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VANCOUVER, British Columbia, May 25, 2021 (GLOBE NEWSWIRE) – Major Precious Metals Corp. (“Main precious metals“or the”Company“) (CSE: SIZE | OTC: SIZYF | FRANKFURT: 3EZ) is pleased to announce that it has completed a National Instrument 43-101 Technical Report (the”Report“) in support of the mineral resource estimate (“MRE“) for the Skaergaard project (the”Project”) Disclosed in the Company’s press release dated April 23, 2021 (Table 1).
The report was prepared by SLR Consulting (Canada) Ltd. (“reflex), Has an effective date of April 15, 2021 and was filed on SEDAR on May 25, 2021.
Table 1: Mineral Resource Estimate for the Skaergaard Project – April 15, 2021
|To note||Metal content|
|Horizon||(Mountain)||(g / t)||(g / t)||(g / t)||(g / t)||(Moz)||(Moz)||(Moz)||(Moz)|
|H0||N of Glacier||39.6||2.11||1.73||0.26||0.14||2.68||2.20||0.33||0.17|
- The definitions of the ICM (2014) were followed for mineral resources.
- The equivalent palladium contents (PdEq) were calculated using the formula 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 trade terms standard for a concentrate of precious metals.
- Mineral resources are estimated at a cut-off grade of 1.43 g / t PdEq, which assumes underground mining costs of US $ 35 / t, processing costs of US $ 20 / t and overhead and administrative costs of US $ 5 / t.
- Reasonable prospects for eventual economic extraction have been met by constructing polygons using boulders over a grade-thickness field, expressed as a minimum mine thickness of 2.0 m multiplied by the grade. cut-off (1.43 g / t PdEq), including a visual check of the geometry and spatial continuity of the mineralization.
- The bulk density uses an average value of 3.24 t / m3.
- The Qualified Person is not aware of any environmental, licensing, legal, title, tax, socio-economic, marketing, political or other factors that could significantly affect the estimate of mineral resources.
- Numbers may not add up due to rounding.
Highlights of the report and recommendations
- Indicated resources of 81.6 million tonnes at 2.10 g / t PdEq resulting in a grade of 5.51 ounces of Moz’s PdEq and inferred resources of 217.3 million tonnes at 2.05 g / t PdEq resulting in 14.4 ounces of Moz’s PdEq at a cut-off grade of 1.43 g / t PdEq (see Table 1 for all the details).
- A Phase 1 exploration program recommended including a minimum of 15,000 meters of diamond drilling to further verify historical sampling and to improve inferred indicated resources as well as to extend the deposit laterally and at depth.
- The drilling will also make it possible to study the MRE potential of a first open-pit mine in the northern part of the deposit.
- The samples will also be analyzed for rhodium and other PGMs not previously analyzed, as well as reanalyses of historical samples selected for these other PGMs.
- Tests for adding credits for vanadium, titanium and other “critical metals” which demonstrate consistent grades throughout the deposit with the potential further increases in mineable widths in known mineralized horizons.
The combination of the Phase 1 exploration and drilling program, which is expected to culminate in October 2021, and the mining and reanalysis program, which will be completed in parallel, will form the basis for an update of the Targeted ERM for Q4 2021 leading to a Preliminary Economic Analysis (PEA) slated for completion in Q1 2022. The PEA will use the updated metal price forecast to determine economic extraction potential.
Update of the mobilization
- The Company is pleased to announce that it has signed a contract with Forage Fusion Drilling Ltd. (“Fusion Drilling”) of Hawkesbury, Ontario, Canada to complete the drilling program for Phase 1 of the project. Forage Fusion has extensive experience working in Greenland and will provide four (4) diamond drilling rigs capable of drilling NQ diameter core at depths of up to 900 meters.
- Contracts with Air Greenland for helicopter support and with Xploration Services Greenland for field administration and logistical support have been executed (see press release dated May 12, 2021).
- The converted icebreaker (MV Blue Sea Star) secured by the Company (refer to press release of April 22, 2021) to provide accommodation for field teams is being fitted with a helipad and will lay the anchors in the fjord adjacent to the project from the end of June. 2021 providing efficient and environmentally friendly logistical support throughout the summer field program.
Tony Williams, CEO of the company, said: “The report tabled today marks a major step forward for the Company. The stratified Skaergaard intrusion has been well studied in the past and we have great confidence in the overall geological and structural interpretation. However, as a development project it has effectively been dormant for over a decade and it is evident today that it has exceptional potential given all the advancements in exploration, mining and the dynamic metallurgy and precious metals price outlook.
The detailed analysis and recommendations of the SLR report will bring Skaergaard back to the forefront as one of the largest palladium and gold projects outside of Russia and South Africa at a time when the metal prices of the Platinum Group and Palladium in particular are entering a super cycle related not only to the increasing metal requirements in catalytic converters as emission standards tighten worldwide, but also to the increasing applications of Platinum Group metals in emerging technologies such as hydrogen fuel cells and carbon capture. Palladium in particular is at the forefront as a green energy metal and we also have multi-element exposure to a number of other critical metals such as vanadium and titanium as part of macroeconomic trends. to rising prices.
Recent positive comments from Ms. Naaja Nathanielsen, recently appointed Minister of Natural Resources of Greenland, reconfirmed that the new government is committed to building a thriving mining industry and will continue to support sustainable mining projects. The Company has established excellent relationships with regulatory authorities in Greenland and will maintain the rigorous environmental and social standards expected in today’s resource industry.
The strategic geopolitical importance of Greenland’s mining sector is already recognized and attracts substantial development funding from a number of European agencies as well as the United States Export-Import Bank (USEXIM).
We look forward to continuing to work with SLR and with our growing “team of owners” and to continue reporting as the 2021 program unfolds. “
On behalf of the board of directors
Anthony (Tony) Williams President and PDGSuite 810 – 789 West Pender StreetVancouver, BC V6C 1H2Ph: [email protected]
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About Major Precious Metals Corp.
Major Precious Metals is a Canadian junior mining and exploration company headquartered in Vancouver, British Columbia, with a diverse portfolio of precious and base metals projects, including the Skaergaard palladium and gold project in Greenland. The Skaergaard project is one of the largest unexploited palladium and gold deposits in the world outside of the major PGM-producing regions of South Africa and Russia. Major Precious Metals is also engaged in the acquisition and exploration of precious metals projects near or near existing mining operations controlled by well established mining companies.
Major Precious Metals is listed on the Canadian Securities Exchange (“CSE”) and its common shares trade under the ticker symbol “SIZE”. Additional information on the main precious metals is available at www.majorprecious.com and SEDAR at www.sedar.com.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.
Forward-looking information statement
This press release may contain certain “forward-looking statements” and “forward-looking information” within the meaning of applicable securities laws in Canada and the United States. When used in this news release, the words “anticipate”, “believe”, “estimate”, “anticipate”, “target,” plan “,” foresee “,” may “,” plan “and other similar words or expressions, statements or forward-looking information. Such forward-looking statements or information may relate to the development of a mineral resource estimate for the Skaergaard Project, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based on a number of assumptions and estimates which, although considered reasonable by the Company, are inherently subject to risk. commercial, economic, competitive, political and social, contingencies and uncertainties. Many factors, known and unknown, could cause any results, performance or achievement to differ materially from the results, performance or achievements which are or may be expressed or implied by these forward-looking statements. The Company does not intend, and assumes no obligation, to update such forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other event affecting such statements and information other than those required by laws, rules and regulations.
Source: Major Precious Metals Corp.