Palladium Equivalent ("Pd_Eq") at the Murtolampi Zone of the Open Pit Läntinen Koillismaa PGE-Cu-Ni Project, Finland
Palladium One Intersects 87.2m @ 1.43 g/t
Palladium Equivalent ("Pd_Eq") at the
Murtolampi Zone of the Open Pit Läntinen
Koillismaa PGE-Cu-Ni Project, Finland
Vancouver, British Columbia--(Newsfile Corp. - August 25, 2020) -
Palladium One Mining Inc.
(
TSXV:
PDM) (FSE: 7N11) (OTC Pink: NKORF
) (the "
Company
" or "
Palladium One
") is pleased to report
the first diamond drill hole results to test the Murtolampi zone, located 2.5 kilometers ("km") north of the
Kaukua Deposit, at the open pit Läntinen Koillismaa ("LK") PGE-Cu-Ni Project (Figure 1).
Starting at 5.8
meters downhole, Hole LK20-012 intersected
87.2m @ 1.43 g/t
Pd_Eq* including
20.2 @ 2.26g/t
Pd_Eq (Figure 2).
Surface sampling by the Company, previously returned
4.9 g/t Pd_Eq
(1.86 g/t Pd,
1.12 g/t Pt, 0.14 g/t Au, 0.78% Cu, & 0.13% Ni
), see news release August 12
th
, 2019.
President and CEO Derrick Weyrauch commented, "
Murtolampi is a short distance north of the
Kaukua Open Pit Deposit. We have now shown that both Murtolampi and Kaukua South have the
potential to significantly add to the existing NI 43-101 open pit resource at Kaukua. Similar to Kaukua
South, Murtolampi is associated with a strong Induced Polarization ("IP") chargeability anomaly that is
not fully tested. IP has proven to be an invaluable tool for outlining palladium-rich sulphide
mineralization on the LK project, as evidenced by the success of Hole LK20-006 at Kaukua South.
The current drill program will continue to test both the Murtolampi and the Kaukua South IP
chargeability anomalies discovered earlier this year. We look forward to sharing further drill results
with our shareholders in the near term.
"
Highlights:
87.2m @ 1.43 g/t Pd_Eq
, from 5.8m down hole in hole LK20-012, collared on the same drill pad
as LK20-011.
Total platinum-group elements ("PGE"), (Pd + Pt + Au),
0.53
g/t
Including
20.2m @ 2.26 g/t Pd_Eq
Total PGE
1.05 g/t
,
35.8m @ 1.66 g/t Pd_Eq,
from 7.2m down hole in LK20-011, which was abandoned at 43m due
to hole deviation.
Total PGE
0.63
g/t
Including
10.0m @ 2.94 g/t Pd_Eq
, from 33.0 m to end of hole.
Total PGE
1.41
g/t
Hole LK20-012 intersected a zone
more than twice as thick
as historical drilling at Murtolampi,
by the Geologic Survey of Finland ("GTK") in the 1990's, demonstrating the potential for
significantly more tonnage than previously thought.
The Murtolampi zone hosts a 750 long IP chargeability anomaly (see news release March 10, 2020). Six
shallow GTK drill holes, conducted in the 1990s, all intersected mineralization and frequently ended in
mineralization, but only tested the very outer edge of the newly discovered chargeability anomaly.
Figure 1.
Greater Kaukua Area showing IP chargeability anomalies. Phase 1 drill hole locations
showing in (black) and planned drill holes in (red).
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/6502/62438_d1b8e384544fe80c_001full.jpg
Figure 2.
Cross section showing hole LK20-012. Holes R368-371 are GTK holes drilled in the 1990's
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/6502/62438_d1b8e384544fe80c_002full.jpg
Table 1. Phase 1 Drill Results
Zone
Hole
From (m)
To (m)
Width (m)
Pd_Eq g/t*
PGE g/t
(Pd+Pt+Au)
Pd g/t
Pt g/t
Au g/t
Cu %
Ni
%
Kaukua
LK20-001
33.4
66.0
32.6
2.86
1.82
1.22
0.46
0.14
0.23
0.16
Inc.
45.0
61.0
16.0
3.64
2.43
1.67
0.59
0.18
0.27
0.18
Inc.
