Monday April 24, 1:17 pm Eastern Time
Company Press Release
North American Palladium Announces Results From Year 2000 Phase I Drilling and Continues to Extend Palladium Mineralization at Roby Zone
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THUNDER BAY, Ontario--(BUSINESS WIRE)--April 24, 2000--North American Palladium Ltd. (TSE:PDL. - news) is pleased to provide results from the current 30,000m Phase 1 drilling program at the Company's Lac des Iles Mine, located 85 km north of Thunder Bay, Ontario. From January 15 to April 16, 2000, a total of 20,075m of core drilling was completed in 40 holes. Phase 1 drilling is part of a US$3 million, 100,000m aggressive drilling program that has been planned for the Roby Zone in 2000. At this stage, results have essentially confirmed mineralization where step-out drilling was carried out in the North Roby and Roby Zones within planned pit limits. In addition, latest results extended the Roby mineralization at depth exceeding 600m, i.e. 200m deeper than previous intersections, and confirmed an important new mineralization to the southeast of the Roby Zone, in the Twilight Zone which was defined at surface during the 1999 exploration campaign. This mineralization occurs mainly within heterolithic gabbro and gabbronorite breccia, similar to the Roby breccia mineralization and with significant thickness (167m true width, maximum at this stage). It is expected that the Twilight mineralization will significantly contribute to the increase the Palladium resource at the Lac des Iles Mine in the short term.
Phase 1 drilling is concentrated on the largely untested area east of the Roby Zone but within the confines of the planned ultimate pit proposed as part of the expansion project. These holes, oriented at 251degrees azimuth, with 45degrees, 50degrees and 60degrees inclination, will provide additional confirmation of grade and width for the Pyroxenite and Breccia mineralization. They will also extend North Roby Zone to depth. The southern cluster of holes on the attached plan will define new resources in the Twilight Zone near surface and also extend the southern end of the Roby Zone to depth.
Included in this program are a number of deeper exploration holes targeted to test and intercept the high grade Pyroxenite mineralization at deeper levels, i.e. 600 to 800m below surface, and extend this high grade resource beyond the current planned pit outline.
Among the Roby Zone deep holes drilled so far (>900m), hole 00-204 intersected the Pyroxenite mineralization (7.14 g/t Pd over 18.2m) at a depth of 590m below surface down to 675m. Hole 00-209 returned 3.13 g/t Pd over 41.4m including an 18m Pyroxenite intercept at 5.86 g/t Pd (550m vertical depth). Hole 00-206 intersected 10m of the same mineralization averaging 3.5 g/t at a depth of 540 m. These holes were drilled along the central and northern portions of the Roby Zone, thus confirming the continuity of the overall high grade mineralization to depths exceeding 675m. Further deep drilling in the current Phase will test continuity of the mineralization at this level along strike.
Pyroxenite and Breccia mineralization was intersected in the Roby and North Roby Zones by holes 00-206 to 00-007 (see attached table), covering a 183m strike length of the deposit. Typical intersections range from 3.52 g/t to 5.74 g/t Pd over width ranging from 30 to 55m. The lower sections of holes 00-095 to 00-082 intersect the same mineralization of the Roby Zone in its southern portion, over a strike length of 91m, and at deeper levels with respect to the initial drilling. Most significant intersections in that part of the deposit are in holes 00-087 with 90m grading 2.13 g/t, 00-088 with 54m at 2.03 g/t, and 00-080 with 13m at 3.23 g/t Pd.
In the North Roby Zone, palladium mineralization was intercepted in varitextured gabbro and gabbro breccia mainly over a strike length of 122m, over width ranging from 14 to 72.8m and with grades ranging from 1.42 to 2.48 g/t Pd.
The Twilight Breccia mineralization was intersected in the shallower portions of holes 00-095 to 00-082 over a strike length of 91m, and the zone is open at both ends. Typical grades in this zone range from 1.35 to 4.14 g/t Pd over widths of 18 to 186.3m. Current results and drill section projected trends for this mineralization strongly suggest the potential for a major increase of the current resource by step-out drilling along a southeast trend within this zone.
