North American Palladium Ltd. (TSX:PDL, NYSE MKT:PAL) reported that the exploration program at its Lac des Iles palladium mine conducted on the second half of 2012 contained positive results.
As quoted in the press release:
- Offset Zone underground extension drilling program delivers positive results indicating potential for expanding the resource to the south of and above the current limits of the deposit:
- Hole 12-706 (upper Offset Zone) intersected 21 metres grading 4.19 grams per tonne palladium (“g/t Pd”) and hole 12-601 (southern Offset Zone) intersected 10 metres averaging 4.27 g/t Pd;
- Sheriff Zone near-surface resource potential enhanced by positive definition drilling results featuring broad zones of lower grade palladium mineralization containing local, higher-grade intervals:
- Hole 12-179 intersected 130 metres averaging 1.26 g/t Pd including 24 metres grading 3.05 g/t Pd, and hole 12-185 intersected 106 metres grading 1.40 g/t Pd including 5 metres grading 4.68 g/t Pd;
- Initial resource estimate for the Sheriff Zone expected later in 2013;
- Roby Zone north extension drilling program returns high-grade intersections:
- Hole 12-259 intersected 5 metres grading 13.37 g/t Pd and hole 12-269 intersected 24 metres averaging 23.35 g/t Pd, including 3 metres grading 104.20 g/t Pd (amongst the highest ever reported from LDI);
- North VT Rim surface exploration drilling is starting to demonstrate lateral continuity and returns additional high-grade intercepts and broader zones of pit grade mineralization:
- Hole 12-036 intersected 6 metres with 12.4 g/t Pd including 1 metre grading 54.10 g/t Pd;
- New mineralization intersected on the North LDI property (at approximately 400-metre vertical depth on the first of four planned fence holes to be drilled):
- Hole NL 12-100 intersected 2 metres grading 3.58 g/t Pd and 1.08 g/t Pt.