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Final Drilling Results Confirm Grades and Mineralised Widths As Well as Near Surface Mineralisation at Skaergaard Project

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Final Drilling Results Confirm Grades and Mineralised Widths As Well as Near Surface Mineralisation at Skaergaard Project

 

 

 

 

 

Major Precious Metals Corp. (NEO:SIZE) (OTC:SIZYF) (FRANKFURT:3EZ) is pleased to provide final results on its 2021 diamond drilling program at its Skaergaard Project in eastern Greenland.

 

The 2021 program at Skaergaard was designed to upgrade and expand the Mineral Resource Estimate contained in an NI43-101 compliant Technical Report filed by the Company on SEDAR on May 25, 2021 which outlined Indicated Resources of 5.5 million Palladium Equivalent Ounces and a further 14.4 million PdEq ounces in the Inferred Resource Category.

 

Highlights

  • Assay results are announced for 32 holes and 4 sets of sawn blade channels completed at Skaergaard in 2021, confirming grades and mineralised lengths for Palladium (Pd), Platinum (Pt) and Gold (Au) in the four main mineralised horizons (H0, H3L1, H3 and H5) which comprise the MRE as outlined in the Report (Table 1).
    • Precious metal mineralisation in previously untested areas beneath and to the north of the glacier (Table 1 and Figures 1, 2, 3 and 5) is also confirmed in 14 of these 32 holes.
    • Results from four holes drilled on the northern plateau area, located within the northeastern portion of the mineralised body, show mineralisation which may support the potential for open pit mining in the local area outlined with the two first holes (Figure 4) reported in new release April 22, 2022.
  • SLR Consulting Ltd. (“SLR”) has been appointed to prepare an updated MRE and Report which will form the basis for a Preliminary Economic Assessment (PEA).

 

Welcoming the results, Major Precious Metal’s Chairman and CEO, Tony Williams commented:

 

“We are delighted to now have all the results from our extensive 2021 drilling and sampling program.

 

“Not only do these results give further confirmation of the grades and widths of the palladium and gold rich stratiform mineralisation which formed the basis for the MRE and Report mentioned above, but importantly the results also affirm the presence of near surface mineralisation on the previously undrilled northeastern plateau area, and the new drilling outside the Inferred Mineral Resources shows potential for Mineral Resource expansion.

 

“Based on this updated sample analysis, the Company has asked SLR to prepare an updated MRE which will then form the basis for a PEA over the coming months. The assay results also show a consistent halo of anomalous concentrations of palladium and iron-titanium oxide mineralisation spanning the precious metal rich stratiform horizons. SLR will also review this halo for Fe, Ti, Va, Ga, Cu, and other possible elements for additional metal value credits. We believe the Company already has a palladium and gold rich Mineral Resource of global significance, as demonstrated in the current MRE and Report. These latest results reinforce our opinion and pave the way for further Mineral Resource upgrades and expansion.”

 

Skaergaard Drilling Program Technical Overview

 

A 32-hole diamond drilling channel sampling program comprising 8,435 metres was completed in October 2021. A total of 11,600 core and channels samples were collected for Pd-Pt-Au testing, as well as multi-element analyses including Fe, Ti, V, Cu, and Ga, which may provide potential credits pending further study. Drilling has prioritized three areas: two off-glacier areas in the northern plateau area to determine the open-pit potential, and the northern part of the Skaergaard intrusion beneath the Forbindelses Glacier (the “Glacier”) (Figure 1). Historically, these priority areas were not drilled at Skaergaard due to logistical challenges.

 

Drilling Results

 

Mineralised intercept results (Table 1) from the first 32 holes and 4 sets of channel samples (including the first 11 holes already reported in Major Precious Metal´s April 22, 2022 News Release) successfully completed within these priority areas confirm the potential to upgrade confidence and significantly expand the existing MRE for Skaergaard (refer to April 23, 2021 News Release and News Release May 25, 2021).

 

Assay results for the 32 holes (Table 1) and 4 cross sections with sawn blade channels (Table 2) confirmed Pd, Pt and Au grades and mineralised widths are comparable to historical drilling in the four main mineralised horizons that define the existing MRE as detailed in the Report. The assay analysis was performed at the independent Omac Laboratories Limited, Loughrea County Galway, Ireland. Omac is part of ALS Global, which provides laboratory testing, inspection certification and verification solutions and has ISO17025 certification.

