Wonder if this will help the stock price tomorrow?
Sleeper
Wednesday May 24, 6:16 pm Eastern Time
Company Press Release
North American Palladium Discovers New High Grade Palladium, Mineralization at Roby Zone During Current Phase I Drilling
THUNDER BAY, Ontario--(BUSINESS WIRE)--May 24, 2000--North American Palladium Ltd.'s (TSE:PDL. - news) 100,000m exploration drilling program of the Roby and Twilight Zones for year 2000 is one third complete.
The program objective is to delineate additional resources by systematic step-out drilling throughout the deposit. This current drill program intersected a new high grade Pyroxenite and Gabbro Breccia mineralization in the South Roby Zone. The Zone was encountered at a depth of 300m below surface and is located outside the ultimate pit proposed as part of the expansion project. It is anticipated that this Zone will contribute to an increase in the Palladium resource, and have a significant impact on further expansion of the Roby Pit and mine life.
From January 15 to May 17, 2000, a total of 28,196m of core drilling in 54 holes were completed during the Phase 1 drilling program at the Company's Lac des Iles Mine, located 85 km north of Thunder Bay, Ontario. Roby Zone mineralization has been extended more than 200m deeper than previous known intersections from the 1999 exploration drilling program, exceeding a depth of 600m. Definition drilling of the Twilight Zone located to the south east of the Roby Zone is continuing. It is expected that the Twilight Zone mineralization will significantly contribute to the increase in the Palladium resource at the Lac des Iles Mine.
This press release reports new results for 14 holes (8,121m) completed between April 17 and May 17, 2000. Three holes intercepted the North Roby Zone, hole 00-041 having 33m grading 2.17 g/t Pd, hole 00-200 having 15m at 3.42 g/t and hole 00-055 having 57m grading 2.18 g/t Pd. All holes are collared at the south end of the Roby zone, testing both the Roby and Twilight zones. In North Roby Zone, mineralization is essentially hosted by Gabbro and Gabbronorite Breccia.
Roby Zone higher-grade mineralization hosted by a mixture of Pyroxenite and Gabbro Breccia was intercepted 60m south of its previously known southern limit, at a depth from 300m to 350m. Hole 00-107 has a 65m intersection grading 3.34 g/t Pd, including a 26m interval grading 6.20 g/t Pd.
The third of four intercepts in hole 00-106, from 399m to 480m, contains 81m grading 1.74 g/t Pd. Similarly, hole 00-097 intercepted 66.2m grading 2.64 g/t Pd, including 14.75m grading 4.52 g/t Pd. Additional drilling will be necessary to fully define the extent of this higher grade zone. This zone is open on strike and further exploration drilling is planned to define the geometry of this zone. Assay results from hole 00-098, which also intercepted the zone, are pending.
Holes 00-075, 00-077, 00-106 and 00-208 all generated multiple intercepts within the South Roby Zone, ranging in depth 300m to 650m. The longest intercepts include; 81m grading 1.74 g/t Pd in hole 00-106, 133m grading 1.45 g/t Pd in hole 00-077, and 78m grading 1.78 g/t Pd in hole 00-106, with higher grade intercepts of 3m and 6m, respectively at 3.8 g/t Pd and 4.31 g/t Pd. Deeper intercepts in hole 00-075 are 63m grading 1.91 g/t Pd, including a higher grade intercept of 18.4m at 3.08 g/t Pd, and 53.8m at 1.37 g/t Pd including a 6m higher grade intercept at 3.01 g/t Pd.
Hole 00-208 confirmed the continuity of Roby Zone mineralization to a depth exceeding 700m, where it intersected 119.05m grading 1.19 g/t Pd. Deep drilling conducted over the course of this program has confirmed that the Roby Zone extends to depths exceeding 675m over a 330m strike length.
The Lac des Iles Mine is Canada's only primary producer of platinum group metals and one of the largest platinum group metals deposits in the world. Palladium demand for is expected to remain strong in 2000 supported by an increase in annual autocatalyst demand of 20% as reported by Johnson Matthey in their Platinum 2000 review.
