Major Precious Metals Completes Over 8,400m Resource Definition Program at Skaergaard

Rhea-AI Summary

Major Precious Metals has completed its Phase 1 diamond drilling program at the Skaergaard Project in Greenland, achieving all planned drill hole depths across an area of 10 km². A total of 32 drill holes (8,195 m) were executed alongside 240 m of channel sampling, leading to 11,600 core samples for assay testing to assess gold, palladium, and platinum levels. The results will be released in late October. The project holds significant potential, with the company highlighting the value of palladium and other critical minerals amid rising geopolitical interest in Greenland.

Positive

• Successful completion of Phase 1 drilling program with 32 diamond drill holes and 8,195 m drilled.
• Collection of approximately 11,600 core and channel samples for assay testing, indicating significant resource potential.
• Drilling aimed to expand existing mineral resources and explore for other valuable elements like vanadium and titanium.
• Geopolitical significance of Greenland's minerals sector is increasing, attracting financing for sustainable mining projects.

Negative

• None.

VANCOUVER, British Columbia, Sept. 17, 2021 (GLOBE NEWSWIRE) -- Major Precious Metals Corp. (“Major Precious Metals” or the “Company”) (CSE:SIZE | OTC:SIZYF | FRANKFURT:3EZ) is pleased to announce that it has successfully completed its Phase 1 diamond drilling program at its Skaergaard Project (“Skaergaard”) in Greenland with all planned drill hole depths covering an area of approximately 10 km² within the 7.5 km (east-west) by 11 km (north-south) Skaergaard intrusion, including key new target zones in the northern part of the Project.

Highlights

• A total of 32 diamond drill holes (8,195 m) were completed in several key target areas in the northern part of Skaergaard. These target areas were discussed in the Company’s August 26, 2021 news release.
• Approximately 240 m of channel samples were also collected from four separate areas where mineralization outcrops at surface in the northern part of the deposit.
• The combination of diamond drilling and channel sampling resulted in 8,435 m being completed and approximately 11,600 core and channel samples being collected for gold, palladium, platinum, and secondary element assay testing. Beneficial erosion since previous drilling campaigns were undertaken has resulted in considerably reduced overburden to the mineralized zones in some areas.
• The new drilling aimed to uplift and expand the existing mineral resource in the four main mineralized horizons at Skaergaard (H5, H3L1, H3, and H0) and verify the potential for vanadium, titanium, iron, gallium, and other secondary elements in the intermediate mineralized levels.
• This drilling program was also designed to test the bulk tonnage and open-cut potential in certain areas in the northern part of Skaergaard, where part of the mineralization is laterally exposed by erosion, since the initial discovery of the deposit.
• All planned drill hole depths were determined in advance by correlating light-coloured marker horizons present within the deposit with historical grades to model the four mineralized horizons in 3D using Leapfrog Geo. The Company is pleased to report that all planned drill hole depths were reached during the Phase 1 drilling program and intercepted mineralized horizons were sampled in full for assay testing.
• The SLR Consulting Ltd. (“SLR”) Qualified Persons (QP’s) also completed their personal inspection (site visit) of the Skaergaard Project the week of August 23rd. The SLR Qualified Persons were of the opinion that drilling, logging, core/channel sampling, and data management were all in accordance with mining industry standards and CIM best practice guidelines.
• The Skaergaard core and channel samples will shortly be sent to ALS Global’s laboratory in Loughrea, County Galway, Ireland for assay testing. Initial results are estimated to be released in late October, pending confirmation of exact timing by the laboratory.

Tony Williams, Chairman and CEO of Major Precious Metals commented, “We are very pleased to have successfully completed this phase of the evaluation at Skaergaard.

I believe it is important as we complete this stage of the project to remind investors of the sheer magnitude of the opportunity at Skaergaard. We can already demonstrate a Palladium and Gold resource of global significance, all independently modelled and supported by a NI 43-101 report.

We believe that the results from this recent drilling program will continue to demonstrate the uniquely uniform geology and precious metal content of the Skaergaard intrusion, and also confirm it as an advanced project with vast potential, which is now being relaunched by a new experienced team in a safe, mining-friendly jurisdiction.

The Greenland minerals sector is gaining increasing geopolitical importance for its critical minerals and is already attracting significant financing from US and European Agencies and the new Government has reaffirmed its support for sustainable mining projects such as Skaergaard.

Finally, I would just like to add that in my opinion it all starts and ends in the market. We are reviving Skaergaard at a time when prices for Platinum Group Metals, and Palladium in particular, are robust and market fundamentals appear strong going forward. Palladium is right at the forefront as a “Green Energy Metal” as the decarbonization of the global economy gathers pace. At Skaergaard not only do we have a large Palladium rich resource, we also have a lot of gold and exposure to other critical metals such as vanadium and titanium in the main and intermediate mineralized horizons, all adding to potential increases in overall ‘Rock Value’.

We look forward to further updating investors as results are finalized from this summer’s drilling program 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 mining company advancing exploration of its flagship Skaergaard Project in Greenland, which contains one of the world's largest palladium and gold deposits outside the major PGM producing areas of Russia and South Africa. The Company is focused on creating shareholder value by accelerating the progress of the Skaergaard Project along the Mine Development Cycle.

Additional information relating to Major Precious Metals is available at www.majorprecious.com and SEDAR at www.sedar.com.

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this 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. 

FAQ

What are the results from Major Precious Metals' drilling program at Skaergaard?

The drilling program at Skaergaard has successfully completed 32 diamond drill holes over 8,195 m, collecting around 11,600 samples for assay testing, with initial results expected in late October.

When will the assay results for the Skaergaard Project be available?

Initial assay results from the Skaergaard Project are estimated to be released in late October, following testing at ALS Global's laboratory.

What are the key minerals targeted in the Skaergaard Project?

The Skaergaard Project primarily targets palladium and gold, while also exploring potential for vanadium, titanium, and other critical elements.

How significant is the Skaergaard Project for Major Precious Metals?

The Skaergaard Project is considered globally significant due to its large palladium and gold deposits, with the company focused on advancing its development for shareholder value.

What is the current status of the minerals sector in Greenland?

The minerals sector in Greenland is gaining importance, attracting significant investments as the government supports sustainable mining projects, which benefits projects like Skaergaard.