 

Available results from 14 holes completed as part of a NW-SE trending drill fence on the Forbindelses Glacier (Figure 2, Section A-A’), with drill holes spaced approximately 300 metres apart, show continuity of Pd, Pt and Au grades and thicknesses (Table 1). New results testing the mineralisation beneath the glacier confirmed the results of the holes reported in the April 22, 2022 News Release, and are projected to allow the Company to upgrade the resource classification in this large area and expand the MRE from the existing geological model further to the north.

 

Holes MPD0012, and MPD013, the two shallower of four holes completed on a plateau in the area north of the Forbindelses Glacier (Figures 1 and 4. Section D-D’) returned near surface Pd-Pt-Au mineralisation from a vertical depth of 35 metres – from surface. MPD015, a second hole drilled from the same pad as historical drill hole PRL11-57, but dipping south and designed to test the extension of and potential resource expansion of mineralised material, also confirmed the geometry and distribution of Pd-Pt-Au mineralisation in this area. The fourth new hole completed at the northern plateau area; MPD009 (Table 1), showed good Pd Eq correlation with historical hole PRL-11-58 collared 75 metres to the east (Table 1).

 

Holes MPD029, MPD023, MPD024, MPD028 and MPD031, collared in the northern edge of the of the Forbindelses glacier (Figures 1 and 3. Section B-B’), returned PdEq mineralisation from 95 to 110 metres downhole depth also showed good correlation with historical holes PRL11-54 and D89-05, completed 175 metres north uphill. The new assay results on the northern plateau and the northern edge of the glacier, along with two historical holes and historical channel samples, will be used to assess the open pit potential in this area, and to choose a starting point for an underground mining scenario as part of the PEA.

 

Assay results for holes MPD001, MPD002, MPD003, MPD026 and MPD004 (Table 1 and Figures 1 and 5, Section D-D’) show the consistency of the mineralised Pd-Pt-Au footprint in the northwest area of the project, with hole MPD026 interpreted to intercept the gold-dominant H5 upper horizon at a vertical depth of 15 metres. Hole MPD004 is interpreted to intercept H5 at a vertical depth of 97 metres and anomalous Pd-Au-Pt mineralisation starting from 78 metres depth.

 

Note that the assay results in Table 1 also show a consistent broader halo of anomalous, lower grade concentrations of Pd (0.01 – 1.15 ppm), Pt (0.02 – 0.10 ppm), and Au (0.06 – 0.45 ppm) in the context of the mineralised H0, H3L1 and/or H3 horizons reported as Mineral Resources in the Report. This halo tends to be correlated with anomalous iron (Fe), titanium (Ti), vanadium (V) and copper (Cu). Halo mineralisation and secondary elements of interest will be further evaluated for a potential underground bulk tonnage mining scenario.

 

Figure 1 is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/7965f943-4ba2-4174-a576-dab3cbe24752

 

Channel Results

 

Four sets of channel samples including a total of 96 segments of surface channels, totalling 240.76 m, were completed by the Company during the 2021 drilling campaign. A total of 498 samples were collected from these traverses using diamond saw channels. Channel samples were cut primarily by diamond saw, with individual samples measuring 0.2 m to 1.04 m in length. Channels were located by surface surveys and tied into the property grid.

 

Due to the necessities of topography and operational safety, most channel samples were conducted in continuous and parallel segments as necessary. In order to facilitate interpretation, the channels were grouped by sections (S1 to S4, see Figure 1). The most significant channel assay results were compiled and interpreted in Table 2.

 

In general, the channels showed good correlation with the interpreted H5 (gold dominant) horizon, and displayed low grade Au and Pd envelope.

 

Channels MPC003-02_1, MPC003-04, MPC003-05_1, MPC003-05_2 and MPC003-06_4 (Section 01) as well as channels MPC001-14c, d, e; MPC001-15 and MPC001-16 (Section 03) returned significant palladium intercepts as outlined in Table 2. Some channels included in Table 2 returned broader zones of lower Pd-Pt-Au values, as the extrapolated horizon at surface was above or below the sampled intervals (mineralisation is not visually distinctive in the field). All channel sampling will be used to update the interpreted positions of the mineralised horizons at surface.

