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Gold/Mining/Energy : North American Palladium(AMEX:PAL)- PGM Producer -- Ignore unavailable to you. Want to Upgrade?

To: wayne who wrote (308)	7/8/1999 2:32:00 PM
From: John E.Quinn	Read Replies (1) \| Respond to of 976

North American Palladium Ltd - North American Palladium Lac des Iles drilling results North American Palladium Ltd PDL Shares issued 11,837,836 1999-07-07 close $2.2 Thursday Jul 8 1999 Mr. Keith Minty reports North American Palladium has received assay results from the drilling program at the its Lac des Iles mine, 85 kilometres north of Thunder Bay, Ont. These results mark the completion of a 132-hole drill program totalling over 114,000 feet (34,745 metres) which was initiated in March, 1999. The drill program has successfully delineated new mineralization in the vicinity of the Roby zone and will increase the confidence level of resources within the known limits of the Roby zone. Results from the drilling program will be included in a new mineral resource estimate for the Lac des Iles palladium deposit. In the third quarter of 1999, a decision will be made on proceeding to a full feasibility study on expanding the open pit mining operation from the current 2,400 tonnes per day. This press release reports on new assay results from 34 drill holes (21,066 feet). Economically significant mineralization has been intersected in 25 of the 34 holes. Results from the first 98 drill holes (93,552 feet) in the program were reported in Stockwatch June 9, 1999. The new intersections are reported in the attached table. Most of the holes were drilled at 45 degrees from horizontal. High-grade mineralized pyroxenite (shear ore) has been intersected in several holes below the current Roby pit. Significant new intersections include drill holes 99-087 (0.170 of an ounce per ton Pd over 123.0 feet), 99-094 (0.355 of an ounce per ton Pd over 27.7 feet), 99-095 (0.354 of an ounce per ton Pd over 49.2 feet), and 99-096 (0.394 of an ounce per ton Pd over 53.1 feet). This high-grade mineralized pyroxenite remains open at depth and dips steeply to the east. Mineralized gabbronorite has been intersected in the down dip and strike extensions of the North Roby zone in drill holes 99-005 (0.068 of an ounce per ton Pd over 168.7 feet), 99-006 (0.216 of an ounce per ton Pd over 53.8 feet), 99-008 (0.062 of an ounce per ton Pd over 182.1 feet), 99-009 (0.084 of an ounce per ton Pd over 167.4 feet), 99-101 (0.134 of an ounce per ton Pd over 84.2 feet) and 99-105 (0.115 of an ounce per ton Pd over 87.7 feet). A wide southwest trending zone of mineralized gabbro breccia is being delineated on the west and south flanks of the Roby zone. Drill holes from this area include 99-068 (0.082 of an ounce per ton Pd over 430.6 feet) and 99-074 (0.098 of an ounce per tonne Pd over 206.7 feet). The current program has also extended known mineralization in the area of South Roby pit. Significant new intersections in this area include 99-040 (0.067 of an ounce per ton Pd over 374.0 feet) and 99-121 (0.083 of an ounce per ton Pd over 259.9 feet). A second phase of diamond drilling has commenced. This 40,000-foot (12,192-metre) program will mainly target gabbro breccia mineralization on the west flank of the Roby zone, and the down-dip extension of the high-grade pyroxenite. Drill core was photographed, logged and split prior to sampling. Samples were analyzed at Accurassay Laboratories, Thunder Bay, Ont., by fire assay with atomic absorption finish (Pd, Pt, Au) and atomic absorption (Cu, Ni). Five per cent of samples were reanalyzed by Chemex Labs Ltd. and at the company's laboratory. The remaining split core for all drill holes is stored at the company's Lac des Iles site. Inter- Hole From To val Pd Au ft ft ft oz/t oz/t 99-005 301.5 470.2 168.7 0.068 0.002 99-006 437.7 491.5 53.8 0.216 0.011 99-008 182.1 364.2 182.1 0.062 0.003 99-009 206.7 374.1 167.4 0.084 0.004 99-010 344.6 413.3 68.7 0.105 0.004 99-015 462.6 521.7 59.1 0.128 0.002 99-017 105.3 163.3 58 0.076 0.001 99-022 29.5 79.8 50.3 0.097 0.003 99-027 393.7 423.9 30.2 0.181 0.008 99-040 29.5 403.5 374 0.067 0.007 99-040 876 947.9 71.9 0.075 0.003 99-042 428.5 501.9 73.4 0.068 0.003 99-045 15.5 88.5 73 0.074 0.007 99-068 88.6 519.2 430.6 0.082 0.008 99-074 9.8 216.5 206.7 0.098 0.009 99-087 477.4 600.4 123 0.17 0.013 99-090 635.4 767.7 132.3 0.106 0.006 99-094 1003.9 1269.7 265.8 0.08 0.004 incl. 1033.5 1061.2 27.7 0.355 0.011 99-095 187 344.5 157.5 0.064 0.001 99-095 691.9 964.6 272.7 0.1 0.003 incl. 698.8 748 49.2 0.354 0.012 99-096 659.4 712.5 53.1 0.394 0.014 99-101 777.6 861.8 84.2 0.134 0.003 99-105 411.8 499.5 87.7 0.115 0.003 99-109 718.5 895.7 177.2 0.055 0.002 99-117 413.4 524.8 111.4 0.065 0.004 99-121 589 848.9 259.9 0.083 0.009 incl. 773.2 848.9 75.7 0.175 0.017 99-147 167.3 196.9 29.6 0.22 0.001 Hole From To Pt Cu Ni ft ft % % % 99-005 301.5 470.2 0.004 0.021 0.05 99-006 437.7 491.5 0.012 0.034 0.029 99-008 182.1 364.2 0.005 0.019 0.02 99-009 206.7 374.1 0.005 0.027 0.023 99-010 344.6 413.3 0.006 0.023 0.033 99-015 462.6 521.7 0.008 0.012 0.013 99-017 105.3 163.3 0.004 0.009 0.013 99-022 29.5 79.8 0.006 0.003 0.015 99-027 393.7 423.9 0.01 0.04 0.028 99-040 29.5 403.5 0.008 0.159 0.102 99-040 876 947.9 0.007 0.046 0.051 99-042 428.5 501.9 0.007 0.063 0.054 99-045 15.5 88.5 0.009 0.197 0.126 99-068 88.6 519.2 0.006 0.105 0.098 99-074 9.8 216.5 0.008 0.144 0.165 99-087 477.4 600.4 0.012 0.137 0.12 99-090 635.4 767.7 0.007 0.051 0.052 99-094 1003.9 1269.7 0.005 0.028 0.03 incl. 1033.5 1061.2 0.017 0.045 0.063 99-095 187 344.5 0.004 0.011 0.018 99-095 691.9 964.6 0.005 0.013 0.024 incl. 698.8 748 0.016 0.025 0.054 99-096 659.4 712.5 0.02 0.06 0.072 99-101 777.6 861.8 0.008 0.006 0.023 99-105 411.8 499.5 0.006 0.016 0.029 99-109 718.5 895.7 0.003 0.012 0.018 99-117 413.4 524.8 0.007 0.073 0.081 99-121 589 848.9 0.008 0.071 0.055 incl. 773.2 848.9 0.017 0.121 0.103 99-147 167.3 196.9 0.011 0.003 0.007 WARNING: The company relies on litigation protection for "forward-looking" statements. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com