Continues to Expand Parisien Lake Zone In Ontario
Grid Metals Corp.(TSXV:GRDM)(OTCQB:MSMGF) has received promising new results from three additional drill holes from the Central Parisien Lake Zone at its East Bull Lake palladium property located near Sudbury, Ontario.
Drilling hit multiple zones of palladium-dominant mineralisation including a footwall copper sulphide vein containing 1.2 ounces per tonne palladium.
Vice-President of Exploration and Business Development, Dr David Peck, said drilling results received over the last 10 months combined with geophysical data confirm the presence of a persistently mineralised layer along the base of the East Bull Lake intrusion having the potential to host multiple, near surface palladium-rich copper-nickel sulphide deposits.
Highlights
- Drillhole EBL 21-09 intersected three discrete zones of palladium-rich sulphide mineralisation including a footwall copper sulphide vein which grades 37.6 g/t Pd (1.2 oz/tonne Pd), 6.68 g/t Pt and 21.3% Cu over 0.54 metres within a two metre mineralised interval averaging 10.7 g/t Pd and 5.87% Cu. Similar grades are present in footwall copper sulphide veins in major magmatic systems, globally – including both the Sudbury and Noril’sk mining camps. An offhole conductor adjacent to this vein was subsequently detected by borehole geophysics.
- Drill hole EBL21-07, drilled 70m southeast from EBL21-09, also intersected wide zones of palladium mineralisation having local higher-grade sections including 1.0 metres of 11.5 g/t Pd from 6.0m depth.
- EBL21-08, the most northerly and westerly hole drilled in the target area, is a 350m step out from the main area of drilling. It intersected a narrow, higher-grade section in the Basal Layer (0.75m with 4.64 g/t Pd and 1.19 Pt).
- The area between hole EBL21-08 in the west and holes EBL21-07 and 09 in the east is over 200 metres wide and is centred on a potential north-striking feeder fault that remains to be drilled.
- Palladium mineralisation continues to be associated with an extensive, inclusion-rich gabbro layer that blankets the base of the East Bull Lake intrusion, herein referred to as the “Basal Layer.” The company is now confident in its ability to predict the position of the Basal Layer to depths exceeding several hundred metres across the entire >20 km strike length of the property using a combination of resistivity, conductivity and magnetic survey data.
“We continue to see good widths of near surface, palladium-rich disseminated sulphide mineralisation in the Parisien Lake area associated with what we now refer to as the Basal Layer,” Dr Peck said.
“We have now expanded the strike length of the Parisien Lake Zone to approximately two kilometres. And this is just one segment of the laterally extensive Basal Layer. We are also encouraged by the intersection of the very high-grade massive copper sulphide vein in hole EBL21-09, which adds a new dimension to our ongoing exploration programming.
“We want to accelerate our efforts to discover and delineate multiple near-surface palladium deposits at East Bull Lake, especially at a time when palladium has reached a new record high of nearly U.S. $3,000 per ounce.”
Results from the remaining six holes completed in the Q1 2021 Parisien Lake drilling program will be reported as they become available.
To help prioritise the next phase of drilling on the Property the company will complete a several-week-long summer prospecting and mapping program set to commence in June. Preliminary rhodium analyses for selected samples from the Parisien Lake area are expected to be received within the next few weeks.
Results from the recently initiated metallurgical study on three composite core samples from recent Parisien Lake area drill holes, which is being conducted by XPS Expert Process Solutions facility in Sudbury, are expected to be available this summer.
