Stillwater Critical Minerals Nickel, Platinum Palladium Stillwater West

All deposits and mineralization remain open to expansion in planned follow-up drilling.

Stillwater Critical Minerals Corp. will provide the final leg of drilling results from resource expansion drilling completed at the Stillwater West Ni-PGE-Cu-Co+Au project in Montana in 2023.

The campaign was funded by a June 2023 strategic capital investment by Glencore Canada Corporation, a wholly owned subsidiary of Glencore plc., which has also provided ongoing technical support to the project through the technical committee which included multiple site visits. site and assistance with geological and geophysical interpretations.

Glencore made an additional investment in Stillwater, taking them to a 15.4% equity position in the company for total funding of approximately $7.05 million to date.

The addition of Bradley Adamson, currently Vice President of Business Development at Glencore, to Stillwater’s board of directors, as announced on June 3, 2024, furthers that involvement and support.

Stillwater President and CEO Michael Rowley said they are very pleased with the expansion of known mineralization achieved by our 2023 drilling campaign and the potential we continue to see in several possible mining scenarios at Stillwater West.

“Our drilling campaigns have successfully leveraged an important historical database to reach a total of approximately 40,000 meters of drilling in 236 wells to date,” he said.

He added that that wealth of data, combined with support from Glencore and in-house expertise in similar geology at South Africa’s Bushveld Igneous Complex, has positioned us exceptionally well with the largest nickel resource in an active US mining district at a time when that the US is seeking onshore supply chains for nine of the products we have inventoried.

“We look forward to further announcements with a focus on continued expansion in Stillwater West while also pivoting. our attention to various studies related to potential production scenarios, as well as updates on other initiatives involving non-core assets,” Rowley said.

Reflexes

• Six wells totaling 2,310 meters were completed with a focus on expanding deposits at the western end of the current nine-kilometre-long Stillwater West resource area.
• Holes CM2023-01, -02 and -03, reported here, successfully targeted and intercepted magmatic nickel-copper sulfide mineralization with a major platinum group element (PGE) in various styles of mineralization, fostering known parallels with the Bushveld Igneous Complex, particularly the northern member, or Platreef.
• Drilling also successfully intersected N-series mineralization in structures that are not known in the Bushveld Igneous Complex but have now been modeled into a series of eight north-south trending structures in Stillwater West. As announced on December 5, 2023, the N structures contain high-grade nickel sulfide mineralization that was first discovered by the Company in drill holes CM2020-04 and CM2021-05 and later reinterpreted.
• Multiple high-grade precious and base metal intervals were recovered, including multi-gram PGE intersections reaching up to 3.96 g/t Pt and 2.84 g/t Pd over 1.16 meters (m) from from 308.8 m in CM2023-03, in addition to wider intervals such as 44.2 m at 0.83 g/t 3E (Pd+Pt+Au) from 252.7 m in CM2023-01.
• Results demonstrate significant potential to expand the 2023 Mineral Resource Estimate (MRE) across three cut-off grades, with broad widths of higher-grade mineralization with a recovered Nickel Equivalent (NiEq) cut-off grade of >0.70 % contained within thickness intervals of medium grade with a cut-off grade of NiEq >0.35% which, in turn, are established within long stretches of potential mineralization of bulk tonnage with a cut-off grade of NiEq >0, 20%, which include:
  • CM2023-01:
    • Bulk tonnage: 347.3 meters @ 0.20% NiEq (0 to 347.3 m);
    • Medium grade: 44.2 meters at 0.43% NiEq (252.7 to 296.9 m);
    • High Grade: 3.2 meters @ 0.95% NiEq (60.7 to 63.9 m).
  • CM2023-02:
    • Bulk tonnage: 214.9 meters at 0.20% NiEq (28.4 to 243.2 m);
    • Medium grade: 13.9 meters at 0.39% NiEq (184.6 to 198.4 m);
• High grade: 0.43 meters at 1.61% NiEq (71.6 to 72.1 m).
  • CM2023-03:
    • Bulk tonnage: 386.8 meters @ 0.20% NiEq (0 to 386.8 m);
    • Medium grade: 11.0 meters at 0.44% NiEq (182.3 to 193.2 m)

and 14.6 meters at 0.44% NiEq (295.4 to 310.0 m);

• High grade: 3.66 meters at 0.78% NiEq (189.6 to 193.2 m)

and 3.05 meters at 0.78% NiEq (240.49 to 243.54 m).

• The results continue to drive the first detailed geologic model ever completed across the lower Stillwater Igneous Complex, and these results further demonstrate three styles of mineralization in particular: 1) extensive Platreef-style Ni-PGE-Cu-Co mineralization; 2) nickel sulfide-rich N series mineralization; and 3) stratiform reef-type PGE-Ni-Cu chromitite mineralization, as detailed below.
• All deposits and mineralization remain open to expansion in planned follow-up drilling.
• The company is also analyzing the ferrochrome potential of the Stillwater West project, driven by the 2.3 billion pound chrome resource defined by the January 2023 MRE and historical chrome production from the Stillwater district.
• Rhodium analysis results are pending.