 

Table 1: Final Diamond Drillholes Mineralised Intercept Results

 

HOLE ID Mineralised Horizon From (m) To
(m)
Length
(m)
Pd
(g/t)
Pt
(g/t)
Au
(g/t)
PdEq
(g/t)
MPD001* H5 137.5 140 2.5 0.73 0.06 2.03 2.98
  including 137.5 138 0.5 0.39 0.04 6.4 7.4
MPD001 H3 to H0 Halo 149 174 25 0.92 0.08 0.09 1.07
including H3 149.25 151 1.75 0.86 0.06 0.32 1.25
including H3L1 155.75 158 2.25 0.64 0.05 0.13 0.82
including H0 163 168.25 5.25 2.2 0.16 0.07 2.38
  including 163.75 166.5 2.75 2.93 0.2 0.08 3.15
MPD002* H5 46 47.75 1.75 0.18 0.02 2.21 2.61
MPD002 H3 47.75 52.25 4.5 0.83 0.05 0.67 1.6
MPD002 H3L1a to H0 Halo 58.5 89 30.5 0.75 0.07 0.09 0.9
including H3L1 58.75 63.5 4.75 0.74 0.06 0.19 0.99
including H0 77.5 82.25 4.75 1.81 0.16 0.12 2.05
  including 78.5 80 1.5 2.66 0.21 0.19 3
MPD006* H5 322 324 2 0.84 0.06 1.47 2.49
  including 322 322.75 0.75 0.39 0.03 2.06 2.65
including H3 324 326.25 2.25 0.83 0.04 0.25 1.13
MPD006 H3L1 to H0 Halo 328.5 341.75 13.25 1.08 0.09 0.07 1.22
including H3L1 329 331 2 0.82 0.06 0.11 0.98
including H0 335.75 339.5 3.75 2.31 0.19 0.11 2.56
  including 337 338.25 1.25 3.26 0.24 0.16 3.6
MPD012 H3L1 to H0 Halo 33.25 42.75 9.5 1.22 0.11 0.28 1.6
including H3L1 33.25 35.75 2.5 0.22 0.04 0.21 0.47
including H0 35.75 42.75 7 1.58 0.14 0.3 2
MPD015* H3 184.25 194.5 10.25 0.05 0.03 0.22 0.31
MPD015 H3L1 to H0 Halo 214.25 246.25 32 1.11 0.09 0.18 1.38
including H3L1 214.25 222.5 8.25 0.47 0.04 0.17 0.68
including H0 226.5 242.25 15.75 1.75 0.13 0.24 2.09
  including 228.75 234.25 5.5 2.99 0.19 0.24 3.37
MPD010* H5 148.25 150 1.75 0.67 0.06 2.32 3.24
  including 148.25 149 0.75 0.42 0.05 3.93 4.73
MPD010 H3 to H0 Halo 159.25 187.75 28.5 0.84 0.07 0.1 1
MPD010 H3 159.25 159.75 0.5 0.87 0.05 0.37 1.3
  H3 160 160.75 0.75 1.27 0.13 0.89 2.33
  H3 161 161.75 0.75 0.76 0.03 0.17 0.97
including H3L1 168.25 170.5 2.25 0.61 0.05 0.12 0.78
including H0 176.5 181.5 5 2.06 0.15 0.12 2.29
  including 177.5 179.75 2.25 2.85 0.19 0.17 3.16
MPD008* H5 340.75 343.5 2.75 0.9 0.06 1.78 2.89
  including 340.75 341.25 0.5 0.3 0.04 5.51 6.34
MPD008 H3 to H0 Halo 350.5 375.25 24.75 0.89 0.08 0.08 1.03
including H3 350.75 352.75 2 0.82 0.08 0.23 1.13
including H3L1 353.75 355.5 1.75 0.08 0.06 0.14 0.95
including H0 363 368.5 5.5 1.91 0.15 0.11 2.12
  including 364 366 2 2.83 0.19 0.17 3.14
MPD011* H5 288.5 292.75 4.25 0.79 0.05 1.36 2.31
  including 288.5 289.25 0.75 0.28 0.04 4.04 4.7
MPD011 H3 to H0 298.25 322.5 24.25 0.88 0.08 0.08 1.03
including H3 298.25 300.5 2.25 0.85 0.09 0.29 1.23
including H3L1 300.5 304.25 3.75 0.58 0.03 0.09 0.7
including H0 310.5 319 8.5 1.48 0.13 0.07 1.64
  including 311.25 313 1.75 2.72 0.18 0.17 3.02
  including 318 318.5 0.5 2.35 0.14 0.07 2.51
MPD014* H5 251.25 258.25 7 0.62 0.04 0.93 1.66
  including 251.25 252.25 1 0.16 0.02 2.75 3.17
MPD014 H3 to H0 Halo 263.5 284.25 20.75 0.89 0.08 0.1 1.05
including H3 263.5 266 2.5 0.95 0.09 0.31 1.36
including H3L1 267.75 269.5 1.75 0.71 0.04 0.12 0.87
including H0 275.5 280.5 5 1.75 0.15 0.1 1.96
  including 276.5 278.5 2 2.43 0.16 0.15 2.71
MPD016* H5 212.5 216 3.5 0.62 0.05 1.32 2.09
  including 212.5 213.25 0.75 0.2 0.03 3.5 4.04
  H3 216 217.25 1.25 0.7 0.05 0.37 1.14
MPD016 H3L1 to H0 Halo 223.5 240.25 16.75 0.99 0.07 0.13 1.18
including H3L1 223.75 226 2.25 0.97 0.09 0.38 1.45
  including 224.25 224.75 0.5 1.27 0.13 0.68 2.1
including H0 235.25 240.25 5 1.86 0.15 0.12 2.08
  including 236.5 238 1.5 2.7 0.19 0.2 3.04
MPD003* H5 72 74 2 0.59 0.06 2.52 3.38
  including 72.25 72.75 0.5 0.36 0.04 6.35 7.3
  H3 80 85.5 5.5 0.83 0.05 0.35 1.25
  including 81 83 2 1.15 0.08 0.68 1.94
MPD003 H3L1 to H0 Halo 91.5 110.25 18.75 0.94 0.09 0.12 1.07
including H3L1 91.5 97 5.5 0.51 0.03 0.09 0.64
including H0 98.75 103 4.25 2.16 0.16 0.12 2.4
  including 99 101.75 2.75 2.56 0.17 0.16 2.85
                 
