”) (NEO:SIZE | OTC:SIZYF | FRANKFURT:3EZ) is pleased to provide final results on its 2021 diamond drilling program at its Skaergaard Project (“Skaergaard”) in eastern Greenland.
The 2021 program at Skaergaard was designed to upgrade and expand the Mineral Resource Estimate (“MRE”) contained in an NI43-101 compliant Technical Report filed by the Company on SEDAR on May 25, 2021 (“the Report”) which outlined Indicated Resources of 5.5 million Palladium Equivalent Ounces (“PdEq ounces”) and a further 14.4 million PdEq ounces in the Inferred Resource Category.
Highlights
- Assay results are announced for 32 holes and 4 sets of sawn blade channels completed at Skaergaard in 2021, confirming grades and mineralised lengths for Palladium (Pd), Platinum (Pt) and Gold (Au) in the four main mineralised horizons (H0, H3L1, H3 and H5) which comprise the MRE as outlined in the Report (Table 1).
- Precious metal mineralisation in previously untested areas beneath and to the north of the glacier (Table 1 and Figures 1, 2, 3 and 5) is also confirmed in 14 of these 32 holes.
- Results from four holes drilled on the northern plateau area, located within the northeastern portion of the mineralised body, show mineralisation which may support the potential for open pit mining in the local area outlined with the two first holes (Figure 4) reported in new release April 22, 2022.
- SLR Consulting Ltd. (“SLR”) has been appointed to prepare an updated MRE and Report which will form the basis for a Preliminary Economic Assessment (PEA).
Welcoming the results, Major Precious Metal’s Chairman and CEO, Tony Williams commented:
“We are delighted to now have all the results from our 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 MRE and Report mentioned above, 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.
“Based on this updated sample analysis, the Company has asked SLR to prepare an updated MRE which will then form the basis for a PEA over the coming months. The assay results also show a consistent halo of anomalous concentrations of palladium and iron-titanium oxide mineralisation spanning the precious metal rich stratiform horizons. SLR will also review this halo for Fe, Ti, Va, Ga, Cu, and 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. These latest results reinforce our opinion and pave the way for further Mineral Resource upgrades and expansion.”
Skaergaard Drilling Program Technical Overview
A 32-hole diamond drilling channel sampling program comprising 8,435 metres was completed in October 2021. A total of 11,600 core and channels samples were collected for Pd-Pt-Au testing, as well as multi-element analyses including Fe, Ti, V, Cu, and Ga, which may provide potential credits pending further study. Drilling has prioritized three areas: two off-glacier areas in the northern plateau area to determine the open-pit potential, and the northern part of the Skaergaard intrusion beneath the Forbindelses Glacier (the “Glacier”) (Figure 1). Historically, these priority areas were not drilled at Skaergaard due to logistical challenges.
Drilling Results
Mineralised intercept results (Table 1) from the first 32 holes and 4 sets of channel samples (including the first 11 holes already reported in Major Precious Metal´s April 22, 2022 News Release) successfully completed within these priority areas confirm the potential to upgrade confidence and significantly expand the existing MRE for Skaergaard (refer to April 23, 2021 News Release and News Release May 25, 2021).
Assay results for the 32 holes (Table 1) and 4 cross sections with sawn blade channels (Table 2) confirmed Pd, Pt and Au grades and mineralised widths are comparable to historical drilling in the four main mineralised horizons that define the existing MRE as detailed in the Report. The assay analysis was performed at the independent Omac Laboratories Limited, Loughrea County Galway, Ireland. Omac is part of ALS Global, which provides laboratory testing, inspection certification and verification solutions and has ISO17025 certification.
Available results from 14 holes completed as part of a NW-SE trending drill fence on the Forbindelses Glacier (Figure 2, Section A-A’), with drill holes spaced approximately 300 metres apart, show continuity of Pd, Pt and Au grades and thicknesses (Table 1). New results testing the mineralisation beneath the glacier confirmed the results of the holes reported in the April 22, 2022 News Release, and are projected to allow the Company to upgrade the resource classification in this large area and expand the MRE from the existing geological model further to the north.
