VANCOUVER, British Columbia, Aug. 26, 2021 (GLOBE NEWSWIRE) -- Major Precious Metals Corp. (“Major Precious Metals” or the “Company”) (CSE:SIZE | OTC:SIZYF | FRANKFURT:3EZ) is pleased to provide an update on its Phase I diamond drilling program at its Skaergaard Project (“Skaergaard”) in eastern Greenland. Drilling commenced in July and has prioritized the northern part of the Skaergaard deposit including several areas being drilled to determine the open-cut potential at Skaergaard. Historically, these priority areas were never drilled at Skaergaard due to the focus being on defining a resource in the southern part of the deposit.
Successful completion of these drill holes within these key priority areas by this September has the potential to both upgrade and significantly expand the existing mineral resource estimate (“MRE”) for Skaergaard. The current MRE includes Indicated Mineral Resources of 81.6 million tonnes at 2.10 g/t PdEq resulting in 5.51 Moz contained PdEq ounces and Inferred Mineral Resources of 217.3 million tonnes at 2.05 g/t PdEq resulting in 14.4 Moz contained PdEq ounces at a cutoff grade of 1.43 g/t PdEq. The current MRE is supported by a National Instrument 43-101 (“NI 43-101”) technical report (the “Report”) with an effective date of April 15, 2021. The Report was prepared by SLR Consulting (Canada) Ltd. (“SLR”) and was filed on SEDAR on May 25, 2021.
Tony Williams, Chairman and CEO of Major Precious Metals commented, “The Report confirms that Skaergaard already contains a very large Palladium and Gold Resource with known mineralization open in all directions and we are excited to highlight some of the key target areas and priorities for our current drilling program.”
Skaergaard Drilling Priorities
The Company is prioritizing the following key target areas (Zone 1 to 4) at Skaergaard for its current drilling program to both upgrade the existing mineral resource categories and significantly increase the size of the mineral resource (Figure 1):
- Several NW-SE trending drill fences in the northern part of the deposit with drill holes spaced approximately 300 m apart (Zone 1). Completion of these drill holes will allow the Company to not only upgrade the resource classification in this large area, but possibly expand the mineral resources further to the north from the existing geological model;
- Several drill holes in the northeast to determine the open-cut potential of the near surface mineralization in this area (Zone 2);
- Several drill holes immediately north of the glacier to determine the open-cut potential of the near-surface mineralization in this area (Zone 3); and
- Several drill holes southwest of the glacier to extend and upgrade the near-surface resource in this area (Zone 4).
Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/92f96322-0984-49ce-b78c-2409ca0dff96
At the Company’s request, SLR has sent Consulting Geologist Phil Geusebroek, P.Geo. and Senior Mining Engineer Murray Dunn, P.Eng. to Skaergaard to complete an independent site visit and personal inspection of active drilling and coring operations. Both individuals are Qualified Persons under NI 43-101 and are visiting Skaergaard the week of August 23rd to:
- Review the Company’s active diamond drilling operations;
- Inspect the Company’s core logging and sampling facilities, and ensure the Company’s geological consultants are adhering to strict QAQC procedures and following CIM exploration best practices;
- Verify the current drilling plan will be fully effective in developing a robust updated MRE for Skaergaard with the main priorities being to upgrade and expand the existing resource. SLR geologist Phil Geusebroek completed the Company’s MRE for Skaergaard and also assisted the Company in designing its current drilling and sampling program, and will therefore audit the current drill plan and sampling protocols on site;
- Assess locations for future mining infrastructure and investigating open-cut and underground mining options for the Skaergaard Project as part of its upcoming Preliminary Economic Assessment (“PEA”). This task will be completed by SLR mining engineer Murray Dunn; and
- Time and weather permitting both SLR consultants will fly into the Company’s newest mineral exploration licence (MEL 2021-10) to determine this area’s potential for exploration work and future mining infrastructure requirements.
Tony Williams commented further, “We will report again as the detailed results from these key target areas outlined above begin to emerge in the coming weeks.
We also plan to report these results and engage with shareholders and other potential investors via a number of upcoming webinars and international precious metal conferences. Full details of these will be provided in due course.
As previously stated the resampling and geological remodelling of the historical exploration data have already demonstrated a Palladium and Gold resource of global significance at Skaergaard.
As more results are reported we believe we will be able to clearly show that we are adding significant value for all stakeholders as we move forward along the Mine Development Cycle. This includes the planned PEA, which will outline the next steps needed for potential extraction of the substantial precious metals mineralization at Skaergaard.”
Qualified Person Statement
All scientific and technical information contained in this news release was prepared and approved by Paul Ténière, P.Geo., President of Major Precious Metals Corp, who is a Qualified Person as defined in NI 43-101.
On behalf of the Board of Directors
MAJOR PRECIOUS METALS CORP.
Tony Williams
Chairman and CEO
Suite 810 - 789 West Pender Street
Vancouver, BC V6C 1H2
Ph: 1-877-475-0963
info@majorprecious.com
About Major Precious Metals Corp.
Major Precious Metals is a Canadian junior mining company listed on the Canadian Securities Exchange (“CSE”) 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.
Additional information relating to Major 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 news release.
Forward-looking Information Statement
This news release may contain certain “forward-looking statements” and “forward-looking information” within the meaning of applicable Canadian and United States securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These 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 upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.
