PLATINUM GROUP EXPLORATION: New zone discovered at Lac des Iles mine

ONTARIO - North American Palladium (NAP) of Toronto has discovered a new underground platinum group metals (PGM) zo...

ONTARIO — North American Palladium (NAP) of Toronto has discovered a new underground platinum group metals (PGM) zone at its Lac des Iles mine 85 km northwest of Thunder Bay. The new Cowboy zone was found during infill drilling on the Offset zone in preparation for a prefeasibility study. The new discovery has the potential to extend mine life and improve the economics of reopening the mine, according to the company.

 

The Cowboy zone is located in the footwall of the Offset zone, 30 to 50 metres down section to the west and extending 250 metres along strike and 350 metres down dip. Some of the better assays from Cowboy drill core include 4.0 metres of 5.10 g/t Pd, 0.41 g/t Pt and 0.19 Au; 8.0 metres of 4.70 g/t Pd, 0.36 g/t Pt and 0.32 g/t Au; and 16.0 metres of 3.58 g/t Pd, 0.37 g/t Pt and 0.14 g/t Au. These results were obtained during Phase One drilling, which will be followed by a 43-101 resource estimate for the new zone later this year.

 

NAP plans to resume mining the underground Roby zone when metals prices recover. That zone has two remaining years of ore production. At the same time the Offset zone, which could be mined for an additional 10 years, will be developed.

 

Technical reports and computer-generated views of the mine are posted at www.NAPalladium.com in the Exploration section.

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