Please login or register to join our webinar.

E-mail address:
Password:
Forgot your password?
Log in
REGISTRATION
Home > News > North American Palladium...

North American Palladium Reports Third Quarter Drilling Results for Lac des Iles

Oct 16, 2014

 

North American Palladium Ltd. third quarter drilling results from its 2014 Lac des Iles exploration program indicates the presence of palladium in the 5 g/t to 8.5 g/t range.

The drilling program was undertaken at NAP’s Lac des Iles mine situated 90 km. northwest of Thunder Bay, Ontario.  It targeted the Lower, North and Upper parts of the Offset Zone and also surface drilling next to the Roby open pit.

Drilling Program Results

The drilling from the Offset Zone extension indicated the presence of the following high-grade palladium:

  • Drill hole 14-776 intersected 20.3 meters of 5.2 g/t Pd
  • Drill hole 14-903 intersected 17.7 meters of 6.2 g/t Pd
  • Drill hole 14-908 intersected 11.0 meters of 7.2 g/t Pd
  • Deep surface drilling on the Lower-Central Offset target confirms its extension to a minimum vertical depth of 1,600 meters

High-grade PGE-Cu-Ni mineralization intersected in three shallow surface drill holes confirms the presence of a mineralized pyroxenite unit that is herein named the Powerline Zone. This zone is exposed at surface adjacent to the southeast end of the Roby Zone open pit. Drilling results include the following significant intersections:

  • Drill hole 14-101 intersected 39.0 meters of 3.6 g/t Pd including 19.0 meters of 5.0 g/t Pd
  • Drill hole 14-105 intersected 96.0 meters of 2.8 g/t Pd including 20.0 meters of 8.5 g/t Pd
  • Several high-priority near-surface exploration targets have been identified south of the Offset deposit and north of the Roby Zone

"We are encouraged by the progress of our Offset Zone extension drilling in support of  an extension of the Phase 1 mine plan and a potential Phase 2 expansion," said Phil du Toit, President and Chief Executive Officer. "The discovery of high-grade mineralization in the Powerline Zone emphasizes the potential for new discoveries at Lac des Iles. We remain on track to complete all of our principal exploration objectives for the year."

Objectives

The objectives of the 2014 exploration program are to define inferred resources in the Lower and Upper Offset Zone of adequate quality and size to support a potential expansion of the underground mine. The drilling also investigated the presence of high-grade near surface palladium in the area adjacent to the Roby open pit mine.

In total 13,836 meters were drilled in 22 completed holes and four holes in progress. Of that 10,057 meters were drilled in 10 holes on Lower Offset Zone targets with four of these holes still in progress at the end of the quarter and 3,056 meters were drilled in nine completed holes on Upper Offset Zone targets. Also 723 meters were drilled in seven completed holes on the Powerline Zone.

The cost of the third quarter drilling program was approximately $6.8 million.

The price of palladium per ounce as of October 16, 2014 was in the range of US $760 to US $730.

Click here for access to extended assay results and supporting figures.

The fourth quarter exploration program will involve three underground drills and three surface drills. Drilling will likely extend until late November at surface and mid-December underground.

About North American Palladium

The Lac des Iles mine property is located approximately 90 km northwest of Thunder Bay, Ontario in Canada. Access to the site is provided by a year-round gravel access road that connects to a paved provincial highway.  NAP is an established precious metals producer that has been operating its Lac des Iles mine ("LDI") located in Ontario, Canada since 1993. LDI is one of only two primary producers of palladium in the world, offering investors exposure to palladium.

To conserve energy, the Lac des Iles mill is currently running on an intermittent operating schedule, operating on 14-day campaigns at approximately 13,000 tonnes per day followed by 14 days off. The mill design capacity is 15,000 tonnes per day.

Contact Information