MPD025 H5 256.75 258.75 2 0.18 0.02 1.34 1.65
  including 257.5 258.5 1 0.2 0.02 1.6 1.95
  H3 259.75 264.25 4.5 0.95 0.06 0.64 1.69
  including 262 263.75 1.75 1.24 0.08 0.8 2.17
MPD025 H3L1 to H0 Halo 270.25 289.75 19.5 0.97 0.07 0.098 1.12
including H3L1 270.5 275 4.5 0.8 0.06 0.15 1
including H0 284 288.75 4.75 1.99 0.16 0.11 2.21
  including 285 286.75 1.75 2.78 0.19 0.17 3.09
MPD026 H5 17 19.5 2.5 0.58 0.05 2.08 2.88
  including 17 17.75 0.75 0.33 0.04 5.13 5.95
  H3 26 30.25 4.25 0.73 0.06 0.29 1.08
  including 26 28 2 0.82 0.08 0.46 1.37
MPD026 H3L1 to H0 Halo 35 57.5 22.5 0.87 0.08 0.08 1.01
including H3L1 35 38.25 3.25 0.53 0.04 0.15 0.72
including H0 45 49.5 4.5 2.08 0.16 0.14 2.33
  including 45.75 47.75 2 2.79 0.17 0.19 3.12
MPD027 H5 280.75 281.75 1 0.77 0.097 4.08 5.27
  including 280.75 281.25 0.5 0.47 0.07 6.68 7.79
  H3 290.25 293.75 3.5 0.9 0.06 0.52 1.51
  including 292.25 293.25 1 1.17 0.08 0.68 1.96
  H3L1 293.75 295.25 1.5 0.64 0.02 0.11 0.77
MPD027 H0 Halo 311.5 320.25 8.75 1.35 0.12 0.06 1.49
including H0 313.5 318 4.5 2.01 0.17 0.1 2.24
  including 314.25 316 1.75 2.8 0.2 0.15 3.09
MPD031 H5 117.25 120.25 3 0.63 0.07 1.03 1.8
  including 118.5 119.5 1 0.71 0.07 1.82 2.73
  H3 128.25 131.5 3.25 0.72 0.03 0.21 0.97
  including 128.25 129.5 1.25 0.81 0.04 0.28 1.15
  H3L1 131.5 137.5 6 0.46 0.04 0.15 0.65
MPD031 H0 Halo 142.5 152.75 10.25 1.18 0.13 0.06 1.33
including H0 143 147.25 4.25 1.91 0.16 0.12 2.15
  including 143.75 145.5 1.75 2.56 0.18 0.17 2.87
MPD009 H5 72.25 73.25 1 0.02 0.04 0.31 0.39
  H3 80.5 82.0 1.5 0.01 0.02 0.23 0.28
  H3L1 94.0 97.25 3.25 0.23 0.04 0.21 0.51
  H0 97.25 103.75 6.5 1.69 0.14 0.3 2.11
  including 97.75 99.25 1.5 2.38 0.14 0.94 3.5
MPD005* H5 248.5 249.75 1.25 0.72 0.06 2.09 3.04
  including 248.5 249 0.5 0.5 0.05 3.61 4.46
  H3 249.75 252 2.25 0.91 0.06 0.64 1.65
MPD020 H5 262.75 264 1.25 0.61 0.08 5.09 6.21
  including 263 263.5 0.5 0.5 0.08 6.33 7.45
  H3 273 277.25 4.25 0.94 0.06 0.55 1.58
  including 274.25 276 1.75 1.13 0.07 0.78 2.04
MPD020 H3L1 to H0 Halo 285 309 24 0.86 0.08 0.07 0.99
including H3L1 286.25 287.75 1.5 0.88 0.06 0.14 1.07
including H0 298.25 302.75 4.5 1.91 0.16 0.1 2.13
  including 299.25 301 1.75 2.62 0.19 0.15 2.91
MPD028 H5 97 98.25 1.25 0.27 0.04 2.76 3.3
  including 97.25 97.75 0.5 0.27 0.04 4.2 4.87
MPD028 H3 to H0 Halo 105 131 26 0.95 0.08 0.13 1.15
including H3 105 107 2 0.72 0.06 0.31 1.1
including H3L1 111.25 113.25 2 0.71 0.05 0.29 1.06
including H0 119.75 125 5.25 2.25 0.16 0.13 2.5
  including 120.5 123.75 3.25 2.76 0.17 0.15 3.03
MPD029 H5 60.5 62 1.5 0.27 0.03 2.39 2.9
MPD029 H3 to H0 Halo 67.5 87.25 19.75 0.85 0.05 0.16 1.06
including H3 67.5 72 4.5 0.89 0.06 0.37 1.34
including H3L1 74.25 77.75 3.5 0.52 0.05 0.14 0.71
including H0 84 87.25 3.25 2.21 0.15 0.15 2.47
  including 84.75 86.75 2 2.63 0.17 0.16 2.92
MPD013 H0 Halo 28.5 36.75 8.25 1.52 0.13 0.3 1.93
including H0 29 36 7 1.68 0.13 0.32 2.11
  including 30 31.25 1.25 2.81 0.14 0.53 3.48
MPD017 H5 489.25 491.5 2.25 1.13 0.08 1.75 3.09
  including 489.25 490.25 1 0.99 0.06 2.77 4.05
  H3 491.5 493.25 1.75 0.9 0.04 0.39 1.36
MPD017 H3L1 to H0 Halo 500 524.75 24.75 0.94 0.08 0.07 1.08
including H3L1 500 504 4 0.73 0.05 0.13 0.92
including H0 512 517.25 5.25 2.23 0.16 0.12 2.48
  including 512.75 516 3.25 2.84 0.19 0.16 3.14
MPD032 H5 285.5 286.75 1.25 0.31 0.07 1.22 1.68
  H3 291.25 292.75 1.5 0.16 0.02 1.34 1.63
  H3L1 295.25 297.25 2 1.05 0.07 0.86 2.04
MPD032 H0 Halo 313.75 332 18.25 0.88 0.09 0.06 1
including H0 321.75 325.75 4 1.93 0.17 0.11 2.16
  including 322.5 324 1.5 2.66 0.2 0.16 2.97
MPD004 H5 99.75 101 1.25 0.52 0.04 2.26 3.01
  H3L1 to H0 Halo 103.25 110 6.75 1.24 0.08 0.29 1.61
including H3L1 103.25 104.75 1.5 0.54 0.06 0.27 0.88
including H0 106.75 110 3.25 2.07 0.12 0.41 2.59
  including 107.75 109 1.25 2.95 0.17 0.62 3.74
MPD007 H5 320.75 321.25 0.5 0.23 0.05 2.26 2.72
  H3 to H0 Halo 329.5 348.5 19 1.03 0.09 0.09 1.19
including H3 332 333.25 1.25 0.61 0.05 0.14 0.79
including H3L1 335 336.25 1.25 0.61 0.03 0.1 0.74
including H0 336.25 341.5 5.25 2.25 0.15 0.15 2.51
  including 337.25 340.25 3 2.91 0.19 0.18 3.24
MPD022** H5 198.5 199.5 1 0.42 0.09 3.21 3.98
  including 199 199.5 0.5 0.67 0.12 5.75 7.01
  H3 209.75 212.75 3 1.04 0.07 0.56 1.69
MPD018 H5 308.25 310 1.75 0.21 0.02 2.04 2.44
  H3 310 313.5 3.5 0.83 0.06 0.59 1.51
MPD018 H3L1 to H0 Halo 320.5 345.5 25 0.93 0.08 0.09 1.09
including H3L1 320.75 322.25 1.5 1.25 0.1 0.44 1.80
including H0 334 339 5 1.88 0.16 0.1 2.09
  including 334.75 336.75 2 2.63 0.19 0.16 2.93
MPD019 H3 184.75 186.5 1.75 0.16 0.02 1.55 1.86
MPD019 H3L1 188.75 192.00 3.25 0.94 0.06 0.6 1.64
                 
