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NEWS RELEASE TRANSMITTED BY CCNMatthews
FOR: NORTH AMERICAN PALLADIUM LTD.
TSE SYMBOL: PDL
MAY 24 2000 - 17:39 EDT
North American Palladium Discovers New High Grade
Palladium, Mineralization At Roby Zone During Current
Phase I Drilling
North American Palladium Ltd.'s 100,000m exploration drilling
program of the Roby and Twilight Zones for year 2000 is one third
complete. The program objective is to delineate additional
resources by systematic step-out drilling throughout the deposit.
This current drill program intersected a new high grade
Pyroxenite and Gabbro Breccia mineralization in the South Roby
Zone. The Zone was encountered at a depth of 300m below surface
and is located outside the ultimate pit proposed as part of the
expansion project. It is anticipated that this Zone will
contribute to an increase in the Palladium resource, and have a
significant impact on further expansion of the Roby Pit and mine
life.
From January 15 to May 17, 2000, a total of 28,196m of core
drilling in 54 holes were completed during the Phase 1 drilling
program at the Company's Lac des Iles Mine, located 85 km north
of Thunder Bay, Ontario. Roby Zone mineralization has been
extended more than 200m deeper than previous known intersections
from the 1999 exploration drilling program, exceeding a depth of
600m. Definition drilling of the Twilight Zone located to the
south east of the Roby Zone is continuing. It is expected that
the Twilight Zone mineralization will significantly contribute to
the increase in the Palladium resource at the Lac des Iles Mine.
This press release reports new results for 14 holes (8,121m)
completed between April 17 and May 17, 2000. Three holes
intercepted the North Roby Zone, hole 00-041 having 33m grading
2.17 g/t Pd, hole 00-200 having 15m at 3.42 g/t and hole 00-055
having 57m grading 2.18 g/t Pd. All holes are collared at the
south end of the Roby zone, testing both the Roby and Twilight
zones. In North Roby Zone, mineralization is essentially hosted
by Gabbro and Gabbronorite Breccia.
Roby Zone higher-grade mineralization hosted by a mixture of
Pyroxenite and Gabbro Breccia was intercepted 60m south of its
previously known southern limit, at a depth from 300m to 350m.
Hole 00-107 has a 65m intersection grading 3.34 g/t Pd, including
a 26m interval grading 6.20 g/t Pd.
The third of four intercepts in hole 00-106, from 399m to 480m,
contains 81m grading 1.74 g/t Pd. Similarly, hole 00-097
intercepted 66.2m grading 2.64 g/t Pd, including 14.75m grading
4.52 g/t Pd. Additional drilling will be necessary to fully
define the extent of this higher grade zone. This zone is open on
strike and further exploration drilling is planned to define the
geometry of this zone. Assay results from hole 00-098, which also
intercepted the zone, are pending.
Holes 00-075, 00-077, 00-106 and 00-208 all generated multiple
intercepts within the South Roby Zone, ranging in depth 300m to
650m. The longest intercepts include; 81m grading 1.74 g/t Pd in
hole 00-106, 133m grading 1.45 g/t Pd in hole 00-077, and 78m
grading 1.78 g/t Pd in hole 00-106, with higher grade intercepts
of 3m and 6m, respectively at 3.8 g/t Pd and 4.31 g/t Pd. Deeper
intercepts in hole 00-075 are 63m grading 1.91 g/t Pd, including
a higher grade intercept of 18.4m at 3.08 g/t Pd, and 53.8m at
1.37 g/t Pd including a 6m higher grade intercept at 3.01 g/t Pd.
Hole 00-208 confirmed the continuity of Roby Zone mineralization
to a depth exceeding 700m, where it intersected 119.05m grading
1.19 g/t Pd. Deep drilling conducted over the course of this
program has confirmed that the Roby Zone extends to depths
exceeding 675m over a 330m strike length.
The Lac des Iles Mine is Canada's only primary producer of
platinum group metals and one of the largest platinum group
metals deposits in the world. Palladium demand for is expected to
remain strong in 2000 supported by an increase in annual
autocatalyst demand of 20% as reported by Johnson Matthey in
their Platinum 2000 review.
