VANCOUVER, British Columbia, July 11, 2020 (GLOBE NEWSWIRE) — Major Precious Metals Corp. (“Major Precious Metals” or the “Company”) (CSE:SIZE | OTC:SIZYF | FRANKFURT:3EZ) is pleased to announce that the Company is planning a site visit, subject to potential logistics issues that may arise due to COVID-19, for the month of August, at its Skaergaard Project in Greenland.
The purpose of this site visit will be to review the geology and mineralization within the Skaergaard intrusion, which is approximately 7.5km east-west and 11km north-south in size, and as part of the historical data verification process and an updated mineral resource estimate to be completed in accordance with CIM standards and NI 43-101.
The Company has analyzed recent drilling and geological data collected by previous owner Platina Resources Limited (“Platina”) and data contained within historical reports for the Skaergaard Project and believes that:
- Previously assumed mineable widths used in the historical resource estimate (“historical estimate”) may have been underestimated;
- Significant increases in gold and palladium pricing assumptions since the completion of a historical JORC resource estimate by Platina in 2013 and a Scoping Study in 2019 may allow the Company to include other areas of mineralization previously not considered, and improve the AuEq cut-off grades;
- Interval sampling for vanadium, gallium and titanium was not completed by Platina in 68 drill holes and 35,000 metres of drilling. However, existing drill core will be re-sampled and tested for these elements and all future core drilling by the Company will include testing of these elements as potential byproducts in metallurgical studies. In addition, based on recent metallurgical and recovery testing completed by Platina, the addition of these important elements could potentially improve the project’s viability in a bulk tonnage mining scenario; and
- While not contemplated in the 2019 Scoping Study by Platina, a combination of open-pit and underground mining methods could potentially be effective in maximizing recoverable mineralization across the two main zones (North Zone and the South Zone). However, the Company cautions that these types of mining scenarios need to be investigated further as part of an updated mining study for the Skaergaard Project.
As previously reported by the Company in its June 1, 2020 news release, the most recent historical JORC resource estimate (“historical estimate”) completed for the Skaergaard Project was completed in July 2013 using metal price assumptions of US$1,400/oz for gold and platinum, and US$560/oz for palladium and a cutoff grade of 1 g/t AuEq resulting in an:
Indicated Mineral Resource of 5.1 million tonnes at 1.66 g/t AuEq
- 0.2 million ounces of gold
- 0.14 million ounces of palladium
- 0.01 million ounces of platinum
Inferred Mineral Resource of 197.1 million tonnes at 1.51 g/t AuEq
- 5.5 million ounces of gold
- 8.5 million ounces…