BULL.CN · 2020-08-18 12:00:00

Canadian Palladium Reports Complete Assay Results for First Ten Drill Holes at East Bull Palladium Project

Drill Results

CANADIAN PALLADIUM REPORTS COMPLETE ASSAY RESULTS FOR FIRST TEN DRILL HOLES AT

EAST BULL PALLADIUM PROJECT, SUDBURY AREA, ONTARIO: INTERSECTS HIGH-GRADE

PALLADIUM INCLUDING 4.0 METRES WITH 8.15 G/T PALLADIUM EQUIVALENT

Vancouver, British Columbia, August 18, 2020 – Canadian Palladium Resources Inc. (formerly

21C Metals Inc.) (the "Company") (CSE: BULL) (OTCQB: DCNNF) (FSE: DCR1) is pleased to

announce complete assay results for the first ten (10) holes drilled on the Company’s East Bull

Palladium Project (the “Property”), located in the Sudbury mining district, Ontario . The results

include several high -grade palladium intersections with significant platinum (Pt), rhodium (Rh),

gold (Au), and copper (Cu) with associated nickel (Ni) and cobalt (Co).

Results include:

EB20-01 with 4.0 m at 8.15 g/t Palladium Equivalent (Pd-Eq);

EB20-03 with 3.0 m at 6.29 g/t Pd-Eq; and

EB20-07 with 3.0 m at 7.47 Pd-Eq.

These high-grade intervals are part of wider intervals of mineralization that include: 15.0 m at

2.69 g/t Pd-Eq in hole EB20-03; and 24.0 m at 2.14 g/t Pd-Eq in hole EB20-07.

Garry Clark P.Geo , Director commented, “Canadian Palladium is pleased with the results from

the initial holes in this program. The se intersections report complete assay results that include

palladium, platinum, rhodium, gold, copper, nickel and cobalt . High-grade palladium

intersections are rare and these results have exceeded our grade expectations based on Canadian

Palladium’s 2019 Inferred Mineral Resource Estimate of 523,000 oz Pd-Eq at a grade of 1.46 g/t

Pd-Eq for East Bull. We look forward to releasing additional results on this exciting Project.”

East Bull Target Models - Palladium exploration targets at the East Bull Project include:

• Near-surface “contact-type” palladium mineralization (ten’s of meters thick) associated

with disseminated sulphides in the “inclusion-bearing gabbro” on the southern margin of

the East Bull Gabbro intrusion; and

• High-grade “layered mineralization” (meters thick) associated with high PGM tenor

sulphides in the upper part of the “inclusion bearing gabbro”.

Additionally, there is discovery potential for structurally controlled “conduit-type” targets

that may vertically extensive.

Drill Results - The reported intersections are located on the eastern portion of the Property. The

results are part of a 10,000 m drill program with a primary objective of expanding the current

Inferred Resource. High-grade intervals occur in the upper part of the “Valhalla Zone” and extend

for over 150 m strike length from EB20 -03 to EB20- 07. A fi gure showing the hole locations is

provided at the end of the release. Currently, drilling is focussed in the western portion of the

Property.

EAST BULL PALLADIUM DRILL SIGNIFICANT DRILL INTERSECTIONS – DRILL HOLES EB20-01 TO EB20-10

DDH# Az/

Dip

From

(m)

Width

(m)

g/t

3PGM+

Au g/t

PdEq

g/t

EB20-01 180o/

-45o

28.0 38.0 10.0 2.505 1.123 0.080 0.146 0.235 0.118 0.007 3.854 4.94

incl 29.0 33.0 4.0 4.286 1.919 0.130 0.258 0.312 0.158 0.007 6.593 8.15

EB20-02 180o/

-70o

37.0 42.0 5.0 1.136 0.384 0.032 0.051 0.142 0.088 0.008 1.605 2.21

EB20-03 180o/

-45o

27.0 42/0 15.0 1.259 0.530 0.032 0.079 0.193 0.103 0.008 1.901 2.69

incl. 28.0 31.0 3.0 3.105 1.597 0.084 0.151 0.286 0.147 0.008 4.938 6.29

EB20-06 180o/

-50o

70.0 74.0 4.0 0.784 0.220 0.012 0.041 0.117 0.045 0.005 1.056 1.48

EB20-07 180o/

-45o

109.0 133.0 24.0 1.036 0.405 0.025 0.084 0.148 0.051 0.008 1.550 2.14

incl. 112.0 115.0 3.0 4.224 1.600 0.108 0.231 0.284 0.085 0.008 6.163 7.47

EB20-08 180o/

-70o

66.0 72.0 6.0 0.531 0.258 0.021 0.055 0.195 0.048 0.007 0.864 1.50

EB20-09 180o/

-70o

58.0 62.0 4.0 0.922 0.489 0.030 0.052 0.110 0.0310 0.006 1.493 1.96

Mineralization is contained within the north dipping “inclusion-bearing zone” near the south

contact of the Early Proter ozoic East Bull Gabbro intrusion. Drill holes EB20 -04, -05, and - 10

intersected a structure with late diabase dykes and did not intersect significant palladium values.

