BULL.CN · 2020-10-21 12:00:00

Canadian Palladium Drilling Continues to Extend Near Surface Deposit to Over 1.6 km of Strike Length

Exploration Programs

FOR IMMEDIATE RELEASE

CANADIAN PALLADIUM DRILLING CONTINUES TO EXTEND NEAR

SURFACE DEPOSIT TO OVER 1.6km of STRIKE LENGTH

Vancouver, British Columbia, October 21, 2020 – Canadian Palladium Resources Inc. (the

"Company") (CSE: BULL) (OTCQB: DCNNF) (FSE: DCR1) is pleased to provide an update

on the analytical results for diamond drill holes EB-20-01 to EB-20-24 on the East Bull Palladium

Property, 90 kilometres west of Sudbury, Ontario. The 10,000 m drill program continues to extend

the Palladium mineralization in the Valhalla Zone down dip from the current resource and will test

the western strike extension of the Valhalla Zone where it potentially joins with the Garden Zone.

To date, the Company’s exploration team has drill tested just over half of the 3.2 km strike length

of the 45o north dipping vari-textured gabbro unit that hosts the Palladium mineralization near the

basal contact of the East Bull Gabbro. Drilling has successfully focused on testing the downdip

extension of this “contact -type” mineralization that is typically 10’s of metres thick . To date all

of the intercepts are relatively shallow and within 135 m vertical depth from surface.

Highlights of the 24 diamond drill holes reported to date:

• 12 holes have intersected contact-type mineralization with widths of 10 m or greater with

over 1.0 g/t Pd-Eq;

• 2 holes in the west part of the deposit holes EB20- 21 and - 22 intersected 65 and 71 m,

respectively, of greater than 1.0 g/t Pd-Eq;

• 4 holes have intersected high- grade layered mineralization with widths of 2 m or greater

with over 6.0 g/t Pd-Eq.

Wayne Tisdale, Canadian Palladium’s CEO, commented, “Our exploration team has successfully

identified a number of impressive, wide and near-surface intercepts that will significantly add to

our Palladium and precious metals resource. We anxiously anticipate the results of our next phase

of drilling and continuing to extend the resource in a westerly direction. We expect to complete

our 10,000 metre diamond drill program by mid December. Once we’ve completed all the core

analysis, we will immediately commission an updated Mineral Resource estimate.”

Drill hole intercepts for holes EB20-01 to -24 are reported in the following table. Drill hole

locations and a drill plan are provided at the end of the release.

Diamond Drill Hole Compilation EB-20-01 to EB-20-24

Hole ID From

(m)

Width

(m)

