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North American Palladium Acquires a 51% Interest in the Sunday Lake PGM Project
Thursday 22 August 2019

22 August 2019 - Canadian miner North American Palladium Ltd. (TSX: PDL) (OTC: PALDF) has vested a 51% interest in the Sunday Lake Project, the company said.

North American Palladium said the decision to elect to continue investing in this platinum group metal property was supported by encouraging drilling results from the PGM Zone, including the best intersection reported to date (41.2m grading 3.22 g/t Pt, 2.08 g/t Pd and 0.21 g/t Au in drill hole SL-19-026).

After completing two winter drilling programs, the company has exceeded the mandated two-year exploration expenditure requirement and has completed the requisite cash payments to its partners, comprising CDN 675,000 to Impala Platinum Holdings Ltd. and CDN 75,000 to transition Metals Corp.

Accordingly, Implats' interest in the joint venture has been reduced to 24% while Transition maintains a 25% free carried interest through to the completion of a feasibility study.

The Sunday Lake PGM Project is located 25 km north of Thunder Bay in Jacques Township, approximately 60 km south of NAP's Lac des Iles Mine operations.

The property hosts the Sunday Lake Intrusion, which is part of the Proterozoic Mid-Continental Rift magmatic event that produced the Eagle nickel deposit in Michigan (Lundin Mining) and the Tamarack (Rio Tinto Talon Resources) and Duluth Complex (Antofagasta PLC) magmatic sulphide deposits in Minnesota.

Prior to NAP vesting a 51% interest, the Project was a joint venture between Transition and Implats, whereby Implats held a 75% interest and Transition held a 25% free carried interest until the completion of a Feasibility Study, at which time Transition's interest would convert to a 25% participatory interest.

On June 20, 2017, Transition and Implats collectively signed an option agreement with NAP.
Date Published: 22/08/2019
Target: Sunday Lake Project/51% stake
Country: Canada
Deal Size: .56m (USD)
Sector: Metals/Mining
Type: Corporate acquisition
Financing: Cash
Status: Closed
Vendor: Transition and Implats
Buyer: North American Palladium