Canadian Mining Journal


North American Palladium acquires 51% of Sunday Lake PGM project

On the back of record quarterly revenues from its wholly owned Lac des Iles mine, 106 km northwest of Thunder Bay, Ont., pure play palladium producer North American Palladium (TSX: PDL; US-OTC: PALDF) recently added to its regional presence by acquiring 51% of the nearby Sunday Lake platinum group metal project, just 60 km south of its mine.

Originally entering an earn-in agreement back in mid-2017 with Sunday Lake partners Impala Platinum Holdings (JSE: IMP) and project-generator Transition Metals (TSX-V: XTM), North American Palladium has completed its Stage 1 option terms, vesting a 51% interest by spending $1.5 million on exploration and making payments of $675,000 to major PGM producer Implats and $75,000 to Transition Metals, which now hold 24% and 25%, respectively.

In North American Palladium’s news release announcing the acquisition, CEO and president Jim Gallagher described Sunday Lake …

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