Major Precious Metals Provides Update to Skaergaard Project

Rhea-AI Summary

Major Precious Metals Corp. (NEO: SIZE | OTC: SIZYF) provides an update on its Skaergaard Project in eastern Greenland, revealing approximately 4 million ounces of palladium and 1 million ounces of gold identified as Indicated Resources, with additional substantial amounts classified as Inferred Resources. The Company is currently analyzing over 11,000 new samples, with results expected by mid-May 2022. The political landscape emphasizes the need for a secure supply of palladium, particularly given Russia's significant market share. Additionally, the Company announces the resignation of President Paul Teniere.

Positive

• Significant mineral resources identified: 4 million ounces of palladium and 1 million ounces of gold in Indicated Resources.
• Additional potential: close to 10 million ounces of palladium and 4 million ounces of gold in Inferred Resources.
• Ongoing analysis of over 11,000 new samples could lead to expanded resources.

Negative

• Delays in reporting assay results due to Covid-related issues.
• Resignation of President Paul Teniere may create leadership uncertainty.

VANCOUVER, British Columbia, April 04, 2022 (GLOBE NEWSWIRE) -- Major Precious Metals Corp. (“Major Precious Metals” or the “Company”) (NEO: SIZE | OTC: SIZYF | FRANKFURT: 3EZ), a Canadian mining company advancing exploration of its flagship Skaergaard Project in eastern Greenland, the subject of a NI 43-101 Report filed on SEDAR on May 25, 2021 (the “Report”), provides an update to the Skaergaard project.

Shareholders referring to this Report will note that already some 4 million ounces of palladium and 1 million ounces of gold has been outlined as Indicated Resources and close to a further 10 million ounces of palladium and 4 million ounces of gold outlined in the Inferred Resource category all independently assessed and modelled at precious metal prices, well below today’s values.

“This clearly indicates that Skaergaard is a significant and important global resource,” stated the Company’s CEO, Tony Williams.

To support the conclusions in the Report and to potentially expand the resources as previously reported in the Company’s press releases of August 26, and September 17, 2021 and January 6, 2022, over 11,000 new core and channel samples have been collected at the Skaergaard Project and delivered to the ALS Global Laboratory at Loughrea, Ireland for analysis.

“This analysis process is ongoing and although reporting of results has been somewhat delayed largely due to Covid related issues,” said Tony Williams, “we expect to report initial results soon and anticipate all assaying will be completed by mid-May 2022. The interpretation of these results will clarify the next steps needed for potential economic extraction of the Skaergaard Resources.”

The Company owns 100% of this large palladium rich resource located at Skaergaard, on the east coast of Greenland. Greenland is a safe, mining friendly jurisdiction. The deposit also contains other potentially recoverable critical metals as well as having a significant gold content as set out in the Report.

The geopolitical importance of identifying a secure supply of critical metals such as palladium has only been re-emphasized by the recent conflict in Ukraine involving Russia. Russia currently accounts for around 40% of the worlds mined palladium. 

“We look forward to informing Shareholders in due course as results emerge,” concluded Tony Williams.

The Company also announces the resignation of Paul Teniere as President of the Company. "We take this opportunity to thank Paul for this service to the Company, stated Tony Williams “and we wish him all the best in his future endeavours”.

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 eastern 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.

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

The Neo 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.

FAQ

What are the latest developments regarding Major Precious Metals Corp. and the Skaergaard Project?

Major Precious Metals announced updates on its Skaergaard Project, identifying significant palladium and gold resources and ongoing sample analysis, with results expected soon.

What resource estimates have been reported for the Skaergaard Project?

The Skaergaard Project has reported 4 million ounces of palladium and 1 million ounces of gold as Indicated Resources, with further Inferred Resources of nearly 10 million ounces of palladium and 4 million ounces of gold.

When will the assay results for the new samples from the Skaergaard Project be available?

The initial assay results are expected to be reported soon, with all analysis anticipated to be completed by mid-May 2022.

What impact does the geopolitical landscape have on the Skaergaard Project?

The ongoing conflict in Ukraine has heightened the importance of securing palladium supplies, as Russia accounts for about 40% of the world's mined palladium.

Who has resigned from Major Precious Metals Corp. recently?

Paul Teniere has resigned as President of Major Precious Metals Corp.