Holes MPD0012, and MPD013, the two shallower of four holes completed on a plateau in the area north of the Forbindelses Glacier (Figures 1 and 4. Section D-D’) returned near surface Pd-Pt-Au mineralisation from a vertical depth of 35 metres - from surface. MPD015, a second hole drilled from the same pad as historical drill hole PRL11-57, but dipping south and designed to test the extension of and potential resource expansion of mineralised material, also confirmed the geometry and distribution of Pd-Pt-Au mineralisation in this area. The fourth new hole completed at the northern plateau area; MPD009 (Table 1), showed good Pd Eq correlation with historical hole PRL-11-58 collared 75 metres to the east (Table 1).
Holes MPD029, MPD023, MPD024, MPD028 and MPD031, collared in the northern edge of the of the Forbindelses glacier (Figures 1 and 3. Section B-B’), returned PdEq mineralisation from 95 to 110 metres downhole depth also showed good correlation with historical holes PRL11-54 and D89-05, completed 175 metres north uphill. The new assay results on the northern plateau and the northern edge of the glacier, along with two historical holes and historical channel samples, will be used to assess the open pit potential in this area, and to choose a starting point for an underground mining scenario as part of the PEA.
Assay results for holes MPD001, MPD002, MPD003, MPD026 and MPD004 (Table 1 and Figures 1 and 5, Section D-D’) show the consistency of the mineralised Pd-Pt-Au footprint in the northwest area of the project, with hole MPD026 interpreted to intercept the gold-dominant H5 upper horizon at a vertical depth of 15 metres. Hole MPD004 is interpreted to intercept H5 at a vertical depth of 97 metres and anomalous Pd-Au-Pt mineralisation starting from 78 metres depth.
Note that the assay results in Table 1 also show a consistent broader halo of anomalous, lower grade concentrations of Pd (0.01 – 1.15 ppm), Pt (0.02 - 0.10 ppm), and Au (0.06 – 0.45 ppm) in the context of the mineralised H0, H3L1 and/or H3 horizons reported as Mineral Resources in the Report. This halo tends to be correlated with anomalous iron (Fe), titanium (Ti), vanadium (V) and copper (Cu). Halo mineralisation and secondary elements of interest will be further evaluated for a potential underground bulk tonnage mining scenario.
Figure 1: Plan view of the SKG MRE with historical drilling and new drilling completed in 2021 showing (highlighted in red) hole location of assay results included in this News Release. Note that many of the 2021 holes were drilled outside of and within the Inferred Mineral Resource material, indicating the potential to upgrade and significantly expand the existing MRE for Skaergaard.
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Qualified Person Statement
All scientific and technical information contained in this news release was prepared and approved by Gustavo Delendatti, Ph.D., MAIG, Vice President Exploration of Major Precious Metals Corp who is a Qualified Person as defined in NI 43-101.
On behalf of the Board of Directors
MAJOR PRECIOUS METALS CORP.
Tony Williams
Chairman and CEO
Suite 810 - 789 West Pender Street
Vancouver, BC V6C 1H2
Ph: 1-877-475-0963
About Major Precious Metals Corp.
Major Precious Metals is a Canadian junior mining company listed on the Neo Exchange and its common shares trade under the ticker symbol “SIZE”. The Company’s flagship project is the Skaergaard Project in Greenland containing one of the largest palladium and gold deposits outside the major PGM producing areas of Russia and South Africa. The Company is focused on accelerating the progress of the Skaergaard Project along the Mine Development Cycle and has recently initiated a further major work program of drilling and economic evaluation.
Additional information relating to Major Precious Metals is available at www.majorprecious.com and SEDAR at www.sedar.com.
The Neo Exchange has neither approved nor disapproved the contents of this news release.
Forward-looking Information Statement
This news release may contain certain “forward-looking statements” and “forward-looking information” within the meaning of applicable Canadian and United States securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to the development of a mineral resource estimate for the Skaergaard Project, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.
