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Jimena Blanco, chief analyst at Verisk Maplecroft, says that geopolitical tensions are causing major shifts in global mining policies.
Toronto-based North American Palladium (TSE: PDL) says underground exploration at its Lac des Iles mine 90 kms north of Thunder Bay has discovered a new zone – C zone. Drill results suggest that it is a large area of palladium mineralization in the footwall of the Offset zone.
Assays from C zone include 4.18 g/t palladium over 19.4 metres, 3.06 g/t over 25.0 metres, and 2.93 g/t over 74.9 metres, including 638 g/t over 19.2 metres and 9.00 g/t over 5.0 metres.
“Based on the large and growing number of underground exploration targets, we are increasing our 2019 exploration and definition drilling budget by $5.7 million,” said president and CEO Jim Gallagher.
That is enough to add 25,000 metres of underground exploration drilling and 75,000 metres of definition drilling at Lac des Iles this year.
NAP says C zone has become a major focus of exploration because of good drill results, a large modelled target size, and its location near the existing Offset zone. This proximity means the capital costs of development would be low if 43-101 compliant resources can be outlined.
Recent drilling at the C zone target has shown that it consists of two mineralized trends including a north-south trend parallel to the central Offset zone and a southwest striking trend that generally follows the western contact between the intrusion and the basement rocks and the southeast domain of the Offset zone.
(This article first appeared in the Canadian Mining Journal)
