Vancouver, British Columbia--(Newsfile Corp. - May 12, 2021) -  Canadian Palladium Resources Inc. (CSE: BULL) (OTCQB: DCNNF) (FSE: DCR1) (the "Company") is pleased to report new assay results for drill holes EB-21-54 to EB-21-56 that further extend the East Bull Palladium Deposit along strike to the west. Holes EB-21-54 to EB-21-56 were all drilled in the Garden Zone at the west end of the Deposit. A highlight of the current batch of drill results is hole EB-21-55 that intersected 22 metres grading 2.22 g/t palladium-equivalent. This intersection included a higher grade 7 metre interval with 3.40 g/t palladium-equivalent and is the best intersect drilled to date in the Garden Zone. The drilling program has now defined a 3.0 km strike length of near-surface disseminated sulphide mineralization hosting palladium, platinum, rhodium, gold, and base metals located 90 kilometres west of Sudbury, Ontario.

Wayne Tisdale, Canadian Palladium's CEO, commented, "The west end of the East Bull Palladium Deposit continues to deliver strong drilling results. Our geologists consider that the wide interval in hole EB-21-55 may result from proximity to the mineralized feeder dyke that was reported in our previous press release. We are excited to continue exploration in the west end of the Deposit and are planning a borehole EM geophysical survey to search for higher-grade sulphides that could potentially be associated with a feeder dyke structure."

Mineralized intervals from holes EB-21-54 to EB-21-56 are reported in Table 1. Widths are reported in metres (m) and precious metal concentrations in grams/tonne (g/t). Appendix 1 provides details of hole locations and orientations. Figure 1 shows the locations of the drill holes.

Table 1: Diamond Drill Hole Results EB-21-54 to EB-21-56

The Palladium mineralization is primarily hosted within a 45° north dipping vari-textured gabbro unit near the basal contact of the East Bull Gabbro. Hole EB-21-54 is the western-most hole drilled to date on the Company's Property. Hole EB-21-55 was drilled north of, and intersected the Garden Zone down dip from, hole EB-21-52 that was reported in the Company's May 5, 2021 press release. Hole EB-21-56 was drilled north of hole EB-21-51. Assay results for hole EB-21-56 reported here are from the Garden Zone. Additional assays from the lower part of the hole are pending.

These results continue to demonstrate the consistency of the disseminated palladium-bearing sulphide mineralization that occurs near the basal contact of the East Bull Gabbro. Drilling has successfully focused on testing the strike and downdip extensions of this "contact-type" mineralization that is typically tens of metres thick. The Company is also evaluating potential footwall mineralization related to feeder conduits for the East Bull Gabbro.

For the drilling program, individual demarked samples of NQ drill core were sawn in half, bagged, sealed and transported by courier to the laboratory. Duplicates, blanks and standards were introduced to the sample stream on site. The Company is using two PGM certified reference materials from Canadian Resource Laboratories as standards to monitor analytical accuracy. Samples were sent to AGAT Laboratories, Mississauga, Ontario. Each sample was analysed using the AGAT Laboratories codes 202555, Fire Assay-ICP (50g); 201070, 4 Acid Digest / ICP-OES Finish. The Company's protocol is to analyze Rh after initially assaying for palladium, platinum and gold. Once Rh results are received, the Rh concentrations will be reported. Pd-Eq grade is based on parameters in the May 23, 2019, NI 43-101 Resource Estimate and Technical Report. Metal prices are based on 24-month trailing averages at January 31, 2018. In US$ these prices are: Pd - $767/oz; Pt - $973/oz; Rh - $1,000/oz; Au - $1.262/oz; Cu - $2.53/lb; Ni - $4.62/lb; Co - $20/lb.

Reported widths are drilled widths, with true widths estimated to be 90 percent of drilled widths for minus-60-degree-holes to approximately 85 per cent of drilled width for minus-70-degree holes.

Mr. Garry Clark, P. Geo., of Clark Exploration Consulting, is the "Qualified Person" as defined in NI 43-101, who has reviewed and approved the technical content in this press release.

Canadian Palladium Resources Inc.
Wayne Tisdale, President and CEO
T: (604) 639-4452

Figure 1. Drill intersections reported in this release relative to Garden and Valhalla Zones of the East Bull Palladium Deposit. Base map is an airborne total field magnetic survey.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/6337/83655_099a32d824283921_002full.jpg

Appendix 1. Drill Hole Location information

Drill collar coordinates are in NAD83 UTM 17N

Reader Advisory

This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the analytical results and exploration at the East Bull palladium property.

Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation and environmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; liabilities inherent in water disposal facility operations; competition for, among other things, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, processing and transportation problems; changes in tax laws and incentive programs; failure to realize the anticipated benefits of acquisitions and dispositions; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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