Skaergaard Project

Greenland

Location: Greenland

Highlights

  • Skaergaard Mineral Resource Estimate – April 15, 2021 effective date
    • Indicated Resource – 5.51 Moz PdEq (81.6 Mt at 2.1 g/t PdEq)
    • Inferred Resource – 14.4 Moz PdEq (217.3 Mt at 2.05 g/t PdEq)
  • The project consists of three Mineral Exploration Licences (MEL) in eastern Greenland and located 450 km west of Iceland:
    • MEL 2007-01: 107 km2, hosts the Skaergaard Intrusion
    • MEL 2012-25: 16 km2, located 10 km east of MEL 2007-01 and hosts historical camp and airstrip
    • MEL 2021-10: 754 km2, “new area” located north and west of Skaergaard deposit
  • 100% owned and has no royalties or encumbrances except to Greenland government from future production revenues

Skaergaard Exploration Licences

  • MEL 2007-01 contains Skaergaard Intrusion and the main focus of 2021 summer drilling program
  • MEL 2012-25 contains Sødalen airstrip (600m long) able to handle Twin Otter, and historical camp area (project staging area)
  • MEL 2021-10 is a “new area” located north and west of Skaergaard deposit
  • Access to Skaergaard Intrusion via helicopter transport from Sødalen or through Miki and Watkins Fjords via passenger vessel or supply ship (ice-free summer)

Skaergaard Mineral Resource Estimate

  • Indicated Resource – 5.51 Moz PdEq (81.6 Mt at 2.1 g/t PdEq)
  • Inferred Resource – 14.4 Moz PdEq (217.3 Mt at 2.05 g/t PdEq)
  • Using a 1.43 g/t palladium-equivalent (PdEq) grade cut-off based on US$1,725/oz Pd and US$1,800/oz Au with an effective date of April 15, 2021 and completed by SLR Consulting (Canada)
  • Relative to the historical (2013) resource estimate, updated mineralization modelling as well as significant further and more detailed examination of the deposit and today’s higher metal prices, have resulted in significant positive increases to Indicated and Inferred Mineral Resource tonnages and contained metal, at higher overall grades.  For the new Mineral Resource model, the cut-off grade is approximately 30% higher than in 2013 and SLR increased the minimum mining thickness from one metre in 2013 to two metres
  • The re-modelling of the Skaergaard deposit has shown the substantial potential for the size and extent of the PGM and Au mineralization contained within the Skaergaard intrusion
  • Major Precious Metals plans to complete approximately 85 diamond drill holes for minimum 12,500 m of drilling this summer to upgrade the classification of, as well as expand the existing resource
  • Major Precious Metals will be investigating large areas several square kilometres in size in the northern part of the mineral resource, where there is already a demonstrated continuity of geology and mineralization, in order to investigate the possibility of an open-pit mining scenario

Skaergaard Intrusion

  • Unique layered mafic igneous complex (“reef structures”) with stratiform platinum group metals (PGM) Pd and Pt, and gold, and Fe-Ti-V oxides
  • Platinova Reef, hosted by the 55 Ma Skaergaard intrusion, example of a rarer type of PGM deposit, typified by a Pd Pd-Au-Cu dominant, Ni Ni-Pt poor sulfide assemblage
  • Extremely young compared to South African PGM reefs (Precambrian – 2.1 Ga)
  • Triple Group (Upper-Middle-Lower) contains PGM and narrow zone contains gold
  • Thickness of the entire Triple Group mineralized package is approx. 45 metres
  • Several drilling campaigns and extensive scientific research over many decades – discovered in 1930

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Corporate Presentation

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