North American Palladium Provides Palladium Exploration Update: Offset Zone Continues to Expand
TORONTO, ONTARIO -- (Marketwire) -- 06/28/11 -- North American Palladium Ltd. ('NAP' or the 'Company') (TSX: PDL)(NYSE Amex: PAL) today provided an update on the drill results from its 2011 exploration program at the Company's Lac des Iles ('LDI') palladium mine in Northern Ontario. These results (see Appendix) are the first tranche of drill results from the 2011 drill program currently underway at LDI.
Highlights:
-- Surface drilling on the Offset Zone intersected significant
mineralization over 150 metres south of the shaft location, underpinning
significant exploration potential beyond the current resource wireframe;
-- A drill following the south extension of the Offset Zone encountered
some of the best grades and width ever reported on the zone with 12
metres of 16.4 grams per tonne palladium ('g/t Pd');
-- Continued positive infill drill results throughout the Offset Zone,
including 65 metres at 6.4 g/t Pd in the top upper part of the zone; and
-- Offset Zone drilling improved the definition of the recently discovered
Sheriff Zone.
'After completing nearly 35,000 metres of drilling to date in 2011, the exploration results at LDI continue to highlight the significant potential to grow our reserve and resource base through exploration,' said William J. Biggar, President and CEO, NAP. 'I am particularly encouraged by the excellent results both laterally and at depth, which show that the Offset Zone extends south of where the shaft will be, at some of the highest grades we have ever reported. Likewise, we are gaining valuable new information on the recently discovered Sheriff Zone. These results underpin our belief that LDI has considerable exploration upside, and that we'll be mining there for a very long time.'
NAP's 2011 exploration program at LDI is aimed at expanding the size of the Offset Zone, increasing the knowledge of the Offset Zone mineralization to facilitate more efficient mine planning, and identifying potential surface deposits. Since the beginning of the year, a total of 12,950 metres have been drilled from underground, and 21,850 metres from surface, for a total of 34,800 metres.
Due to logging and assaying delays, the available results to date include only 71 holes totaling 24,189 metres of the 34,800 metres drilled, comprised of:
-- 18 holes from surface for a total of 15,147 metres, including:
-- 15 holes (11,356 metres) targeting the south area of the Offset
Zone, towards and past the shaft area; and
-- 3 deep holes (3,791 metres) into the Offset Zone (around the 4650
mine elevation and below);
-- 53 holes from underground for a total of 9,042 metres, of which:
-- 31 holes targeted the Upper Offset Zone; and
-- 22 holes were aimed at completing a previous Offset Zone 15-metre
infill drilling pattern.
Complete drill results are included in the appendix of this news release. It is estimated that for surface drilling, true widths represent on average 75% of the reported lengths, and for underground drilling, true widths represent on average 80% of the reported lengths. Elevations referred to in this news release are presented in the mine grid in figure 1, and the drill locations are presented in figure 2.
Surface Drilling
The Offset Zone was drilled from surface to follow it toward the south and to test the upper limit of the zone. In a press release dated February 14, 2011, NAP indicated that a deep hole (10-013) aimed at the southern part of the Offset Zone extension had intersected 69 metres at 3.5 g/t Pd at depth, including 13 metres at 5.7 g/t Pd. This confirmed the presence of the Offset Zone at elevation 4300, at the south limit of the resource calculation (see figure 3 in the appendix for a visual of location).
Since the beginning of 2011, the Offset Zone was drilled toward the south to follow its extension towards the shaft location (see figures 4 and 5 for a visual of location). The 11-100 and 11-050 series of holes are the follow-up holes around the 10-007 hole (46 metres at 3 g/t Pd) which had indicated the possible extension of the Offset Zone in the south area.
Highlights of these series of holes include:
-- Hole 11-102 reported 11 metres of 5.1 g/t Pd; and
-- Hole 11-051 returned some of the best grades and width ever reported on
the Offset Zone with 12 metres of 16.44 g/t Pd.
Surface drilling returned strong results that indicate the south extension of the Offset Zone still remains open over 150 metres past the location of the shaft, where the most southern hole (11-003) first intersected the Sheriff Zone (30 metres at 3.5 g/t Pd) and then the Offset Zone (88 metres at 3.6 g/t Pd, including 22 metres of 5.5 g/t Pd and 20 metres of 5.7 g/t Pd) (see figure 6). These results support NAP's belief that the Offset Zone deposit continues to expand to the south.