Current drilling indicates the mineralization continues on the northwest side of the 060o to 075o

striking dyke structure that is approximately 50 m wide.

The diamond drill holes were all drilled at an azimuth of 180o with dips ranging from -45o to -70o.

Reported widths are drilled widths, with true widths estimated to be 100 % for -45o holes to

approximately 80% of drilled width for -70o holes.

Palladium equivalent "Pd -Eq" is calculated with US$ metal prices based on 24 -month trailing

averages as of January 3 1, 2018 and assumptions on process recovery, smelter payable and

refining charges based on comparable projects that were used in the Company's 2019, NI 43-101

Technical Report and Mineral Resource Estimate for the East Bull Property.

Drill Program QA/QC – This phase of the drilling program was carried out under the supervision

of Garry Clark, P. Geo., of Clark Exploration Consulting, a Qualified Person as defined in NI43-101.

Drill core samples were split using a rock saw by Company s taff, with half retained in the core

box and stored in the Company’s facility in Massey, Ontario. The drill core samples were

transported in sealed bags by courier to Activation Laboratories ("Actlabs") in Ancaster, Ontario.

Actlabs is an independent ISO/IEC 17025 accredited laboratory. PGE analysis was performed

using a 30 grams fire assay with an ICP -MS or ICP-AES finish. Multi-element analyses, including

copper and nickel were analysed by four acid digestion using 0.25 grams with an ICP -AES finish.

Certified standards, blanks and crushed duplicates are placed in the sample stream at a rate of

one QA/QC sample per 10 core samples. Results are analyzed for acceptance at the time of

import. All standards associated with the results in this press releas e were determined to be

acceptable within the defined limits of the standard used.

East Bull Project Resource Estimate - P&E Mining Consultants Inc. of Brampton, Ontario has

previously prepared a NI 43-101 Mineral Resource Estimate and Technical Report on the Property

for the Company dated May 23, 2019 (the "43-101 Report") and filed on SEDAR on August 6,

2019. The NI 43-101 Technical Report estimates a pit-constrained Inferred Mineral Resource of

11.1 million tonnes of 1.46 grams per tonne (523,000 ounces ) palladium equivalent. The

Property consists of approximately 1 ,000 hectares covering more than 3.6 kilometres strike

length of the of the palladium mineralized “I nclusion-bearing zone ” of the East Bull layered

gabbroic intrusion.

EAST BULL PALLADIUM DEPOSIT PIT CONSTRAINED MINERAL RESOURCE ESTIMATE

AT A 0.8 G/T PDEQ CUT-OFF(1-5)

Tonnes

g/t

3PGM+

Au g/t

PdEq

g/t

PdEq

oz k

Inferred 11.1 0.58 0.26 0.04 0.05 0.14 0.05 0.01 0.93 1.46 523

(1) Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate

of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio -

political, marketing, or other relevant issues, although Pavey Ark is not aware of any such issues.

(2) The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an

Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that

the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with

continued exploration.

(3) The Mineral Resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum

(CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines.

(4) Values in the table may differ due to rounding.

(5) PdEq grade based on parameters in May 23, 2019 NI43-101 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.

Mr. Eugene Puritch, P.Eng. , FEC, CET , President of P&E Mining Consultants Inc., is the

independent qualified person (as defined in NI 43 -101) responsible for preparing the NI 43 -101

Technical Report on the Property. Mr. Puritch has reviewed and approved the technical contents

of this press release as they pertain to the Mineral Resource Estimate on the Property. Mr. Garry

Clark, P. Geo., of Clark Exploration Consulting, is Canadian Palladium’s “Qualified Person” as

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

that pertains to the current drilling program.

Canadian Palladium Resources Inc. August 2020 Drill Plan, East Bull Property

Canadian Palladium Resources Inc.

Wayne Tisdale, President and CEO

T: (604) 639-4472

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 statements 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 advancement of drilling program and the palladium potential on the East Bull 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, performance 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 forwar d-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; indus try 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.

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