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Skaergaard Project

    Skaergaard Exploration Licences

    • 3 Mineral Exploration Licences (MEL) 877 km2 - 450 km west of Iceland
      • MEL 2007-01: 107 km2
        • hosts Skaergaard Intrusion
        • 2021 summer drilling campaign
      • MEL 2012-25: 16 km2,Sødalen camp, airstrip
        • access via helicopter
        • Miki & Watkins Fjords
      • MEL 2021-10: 754 km2,“new area” north & west of Skaergaard deposit
    • 100% owned – No royalties, encumbrances
      • Greenland government NSR
      • 2.5% from production revenue

    Skaergaard Intrusion and Geology

    • Skaergaard is a classic example of a layered mafic complex similar in many ways to the Bushveld Complex in South Africa, although much younger in geological age
    • The Skaergaard intrusion was discovered in 1930 but potential for economic mineralisation was only recognised in the 1980's
    • Now, retreat of coastal ice has exposed a 45m thick zone of mineralisation containing specific layers, 1-3m in average thickness which are rich in Palladium and Gold. Spanning these precious metal layers is a zone of lower grade Palladium and Gold and Iron-Titanium-Vanadium oxide mineralisation which may contribute to the rock value
    • Mineralisation can now be traced in outcrop and underground over 2/3 of this 70sq metre igneous intrusion which now has almost 100% surface exposure due to ongoing ice retreat
    • NI 43-101 complient Technical Report was filed on SEDAR on 25 May 2021 detailing exploration history and Mineral Resource Estimates 

    Skaergaard Mineral Resource Estimate

    Skaergaard Mineral Resources Estimate – NI 43-101 - April 15, 2021
    Category Mineralized
    Horizon
    Area Tonnage
    (Mt)
    PdEq
    (g/t)
    Pd
    (g/t)
    Au
    (g/t)
    Pt
    (g/t)
    PdEq
    (Moz)
    Pd
    (Moz)
    Au
    (Moz)
    P
    (Moz)
    Indicated H5 Main 9.8 2.28 0.65 1.45 0.06 0.72 0.20 0.46 0.02
      H3 Main 19.3 1.88 1.06 0.71 0.07 1.17 0.66 0.44 0.04
      H0 Main 52.5 2.15 1.92 0.11 0.16 3.63 3.24 0.19 0.27
    Total Indicated   81.6 2.10 1.56 0.42 0.13 5.51 4.10 1.09 0.33
    Inferred H5 Main 38.3 2.47 0.67 1.62 0.07 3.05 0.82 1.99 0.09
      H3 Main 46.2 1.82 1.03 0.69 0.06 2.70 1.53 1.02 0.09
      H3_L1 Main 3.6 2.38 0.89 1.32 0.07 0.27 0.10 0.15 0.01
      H0 N of Glacier 39.6 2.11 1.73 0.26 0.14 2.68 2.20 0.33 0.17
        Main 89.6 1.96 1.72 0.12 0.15 5.64 4.96 0.36 0.44
    Total Inferred   217.3 2.05 1.38 0.55 0.11 14.4 9.61 3.86 0.79

    Notes:

    1. CIM (2014) definitions were followed for Mineral Resources.
    2. Palladium Equivalent Grades (PdEq) were calculated using the formula PdEq (g/t) = g/t Pd + (1.09 * g/t Au) + (0.672 * g/t Pt), which assumes metal prices of US$1,725/oz Pd, US$1,800/oz Au, and US$1,250/oz Pt, metallurgical recoveries of 89% Au, 86% Pd, and 80% for Pt, and standard commercial terms for a precious metals concentrate.
    3. Mineral Resources are estimated at a cut-off grade of 1.43 g/t PdEq, which assumes underground mining costs of US$35/t, processing costs of US$20/t, and general and administration costs of US$5/t.
    4. Reasonable prospects for eventual economic extraction were satisfied by constructing polygons using blocks above a grade-thickness field, expressed as minimum mining thickness of 2.0 m multiplied by the cut-off grade (1.43 g/t PdEq), including a visual check on the geometry and spatial continuity of the mineralization.
    5. Bulk density uses an average value of 3.24 t/m3.
    6. Numbers may not add up due to rounding.
    • 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

    2021 Skaergaard Drilling Program

    • Completed 8,435 m of diamond drilling (32 holes) and channel sampling between July to Sept 2021
    • Approx. 11,600 core and channel samples were collected for Au, Pd & Pt, and secondary element assay testing. Sent to ALS Global lab in Loughrea, Ireland
    • This new drilling focused on:
    • Expansion of mineral resource in 4 main mineralized horizons at Skaergaard (H5, H3L1, H3, and H0)
    • Verifying the potential for V, Ti, Fe, Ga, and other secondary elements
    • Testing the bulk tonnage and open-cut potential in the northern part of Skaergaard, where mineralization is laterally exposed by erosion
    • Results from this 2021 programme were annouced on 9 June and not only confirmed the geometry, grades and widths of the layered stratiform Pd-Pt-Au mineralisation in the main precious metal rich horizons but also demontrated the extension of mineralisation and potential resource expansion
  • Skaergaard Drilling Priorities

    Prioritizing the following key target areas (Zone 1 to 4) at Skaergaard for its current drilling program to both upgrade the existing mineral resource categories and significantly increase the size of the mineral resource (Figure 1):

    • Several NW-SE trending drill fences in the northern part of the deposit with drill holes spaced approximately 300 m apart (Zone 1). Completion of these drill holes will allow the Company to not only upgrade the resource classification in this large area, but possibly expand the mineral resources further to the north from the existing geological model;
    • Several drill holes in the northeast to determine the open-cut potential of the near surface mineralization in this area (Zone 2);
    • Several drill holes immediately north of the glacier to determine the open-cut potential of the near-surface mineralization in this area (Zone 3); and
    • Several drill holes southwest of the glacier to extend and upgrade the near-surface resource in this area (Zone 4).

    Figure 1: Plan view showing main target areas being tested during the Phase 1 diamond drilling program by Major Precious Metals at Skaergaard

    • 8,195m DD (32 holes) in northern section completed Sept 2021
    • 8,435 m DD (includes channel sampling)
    • Est. 11,600core and channel samples collected for Au, Pd & Pt secondary element assay testing
    • The new drilling targeting
      • expansion of mineral resource in 4 main mineralized horizons at Skaergaard (H5, H3L1, H3, and H0)
      • verify potential for Vd, Ti, Fe, Gm, other secondary elements
      • testing bulk tonnage, open-cut potential in northern part of Skaergaard, where mineralization is laterally exposed by erosion
    • Positive assay results annouced 9 June 2022

    Mineralization open in almost all directions along strike, at depth:

    • Northern extension less developed, now priority target with open-pit potential
    • Channel sampling, DD campaign drilling completed

    • Open mineralisation. Potential lateral – strike extension
    • Open mineralisation. Potential down-dip extension
  • May 25, 2021
    NI 43-101 Technical Report

  • Core Logging and Sampling Facility - Skaergaard

    Drilling Operations

    Geology Team

    Helicopter Operations

    Landscape Photos

    MV Quest Ship

    Skaergaard Intrusion Geology

    Sodalen Airstrip and Temp Camp

  • Time Lapse Skaergaard and MV Quest High Elevation

    Time Lapse Skaergaard Ground Level

    Helicopter slinging Skaergaard drill site

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