Canadian Palladium Intersects Highest Grades to Date at East Bull Deposit with 18.76 g/t Palladium Equivalent over 1 m

Drill Results - Highlights from holes EB-21-73 to 80 include:

• Hole EB-21-80 had a 1.0 m intersection grading 18.76 g/t PdEq in the newly recognized GAP Target, a potential feeder structure to the Valhalla Zone. This is the highest-grade interval assayed to date on the project;
• Hole EB-21-78 had a 38 m intersection grading 2.19 g/t PdEq in the Garden Zone. This intersection includes 7 m grading 4.09 g/t PdEq and is located immediately west of the EOH Zone feeder structure;
• Hole EB-21-77 intersected 39 m of 1.12 g/t PdEq including 6 m of 1.9 g/t PdEq in the EOH Zone and an additional 20 m of 1.17 g/t PdEq in the Garden Zone.

Wayne Tisdale, Canadian Palladium's CEO, commented, "The new GAP Target assay results demonstrate that high-grade semi-massive sulphides are associated with mineralized feeder conduits at East Bull. To date, our drilling program has mainly focussed on increasing the size of the disseminated mineral deposit, however, these latest holes are confirming an exciting new opportunity for defining high-grade mineralization in this large intrusive system."

The current results are part of a 20,000 m drill program and are mainly focussed on the west side of the Property. Significant intervals are reported in Table 1 and drill hole locations are shown in Figure 1. Holes EB-21-73 and -74 successfully targeted a western extension of disseminated contact-type mineralization in the Valhalla Zone. Hole EB-21-75 did not intersect significant mineralization, possibly due to a fault offset of the zone.

Holes EB-21-76 and -77 successfully targeted the EOH Zone and the overlying Garden Zone. Hole EB-21-77 intersected both zones for a total of 59 m of mineralization. Hole EB-21-78 was intended to test both the Garden Zone and underlying EOH Zone, however, the hole trajectory missed the EOH zone and intersected a wide high-grade interval of disseminated sulphide mineralization in the Garden Zone immediately west of the interpreted position of the EOH Zone. EB-21-79 was a successful Garden Zone in-fill hole to test for continuity of disseminated sulphide mineralization.

Hole EB-21-80 was drilled to test a possible feeder conduit underlying the Valhalla Zone in close proximity to high-grade results intersected in the Valhalla Zone early in the 2020 drilling program. Hole EB-21-80 intersected high-grade semi-massive sulphides and associated disseminated sulphide mineralization and confirms the importance of the conduit model at East Bull.

Pd-Eq grade 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.

The Valhalla and Garden Zone palladium mineralization is primarily hosted within a 45-degree-north-dipping vari-textured melagabbro unit 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 EOH zone mineralization is associated with a northeast striking, subvertical, mineralized magma conduit that underlies the Garden Zone. The new GAP target underlies the Valhalla Zone and is interpreted to have a similar northeast striking orientation.

Reported widths are drilled widths. Most diamond drill holes in the program to date were drilled at an azimuth of 180^o with inclinations of -60^o. Holes EB-21-77, -78, and -80 were drilled in a NW direction to test northeast trending feeder conduit structures. True widths estimated to be 90% of the intersections for the holes drilled at 180^o. In addition to assay results reported here, rhodium is being analyzed and will be reported at a later date.

Drill Program QA/QC - This phase of the drilling program was carried out under the supervision of Garry Clark, P. Geo., of Clark Exploration Consulting, a Qualified Person as defined in NI 43-101. Drill core samples were split using a rock saw by Company staff, with half retained in the core box and stored in the Company's facility in Massey, Ontario. The drill core samples were transported in sealed bags by courier to Activation Laboratories ("Actlabs") in Ancaster, Ontario. Actlabs is an independent ISO/IEC 17025 certified laboratory. PGE analysis was performed using a 30 grams fire assay with an ICP-MS or ICP-AES finish. Multi-element analyses, including copper and nickel were analysed by four acid digestion using 0.25 grams with an ICP-AES finish. Certified standards, blanks and crushed duplicates are placed in the sample stream at a rate of one QA/QC sample per 10 core samples. Results are analyzed for acceptance at the time of import. All standards associated with the results in this press release were determined to be acceptable within the defined limits of the standard used.

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) 639-4472

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

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