MPD021 H5 179.25 181.25 2 0.6 0.05 2.33 3.18
  including 179.25 180 0.75 0.32 0.04 4.31 5.05
MPD021 H3 to H0 Halo 188 214 25.5 1 0.08 0.13 1.19
including H3 188.25 190.75 2.5 1.1 0.09 0.59 1.8
including H3L1 195.75 199.75 4 0.58 0.04 0.09 0.7
including H0 201.5 207.5 6 2.14 0.15 0.11 2.36
  including 202.25 206.25 4 2.57 0.16 0.12 2.81
MPD023 H5 82.5 83.5 1 0.92 0.08 2.53 3.74
  including 82.5 82.75 0.25 0.87 0.06 7.18 8.74
  H3 83.5 85.5 2.0 0.67 0.04 0.41 1.14
MPD023 H3L1 to H0 Halo 89.25 109.75 20.5 0.98 0.08 0.1 1.14
including H3L1 90.25 92.5 2.25 0.71 0.06 0.25 1.02
including H0 99 103.75 4.75 2.09 0.15 0.12 2.32
  including 99.75 102.25 2.5 2.58 0.16 0.15 2.85
MPD024 H5 96 97.5 1.5 0.46 0.04 0.29 0.8
MPD024 H3 to H0 Halo 103 125.75 22.75 0.9 0.08 0.12 1.09
including H3 103 108.5 5.5 0.79 0.05 0.29 1.14
including H3L1 111 112 1 0.51 0.04 0.12 0.66
including H0 115 119.25 4.25 1.98 0.15 0.11 2.21
  including 115.5 117.5 2 2.6 0.16 0.17 2.89
MPD030** H5 192 192.75 0.75 0.2 0.03 2.45 2.91
  H3 201 203 2 0.86 0.07 0.39 1.34

