PAL (NYSE MKT): $ 0.26 +0.00 +0% Volume: 1,309,500 August 26, 2014
PDL (TSX): $ 0.28 +0.00 +0% Volume: 157,300 August 26, 2014
PALLADIUM: $ 887.25 +0.75 +0.08% Volume: August 27, 2014
PLATINUM: $ 1,423.20 +7.20 +0.51% Volume: August 27, 2014
exploration

Exploration Properties

NAP is committed to growth through sustained and strategic exploration investment. The Company maintains a unique understanding of PGE mineralizing processes based on its two decades of operating experience at its Lac des Iles (LDI) mine.

The Company currently maintains a three-tiered exploration strategy that encompasses:

  • Advanced exploration programs at the LDI mine property (Mine Block Intrusion) including both underground and surface drilling;
  • Greenfields exploration on other LDI suite intrusions in the immediate vicinity of the mine; and,
  • Regional reconnaissance programs focussed on defining high potential and underappreciated PGE exploration opportunities in northwestern Ontario and in other parts of North America.

With permits, mine infrastructure and available capacity at the LDI mill, NAP can move from exploration success to production on an accelerated timeline. The Company is committed to continual improvement in its exploration programs and in the technical ability of its exploration team. This team maintains a focus on delivering new discoveries at LDI and adjacent greenfields properties that would have an immediate impact on the Company’s resource base and bottom line.

NAP has aggressively expanded its portfolio of PGE greenfields exploration properties in order to realize value from the significant knowledge gained from over two decades of exploration experience at LDI. NAP also holds a 50% stake in the Shebandowan West nickel property (50:50 Joint Venture with Vale) and the option to earn a 100% interest in two early-stage gold exploration properties (Shabaqua and Salmi Lake), both in Ontario.

Ontario

Greenfields Exploration

NAP’s northwestern Ontario greenfields PGE properties comprise over 21,000 hectares of land and seven discrete intrusive bodies, all believed to be related to a single, major mafic-ultramafic magmatic event that occurred in the Late Archean.

In 2012 NAP aggressively expanded its land position in the LDI region through staking and purchase or option agreements. It now controls the mineral rights for a majority of the known LDI suite of intrusions that, despite intermittent historic work, have never been systematically explored – and specifically not with the robust exploration model that NAP has developed for the Lac des Iles deposits. All of these PGE greenfields properties are located within 30km of the LDI mine and all have the potential to deliver new resources and additional feed to the mill. In the second half of 2012, the company commenced systematic exploration on most of these new properties including:

The first high resolution electromagnetic and magnetic surveys (Geotech’s Versatile Time Domain or “VTEM” System) on the properties;

  • Detailed review of the quaternary geology and subsequent soil and till geochemical surveys;
  • An aggressive surface trenching, mapping, prospecting and sampling program; and,
  • Detailed analysis of regional magnetic survey data and integration into a provisional structural synthesis for the LDI region including identification of prospective magmatic feeder faults.

Discovery of new PGE resources stemming from a sustained investment into PGE greenfields exploration remains a strategic priority for the Company. NAP’s unique status as the only primary PGE producer in Canada provides a major competitive advantage in terms of identifying and successfully exploring PGE greenfields projects. Its advanced understanding of PGE mineralizing processes at LDI can now be translated into exploration success on similar mafic-ultramafic complexes.

GREENFIELDS PGE PROPERTIES QUICK FACTS
BUCK LAKE
(Staked)
  • 2 mineral claims covering approximately 439 hectares
  • 30 km west of LDI mine
  • Adjoin’s southwest end of Goldbank Mining Corporation’s (TSX Venture Exchange:GLB) Buck Lake claim group where clasts of Ni- and Pd-rich massive sulfide mineralization were discovered from historic surface exploration
BULLSEYE
(Staked)
  • 1 mineral claim covering approximately 255 hectares
  • Discrete magnetic and gravity feature, untested
  • Target body apparently not exposed
CHISAMORE
(Staked)
  • 8 mineral claims covering approximately 1,642 hectares
  • Adjoins northeast part of Tib Lake property and intersects the interpreted northeast extension of the Dog River fault
  • Discrete but subtle magnetic feature; poorly exposed
DEMARS LAKE
(Staked)
  • 6 mineral claims covering approximately 1,300 hectares
  • Adjoins Platinum Group Metals’ Lac des Iles River property
  • Historic PGE-Cu-Ni occurrences but limited drilling
DOG RIVER
(Staked)
  • 17 mineral claims covering approximately 3,218 hectares
  • Good magnetic response to the target intrusion that was probably emplaced along a major north-trending fault system (Gull Lake fault)
  • Limited historical PGE exploration
ELEPH LAKE
(Optioned)
  • 4 mineral claims covering approximately 1,020 hectares
  • Weak magnetic feature west of the Dog River fault
  • No records found of any previous PGE exploration work
LEGRIS LAKE
(Staked and Optioned)
  • 20 mineral claims covering approximately 4,257 hectares
  • Adjacent to the south east portion of the LDI property
  • Despite encouraging results from historic exploration programs the property has seen limited drilling; lack of outcrop has impaired previous efforts and new approaches are required
TAMAN LAKE
(Staked)
  • 6 mineral claims covering approximately 1,176 hectares
  • Discrete magnetic high feature, limited historic exploration
TIB LAKE
(Staked and Optioned)
  • 43 mineral claims covering approximately 7390 hectares
  • Several historic PGE occurrences and good platform of baseline geological and geophysical data
  • Largest surface expression amongst the known LDI suite intrusive bodies
  • Potential feeder structure (Dog River fault) appears to have controlled the emplacement of discrete mafic-ultramafic magma pulses having distinctive geochemical characteristics
WAKINOO LAKE
(Staked and Optioned)
  • 5 mineral claims covering approximately 1120 hectares
  • Adjoins Platinum Group Metals’ Lac des Iles River property and occurs along the regionally important Shelby fault
  • Historic PGE-Cu-Ni occurrences but limited drilling
Exploration