Implats Unloads Some Of Its Sunday Lake Project to North American Palladium
North American Palladium said yesterday it now has 51% interest in the Sunday Lake Project after the company completed cash payments of $675,000 to Impala Platinum Holdings Limited and $75,000 to Transition Metals.
North American Palladium said that Implats' interest in the joint venture has been reduced to 24% while Transition maintains a 25% free carried interest through to the completion of a feasibility study.
Company CEO and President Jim Gallagher said the decision to elect to continue investing in the property was supported by encouraging drilling. The company reported an intersection of 41.2 m grading 3.22 g/t Pt, 2.08 g/t Pd and 0.21 g/t.
"We are very pleased to partner with Implats and Transition on the Sunday Lake Project, which is NAP's best blue-sky opportunity and a key element of our long-term strategy to build an inventory of high-quality platinum group metal assets in the Thunder Bay region," said Gallagher in a news release. "We have demonstrated that the PGM Zone has significant lateral continuity and are now able to focus on areas of enhanced thickness and grade."
North American Palladium has ridden the PGM space to record revenues giving the miner options.
"We have cash flow," said Gallagher in an interview with Kitco News in March. "What are we going to do with our cash flow?”
Gallagher said NAP is going to focus on the PGM space for now with more exploration. The company has taken a hard look at the battery material space but finds it too speculative and too crowded.
"My view on the battery material space is that you might as well bet on a horse race because which metal is going to win.Gallagher said getting the message out about palladium was difficult in recent years given how much "oxygen" the battery material crowd was drawing.