 

Table 1 Notes:

  • Assay results for 2021 drilling completed at SKG to date. Mineralised horizons defined in MRE are (from lower to upper) H0 (Pd dominant), H3, H3L1 and H5 (Au dominant).
  • The table aims to show contextual grade results for interpreted mineralised horizons and haloes rather than economic viability. Interpretation may change as the geological and mineralisation models are updated.
  • PdEq grades in this table were calculated using the same formula as the MRE, which is PdEq (g/t) = g/t Pd + (1.09 * g/t Au) + (0.672 * g/t Pt), which assumes metal prices of US$1,725/oz Pd, US$1,800/oz Au, and US$1,250/oz Pt, metallurgical recoveries of 89% Au, 86% Pd, and 80% for Pt, and standard commercial terms for a precious metals concentrate. Mineral Resources in the 2021 MRE were estimated at a cut-off grade of 1.43 g/t PdEq, which assumed underground mining costs of US$35/t, processing costs of US$20/t, and general and administration (G&A) costs of US$5/t.
  • * Holes reported in April 22, 2022 news release.
  • ** MPD022 and MPD030 were not drilled through all horizons and MPD030 ends within a mineralised horizon.
  • Lengths are downhole lengths and do not represent true width of mineralisation. General dip of drill holes in this program ranges between -65° and -90°, except hole MPD015 which dips -55° to the south and MPD005 which dips -70° to the south and was finished before crossing the entire target.
  • The anomalous lower grade halos, variably encapsulating H0 to H3 material, are shown to provide context for the H0, H3L1, H3 and H5 mineralised horizons:
    • Wider Pd mineralised halo (> 0.5 g/t Pd) (“Halo”) named as “H3 to H0” includes horizons H0, H3L1 and H3 whereas wider Pd mineralised halo “H3L1 to H0” includes horizons H0 and H3L1.
  • The analytical protocol used is the Pt,Pd,Au 50g FA ICP-AES and the Four Acid ICP-AES multi element package 48 Elements. Base metal over limits have been finalised with Ore Grade Elements Four Acid ICP-AES.

