Southern Palladium resource estimate average 9.28g/t (6PGE+Au)

Southern Palladium announces that resource estimate for its Far East Block discovery underway with results from 23 UG2 intersections averaging at 9.28g/t (6PGE+Au). Southern Palladium is a platinum group metal (PGM) company developing the advanced Bengwenyama PGM project, particularly rich in palladium/rhodium, in South Africa.

Assay results for 23 UG2 intersections have returned an average 3PGE+Au grade of 7.67g/t and 6PGE+Au of 9.28g/t over 72cm, which continues to confirm the JORC-2012 Inferred Mineral Resource estimate.

With additional assays for the Merensky Reef (MR), the MR now averages a 3PGE+Au grade of 2.45g/t and 6PGE+Au grade of 2.72 g/t over a width of 195 cm.

Average depth below surface of 217m makes the FEB potentially accessible from a planned decline. Drilling has re-commenced following a temporary suspension in early March.

The project is located on the Eastern Limb of the Bushveld Complex, which contains more than 70% of the world’s known Platinum Group Metal (PGM) Resources.

With its 70% stake in the project, the Company’s focus will be on the delivery of a Pre-Feasibility study and Mining Right application through a geophysical survey that has recently been completed, a two- phase diamond drill programme which has commenced in August 2022 as well as various technical studies to be completed.

A major development opportunity in the global PGM market, previous exploration at Bengwenyama has already delivered a JORC 2012-compliant Inferred Mineral Resource of 18.8Moz within two ore horizons – the UG2 chromitite and Merensky Reef. In addition, an assessment by mining industry consultants CSA Global assessed the total resource potential of Bengwenyama at between 134–201Mt at a grade of 3.5–5.2 (3 PGE + Au g/t). The Company is led by an experienced on-ground management team including some of South Africa’s most high-profile mining industry executives.