Looking to expand on near surface 523,000 oz resource
Vancouver, British Columbia--(Newsfile Corp. - October 15, 2019) - 21C Metals Inc. (CSE: BULL) (FSE: DCR1) (OTCQB: DCNNF) ("21C Metals" or the "Company") is pleased to announce the awarding of a diamond drill contract to Vital Drilling of Val Caron, Ontario. The diamond drill program comprised of 10 to 15 holes will commence within the next week.
Following on from a successful summer sampling program (Press Release September 17, 2019) the diamond drill program will focus on expanding the Pit Constrained Inferred Mineral Resource Estimate of 523,000 Palladium Equivalent (PdEq) ounces and determining a potential higher grade starter pit location.
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Drill holes have been selected by 21C Metals geologists with the assistance of technical advisor Richard H. Sutcliffe, PhD, PGeo. The NI 43-101 Initial Mineral Resource Estimate (Table 1) for the East Bull Palladium Project is filed on https://www.sedar.com/.
The recent demand for Palladium has driven the Palladium price to over $1,600/oz (USD). The implementation of cleaner emission standards by governments around the world has increased the use of Palladium and Platinum in catalytic converters for internal combustion powered vehicles. This demand has been supported by the growth in sales of hybrid vehicles which are growing faster than electric car sales. Supply is already constrained and wage negotiation deadlocks in South Africa may potentially further effect supply.
East Bull is located ~ 90 kilometers west of Sudbury Ontario. Sudbury is home to the fully integrated base and precious metal mining, processing, and smelting complexes of Vale Canada Limited and Glencore PLC.
Wayne Tisdale, President of 21C Metals, commented: "We are pleased to be able to move our exploration program forward so rapidly after such a successful summer sampling campaign. This has been possible thanks to our excellent geological and operational teams and the ease of accessibility of the project".
P&E Mining Consultants Inc. has completed a Technical Report and Initial Mineral Resource Estimate on the East Bull Property for the Company. The Pit Constrained Inferred Mineral Resource Estimate at a 0.8 g/t PdEq cut-off is summarized in Table 1.