 

Table 2: Sawn blade Channel Samples Main Mineralised Intercept Results

 

Section ID Channel ID From (m) To Length (m) Pd Pt Au PdEq
(m) (g/t) (g/t) (g/t) (g/t)
Section 01 MPC003-01_4 0 8.67 8.67 0.18 0.02 0.18 0.39
  MPC003-02_1 0 1.75 1.75 2.72 0.12 0.24 3.07
  MPC003-02_2 0 1.54 1.54 0.84 0.09 1.03 2.02
  including 1.04 1.54 0.5 1.39 0.13 2.5 4.20
  MPC003-03 0 1.08 1.08 2.35 0.12 0.09 2.52
  MPC003-04 0 0.7 0.7 2.32 0.12 0.07 2.49
  MPC003-05_1 0 1.27 1.27 1.59 0.15 0.04 1.73
  MPC003-05_2 0 0.92 0.92 2.37 0.13 0.08 2.54
  MPC003-06_4 0 7.2 7.2 0.95 0.10 0.02 1.04
  including 0 2.92 2.92 1.14 0.1 0.03 1.24
  MPC003-06_6 0 1.36 1.36 0.95 0.06 0.03 1.02
Section 02 MPC002-01_5 3.27 5.28 2.01 0.1 0.03 0.24 0.37
  MPC002-01_2 0 5.94 5.94 0.12 0.03 0.19 0.34
  MPC002-02_1 0 7.42 7.42 0.39 0.03 0.13 0.55
  MPC002-02_3 0 4.43 4.43 0.23 0.03 0.69 1.00
  including 3.42 3.91 0.49 0.27 0.03 4.03 4.68
Section 03 MPC001-12_1 0 2.98 2.98 0.78 0.06 0.46 1.33
  MPC001-12_2 0 3.36 3.36 0.77 0.02 0.16 0.97
  MPC001-13 0 4.27 4.27 0.42 0.03 0.07 0.51
  MPC001-14 0 4.47 4.47 0.51 0.03 0.1 0.65
  MPC001-14a 0 1.35 1.35 0.48 0.01 0.05 0.54
  MPC001-14b 0 1.04 1.04 0.63 0.03 0.08 0.74
  MPC001-14c 0 0.99 0.99 1.83 0.13 0.2 2.13
  MPC001-14d 0 0.99 0.99 2.92 0.15 0.13 3.17
  MPC001-14e 0 0.52 0.52 2.11 0.15 0.05 2.27
  MPC001-15 0 2.32 2.32 2.94 0.16 0.13 3.19
  MPC001-16 0 2.66 2.66 1.23 0.13 0.04 1.36
  including 0 1.19 1.19 1.55 0.19 0.05 1.73
  MPC001-17 0 0.92 0.92 0.72 0.09 0.02 0.80
  MPC001-18 0 1.40 1.40 0.77 0.12 0.02 0.84
  MPC001-19 0 0.68 0.68 0.68 0.12 0.02 0.78
  MPC001-20 0 1.27 1.27 0.42 0.09 0.01 0.49
  MPC001-21 0 0.88 0.88 0.36 0.07 0.01 0.41
Section 04 MPC004-07 0 1.08 1.08 0.98 0.06 1.14 2.26
  MPC004-10_1 0 1.92 1.92 0.4 0.01 0.07 0.49
  MPC004-10_2 0 4.48 4.48 0.38 0.01 0.05 0.44
  MPC004-11_1 0 0.90 0.9 0.41 0.005 0.06 0.49
  MPC004-12 0 2.03 2.03 0.45 0.02 0.1 0.57
  MPC004-13 0 3.13 3.13 1.37 0.09 0.15 1.60