g/t

3PGM

+ Au

g/t

Pd Eq

g/t

EB-20-01 27 38 11 2.156 1.039 0.057 0.098 0.164 0.088 0.006 4.088 5.217

Includes 27 33 6 3.108 1.614 0.083 0.121 0.117 0.072 0.005 6.299 7.672

EB-20-02 37 42 5 1.136 0.385 0.032 0.051 0.142 0.088 0.008 1.573 2.212

EB-20-03 27 42 15 1.118 0.472 0.028 0.076 0.181 0.095 0.008 1.869 2.694

Includes 28 31 3 2.397 1.307 0.065 0.134 0.224 0.106 0.005 4.854 6.293

also 59 70 11 0.174 0.146 0.003 0.057 0.145 0.048 0.008 0.463 1.050

EB-20-06 70 74 4 0.784 0.22 0.012 0.041 0.117 0.045 0.005 1.056 1.478

EB-20-07 109 118 9 2.141 0.823 0.049 0.142 0.173 0.061 0.007 3.106 3.940

Includes 112 115 3 4.224 1.6 0.108 0.231 0.284 0.085 0.008 6.055 7.472

also 124 133 9 0.574 0.235 0.018 0.056 0.152 0.052 0.009 0.865 1.436

EB-20-08 66 71 5 0.527 0.250 0.025 0.050 0.166 0.045 0.006 0.962 1.622

EB-20-09 58 62 4 0.870 0.460 0.030 0.042 0.083 0.023 0.004 1.463 1.964

EB-20-10 48 50 2 0.424 0.344 0.010 0.075 0.076 0.016 0.006 0.843 1.200

EB-20-11 104 108 4 0.633 0.242 0.014 0.041 0.081 0.024 0.007 0.913 1.270

EB-20-12 45 67 22 1.239 0.428 0.042 0.049 0.119 0.064 0.008 1.716 2.295

Includes 51 53 2 3.425 1.380 0.153 0.093 0.196 0.110 0.012 4.898 6.127

also 76 78 2 0.869 0.326 0.026 0.055 0.077 0.045 0.010 1.286 1.731

EB-20-13 58 76 18 0.455 0.137 0.004 0.037 0.120 0.041 0.008 0.629 1.107

Includes 58 60 2 0.832 0.216 0.017 0.048 0.153 0.043 0.006 1.095 1.626

also 62 73 11 0.492 0.156 0.004 0.038 0.128 0.047 0.008 0.686 1.224

EB-20-17 93 116 23 0.616 0.226 0.016 0.071 0.128 0.094 0.009 0.962 1.559

Includes 100 111 11 1.003 0.367 0.030 0.091 0.167 0.121 0.101 1.461 2.228

EB-20-18 72 92 20 0.478 0.191 * 0.027 0.090 0.060 0.006 0.758 1.180

Includes 83 92 9 0.506 0.209 * 0.041 0.130 0.070 0.006 0.894 1.485

also 96 110 14 0.498 0.221 * 0.053 0.183 0.085 0.009 0.772 1.426

EB-20-19 69 76 7 1.078 0.386 * 0.041 0.096 0.071 0.007 1.505 1.969

also 84 113 29 0.547 0.226 * 0.050 0.104 0.079 0.008 0.834 1.329

Includes 84 87 3 2.260 0.677 * 0.079 0.069 0.051 0.006 3.016 3.474

EB-20-20 99 131 32 0.450 0.168 * 0.056 0.153 0.062 0.007 0.794 1.394

EB-20-21 66 131 65 0.391 0.164 * 0.037 0.108 0.056 0.007 0.626 1.059

also 178 182 4 0.253 0.039 * 0.030 0.134 0.319 0.043 0.322 1.392

EB-20-22 62 133 71 0.386 0.148 * 0.043 0.128 0.063 0.007 0.605 1.097

Includes 95 125 30 0.431 0.168 * 0.058 0.194 0.080 0.007 0.673 1.345

EB-20-23 89 143 54 0.406 0.148 * 0.041 0.088 0.041 0.005 0.620 0.971

EB-20-24 114 125 11 0.983 0.272 * 0.063 0.164 0.072 0.008 1.318 1.924

also 161 164 3 0.485 0.160 * 0.052 0.086 0.038 0.007 0.697 1.045

also 167 170 3 0.271 0.164 * 0.074 0.144 0.052 0.006 0.508 1.010

1. Individual demarked samples were sawn in half, bagged, sealed and transported by courier to

Activation Laboratories (ISO/IEC 17025 Certified) in Ancaster Ontario. Duplicates and

standards were introduced to the sample stream as illustrated. Each sample was analysed using

the Activation Laboratories codes RX1, 1C-OES 50 g (Au, Pt, Pd); 1F2 Total Digestion ICP.

2. Reported widths are drilled widths, with true widths estimated to be 90 per cent of drilled widths

for minus-60-degree-holes to approximately 85 per cent of drilled width for minus-70-degree

holes.

3. Pd-Eq grade based on parameters in May 23, 2019, NI 43-101 Resource Estimate and Technical

Report. Metal prices are based on 24-month trailing averages at January 31, 2018. In US$ these

prices are: Pd – S767/oz; Pt – $973/oz; Rh – $1,000/oz; Au – $1.262/oz; Cu – $2.53/lb; Ni –

$4.62/lb; Co – $20/lb.

Rhodium results are reported for holes EB20- 01 to - 17 with results pending on the remaining

intersections. Rhodium concentrations up to 0.083 g/t over 6 m were intersected in EB20-01. At

current prices of US$10,800/oz, Rhodium is a potentially significant contributor to the contained

precious metal value of the East Bull Deposit.