48.6
49.9
1.3
5.70
3.96
2.78
0.93
0.25
0.41
0.25
Kaukua
LK20-002
38.4
71.0
32.7
2.00
1.06
0.70
0.29
0.07
0.15
0.16
Inc.
43.0
53.1
10.1
3.08
1.65
1.07
0.47
0.11
0.26
0.24
Inc.
45.8
47.3
1.5
5.23
2.85
1.82
0.82
0.21
0.49
0.37
Kaukua
LK20-003
37.0
75.0
38.0
1.49
0.77
0.52
0.19
0.06
0.10
0.13
Inc.
37.0
57.3
20.3
2.03
1.13
0.77
0.28
0.09
0.14
0.16
Inc.
48.0
49.2
1.2
4.07
2.53
1.75
0.60
0.19
0.29
0.25
Kaukua
LK20-004
40.3
68.5
28.2
2.04
1.11
0.73
0.29
0.09
0.19
0.14
Inc.
40.3
53.4
13.1
2.73
1.58
1.05
0.41
0.12
0.24
0.17
Inc.
52.1
53.4
1.4
4.43
2.69
1.83
0.71
0.15
0.38
0.26
Kaukua
LK20-005
32.8
69.5
36.8
1.95
1.13
0.74
0.31
0.08
0.16
0.13
Inc.
32.8
41.0
8.3
3.40
2.00
1.38
0.52
0.11
0.29
0.21
Inc.
36.2
37.7
1.5
4.83
2.87
2.01
0.70
0.16
0.39
0.31
Kaukua South
LK20-006
Zone**
43.8
210.5
166.7
1.16
0.58
0.39
0.14
0.05
0.09
0.10
Upper Subzone
43.8
62.0
18.3
1.27
0.33
0.21
0.05
0.07
0.13
0.16
Middle Subzone
95.0
158.4
63.4
1.88
1.06
0.72
0.26
0.08
0.13
0.14
Inc.
95.0
116.5
21.6
2.36
1.25
0.83
0.31
0.11
0.18
0.19
And
138.4
146.1
7.8
2.61
1.59
1.12
0.38
0.09
0.13
0.19
Inc.
138.4
139.9
1.6
4.88
3.13
2.09
0.72
0.32
0.40
0.25
Lower Subzone
188.5
210.5
22.0
1.50
0.87
0.60
0.20
0.07
0.11
0.10
Inc.
188.5
198.8
10.4
2.22
1.26
0.85
0.29
0.11
0.18
0.15
And
256.7
257.9
1.2
3.50
1.39
1.10
0.26
0.03
0.11
0.45
Kaukua
LK20-007
200.1
241.7
41.6
2.16
1.18
0.83
0.28
0.07
0.16
0.17
Inc.
205.9
213.8
7.8
3.26
2.18
1.53
0.53
0.13
0.21
0.17
Inc.
207.4
208.9
1.5
4.47
2.70
1.72
0.61
0.38
0.42
0.24
Murtolampi
LK20-011***
7.15
43.00
35.85
1.66
0.63
0.38
0.20
0.05
0.11
0.20
Upper Zone
33.00
43.00
10.00
2.94
1.41
0.82
0.47
0.12
0.24
0.26
Inc.
36.00
38.00
2.00
4.66
2.64
1.58
0.88
0.18
0.36
0.34
Murtolampi
LK20-012
5.75
92.90
87.15
1.43
0.53
0.32
0.17
0.04
0.08
0.18
Upper Zone
28.50
48.70
20.20
2.26
1.05
0.63
0.35
0.07
0.13
0.24
Lower Zone
61.45
80.55
19.10
1.84
0.72
0.43
0.22
0.08
0.13
0.21
* Palladium Equivalent "Pd_Eq" is calculated using metal prices (in USD) of $1,100/oz for palladium,
$950/oz for platinum, $1,300/oz for gold, $6,614/t for copper and $15,432/t for nickel as used in the
Company's 2019, 43-101 mineral resource estimate on the Kaukua Deposit (see press release
September 9, 2019).
** Includes 16.25m of unsampled core given a zero grade.
*** Hole LK20-011 was abandoned at 43m depth due to excessive azimuth deviation and recollared on
the same pad as hole LK20-012.