Some of these surface holes also intersected and better defined the Sheriff Zone. The following table includes some of the best results from the surface drilling on the Offset Zone and the Sheriff Zone (see figures 5 and 6):
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Hole Length of Intersection Grade (g/t Pd) Location
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11-003 30 metres 3.5 Sheriff Zone
And 88 metres 3.6 Offset Zone
Including 22 metres 5.5 Offset Zone
Including 20 metres 5.7 Offset Zone
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11-004 8 metres 3.6 Sheriff Zone
And 17 metres 5.2 Offset Zone
And 9 metres 4.6 Offset Zone
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11-051 6 metres 4.7 Sheriff Zone
And 12 metres 16.4 Offset Zone
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11-052 21 metres 3.0 Sheriff Zone
And 5 metres 4.5 Offset Zone
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11-102 15 metres 3.6 Offset Zone
And 7 metres 4.9 Offset Zone
And 11 metres 5.1 Offset Zone
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11-105 12 metres 5.2 Sheriff Zone
And 9 metres 3.7 Offset Zone
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Additional drilling from surface is currently in progress and will continue to test the extensions toward the south of the Offset Zone and the Sheriff Zone.
Deep Surface Drilling
The surface directional drill continued to target the Offset Zone at elevation below the 4650 mine level (see figure 2 for a visual of location). The following intersections were encountered during the first tranche of drilling:
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Hole Length of Intersection Grade (g/t Pd) Location
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11-501 5 metres 5.6 Sheriff Zone
And 12 metres 5.6 Offset Zone
----------------------------------------------------------------------------
11-552 3 metres 11.1 Offset Zone
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These latest results confirm that the Offset Zone remains open towards the south and at depth, and that the other zones remain to be followed.
Underground Definition Drilling
In 2011 the underground drilling on the Offset Zone continued to define the ore body on a 15-metre drill pattern. This includes holes which were mostly completed in the upper sector of the Offset Zone, where production is scheduled to commence in early 2012 (see figures 5, 7 and 8). The holes were drilled on fan patterns from the Offset Zone ramp and the vast majority intersected the Offset Zone with grades similar or better than the recently published resource estimate. Some of the best results include:
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Hole Length of Intersection Grade (g/t Pd) Location
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11-701 17 metres 6.7 Offset Zone
Including 6 metres 11.5 Offset Zone
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11-702 11 metres 8.2 Offset Zone
Including 4 metres 14.0 Offset Zone
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11-706 41 metres 5.5 Offset Zone
Including 14 metres 8.6 Offset Zone
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11-726 54 metres 5.0 Offset Zone
Including 6 metres 9.3 Offset Zone
Including 9 metres 7.0 Offset Zone
Including 9 metres 7.2 Offset Zone
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11-729 59 metres 6.1 Offset Zone
Including 17 metres 9.2 Offset Zone
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11-732 24 metres 5.1 Offset Zone
Including 13 metres 7.0 Offset Zone
And 24 metres 4.5 Cowboy Zone
Including 6 metres 10.0 Cowboy Zone
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11-734 39 metres 5.4 Offset Zone
Including 4 metres 8.1 Offset Zone
Including 10 metres 9.6 Offset Zone
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11-621 14 metres 9.0 Offset Zone
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11-624 65 metres 6.4 Offset Zone
Including 11 metres 12.9 Offset Zone
Including 9 metres 16.7 Offset Zone
Including 5 metres 7.2 Offset Zone
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11-625 11 metres 8.1 Offset Zone
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11-631 16 metres 9.9 Offset Zone
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2011 LDI Exploration
Following the exploration success achieved over the past two years, NAP will continue to make significant investments in exploration to expand mineral reserves and resources at LDI and to identify new targets. In total, NAP plans to drill 59,000 metres at LDI this year, including 7,000 metres at NAP's other nearby properties.
The primary focus of the exploration program will be continued underground exploration at LDI targeting the Offset Zone. The program will attempt to better define the upper extension of the Offset Zone for mine planning, as well as testing the extension of the Offset Zone mineralization north, south, down-dip, and up-dip towards surface. NAP has also started a definition drilling program on some of the possible extensions of the Roby Zone ore body, to be completed in the third quarter of 2011.
Technical Information and Qualified Persons
The assay analyses performed during NAP's drill programs are subject to a formal quality assurance and quality control (QA/QC) program. Diamond drill core is logged and sampled on site and at the Company's exploration office in Thunder Bay with sample transport by the Company and Courtesy Courier to Activation Laboratories Ltd. (Thunder Bay and Ancaster), an independent accredited laboratory, for assay analysis. Check assay analyses are carried out by SGS Minerals Services (Toronto), a laboratory that is also independent of the Company. The Company's exploration team designed and executed the drilling program under the supervision of Mr. Michel Bouchard, P. Geo., Vice President, Exploration and Development, NAP, a Qualified Person as defined by National Instrument 43-101, who has reviewed and approved the content of this news release.