 

Table 2 Notes:

  • The table aims to show contextual grade results for interpreted mineralised intervals rather than economic viability. Interpretation may change as the geological and mineralisation models are updated.
  • PdEq grades in this report were calculated using the same formula as the MRE, which is PdEq (g/t) = g/t Pd + (1.09 * g/t Au) + (0.672 * g/t Pt), which assumes metal prices of US$1,725/oz Pd, US$1,800/oz Au, and US$1,250/oz Pt, metallurgical recoveries of 89% Au, 86% Pd, and 80% for Pt, and standard commercial terms for a precious metals concentrate. Mineral Resources in the 2021 MRE were estimated at a cut-off grade of 1.43 g/t PdEq, which assumed underground mining costs of US$35/t, processing costs of US$20/t, and general and administration (G&A) costs of US$5/t.
  • Lengths are downhole lengths and do not represent true width of mineralisation. Samples coordinates were taken by professional surveyor at the beginning and end of each sample. Azimuth and dip were extrapolated from coordinates.
  • Low cut off grade of 0.1 g/t Pd and / or 0.1 g/t Au was applied for highlighting mineralised intervals
  • The analytical protocol used is the Pt, Pd, Au 50g FA ICP-AES and the Four Acid ICP-AES multi element package 48 Elements. Base metal over limits have been finalised with Ore Grade Elements Four Acid ICP-AES.

 

Figure 2 is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/bfe4941d-444e-4daa-a57c-82e21e8850de

 

Figure 3 is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/516549f9-36d3-4ccb-86bc-5fa0e68fc6c4

 

Figure 4 is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/4e883e8b-4434-423d-bd66-ace2adde1561

 

Figure 5 is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/7c57c17b-a3d8-4d59-be3b-ec1d8a7bf108

 

Next steps

 

The Company will continue to work with SLR to update the MRE and produce a PEA for Skaergaard over the upcoming period.

 

The Company has recently received historical core stored by previous owner Platina Resources in Australia and will include such material for assay checking and metallurgical test works along with fresh samples from the 2021 program.

 

SLR, represented by Senior Geologist Phil Geusebroek, P.Geo., and Senior Mining Engineer Murray Dunn, P.Eng., completed an independent site visit during the week of August 23, 2021. Both individuals are Independent Qualified Persons (QP) under NI 43-101.

 

The QPs reviewed the Company’s active diamond drilling, core logging and sampling facilities and confirmed that the Company was adhering to strict QAQC procedures and following CIM exploration best practices.

 

SLR also assessed areas for access to potential mining operations and basic infrastructure requirements for future mining infrastructure and open pit and underground mining options which will form an integral part of the upcoming PEA.

 

To sum up Tony Williams said:

 

“Our Company owns 100% of this large palladium rich resource in a favourable geopolitical jurisdiction at a time when the ongoing Russia/Ukraine conflict threatens the security of some 40% of the world’s mined palladium which originates in and is supplied by Russia.

 

The results from our successful 2021 exploration have not only confirmed the geometry, grades and widths of the layered stratiform Pd-Pt-Au mineralisation in the main precious metal rich horizons but also demonstrated the extension of mineralisation and potential resource expansion within the well documented and extensive mineralised portion of the 70 km2 Skaergaard mafic igneous complex.

 

Skaergaard emerged as a Precious Metal Resource of truly global significance as detailed in the MRE and Report filed by the Company in May 2021 and the subsequent results from the 2021 Exploration Program announced today confirm this opinion and set out the potential for further resource upgrades and expansion.

 

“We look forward to reporting further results as we continue to develop Skaergaard along the Mine Development Cycle.”

 

Qualified Person Statement

 

All scientific and technical information contained in this news release was prepared and approved by Gustavo Delendatti, Ph.D., MAIG, Vice President Exploration of Major Precious Metals Corp who is a Qualified Person as defined in NI 43-101.

 

About Major Precious Metals Corp.

 

Major Precious Metals is a Canadian junior mining company listed on the Neo Exchange and its common shares trade under the ticker symbol “SIZE”. The Company’s flagship project is the Skaergaard Project in Greenland containing one of the largest palladium and gold deposits outside the major PGM producing areas of Russia and South Africa. The Company is focused on accelerating the progress of the Skaergaard Project along the Mine Development Cycle and has recently initiated a further major work program of drilling and economic evaluation.

Posted June 10, 2022

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