Opportunity to explore a quality PGM (Palladium) project with a very low entry price:
Prime Meridian Resources (PMR.TSXV) has purchased a 100% ownership interest in 17 claims (375 hectares) known as the Kelly Palladium Project, subject to a 1.0% Net Smelter Royalty in favour of the Vendor (the “Royalty”). PMR has the right to buy the Royalty for $500,000.
PMR made a $30,000 cash payment to the Vendor to complete the purchase of the Kelly Palladium Project and has the exclusive right to buy the Royalty from the Vendor and/or his assigns for $500,000.
The Kelly Palladium Project is located 50 kilometres north-east of Sudbury, Ontario, Canada
The Kelly Project was discovered in 1969 in the course of nickel exploration in the globally significant nickel district surrounding Sudbury.
The earliest reported work on the Kukagami Lake property is from 1969 and 1970, at this time the work focused on base metal (Cu-Ni) exploration and included airborne geophysics (mag-EM), geological mapping, trenching and minor diamond drilling. Kennco Explorations carried out shallow “winkie” drilling at their East Trench to a depth of 8m from surface.
Nickeldale Resources (1986) exploration work included prospecting, geochemistry and ground geophysical surveys (magnetometer and VLF-EM) over the area that included the East Trench (main showing). Eleven multi-element geochem anomalies were outlined from 733 samples.
The Kelly property was part of a regional study undertaken by the OGS in 1991.
Clearing, washing, trenching and blasting was carried out on the main showing (approximately 50 m x 30 m area) in 1999 by Pacific Northwest Capital Corp. A total of 42 samples were collected. A reconnaissance mapping program confirmed that the known mineralization is confined to a massive, hypersthene-bearing gabbro unit that extends for at least 1000 m along the northern edge of the Kukagami Lake intrusion. This massive gabbro unit dips southward at about 40 degrees with the mineralized regions occurring between 50 and 100 m above the basal contact. Numerous Pd, Pt, Cu, Ni geochem anomalies have been outlined along with numerous high priority IP anomalies.
No drilling has been carried out on this property.