Great Lakes Minerals Ltd. has officially started its 2026 field operations at the Skaergaard site in southeast Greenland. The company is using the vessel Argus to begin drilling and bulk sampling at the massive deposit.
15 million ounces of palladium equivalent at Skaergaard
The Skaergaard project represents a massive geological opportunity, sitting within a 56-million-year-old layered intrusion. According to the company's July 2026 technical report, the site holds significant Indicated mineral resources of 153.6 million tonnes. these resources grade at 3.04 grams per tonne palladium equivalent, totaling approximately 15.00 million ounces.
When including Inferred resources, the scale grows to 177.5 million tonnes at 3.07 grams per tonne palladium equivalent, or 17.49 million ounces. This massive scale places the project among the largest undeveloped gold, palladium, and platinum deposits globally. Great Lakes Minerals Ltd. maintains an 80% interest in these licenses through its subsidiary, Major Precious Greenland A/S.
Deploying the Argus and the Sodalen airstrip
Logistics remain a primary challenge for mining in southeast Greenland, where the coastline is only reachable by ship for a few weeks each year. To combat this, Great Lakes Minerals Ltd. has deployed its support vessel, Argus, to anchor near the initial drilling zones . The company has already completed the unloading of equipment, machinery, and materials, alongside setting up necessary onshore infrastructure. Safety drills and inductions are complete, and diamond drill rigs have been assembled and are currently operational.
The operational capacity of the site has been bolstered by the confirmation of the Sodalen airstrip as functional. This infrastructure, combined with the technical expertise of Nordisk Fundering, which is supplying and operating the drills, marks a significant shift from previous years. As reported by the company, this season is the culmination of a full year of preparation, including the engagement of an environmental consultancy and the completion of drone-based LiDAR sruveys.
The gap between $3,500 gold assumptions and market reality
The valuation of the Skaergaard deposit relies on specific metal price assumptions that may diverge from current market volatility. The July 2026 technical report, prepared by SLR Consulting (Canada) Ltd., utilized a gold price of US$3,500 per ounce, a palladium price of US$1,725, and a platinum price of US$2,100. These figures are used alongside a net smelter return cut-off of US$84 per tonne to define the resource.
While these prices reflect a broader trend of rising metal values—up roughly 9% over the past month and about 30% higher than a year ago—they remain theoretical. This price surge is supported by expectations of lower U.S. interest rates following a weak July jobs report,as well as continued central bank buying and geopolitical friction. However,the report clarifies that these prices are assumptions for the resource estimate rather than a definitive statement on the deposit's ultimate market value.
Will an economic study validate the SLR Consulting report?
Despite the impressive resource numbers provided by SLR Consulting (Canada) Ltd., several critical questions remain regarding the project's commercial viability. While the technical report outlines massive quantities of palladium and gold, the company has yet to release a definitive economic study that settles the question of profitability. The report primarily reflects internal projections rather than independent economic verification.
Investors and industry observers are still waiting to see if the current drilling results from Nordisk Fundering will support the high-grade assumptions made in the July filing. Furthermore, the extreme seasonality of the Greenland coastline means that any delays in the 2026 field season could significantly impact the timeline for a formal economic assessment.
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