About North American Palladium
NAP is a Canadian precious metals company focused on growing its production of palladium and gold in mining-friendly jurisdictions. The Company's flagship mine, Lac des Iles, is one of the world's two primary palladium producers. NAP also owns and operates the Sleeping Giant gold mine located in the prolific Abitibi region of Quebec. The Company has extensive landholdings adjacent to both its Lac des Iles and Sleeping Giant mines, and a number of exploration projects. NAP trades on the NYSE Amex under the symbol PAL and on the TSX under the symbol PDL.
Cautionary Statement on Forward Looking Information
Certain information included in this press release, including any information as to our future exploration, financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. The words 'expect', 'believe', 'will', 'intend', 'estimate' and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, including the possibility that drill programs will not yield the expected results, that operations at the Lac des Iles and Sleeping Giant mines may not proceed as planned, that Vezza and other properties can be successfully developed, and that metal prices, foreign exchange assumptions and operating costs may differ from management's expectations. The Company cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of North American Palladium to be materially different from the Company's estimated future results, performance or achievements expressed or implied by those forward-looking statements and that the forward-looking statements are not guarantees of future performance. These statements are also based on certain factors and assumptions. For more details on these estimates, risks, assumptions and factors, see the Company's most recent Form 40-F/Annual Information Form on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except as expressly required by law. Readers are cautioned not to put undue reliance on these forward-looking statements.
Appendix:
Surface Exploration (South Pit Area)
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From To Length Pd Pt Au Cu Ni Co
Drill Hole (m) (m) (m) (g/t) (g/t) (g/t) (%) (%) (%) Zone
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11-001 NSA
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11-002 765 811 46 2.94 0.34 0.34 0.107 0.127 0.009 Offset
Including 796 805 9 5.26 0.57 0.58 0.156 0.180 0.010 Offset
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11-003 120 150 30 3.48 0.34 0.22 0.066 0.098 0.009 Sheriff
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11-003 873 961 88 3.58 0.42 0.37 0.108 0.124 0.008 Offset
Including 884 906 22 5.47 0.65 0.62 0.193 0.192 0.009 Offset
Including 936 956 20 5.70 0.62 0.54 0.115 0.139 0.008 Offset
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11-004 543 551 8 3.55 0.28 0.27 0.054 0.073 0.007 Sheriff
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11-004 1306 1323 17 5.19 0.40 0.51 0.121 0.151 0.008 Offset
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11-004 1370 1379 9 4.64 0.42 0.23 0.098 0.109 0.006 Offset
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11-006 NSA
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11-008 NSA
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Upper Offset Zone (Surface Drilling)
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From To Length Pd Pt Au Cu Ni Co
Drill Hole (m) (m) (m) (g/t) (g/t) (g/t) (%) (%) (%) Zone
----------------------------------------------------------------------------
11-051 124 130 6 4.72 0.48 0.33 0.077 0.112 0.010 Sheriff
----------------------------------------------------------------------------
11-051 789 801 12 16.44 1.80 1.52 0.225 0.295 0.009 Offset
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11-052 109 130 21 3.02 0.36 0.23 0.069 0.094 0.010 Sheriff
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11-052 786 791 5 4.54 0.51 0.52 0.211 0.154 0.011 Offset
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11-053 778 786 8 3.43 0.43 0.25 0.089 0.096 0.008 Offset
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11-053 793 801 8 3.70 0.45 0.33 0.116 0.119 0.008 Offset
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11-054 717 732 15 3.32 0.40 0.37 0.117 0.128 0.008 Offset
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11-054 801 806 5 3.32 0.38 0.27 0.104 0.115 0.008 Cowboy
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11-101 NSA
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11-102 564 579 15 3.56 0.40 0.26 0.067 0.094 0.008 Offset
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11-102 669 676 7 4.91 0.58 0.57 0.196 0.192 0.010 Offset
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11-102 728 739 11 5.12 0.59 0.53 0.133 0.151 0.008 Offset
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11-103 112 120 8 3.34 0.26 0.07 0.082 0.076 0.006 Sheriff
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11-103 569 577 8 3.36 0.40 0.33 0.123 0.111 0.010 Offset
