Southern Palladium – Assays from Bengwenyama return strong results

Southern Palladium has released the first assay results for the UG2 reef on the Bengwenyama Platinum Group Metal (PGM) project located on the Eastern Limb of the world class Bushveld Complex, South Africa.

The assay results for drillhole E019A, E058 and E062 have been received from ALS in Johannesburg. The average sampled width is 77 cm with a 4E grade of 8.73 g/t. This is more than the grade and reef widths set out in the compliant Inferred Mineral Resource which has an average reef width of 71 cm and 4E grade of 7.70 g/t. In addition, the anticipated prill split of 44:44:10:2 for Pt:Pd:Rh:Au has also been confirmed with these initial results.

Commenting on the UG2 intersection, Managing Director Johan Odendaal, said: “These initial assay results mark another milestone for the Bengwenyama exploration programme, and underpin our belief that the project holds significant potential. The results confirm the consistency of reef grade and width which is characteristic of the Bushveld Complex – the largest source of platinum and palladium ores in the world. The weighted average 4E grade of 8.73 g/t exceeds the grading level applied in the existing Inferred Mineral Resource (7.70 g/t), and is at the high-end of the UG2 Exploration Target range (5.9 g/t – 8.9 g/t) for an expansion of the Inferred Resource outlined in the Company prospectus. As well as advancing the resource potential of Bengwenyama, these results also bolster the project’s attractive cost metrics. All capital spend is allocated directly for the purpose of increasing our confidence in the orebody. Limited discovery drilling is required which significantly reduces the discovery cost per ounce as Southern Palladium advances its exploration programme on time and on budget.”