The next drill holes will test the western strike extension of the Valhalla Zone where it potentially

joins with the Garden Zone. In addition to the drilling, the Company will carry out detailed UAV

Magnetic and LiDAR surveys. The exploration team has determined that a detailed magne tic

survey will aid in determining optimal drill locations for targeting mineralization. The LiDAR

survey will provide a detailed representation of the topographic surface that will assist in drill hole

elevation control and for future mineral resource estimation.

Drilling to date has established that mineralization is locally cut by zones of mafic dykes and faults

trending at approximately 60 o and 120o. Although these features locally disrupt mineralization,

they are targets for p otential structurally controlled conduit -type mineralization that may be

vertically extensive (see July 23, 2020 press release). H igh grades intersected in holes EB20-01,

-03 and - 07 are located close to the intersection of dyke and fault trends with the vari -textured

gabbro. The detailed UAV Magnetic surveys will assist in interpretation of these structures.

Mr. Garry Clark, P. Geo., of Clark Exploration Consulting, is the “Qualified Person” as defined in

NI 43-101, who has reviewed and approved the technical content in this press release.

Appendix 1. Drill Hole Location information

Hole ID Easting Northing Azimuth Dip Depth (m)

EB-20-01 405253 5141487 180 -45 101

EB-20-02 405253 5141487 180 -70 200

EB-20-03 405210 5141480 180 -45 101

EB-20-04a 405301 5141550 180 -45 89

EB-20-04 405301 5141550 180 -70 200

EB-20-05 405414 5141711 180 -50 269

EB-20-06 405267 5141539 180 -50 170

EB-20-07 405366 5141565 180 -45 170

EB-20-08 405366 5141565 180 -70 179

EB-20-09 405417 5141553 180 -70 200

EB-20-10 405504 5141576 180 -70 203

EB-20-11 405740 5141640 180 -70 227

EB-20-12 405792 5141641 180 -45 202

EB-20-13 405792 5141641 180 -70 227

EB-20-14 405679 5141660 180 -70 200

EB-20-15 405790 5141691 180 -70 302

EB-20-16 405229 5141540 180 -70 200

EB-20-17 405036 5141540 180 -70 149

EB-20-18 404939 5141532 180 -70 159

EB-20-19 404990 5141538 180 -70 155.4

EB-20-20 404894 5141553 180 -70 200

EB-20-21 404848 5141561 180 -70 204.7

EB-20-22 404792 5141548 180 -60 200

EB-20-23 404749 5141564 180 -70 200

EB-20-24 404642 5141579 180 -70 209

On behalf of the Board of Directors,

Wayne Tisdale, President and CEO

Canadian Palladium Resources Inc.

T: (604) 639-4452

Reader Advisory

This news release contains certain "forward -looking information" within the meaning of applicable securities law.

Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend",

"believe", "anticipate", "estimate" and other similar words, or s tatements that certain events or conditions "may" or

"will" occur. In particular, forward-looking information in this press release includes, but is not limited to, statements

with respect to the planned exploration program and the expansion of resource at the East Bull palladium property.

Although we believe that the expectations reflected in the forward- looking information are reasonable, there can be

no assurance that such expectations will prove to be correct. We cannot guarantee future results, perform ance or

achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or

in part, as those set out in the forward- looking information. Forward- looking information is based on the opinions

and estimates of management at the date the statements are made, and are subject to a variety of risks and

uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in

the forward-looking information. Some of the risks and other factors that could cause the results to differ materially

from those expressed in the forward-looking information include, but are not limited to: general economic conditions

in Canada and globally; industry conditions, including governmental regulation and environmental regulation;

failure to obtain industry partner and other third party consents and approvals, if and when required; the availability

of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market

volatility; liabilities inherent in water disposal facility operations; competition for, among other things, skilled

personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, processing and

transportation problems; changes in tax laws and incentive programs; failure to realize the anticipated benefits of

acquisitions and dispositions; and the other factors. Readers are cautioned that this list of risk factors should not be

construed as exhaustive. The forward-looking information contained in this news release is expressly qualified by this

cautionary statement. We undertake no duty to update any of the forward- looking information to conform such

information to actual results or to changes in our expectations except as otherwise required by applicable securities

legislation. Readers are cautioned not to place undue reliance on forward- looking information.

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the

adequacy or accuracy of this release.

← Back to feed