On January 5, 2000, the company reported Proven and Probable Reserves of 74.2 million tonnes with an average grade of 1.64 g/t palladium, 0.18 g/t platinum, 0.14 g/t gold, 0.066% copper and 0.055 g/t nickel. The reserve calculation is based on a cut off grade of 0.92 g/t palladium equivalent. Life of mine strip ratio is calculated to be 2.26:1. The company also reported an additional Resource in the Measured and Indicated categories of 23.5 million tonnes at 1.46 g/t palladium, 0.18 g/t platinum, 0.11 g/t gold, 0.049% copper and 0.52% nickel which is located outside the proposed pit shell.
During the second quarter, current exploration program results will be included in a new resource estimate.
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 is a vital and essential component in the production of auto catalysts, which significantly reduce harmful automobile emissions. World demand for palladium continues to increase as a result of legislation enforcing stricter vehicle emission limits.
North American Palladium Ltd., Lac des Iles Mine Drill Results,
April 16, 2000
---------------------------------------------------------------
Hole # From To Interval Pd
(m) (m) (m) (g/t)
---------------------------------------------------------------
North Roby Zone
---------------
00-057 267.0 309.0 42.0 1.78
00-054 273.0 309.0 36.0 2.17
00-050 258.0 300.0 42.0 1.49
00-050 340.0 354.0 14.0 2.48
00-051 306.0 345.0 39.0 1.17
00-052 327.3 384.0 56.7 1.24
00-047 350.2 399.6 49.4 1.66
00-048 368.5 456.0 87.5 1.21
00-046 302.3 375.0 72.8 1.42
Including 302.3 327.0 24.8 2.83
Roby Zone Deep Driling
----------------------
00-206 672.0 702.0 30.0 1.90
Including 680.5 690.0 9.5 3.52
00-209 730.9 772.3 41.4 3.13
Including 741.0 759.6 18.6 5.86
00-204 776.9 852.0 75.1 2.39
Including 776.9 795.1 18.2 7.14
Roby Zone
---------
00-044 435.4 477.0 41.7 2.58
00-036 385.5 528.0 142.5 1.37
00-037 432.5 475.8 43.2 3.52
00-038 460.5 507.0 46.5 1.86
00-032 474.1 525.0 50.9 3.54
00-029 361.4 396.0 34.6 1.67
00-020 292.6 324.0 31.4 4.40
00-023 435.0 498.0 63.0 2.70
00-024 470.9 526.0 55.2 5.51
00-013 377.3 443.0 65.7 2.82
00-016 510.0 540.0 30.0 3.72
00-004 405.0 438.8 33.8 5.60
00-007 522.5 564.0 41.5 5.74
---------------------------------------------------------------
Hole # Au Pt Cu Ni True width
(g/t) (g/t) % % (m)
---------------------------------------------------------------
North Roby Zone
---------------
00-057 0.06 0.08 0.011 0.016 36.0
00-054 0.10 0.10 0.013 0.020 30.0
00-050 0.05 0.09 0.010 0.020 37.0
00-050 0.07 0.17 0.020 0.030 12.0
00-051 0.07 0.09 0.010 0.020 34.0
00-052 0.12 0.11 0.030 0.030 50.0
00-047 0.02 0.12 0.007 0.016 47.5
00-048 0.06 0.12 0.015 0.022 78.0
00-046 0.04 0.09 0.020 0.020 61.0
Including 0.09 0.15 0.030 0.030 20.0
Roby Zone Deep Driling
----------------------
00-206 0.05 0.12 0.010 0.020 29.0
Including 0.07 0.18 0.008 0.017 9.0
00-209 0.13 0.21 0.010 0.020 41.0
Including 0.16 0.36 0.010 0.020 19.0
00-204 0.07 0.19 0.030 0.040 72.0
Including 0.16 0.41 0.063 0.062 17.0
Roby Zone
---------
00-044 0.03 0.13 0.006 0.018 40.0
00-036 0.12 0.12 0.035 0.034 136.0
00-037 0.18 0.16 0.039 0.046 41.0
00-038 0.08 0.09 0.024 0.028 44.0
00-032 0.14 0.21 0.042 0.047 50.0
00-029 0.21 0.24 0.070 0.050 31.0
00-020 0.25 0.32 0.078 0.090 27.0
00-023 0.16 0.20 0.048 0.045 57.0
00-024 0.35 0.26 0.093 0.079 50.0
00-013 0.29 0.22 0.087 0.064 53.0
00-016 0.21 0.24 0.077 0.068 29.0
00-004 0.23 0.26 0.067 0.072 27.0
00-007 0.33 0.32 0.080 0.068 39.0
---------------------------------------------------------------
North American Palladium Ltd., Lac des Iles Mine Drill Results,
April 16, 2000 (cont'd.)
