North American Palladium Announces Phase II Drill Results From Shebandowan Nickel/Copper Project
Market Wire, May, 2007
North American Palladium Ltd. ("NAP") (TSX: PDL)(AMEX: PAL) is pleased to announce drill results from the Phase II drill campaign at the Shebandowan Nickel/Copper Project located approximately 100 km southwest of its 100% owned Lac des Iles mine in Ontario. The Option Joint Venture with CVRD Inco Limited entitles NAP to earn a 50% interest in the Haines-Conacher properties and the former Shebandowan mine (the "Shebandowan Property") for cash payments aggregating $200,000 and exploration expenditures of $3 million on or before March 31, 2008.
The recently completed drill program was an expansion of the Phase I program (see press release dated September 12, 2006) and focused on in-fill drilling at the West Zone, Road Zone and D-Zone mineralized bodies, all located immediately to the west and along strike of the past-producing Shebandowan mine. Two significant ultramafic units have been recognized, a North unit which hosts part of all three zones and is the principle host to the nickel-copper mineralization at the Shebandowan mine, and a South unit which hosts a part of the Road Zone.
Fifty eight (58) holes (SP-06-022 to 079 inclusive) for a total of 8,441.5 metres were completed in this program and highlights of significant results are presented below.
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INTER- PLAT- PALL-
FROM TO VAL NICKEL COPPER COBALT GOLD INUM ADIUM
HOLE (m) (m) (m) (%) (%) (%) (g/t) (g/t) (g/t) LENS
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West Zone
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SP06-
023 134.00 144.00 10.00 1.0975 0.5161 0.0397 0.093 0.257 1.034 North
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SP06-
030 107.00 109.00 2.00 3.2769 6.3063 0.0643 1.113 1.544 8.448 North
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And 114.00 132.00 18.00 1.3194 2.2207 0.0332 0.186 0.597 2.391 North
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Incl 123.00 132.00 9.00 1.9197 3.6885 0.0399 0.284 0.565 2.875 North
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SP06-
039 107.00 109.00 2.00 0.2205 0.5149 0.0153 0.130 0.143 0.697 North
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And 111.00 126.95 15.95 0.9779 1.4212 0.0378 0.172 0.407 2.176 North
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Incl 114.00 125.00 11.00 1.2090 1.5257 0.0458 0.219 0.510 2.726 North
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SP06-
041 199.75 203.75 4.00 4.6713 1.1941 0.1127 0.095 0.516 1.036 North
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SP06-
046 145.00 147.00 2.00 0.4044 0.6029 0.0114 0.056 0.179 0.580 North
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And 150.00 160.16 10.16 1.0588 0.6396 0.0354 0.115 0.260 0.831 North
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Incl 153.00 157.00 4.00 1.4939 0.8448 0.0635 0.123 0.271 0.962 North
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Road Zone
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SP06-
052 70.60 86.00 15.40 1.0987 0.9504 0.0403 0.244 0.393 2.490 South
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Incl 73.00 78.00 5.00 1.5681 1.2326 0.0559 0.200 0.581 4.671 South
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Incl 82.00 86.00 4.00 1.8153 0.8166 0.0493 0.198 0.532 2.057 South
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SP06-
053 136.25 140.25 4.00 1.6672 0.8060 0.0526 0.274 0.297 1.464 North
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SP06-
055 56.00 74.00 18.00 1.0622 0.6411 0.0470 0.180 0.316 0.961 North
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Incl 59.00 63.00 4.00 1.1108 0.6410 0.0544 0.252 0.410 1.185 North
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Incl 66.00 74.00 8.00 1.6352 0.9759 0.0689 0.146 0.426 1.280 North
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SP06-
079 67.50 77.70 10.20 1.3989 0.7007 0.0427 0.369 0.517 1.939 North
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And 145.55 147.55 2.00 1.3730 0.7796 0.0837 1.258 0.163 1.303 South
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And 157.4 159.15 1.75 1.9813 0.8677 0.0473 0.313 0.129 0.907 South
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D-Zone
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SP06-
067 22.00 35.80 13.80 1.3493 0.7436 0.0472 0.312 0.301 1.105 North
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SP06-
068 37.66 38.50 0.84 1.2417 1.7261 0.0674 0.575 0.231 1.188 North
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And 42.00 43.00 1.00 0.9628 0.5072 0.0417 0.286 0.229 0.781 North
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And 49.40 53.00 3.60 1.0373 0.1441 0.0583 0.096 0.258 0.552 North
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And 58.80 60.30 1.50 5.9319 0.9889 0.0889 1.725 0.271 2.708 North
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SP06-
074 12.80 15.00 2.20 6.5634 1.2548 0.1258 0.230 1.222 2.524 North
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And 19.60 20.73 1.13 1.2380 0.3020 0.1397 0.258 0.361 1.905 North
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And 23.68 26.67 2.99 5.9537 1.7659 0.1259 0.139 0.492 2.814 North
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SP06-
077 22.00 24.75 2.75 3.9816 1.0497 0.1052 0.143 0.737 3.547 North
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(i)Note: true widths are interpreted to average 65-75% of the drilled
widths
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