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Canadian Palladium has exceeded the contractual minimum exploration expenditures on the Property, issued 750,000 common shares, and made a cash payment.
Canadian Palladium Resources Inc. (CSE:BULL, OTCQB:DCNNF, FSE:DCR1) (formerly 21C Metals Inc.) (the “Company”) announces that, pursuant to the terms of the Option Agreement entered into with Pavey Ark Minerals Inc. (the “Agreement”) (see February 26, 2019 press release) to acquire a 100% interest in the East Bull palladium property (the “Property”), the Company confirms it has exceeded the contractual minimum exploration expenditures on the Property, issued 750,000 common shares of the Company, and made a $150,000 cash payment.
Canadian Palladium’s diamond drilling program is well underway on the Company’s East Bull Palladium Property. With the recent closing of a $4 million non-brokered financing, the planned exploration program is fully funded. The objective of the program is to expand the Company’s current NI 43-101 inferred resource of 523,000 ounces of Palladium equivalent (see July 3, 2019 press release). The present resource is defined over 1.8 kilometers and drilled down dip (-45o) to 125 meters. The ongoing program is testing the full 3.0 km length, to a depth of 240 meters. The Company’s goal is to expand upon this inferred resource. To date, the Company has received sample results from the first diamond drill hole, EB-20-01, (see March 2, 2020 press release). Most notably, Canadian Palladium’s hole EB20-01 intersected:
- 3.32g/t palladium over 7 meters
- 2.50 g/t palladium over 10 meters
- 3.77 g/t palladium + platinum + gold over 10 meters
- Including 7.13 g/t combined palladium + platinum + gold over 3 meters
Pursuant to the Agreement, and over a period of four years (should the Company elect to continue), the Company is obliged to incur $1,750,000 in exploration expenditures, issue $975,000 in cash payments, and issue an aggregate of 4.5 million common shares of Canadian Palladium to Pavey Ark in accordance with the following schedule:
Canadian Palladium Resources Inc.
Wayne Tisdale, President and CEO
T: (604) 639-4472
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