Canadian Royalties expands Mesamax discovery

Four diamond drill holes by Canadian Royalties (CZZ-V) have cut significant platinum-palladium-gold mineralization at the Mesamax Northwest area of the of the historic Mesamax nickel-copper prospect on the Expo-Ungava property in northern Quebec.

Hole MXNW-01-4 intersected 48 metres (from 4.5 metres below surface) grading 2.29 grams palladium, 0.68 grams platinum, and 0.09 gram gold per tonne, plus 0.5% nickel and 0.75% copper.

Hole MXNW-01-5 cut 35.8 metres (from 5.3 m) of 3.12 grams palladium, 0.89 grams platinum, and 0.11 gram gold per tonne, plus 0.46% nickel and 0.83% copper.

Hole MXNW-01-6 returned 25 metres (from 7.6 m) running 3.13 grams palladium, 0.87 grams platinum, and 0.16 gram gold per tonne, plus 0.42% nickel and 0.72% copper.

Finally, hole MXNW-01-7 encountered 45.7 metres (from 30.5 m) averaging 1.77 grams palladium, 0.49 grams platinum, and 0.07 gram gold per tonne, plus 0.25% nickel and 0.43% copper.

The zone, which is defined over a horizontal width of more than 35 metres and an estimated true width of 30 metres also yielded nickel and copper values. Mineralization intersected in the four holes consists of up to 10% evenly disseminated pyrrhotite chalcopyrite-pentlandite in a pyroxenite-peridotite host. The holes define the mineralized zone from near surface to a depth of 70 meters. The zone remains open in all directions.

Airborne and ground magnetics have defined a discrete magnetic feature associated with the pyroxenite-peridotite host unit that is traceable from the drill holes for several kilometres to the east. The feature also extends some 3.5 km to the west to the area of the TK prospect where drilling returned a 5.4-metre massive sulphide zone that assayed 2.7% nickel, 0.78% copper and 2.67 grams combined platinum, palladium and gold (PGM). Another hole cut 32.2 metres of 2.27 grams PGM. Higher-grade intervals of 5 to 10 metres ran more than 3.2 grams PGM.

Further drilling is planned.

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