TORONTO (miningweekly.com) – Canadian palladium producer North American Palladium (NAP) rose almost 19% on Wednesday on the TSX after it reported sizeable increases to both the compliant reserves and resources at its flagship Lac des Iles property, in north-western Ontario.
The Toronto-headquartered company reported reserves of 20.4-million tonnes at a grade of 2.1 g/t and resources of 71.5-million tonnes at a grade of 2 g/t, reflecting 5.9-million ounces of contained palladium.
NAP also reported a 16% increase in the combined underground measured and indicated resources of 3.9-million tonnes, grading 2.67 g/t, or 413 000 oz of contained palladium, while near-surface reserves doubled 101% to 6.3-million tonnes, grading at 1 g/t, containing 197 000 oz of palladium.
Near surface resources rose 23% to 9.8-million tonnes, grading 1.28 g/t, for 274 000 oz of contained palladium.
“The positive change in our global mineral reserve and resource estimate for Lac des Iles reflects both our recent exploration successes and the current, favourable longer-term outlook on palladium prices, which enhances our ability to pursue expansion opportunities at our mining operations,” president and CEO Phil du Toit explained.
NAP’s TSX-listed stock on Wednesday reached an intraday peak of C$0.44 a share, before settling at C$0.415 apiece.