North American Palladium Provides Updated Drill Results for Lac des Iles

North American Palladium Ltd. (TSX:PDL,NYSEMKT:PAL) announced updated drill results for the first half of the 2013 underground and surface exploration program at its Northern Ontario-based Lac des Iles palladium project. Further, the company completed NI 43-101 compliant estimates for “some near-surface mineral resources on the North VT Rim and the Sheriff Zone.”

According to the press release, results highlights include:

• Surface drilling on the western end of the North VT Rim defined an initial measured mineral resource of 338,895 tonnes at 2.02 grams per tonne palladium (“g/t Pd”) (using a 1.0 g/t Pd cutoff grade). This resource is currently being assessed for surface mining as a potential source of supplemental mill feed.
• Offset Zone underground infill drilling continues to validate grades and lengths, increasing confidence for 2014 development.
  • Notable intersections in the central portion (where Phase I mining will take place) include 36 metres grading 7.68 g/t Pd (hole 13-804), 41 metres grading 6.13 g/t Pd (hole 13-813), and 42 metres grading 5.23 g/t Pd (hole 13-844). True widths for the Offset Zone infill drilling program are estimated to represent 50% to 90% of the reported interval lengths.
• Surface drilling on the Sheriff Zone defined a measured and indicated mineral resource of 5.28 million tonnes at a grade of 1.48 g/t Pd (based on a 1.0 g/t Pd cutoff grade), including 1.760 million tonnes at 2.05 g/t Pd (based on a 1.50 g/t Pd cutoff grade). This resource inventory may be available for accelerated development in a higher palladium price or higher tonnage bulk mining method environment.
• Surface drilling on early-stage exploration targets on the central and eastern parts of the LDI mine block intrusion returned positive drill results on the Creek Zone and the Shorty Lake structural target.
  • Notable intersections include 7 metres grading 2.52 g/t Pd (hole 13-402) along an extension to the Creek Zone, and 10 metres grading 3.44 g/t Pd (hole 13-001) near Shorty Lake.

Click here to read the full North American Palladium Ltd. (TSX:PDL,NYSEMKT:PAL) press release.