Major Precious Metals Corp announced assay results from 11 holes drilled at its Skaergaard project in Greenland in 2021 that have confirmed palladium, platinum and gold at the property.
In a statement, the Vancouver-based company said that results confirm grades and mineralised lengths for palladium (Pd), platinum (Pt) and gold (Au) in the four main mineralised horizons that comprise the mineral resource estimate (MRE).
Drilling also confirmed precious metal mineralisation in five holes drilled in previously untested areas beneath the glacier, the company said.
READ: Major Precious Metals says over 11,000 new core and channel samples collected on the Skaergaard project in Greenland
Highlights from the results include 2 metres (m) at 3.38 grams per ton (g/t) palladium equivalent ounces (PdEq), including 0.5m at 7.3 g/t PdEq, and 2.5m at 2.98 g/t PdEq, including 0.5m at 7.4 g/t PdEq.
In addition, Major Precious Metals said results from two holes drilled on the plateau area, located within the northern portion of the licence, showed mineralisation which may support the potential for open pit mining in the local area.
The current technical report at Skaergaard outlines Indicated resources of 5.5 million PdEq and a further 14.4 million PdEq ounces in the Inferred category.
"These first results from 11 holes within the sparsely drilled priority areas affirm our earlier hopes to not only confirm and upgrade the existing MRE, but also may expand the MRE which already marks Skaergaard as a precious metals project of global significance,” CEO Tony Williams said.
The firm is hoping to have all remaining assay results completed by mid-May 2022, and will continue with the economic evaluation of Skaergaard before moving on to a preliminary economic analysis over the coming months, the CEO told investors.
The results are timely for Major Precious Metals and the Skaergaard project, as it contains one of the largest palladium and gold deposits outside the major producing areas of Russia and South Africa. Russia currently accounts for around 40% of the world's mined palladium.
"At a time when the geopolitical importance of identifying a secure source for critical metals such as Palladium has been highlighted by the Russian/Ukraine conflict, these results confirming Skaergaard as a significant and important precious metal resource are timely,” CEO Williams added.
“Our company owns 100% of this large palladium-rich resource at Skaergaard in 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 MRE and report. We look forward to reporting further results as we develop Skaergaard along the mine development cycle."
Contact Angela at angela@proactiveinvestors.com
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