Hole # from To Interval Pd Au
m M (m) (g/t) (g/t)
North Roby Zone
00-055 300.00 357.00 57.00 2.185 0.101
Including 318.50 330.00 11.50 5.735 0.084
00-200 63.00 78.00 15.00 3.418 0.038
00-041 339.00 372.00 33.00 2.170 0.101
Including 342.00 354.00 12.00 4.428 0.119
Twilight and Roby Zone (at Depth)
00-106 129.00 150.00 21.00 1.185 0.108
00-106 180.00 195.00 15.00 1.137 0.089
00-106 399.00 480.00 81.00 1.739 0.106
Including 447.00 450.00 3.00 5.960 0.238
00-106 600.00 678.00 78.00 1.779 0.101
Including 639.00 642.00 3.00 3.800 0.064
Including 651.00 657.00 6.00 4.312 0.341
00-107 445.00 510.00 65.00 3.342 0.152
Including 445.00 471.00 26.00 6.199 0.304
00-097 416.80 483.00 66.20 2.636 0.155
Including 423.00 426.00 3.00 5.130 0.128
Including 440.55 455.30 14.75 4.519 0.400
Including 477.00 481.70 4.70 4.467 0.068
00-077 277.61 410.58 132.97 1.446 0.115
Hole # from To Interval Pd Au
m M (m) (g/t) (g/t)
Including 395.00 405.97 10.97 2.764 0.111
00-077 473.61 507.69 34.08 1.411 0.135
00-075 228.00 273.00 45.00 1.150 0.039
Including 246.50 249.00 2.50 3.470 0.126
00-075 420.00 441.00 21.00 1.575 0.161
00-075 459.00 522.00 63.00 1.909 0.188
Including 502.50 520.90 18.40 3.083 0.313
00-075 571.70 625.50 53.80 1.372 0.130
Including 606.00 612.00 6.00 3.015 0.357
00-207 447.00 556.00 109.00 1.363 0.150
00-207 654.00 711.00 57.00 2.405 0.154
Including 684.00 708.00 24.00 3.949 0.241
00-208 819.00 831.00 12.00 1.301 0.133
00-208 951.95 1071.00 119.05 1.195 0.101
Including 981.00 990.00 9.00 2.453 0.196
Including 1005.00 1017.00 12.00 2.294 0.206
00-069 321.00 331.00 10.00 1.097 0.128
00-069 365.00 377.85 12.85 1.272 0.138
Hole # Pt Cu NiTrue width
(g/t) % % (m)
North Roby Zone
00-055 0.145 0.018 0.022 48
Including 0.271 0.009 0.009
00-200 0.196 0.018 0.014 NA
00-041 0.151 0.016 0.029 29
Including 0.257 0.006 0.023
Twilight and Roby Zone (at Depth)
00-106 0.132 0.095 0.049 10
00-106 0.135 0.066 0.042 10
00-106 0.171 0.037 0.041 78
Including 0.580 0.060 0.084
00-106 0.202 0.052 0.054 60
Including 0.295 0.065 0.077
Including 0.545 0.150 0.108
00-107 0.242 0.036 0.054 60
Including 0.429 0.064 0.097
00-097 0.247 0.076 0.072 60
Including 0.260 0.041 0.028
Including 0.463 0.128 0.128
Including 0.443 0.181 0.145
00-077 0.189 0.075 0.056 105
Hole # Pt Cu NiTrue width
(g/t) % % (m)
Including 0.403 0.183 0.129 40
00-077 0.148 0.049 0.037
00-075 0.176 0.080 0.059 NA
Including 0.560 0.221 0.182
00-075 0.205 0.089 0.060 21
00-075 0.236 0.105 0.077 63
Including 0.386 0.152 0.115
00-075 0.172 0.055 0.049 38
Including 0.415 0.169 0.120
00-207 0.117 0.004 0.049 130
00-207 0.227 0.004 0.052
Including 0.337 0.005 0.077 32
00-208 0.201 0.084 0.058 NA
00-208 0.157 0.050 0.044 NA
Including 0.302 0.103 0.078
Including 0.278 0.066 0.058
00-069 0.119 0.054 0.045 NA
00-069 0.152 0.037 0.037 NA
Note: Palladium (Pd), Gold (Au), and Platinum (Pt) are reported
in grams per tonne (g/t). Copper (Cu) and Nickel (Ni) are
reported in weight percent (%). True widths are estimates
perpendicular to the dip on drill sections |