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11-104 584 590 6 3.08 0.38 0.26 0.109 0.094 0.009 Offset
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11-105 111 123 12 5.22 0.36 0.08 0.060 0.071 0.007 Sheriff
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11-105 601 610 9 3.72 0.44 0.42 0.177 0.170 0.010 Offset
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Deep Offset Zone
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From To Length Pd Pt Au Cu Ni Co
Drill Hole (m) (m) (m) (g/t) (g/t) (g/t) (%) (%) (%) Zone
----------------------------------------------------------------------------
11-501 173 178 5 5.61 0.53 0.28 0.114 0.064 0.008 Sheriff
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11-501 1367 1379 12 5.58 0.42 0.58 0.140 0.159 0.007 Offset
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11-551 894 897 3 8.25 0.62 0.36 0.008 0.050 0.007 Roby
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11-552 1370 1373 3 11.14 1.38 0.11 0.012 0.037 0.004 Offset
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Upper Offset Zone (Underground)
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From To Length Pd Pt Au Cu Ni Co
Drill Hole (m) (m) (m) (g/t) (g/t) (g/t) (%) (%) (%) Zone
----------------------------------------------------------------------------
11-600 84 89 5 3.27 0.21 0.13 0.047 0.063 0.006 Offset
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11-601 122 132 10 3.20 0.41 0.27 0.124 0.119 0.007 Offset
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11-602 109 117 8 3.58 0.41 0.21 0.094 0.082 0.006 Offset
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11-603 140 153 13 3.52 0.48 0.50 0.203 0.192 0.010 Offset
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11-604 77 81 4 4.55 0.29 0.19 0.077 0.073 0.007 Offset
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11-606 NSA
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11-607 114 119 5 4.51 0.34 0.05 0.015 0.048 0.004 Offset
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11-608 NSA
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11-609 NSA
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11-610 NSA
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11-611 55 61 6 4.90 0.26 0.19 0.081 0.092 0.008 Offset
----------------------------------------------------------------------------
11-612 57 80 23 3.80 0.26 0.15 0.089 0.102 0.006 Offset
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11-613 62 79 17 4.57 0.36 0.29 0.088 0.111 0.008 Offset
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11-613 88 92 4 5.30 0.50 0.47 0.182 0.202 0.010 Cowboy
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11-614 58 66 8 4.71 0.28 0.23 0.052 0.110 0.006 Offset
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11-615 73 88 15 3.56 0.27 0.11 0.039 0.070 0.005 Offset
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11-616 NSA
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11-617 NSA
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11-618 125 142 17 3.54 0.45 0.31 0.095 0.110 0.007 Offset
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11-619 NSA
----------------------------------------------------------------------------
11-620 53 61 8 3.83 0.31 0.12 0.153 0.120 0.011 Offset
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11-620 80 91 11 4.09 0.33 0.14 0.085 0.109 0.008 Cowboy
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11-621 51 65 14 8.95 0.46 0.32 0.085 0.143 0.008 Offset
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11-622 54 73 19 5.33 0.38 0.59 0.145 0.186 0.009 Offset
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11-622 92 96 4 5.31 0.36 0.11 0.023 0.085 0.005 Cowboy
----------------------------------------------------------------------------
11-623 52 70 18 4.36 0.30 0.29 0.070 0.109 0.006 Offset
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11-624 28 93 65 6.41 0.40 0.31 0.076 0.116 0.006 Offset
Including 31 42 11 12.95 0.77 0.53 0.129 0.194 0.008 Offset
And 57 66 9 16.66 0.93 0.85 0.065 0.097 0.005 Offset
And 84 89 5 7.24 0.53 0.28 0.082 0.132 0.007 Offset
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11-625 30 41 11 8.09 0.61 0.53 0.121 0.155 0.008 Offset
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11-626 57 61 4 5.11 0.34 0.26 0.058 0.099 0.008 Offset
----------------------------------------------------------------------------
11-626 66 71 5 9.83 0.47 0.52 0.052 0.119 0.006 Offset
----------------------------------------------------------------------------
11-626 92 97 5 4.40 0.32 0.09 0.006 0.040 0.004 Cowboy
----------------------------------------------------------------------------
11-627 NSA
----------------------------------------------------------------------------
11-628 NSA
----------------------------------------------------------------------------
11-629 72 79 7 5.49 0.45 0.21 0.109 0.144 0.007 Offset
