Canadian palladium diamond drilling on the East Bull property to broaden mineralization and take a look at the feeder dyke extension

Vancouver, British Columbia – (Newsfile Corp. – June 7, 2021) – Canadian Palladium Resources Inc. (CSE: BULL) (OTCQB: DCNNF) (FWB: DCR1) (the “Company”) is pleased to announce an update on diamond drilling on west end of the East Bull deposit. Drilling in this area will deepen hole EB-21-52 which contains 2.38 g / t PdEq over 6 meters at the bottom of the hole and has been stopped in mineralization (see news release dated May 5th 2021). The expansion of this hole is significant as the mineralization at the base of the hole is a new zone that resides in an interpreted feeder dike located 50 meters below the main zone of contact mineralization.

In addition to testing the feeder dike, the next phase of drilling is expected to expand and expand the western extent of the mineralized zone. The holes will be a series of approximately 100 meter long step-outs from EB-21-55 (2.222 g / t PdEq over 22 meters) and EB-21-54 (0.989 g / t PdEq over 5 meters) (Dec. May 2021 press release).

Wayne Tisdale, CEO of Canadian Palladium, commented, “This program will expand our knowledge of the feeder dyke and expand the main mineralization further west. The Feeder-Dyke has the potential to host high-grade mineralization and represents a new target that could add significant value to East Bull. "

Drilling to date has now defined a three-mile strike length of near-surface indented sulfide mineralization comprising palladium, platinum, rhodium, gold and base metals 90 kilometers west of Sudbury, Ontario. The current phase of diamond drilling is expected to be completed in 28 days. It is expected that 6 holes will be drilled in this area for a total of an additional 2,000 meters and, if successful, it is anticipated that the mineralization could potentially be expanded an additional 200 to 300 meters west and 200 meters down dip from existing drill intersections.

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

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Canadian Palladium Resources Inc.

Wayne Tisdale, President and CEO

T: (604) 639-4452

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This press release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is often identified 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. Forward-looking information in this press release includes, in particular, statements regarding the analytical results and exploration on the East Bull palladium property.

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