**** Reported widths are "drilled widths" true widths. Estimated to be approximately 90% of drilled width
for holes LK20-001-005 & 007, true widths for hole LK20-006, 011 & 012 are unknown at this time.
***** Grey Italicised values are previously released (see press release July 22, 28, August 11, 2020)
QA/QC
The Phase I drilling program was carried out under the supervision of Neil Pettigrew, M.Sc., P. Geo.,
Vice President of Exploration and a director of the Company.
Drill core samples were split using a rock saw by Company staff, with half retained in the core box and
stored indoors in a secure facility, in Taivalkoski, Finland. The drill core samples were transported by
courier from the Company's core handling facility in Taivalkoski, Finland, to ALS Global ("ALS")
laboratory in Outokumpu, Finland. ALS, is an accredited lab and are ISO compliant (ISO 9001:2008,
ISO/IEC 17025:2005). 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
Qualified Person
The technical information in this release has been reviewed and verified by Neil Pettigrew, M.Sc., P.
Geo., Vice President of Exploration and a director of the Company and the Qualified Person as defined
by National Instrument 43-101.
About Palladium One
Palladium One Mining Inc. is a palladium dominant, platinum-group-elements ("PGE"), copper,
nickel exploration and development company. Its assets consist of the Läntinen Koillismaa ("LK") and
Kostonjarvi ("KS") PGE-Cu-Ni projects, located in north-central Finland and the Tyko Ni-Cu-PGE and
Disraeli PGE-Ni-Cu properties in Ontario, Canada. All projects are 100% owned and are of a district
scale.
LK is an advanced project targeting disseminated sulphide along 38 kilometers of favorable
basal contact. The KS project is targeting massive sulphide within a 20,000-hectare land package
covering a regional scale gravity and magnetic geophysical anomaly.
Tyko is a 13,000-hectare
project targeting disseminated and massive sulphide in a highly metamorphosed Archean terrain.
Disraeli is a 3,100-hectare project targeting PGE-rich disseminated and massive sulphide in a highly
productive Proterozoic mid-continent rift.
The Kaukua deposit of the LK project hosts a pit-constrained resource of 635,600 Pd_Eq ounces of
Indicated Resources grading 1.80 g/t Pd_Eq* ("palladium equivalent") contained in 11 million tonnes
(@ 0.81g/t Pd, 0.27g/t Pt, 0.09g/t Au, (1.17g/t PGE), 0.15% Cu & 0.09% Ni), and 525,800 Pd_Eq
ounces of Inferred Resources grading 1.50 g/t Pd_Eq contained in 11 million tonnes (@ 0.64g/t Pd,
0.20g/t Pt, 0.08g/t Au (0.92g/t PGE), 0.13% Cu, & 0.08% Ni), (see press release September 9, 2019).
*Pd_Eq is calculated using the following metal prices (in USD) of $1,100/oz for Pd, $950/oz for Pt,
$1,300/oz for Au, $6,614/t for Cu and $15,432/t for Ni.
ON BEHALF OF THE BOARD
"Derrick Weyrauch"
President & CEO, Director
For further information contact:
Derrick Weyrauch, President & CEO
Email:
Neither the TSX Venture Exchange nor its Market Regulator (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
This press release is not an offer or a solicitation of an offer of securities for sale in the United States
of America. The common shares of Palladium One Mining Inc. have not been and will not be
registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the
United States absent registration or an applicable exemption from registration.
Information set forth in this press release may contain forward-looking statements. Forward-looking
statements are statements that relate to future, not past events. In this context, forward-looking
statements often address a company's expected future business and financial performance, and often
contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements
that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar
expressions. By their nature, forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause our actual results, performance or achievements, or
other future events, to be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such factors include, among others, risks
associated with project development; the need for additional financing; operational risks associated
with mining and mineral processing; fluctuations in palladium and other commodity prices; title
matters; environmental liability claims and insurance; reliance on key personnel; the absence of
dividends; competition; dilution; the volatility of our common share price and volume; and tax
consequences to Canadian and U.S. Shareholders. Forward-looking statements are made based on
management's beliefs, estimates and opinions on the date that statements are made and the
Company undertakes no obligation to update forward-looking statements if these beliefs, estimates
and opinions or other circumstances should change. Investors are cautioned against attributing
undue certainty to forward-looking statements.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/62438