---------------------------------------------------------------
Hole # From To Interval Pd
(m) (m) (m) (g/t)
---------------------------------------------------------------
Twilight Zone & Roby Zone (at Depth)
------------------------------------
00-095 9.3 157.5 148.2 2.07
00-095 315.0 333.0 18.0 1.28
00-095 409.9 438.0 28.1 1.37
00-096 119.5 196.0 76.5 1.86
00-096 379.2 432.0 52.8 1.03
00-096 534.0 549.0 15.0 1.30
00-087 8.8 195.0 186.3 1.35
00-087 300.0 390.0 90.0 2.13
00-088 31.5 193.7 162.2 1.12
00-088 375.0 429.0 54.0 2.03
00-089 186.0 207.0 21.0 2.35
00-089 270.3 300.0 29.7 1.37
00-079 72.0 90.0 18.0 2.28
00-080 197.8 226.0 28.2 4.14
00-080 280.9 294.0 13.1 3.23
00-081 114.0 150.2 36.2 1.79
00-081 291.5 305.5 14.0 1.06
00-082 174.0 202.3 28.3 1.12
---------------------------------------------------------------
---------------------------------------------------------------
Hole # Au Pt Cu Ni True width
(g/t) (g/t) % % (m)
---------------------------------------------------------------
Twilight Zone & Roby Zone (at Depth)
------------------------------------
00-095 0.17 0.23 0.110 0.070 140.0
00-095 0.11 0.15 0.070 0.030 18.0
00-095 0.05 0.15 0.020 0.030 29.0
00-096 0.14 0.21 0.100 0.067 73.0
00-096 0.05 0.04 0.046 0.039 51.0
00-096 0.13 0.15 0.044 0.046 14.0
00-087 0.09 0.12 0.074 0.050 167.0
00-087 0.09 0.18 0.035 0.039 81.0
00-088 0.05 0.07 0.045 0.043 145.0
00-088 0.03 0.22 0.040 0.041 49.0
00-089 0.16 0.23 0.132 0.097 19.0
00-089 0.08 0.13 0.080 0.052 27.0
00-079 0.07 0.23 0.151 0.108 16.0
00-080 0.06 0.33 0.020 0.030 27.5
00-080 0.18 0.38 0.080 0.070 12.0
00-081 0.12 0.16 0.120 0.080 32.0
00-081 0.08 0.14 0.040 0.040 12.0
00-082 0.08 0.10 0.090 0.050 26.0
---------------------------------------------------------------
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 on widths perpendicular to the dip.
Forward Looking Statements - Some statements contained in this release are forward-looking and, therefore, involve uncertainties or risks that could cause actual results to differ materially. Such forward-looking statements include comments regarding the exploration program and resource determination. Factors that could cause actual results to differ materially include metal price volatility, economic and political events affecting metal supply and demand, fluctuations in ore grade, ore tons milled, geological, technical, mining or processing problems, future results of exploration programs, availability of financing and possibility of lack of operating capital. The Company disclaims any obligation to update forward-looking statements.
I never can get those columns to line up correctly!
Sleeper |
