VANCOUVER – Major Precious Metals Corp. [SIZE-CSE] on Friday released an update on a diamond drilling program that aims to support and confirm a resource estimate for the company’s flagship Skaergaard Project in Greenland.
The shares reacted by rising 15% or $0.015 to 11.5 cents on volume of 190,508. Major Precious Metals shares are currently trading in a 52-week range of 75 cents and 10 cents.
The company says Skaergaard is one of the world’s largest undeveloped gold and palladium resources. It hosts an indicated resource of 5.51 million ounces of palladium equivalent (PdEq) (81.6 million tonnes at 2.1 g/t PdEq) and an inferred resource of 14.4 million ounces of PdEq. (217.3 million tonnes at 2.05 g/t PdEq).
The deposits contain high grade palladium, gold and platinum with potential for vanadium, iron, titanium, and other secondary elements.The project is located on the east coast of Greenland
On Friday, the company announced results for 11 of 32 holes completed in three areas at Skaergaard in 2021, confirming, palladium, platinum, and gold results of historical drilling in these areas.
Drilling highlights include hole MPD001, which returned 25 meters g/t of PdEq (palladium equivalent). MPD001 is one of three holes that show the consistency of the mineralised palladium-platinum-gold footprint in the northwest area of the project, the company said.
Drilling results have also confirmed grades and mineralised lengths for palladium, platinum and gold in the four main mineralized horizons which comprise the mineral resource estimate.
The company said precious metal mineralisation is confirmed in five holes drilled in previously untested areas beneath the glacier.
In addition, results from two holes drilled on the plateau area, located within the northern portion of the licence, showed mineralisation, which may support the potential for open pit mining in the local area. Results from two more drill holes in this area are pending.
“These first results from 11 holes within the sparsely drilled priority areas affirm our earlier hopes to not only confirm and upgrade the existing mineral resource estimate (MRE), but also may expand the MRE, which already marks Skaergaard as a precious metals project of global significance,’’ said Major Precious Metals Chairman and CEO Anthony Williams.
“We hope to have all remaining assay results completed by mid-May 2022, and will continue with the economic evaluation of Skaergaard with our independent consultants SLR Consulting Ltd., updating the MRE and moving on to a preliminary economic analysis over the coming months,’’ he said.
A 32-hole diamond drilling channel sampling program spanning 8,435 metres was completed in October, 2021. A total of 11,600 core and channel samples were collected for palladium, platinum and gold testing as well as assayed for other secondary elements which may provide potential credits pending further study.
Drilling has prioritized the northern part of the Skaergaard intrusion beneath the Forbindelses Glacier and two off-glacier areas to the north to determine the open pit potential. Historically these priority areas were not drilled at Skaergaard due to logistical challenges.