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11-630 60 72 12 3.22 0.30 0.18 0.135 0.152 0.006 Offset
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11-631 111 127 16 9.86 0.63 0.77 0.142 0.219 0.007 Offset
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Offset Zone Infill Drilling (on 15-metre pattern)
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From To Length Pd Pt Au Cu Ni Co
Drill Hole (m) (m) (m) (g/t) (g/t) (g/t) (%) (%) (%) Zone
----------------------------------------------------------------------------
11-700 NSA
----------------------------------------------------------------------------
11-701 114 131 17 6.68 0.76 0.59 0.197 0.194 0.008 Offset
Including 117 123 6 11.52 1.28 1.09 0.318 0.291 0.009 Offset
----------------------------------------------------------------------------
11-702 107 118 11 8.28 0.87 0.65 0.187 0.228 0.010 Offset
Including 112 116 4 13.95 1.42 1.08 0.270 0.340 0.013 Offset
----------------------------------------------------------------------------
11-703 NSA
----------------------------------------------------------------------------
11-704 NSA
----------------------------------------------------------------------------
11-705 76 87 11 4.71 0.67 0.58 0.329 0.253 0.013 Offset
----------------------------------------------------------------------------
11-706 72 113 41 5.55 0.56 0.43 0.133 0.167 0.008 Offset
Including 84 98 14 8.62 0.84 0.70 0.204 0.246 0.010 Offset
----------------------------------------------------------------------------
11-707 NSA
----------------------------------------------------------------------------
11-708 69 94 25 3.26 0.43 0.29 0.131 0.136 0.007 Offset
----------------------------------------------------------------------------
11-725 130 146 16 4.55 0.31 0.31 0.071 0.099 0.007 Offset
----------------------------------------------------------------------------
11-726 112 166 54 5.01 0.34 0.28 0.078 0.108 0.006 Offset
Including 113 119 6 9.29 0.69 0.28 0.072 0.150 0.005 Offset
And 124 133 9 7.02 0.41 0.44 0.093 0.118 0.006 Offset
And 157 166 9 7.18 0.45 0.43 0.130 0.134 0.007 Offset
----------------------------------------------------------------------------
11-727 116 176 60 4.47 0.31 0.26 0.083 0.113 0.006 Offset
Including 152 160 8 8.15 0.50 0.42 0.125 0.151 0.007 Offset
----------------------------------------------------------------------------
11-728 128 183 55 4.64 0.30 0.30 0.088 0.127 0.006 Offset
Including 133 139 6 7.16 0.40 0.42 0.077 0.115 0.005 Offset
And 169 175 6 8.05 0.45 0.27 0.103 0.159 0.006 Offset
----------------------------------------------------------------------------
11-729 132 191 59 6.09 0.36 0.41 0.120 0.138 0.006 Offset
Including 147 164 17 9.18 0.43 0.59 0.145 0.152 0.006 Offset
----------------------------------------------------------------------------
11-730 129 134 5 5.14 0.36 0.34 0.095 0.118 0.008 Offset
----------------------------------------------------------------------------
11-731 121 170 49 3.74 0.25 0.17 0.049 0.081 0.005 Offset
Including 136 144 8 9.70 0.54 0.34 0.089 0.138 0.006 Offset
----------------------------------------------------------------------------
11-731 207 223 16 3.45 0.23 0.05 0.011 0.061 0.004 Cowboy
Including 213 218 5 5.55 0.37 0.08 0.017 0.078 0.005 Cowboy
----------------------------------------------------------------------------
11-732 128 152 24 5.13 0.33 0.27 0.063 0.102 0.006 Offset
Including 130 143 13 7.03 0.45 0.40 0.087 0.122 0.006 Offset
----------------------------------------------------------------------------
11-732 205 229 24 4.53 0.24 0.09 0.031 0.081 0.005 Cowboy
Including 220 226 6 9.98 0.42 0.22 0.058 0.143 0.006 Cowboy
----------------------------------------------------------------------------
11-733 NSA
----------------------------------------------------------------------------
11-734 116 121 5 5.07 0.33 0.30 0.069 0.094 0.007 Offset
----------------------------------------------------------------------------
11-734 138 177 39 5.43 0.33 0.21 0.078 0.098 0.006 Offset
Including 151 155 4 8.07 0.51 0.46 0.175 0.130 0.007 Offset
And 163 173 10 9.55 0.49 0.37 0.152 0.157 0.008 Offset
----------------------------------------------------------------------------
11-736 NSA
----------------------------------------------------------------------------
11-737 NSA
----------------------------------------------------------------------------
11-738 NSA
----------------------------------------------------------------------------
11-739 64 100 36 3.56 0.30 0.36 0.108 0.098 0.007 Offset
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To view the figures associated with this press release, please visit the following link: http://media3.marketwire.com/docs/NAP628figs.pdf.
Contacts:
North American Palladium Ltd.
Camilla Bartosiewicz
Manager, Investor Relations and Corporate Communications
416-360-7590 Ext. 7226
camilla@nap.com
North American Palladium Ltd.
Michel Bouchard
Vice President, Exploration and Development
mbouchard@nap.com
www.nap.com