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Record palladium prices spur exploration near Massey

Canadian Palladium signs driller for 10,000-metre program
Vital Drilling 1
(Vital Drilling photo)

A base metal property near Massey is going to feel the bite of the drill this winter.

Canadian Palladium Resources has signed a contract with Vital Drilling of Val Caron (Sudbury) to carry out a 10,000-metre drilling program on the company’s East Bull Palladium Property.

The Vancouver explorer, formerly known as 21C Metals, recently raised $4 million for a drill program expected to begin shortly. 

The idea is to expand the inferred resource on the property and have some core to put on display at the Prospectors and Developers Association of Canada Convention in Toronto in early March. 

The property sits 90 kilometres west of Sudbury and 24 kilometres north of Massey. 

The company acquired the 992-hectare property in Gerow Township in February 2019.

Based on examining and tests the results of drilling by a previous company, Canadian Palladium released an inferred palladium estimate of 523,000 ounces last July.

But previous rounds of drilling went down to 125 metres, spread out over almost two kilometres. This time, they’ll probe down 240 metres over a three-kilometre length.

“Given the recent and unprecedented increase in palladium prices, we want to move quickly to expand our inferred resource,” said company president-CEO Wayne Tisdale.

“The closing of our financing and the commencement of our exploration program allows us to do exactly that.”

The bull market for palladium, spurred by concerns over world supply, has the metal in the US$2,300 range per ounce.