RE:RE:A THOUGHT ?? CEO stated in a video two years ago (to the day?) He hope to get to 1.5M ounces doubling from the previous resource estimate. He stated: the differentiation factors from other project to be
"small CAPEX and easy exploration". He also stated: "The goal is to sell this in the ground." :)
https://www.youtube.com/watch?v=80A4-0tzKBk
Did BULL get 1.5M onces? No. However, it did get 1.01M (0.49M Indicated and 0.51M Inferred) from the initial 0.52M Inferred. And the PdEq grades are improved (0.93g/t and 0.99g/t) from the Initial estimates (0.8 g/t PdEq ). Metal Prices are also significantly up from the Initial Estimates
Updated Estimate
Pd - US$1,840/oz; Pt - US $1,180/oz; Au - US $1,640/oz; Rh - US $8,000/oz; Cu - US $3.75/lb; Ni - US $7.75/lb; Co - US $24.00/lb.
Initial Estimate
Pd - US $767/oz; Pt - US $973/oz; Au - US $1,262/oz; Rh - US $1,000/oz; Cu - US $2.55/lb; Ni - US $4.42/lb; Co - US $20.00/lb.
But.. As a consequence of differences in commodity prices and cut-off grades, the current Mineral Resource Estimate including the PdEq grade is not directly comparable to the previous estimate.
Anyways, yesterday's price action was interesting touched 0.065 cents; stop loss anyone? :)
https://ceo.ca/@newsfile/canadian-palladium-announces-updated-mineral-resource
Wayne Tisdale, Canadian Palladium's CEO, commented, "We are extremely pleased to have reached this important size threshold for the East Bull Deposit. In comparison to the previous estimate, our new resource estimate total Indicated Palladium ounces are 1.3 times the previously estimated ounces that were all Inferred, PLUS the new additional Inferred Palladium ounces are 1.4 times the previously estimated Inferred ounces, resulting in an improvement in ounces by a factor of approximately 2.7.
The predominant contribution of Palladium to the NSR value per tonne at East Bull makes this a valuable asset that has a favourable configuration for open-pit mining and benefits substantially from its location in the Sudbury mining camp. In addition, as shown by our recent drilling results, the project still has considerable exploration upside."
Updated
The Updated Mineral Resource Estimate includes total Indicated Resources of 16.5 million tonnes at a grade of 0.93 g/t PdEq for 492,100 ozs PdEq AND total Inferred Resources of 16.3 million tonnes at a grade of 0.99 g/t PdEq for 519,600 ozs PdEq. These totals include Pit-Constrained Mineral Resources at a C$15/t net smelter return (NSR) cut-off and Out-of-Pit Mineral Resources at a C$50/t NSR cut-off.
Metal prices were based on December 2021 two-year forward consensus prices as follows: Pd - US$1,840/oz; Pt - US $1,180/oz; Au - US $1,640/oz; Rh - US $8,000/oz; Cu - US $3.75/lb; Ni - US $7.75/lb; Co - US $24.00/lb.
Initial
The Initial NI 43-101 Mineral Resource Estimate and Technical Report for the East Bull Deposit was completed in 2019 by P&E Mining Consultants Inc. The 2019 Report estimated Inferred Mineral Resources of 11.1 million tonnes at a grade of 0.58 g/t Pd, 0.26 g/t Pt, 0.05 g/t Au, 0.04 g/t Rh, 0.14% Cu, 0.05% Ni, 0.01% Co.
The 2019 Mineral Resource Estimate was based on a 0.8 g/t PdEq cut off using the following commodity prices: Pd - US $767/oz; Pt - US $973/oz; Au - US $1,262/oz; Rh - US $1,000/oz; Cu - US $2.55/lb; Ni - US $4.42/lb; Co - US $20.00/lb.
As a consequence of differences in commodity prices and cut-off grades, the current Mineral Resource Estimate including the PdEq grade is not directly comparable to the previous estimate.