Vancouver, British Columbia--(Newsfile Corp. - March 4, 2020) - Canadian Palladium Resources Inc. (CSE: BULL) (OTCQB: DCNNF) (FSE: DCR1) (formerly 21C Metals Inc.) (the "Company") announces that, pursuant to the terms of the Option Agreement entered into with Pavey Ark Minerals Inc. (the "Agreement") (see February 26, 2019 press release) to acquire a 100% interest in the East Bull palladium property (the "Property"), the Company confirms it has exceeded the contractual minimum exploration expenditures on the Property, issued 750,000 common shares of the Company, and made a $150,000 cash payment.
Canadian Palladium's diamond drilling program is well underway on the Company's East Bull Palladium Property. With the recent closing of a $4 million non-brokered financing, the planned exploration program is fully funded. The objective of the program is to expand the Company's current NI 43-101 inferred resource of 523,000 ounces of Palladium equivalent (see July 3, 2019 press release). The present resource is defined over 1.8 kilometers and drilled down dip (-45o) to 125 meters. The ongoing program is testing the full 3.0 km length, to a depth of 240 meters. The Company's goal is to expand upon this inferred resource. To date, the Company has received sample results from the first diamond drill hole, EB-20-01, (see March 2, 2020 press release). Most notably, Canadian Palladium's hole EB20-01 intersected:
- 3.32g/t palladium over 7 meters
- 2.50 g/t palladium over 10 meters
- 3.77 g/t palladium + platinum + gold over 10 meters
- Including 7.13 g/t combined palladium + platinum + gold over 3 meters
Pursuant to the Agreement, and over a period of four years (should the Company elect to continue), the Company is obliged to incur $1,750,000 in exploration expenditures, issue $975,000 in cash payments, and issue an aggregate of 4.5 million common shares of Canadian Palladium to Pavey Ark in accordance with the following schedule:
- 3.32 g/t Palladium over 7.0 metres
- 2.50 g/t Palladium over 10 metres
- 3.77 g/t combined Palladium + Platinum + Gold over 10 metres
- Including 7.13 g/t combined Palladium + Platinum + Gold over 3 metres
Vancouver, British Columbia--(Newsfile Corp. - March 2, 2020) - Canadian Palladium Resources Inc. (CSE: BULL) (OTCQB: DCNNF) (FSE: DCR1) (formerly 21C Metals Inc.) (the "Company") is pleased to announce the rush sample results from the first diamond drill hole on its East Bull Palladium Property, 90 kilometres west of Sudbury, Ontario.
Hole EB-20-01 was designed to assess the areas of higher - grade Palladium. These higher - grade Palladium zones will be assessed to determine if they are structural controlled and can be traced downdip and along strike within the inferred resource (See Press Release July 3,2019).
The initial three holes of the 2020 diamond drill program have been established over a strike length of ~40 metres with results of EB-20-02 and 03 expected in the next 3 weeks. The diamond drill holes tested 50 to 75 metres below surface.
The results of the first hole, EB-20-01 include:
Individual demarked samples were sawn in half, bagged, sealed and transported by courier to Activation Laboratories in Ancaster Ontario. Duplicates and standards were introduced to the sample stream as illustrated. Each sample was analysed using the Activation Laboratories codes RX1, 1C-OES 50 g (Au, Pt, Pd); 1F2 Total Digestion ICP.
Intercept widths are core width that is ~90% true width using the historic drill intercepts.
Canadian Palladium intends to analyse significant Palladium zones for rhodium.
The present diamond drill program is moving along smoothly and is working toward expanding the previously reported inferred Palladium resource.
Sections of the core from EB-20-01 will be exhibited at the Prospectors and Developers Association of Canada Convention March 1 to 4, 2020 at Pavey Ark's booth 2728.
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.
Wayne Tisdale commented, "I am excited by the results we have received from the first hole. Our geological team is gathering excellent information from present diamond drilling and we look forward to the results of the aggressive diamond drill program with the details of the next two holes being released within 3-4 weeks."
Canadian Palladium Resources Inc.
Wayne Tisdale, President and CEO
T: (604) 639-4472
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