TSX-listed North American Palladium (NAP) continues to expand the platinum group metals (PGM) zone at its Sunday Lake project, in the US.
The project is currently the company’s most advanced regional exploration project and represents its best 'blue sky' opportunity.
The latest intersections from the project’s second drilling programme include 41 m with 3.22 g/t platinum, 2.08 g/t palladium, 0.21 g/t gold, 0.57% copper and 0.19% nickel.
Based on new and prior drilling results, the PGMs and base metal sulphide mineralisation located along the base of the Sunday Lake intrusion is modelled as a near-continuous blanket with a north-south extent of about 1.5 km and an east-west extent of 900 m.
The mineralisation shows thickening and grade improvement along three or more structures inferred from recent geophysical surveys.
“We are encouraged by the higher PGM grades and base metal sulphide contents observed in drill hole SL-19-026 from the newly-discovered western extension of the Sunday Lake PGMs mineralisation. The new drill results prove the effectiveness of advanced geophysical methods in detecting this mineralisation at significant depths.
“We have continued to identify promising geophysical targets that warrant testing in the next phase of drilling,” said NAP exploration VP Dr Dave Peck.
NAP entered into a definitive option agreement with Impala Platinum Holdings (Implats) and Transition Metals Corporation in June 2017, affording NAP the exclusive right to earn Implats’ 75% interest in the Sunday Lake property, with Transition maintaining a 25% free-carried interest through the completion of a feasibility study.
Upon payment of $610 000 to Implats and Transition, NAP can earn an initial 51% interest in the project. The decision to proceed to Stage 2 of the option agreement must be taken within 60 days of the second anniversary date, which is June 20.