This company update to shareholders is being penned as the pandemic is currently sweeping the globe and shutting down most of North America to normal business activity. This is indeed a time of great uncertainty.
My thoughts turn to the things that are most important to our Company in times like these. Firs t of all is the safety of our employees and the aim of preserving the Company as a going concern and secondly is positioning the Company for the inevitable rebound in the financial and commodity markets that will occur. I believe we are well positioned with our property portfolio focused on metals that used in the automotive industry – both EV and ICE. We are optimistic that after the pandemic subsides society will resume the purchasing of cars, SUVs and pickup trucks.
Our recent focus has been on exploration at our East Bull Lake Palladium Property. East Bull is a highly prospective layered intrusion that has the right geological attributes to host a palladium dominant deposit. Despite the collapse of the prices of many commodities the price of palladium has remained over US$2,000 an ounce. The prevailing view is that the supply/demand fundamentals remain positive for palladium in the medium term. We think any significant new palladium dominant deposit in a good jurisdiction like Canada will have both a strategic value and a scarcity value. In other words a good risk-reward exploration target.
The next key deliverable from our geological team is completion and interpretation of geophysical survey over key areas of the East Bull intrusion. To complete this program we have to comply with guidance from the authorities on health and safety relating to the Covid 19 outbreak. We are confident that with Dave Peck leading the technical team the work when completed will be done to a very high standard enabling the best chance of success. Shortly after the geophysical program is completed we will be in a position to commence a drill program. Not only does East Bull have the right geological attributes for a palladium deposit there is a lot of “smoke” at the property (smoke being palladium values from sampling) , hence our determination to move forward.
As a management team we are constantly monitoring the financial markets, commodity prices and the mining sector. We are undoubtedly in uncharted territory with the pandemic unfolding but we will continue to move ahead, cautiously but steadfastly.
We want to express our wish that all our stakeholders stay safe and healthy.