Palladium One Adds Second Rig and Receives Smoke Lake Exploration Permit for the Tyko Project, Canada
Palladium One Adds Second Rig and Receives
Smoke Lake Exploration Permit for the Tyko
Project, Canada
Toronto, Ontario--(Newsfile Corp. - August 31, 2022) -
Palladium One Mining Inc.
(
TSXV: PDM)
(OTCQB: NKORF) (FSE: 7N11
) (the "
Company
" or "
Palladium One
") is pleased to announce that it
has received a new exploration drill permit for the Smoke Lake Zone area of the Tyko Copper-Nickel-
Cobalt Project. This permit provides the Company with new drill pad locations to test potential
extensions of the known Smoke Lake nickel-copper mineralization. In addition, the Company has added
a second helicopter-based drill rig as part of a four-week program to test more remote targets on the
property, including the historic RJ an Tyko zones.
"We are very pleased to have received another Exploration Permit for Tyko, this new permit allows for
additional drill pads at the high-grade Smoke Lake zone, as well as other nearby geophysical targets.
The 2022 diamond drill program at Tyko is well underway.
Recently we added a second drill rig, as part
of a four-week program to test the historic RJ and Tyko zones, nearby magnetic anomalies, and single
line VTEMmax conductors. This helicopter drill program includes a 400-meter deep hole at both the RJ
and Tyko zones for an upcoming borehole electromagnetic survey ("BHEM")." stated Derrick Weyrauch,
President and CEO.
Permitting Update
The newly received permit will allow for additional drill pads to potentially expand the high-grade Smoke
Lake zone as well as to test Induced Polarization ("IP") Chargeability targets located on the north side of
Smoke Lake and which correlate with the surface expression of a large magnetic inversion anomaly
lying below and to the northeast of the high-grade Smoke Lake zone. Additionally, two single line
VTEMax conductors also fall within this new permit area.
The Company has now received four of six permits, which were originally applied for in Q3 2021. Two
permits remain outstanding, notably the Cupa Lake area which contains a coincident VTEMmax
conductor and strong nickel and copper in soil anomalies (see press release
November 30, 2021
).
While Exploration Permits have taken longer than anticipated, the majority have now been granted, the
Company remains cautiously optimistic that additional permits will eventually be issued.
Drill Program Update
A drill rig has been mobilized to the Smoke Lake area to test extensions of the know high-grade nickel-
copper mineralization, as well as IP chargeability targets identified during the winter geophysical
program (see press release
June 9, 2022
).
A helicopter-based drill rig has been mobilized to conduct a small four-week program focused on the
historic RJ and Tyko zones which have returned
1.04% Ni and 0.23% Cu over 16.2 meters
in hole TK-
16-002 and
0.93% Ni, 0.50% Cu over 15.9 meters
, in hole TK-16-006 respectively (See news
releases
April 12, 2016
and
June 9, 2016
) in blebby to locally net-textured sulphides. The primary
purpose of this small program is to drill a 400-meter deep BHEM platform hole at each zone to test for
buried massive sulphide mineralization below the detection limit depth of the VTEMmax survey. The
helicopter-based rig will also test nearby magnetic and single line VTEMmax anomalies, which cannot
be accessed from existing logging roads.
The drill program will be paused from mid September to mid October to allow for the traditional moose
hunting season. Drilling is scheduled to resume in mid-late October and continue to the end of the year.
About Tyko Copper-Nickel-Cobalt Project
The Tyko Copper-Nickel-Cobalt Project, is located approximately 65 kilometers northeast of Marathon
Ontario, Canada. Tyko is an early stage, high sulphide tenor, nickel-copper (2:1 ratio) project with drill
hole intercepts returning up to
10.2% NiEq
(
8.1% Ni, 2.9% Cu
, 0.1% Co, 0.61g/t Pd, 0.71g/t Pt, and
0.02g/t Au)
over 3.8 metes
in hole TK-20-023 (see news release
January 19, 2021
).
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. (TSXV: PDM) is focused on discovering environmentally and socially
conscious
Metals for Green Transportation
. A Canadian mineral exploration and development
company, Palladium One is targeting district scale, platinum-group-element (PGE)-copper-nickel
deposits in leading mining jurisdictions. Its flagship project is the Läntinen Koillismaa (LK) Project in
north-central Finland, which is ranked by the Fraser Institute as one of the world's top countries for
mineral exploration and development. LK is a PGE-copper-nickel project that has existing Mineral
Resources. PDM's second project is the Tyko Project, a high-grade sulphide, copper-nickel project
located in Ontario, Canada. Follow Palladium One on
,
, and at
www.palladiumoneinc.com
.
ON BEHALF OF THE BOARD
"Derrick Weyrauch"
President & CEO, Director
For further information contact:
Derrick Weyrauch, President & CEO
Email:
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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
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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.
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