Major Precious Metals Corp. (CSE:SIZE, OTC:SIZYF) has provided an update on the Skaergaard project, noting that over 11,000 new core and channel samples have been collected at the project in Greenland.
The company said that already about four million ounces of palladium and one million ounces of gold have been outlined as an indicated resource at the project and close to a further 10 million ounces of palladium and four million ounces of gold are outlined in the inferred resource category that have been independently assessed and modeled in a report at precious metal prices well below today's values.
The company noted that the new core and channel samples have been collected and delivered to the ALS Global Laboratory at Loughrea, Ireland, for analysis to support the conclusions in the report and to potentially expand the resources.
Tony Williams, the company's chief executive officer, said in a statement: "This analysis process is ongoing although reporting of results has been somewhat delayed largely due to COVID-related issues. We expect to report initial results soon and anticipate all assaying will be completed by mid-May, 2022. The interpretation of these results will clarify the next steps needed for potential economic extraction of the Skaergaard resources,"
READ: Major Precious Metals sees Skaergaard Project as key to palladium sector growth
Williams added. "This clearly indicates that Skaergaard is a significant and important global resource. We look forward to informing shareholders in due course as results emerge."
The company owns 100% of the large palladium-rich resource located at Skaergaard on the east coast of Greenland, a safe, mining-friendly jurisdiction. The deposit also contains other potentially recoverable critical metals, as well as having a significant gold content as set out in the report.
Major Precious Metals also announced the resignation of its company president. Paul Teniere.
"We take this opportunity to thank Paul for this service to the company," said Williams, adding that "and we wish him all the best in his future endeavours”.
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