/T/Hole # from To Interval Pd Au
/T//T/ m M (m) (g/t) (g/t)
/T//T/
/T//T/North Roby Zone
/T//T/
/T//T/00-055 300.00 357.00 57.00 2.185 0.101
/T//T/Including 318.50 330.00 11.50 5.735 0.084
/T//T/00-200 63.00 78.00 15.00 3.418 0.038
/T//T/00-041 339.00 372.00 33.00 2.170 0.101
/T//T/Including 342.00 354.00 12.00 4.428 0.119
/T//T/
/T//T/Twilight and Roby Zone (at Depth)
/T//T/
/T//T/00-106 129.00 150.00 21.00 1.185 0.108
/T//T/00-106 180.00 195.00 15.00 1.137 0.089
/T//T/00-106 399.00 480.00 81.00 1.739 0.106
/T//T/Including 447.00 450.00 3.00 5.960 0.238
/T//T/00-106 600.00 678.00 78.00 1.779 0.101
/T//T/Including 639.00 642.00 3.00 3.800 0.064
/T//T/Including 651.00 657.00 6.00 4.312 0.341
/T//T/00-107 445.00 510.00 65.00 3.342 0.152
/T//T/Including 445.00 471.00 26.00 6.199 0.304
/T//T/00-097 416.80 483.00 66.20 2.636 0.155
/T//T/Including 423.00 426.00 3.00 5.130 0.128
/T//T/Including 440.55 455.30 14.75 4.519 0.400
/T//T/Including 477.00 481.70 4.70 4.467 0.068
/T//T/00-077 277.61 410.58 132.97 1.446 0.115
/T//T/
/T//T/Hole # from To Interval Pd Au
/T//T/ m M (m) (g/t) (g/t)
/T//T/
/T//T/Including 395.00 405.97 10.97 2.764 0.111
/T//T/00-077 473.61 507.69 34.08 1.411 0.135
/T//T/00-075 228.00 273.00 45.00 1.150 0.039
/T//T/Including 246.50 249.00 2.50 3.470 0.126
/T//T/00-075 420.00 441.00 21.00 1.575 0.161
/T//T/00-075 459.00 522.00 63.00 1.909 0.188
/T//T/Including 502.50 520.90 18.40 3.083 0.313
/T//T/00-075 571.70 625.50 53.80 1.372 0.130
/T//T/Including 606.00 612.00 6.00 3.015 0.357
/T//T/00-207 447.00 556.00 109.00 1.363 0.150
/T//T/00-207 654.00 711.00 57.00 2.405 0.154
/T//T/Including 684.00 708.00 24.00 3.949 0.241
/T//T/00-208 819.00 831.00 12.00 1.301 0.133
/T//T/00-208 951.95 1071.00 119.05 1.195 0.101
/T//T/Including 981.00 990.00 9.00 2.453 0.196
/T//T/Including 1005.00 1017.00 12.00 2.294 0.206
/T//T/00-069 321.00 331.00 10.00 1.097 0.128
/T//T/00-069 365.00 377.85 12.85 1.272 0.138
/T//T/
/T//T/
/T//T/
/T//T/Hole # Pt Cu NiTrue width
/T//T/ (g/t) % % (m)
/T//T/
/T//T/North Roby Zone
/T//T/
/T//T/00-055 0.145 0.018 0.022 48
/T//T/Including 0.271 0.009 0.009
/T//T/00-200 0.196 0.018 0.014 NA
/T//T/00-041 0.151 0.016 0.029 29
/T//T/Including 0.257 0.006 0.023
/T//T/
/T//T/Twilight and Roby Zone (at Depth)
/T//T/
/T//T/00-106 0.132 0.095 0.049 10
/T//T/00-106 0.135 0.066 0.042 10
/T//T/00-106 0.171 0.037 0.041 78
/T//T/Including 0.580 0.060 0.084
/T//T/00-106 0.202 0.052 0.054 60
/T//T/Including 0.295 0.065 0.077
/T//T/Including 0.545 0.150 0.108
/T//T/00-107 0.242 0.036 0.054 60
/T//T/Including 0.429 0.064 0.097
/T//T/00-097 0.247 0.076 0.072 60
/T//T/Including 0.260 0.041 0.028
/T//T/Including 0.463 0.128 0.128
/T//T/Including 0.443 0.181 0.145
/T//T/00-077 0.189 0.075 0.056 105
/T//T/
/T//T/Hole # Pt Cu NiTrue width
/T//T/ (g/t) % % (m)
/T//T/
/T//T/Including 0.403 0.183 0.129 40
/T//T/00-077 0.148 0.049 0.037
/T//T/00-075 0.176 0.080 0.059 NA
/T//T/Including 0.560 0.221 0.182
/T//T/00-075 0.205 0.089 0.060 21
/T//T/00-075 0.236 0.105 0.077 63
/T//T/Including 0.386 0.152 0.115
/T//T/00-075 0.172 0.055 0.049 38
/T//T/Including 0.415 0.169 0.120
/T//T/00-207 0.117 0.004 0.049 130
/T//T/00-207 0.227 0.004 0.052
/T//T/Including 0.337 0.005 0.077 32
/T//T/00-208 0.201 0.084 0.058 NA
/T//T/00-208 0.157 0.050 0.044 NA
/T//T/Including 0.302 0.103 0.078
/T//T/Including 0.278 0.066 0.058
/T//T/00-069 0.119 0.054 0.045 NA
/T//T/00-069 0.152 0.037 0.037 NA
/T//T/ /T/
/T/Note: Palladium (Pd), Gold (Au), and Platinum (Pt) are reported
/T//T/ in grams per tonne (g/t). Copper (Cu) and Nickel (Ni)
/T//T/ are reported in weight percent (%). True widths are
/T//T/ estimates perpendicular to the dip on drill sections./T/
For further information contact:
Keith C. Minty - President and C.E.O.
Tel: (807) 624-0960 Ext. 14 / Fax: (807) 624-0961
or
George D. Faught - Vice President Finance & C.F.O.
Tel: (416) 232-9532 Fax: (416) 207-9288
Website Address: //www.napalladium.com
Forward Looking Statements - Some statements contained in this
release are forward-looking and, therefore, involve uncertainties
or risks that could cause actual results to differ materially.
Such forward-looking statements include comments regarding the
exploration program and resource determination. Factors that
could cause actual results to differ materially include metal
price volatility, economic and political events affecting metal
supply and demand, fluctuations in ore grade, ore tons milled,
geological, technical, mining or processing problems, future
results of exploration programs, availability of financing and
possibility of lack of operating capital. The Company disclaims
any obligation to update forward-looking statements.
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