Palladium One Announces Drilling of the Award Winning Tyko Nickel-Copper-Cobalt Project, Canada
Palladium One Announces Drilling of the
Award Winning Tyko Nickel-Copper-Cobalt
Project, Canada
Highlights
Three of five Exploration Permits have been received.
A 15,000-meter diamond drilling program is planned.
Drilling to begin later this month.
Initial target areas are the highly prospective Bulldozer North, South and West Pickle
Lake multi-line VTEMmax anomalies, which are coincident with highly anomalous Cu and
Ni in soils (Figure 1 and 2).
Construction of an all-weather camp has been completed.
70-kilometer Induced Polarization ("IP") survey recently completed; results expected
shortly.
Toronto, Ontario--(Newsfile Corp. - May 11, 2022) -
Palladium One Mining Inc.
(
TSXV: PDM
)
(
OTCQB: NKORF
) (
FSE: 7N11
) (the "
Company
" or "
Palladium One
") is pleased to announce that
three of five Exploration Permits have been received for the Tyko Nickel-Copper-Cobalt Project, located
near White River, Ontario.
A 15,000-meter diamond drill program is planned and is scheduled to begin
this month.
Tyko hosts nickel, copper and cobalt, each of which has been designated a Critical Mineral
in Canada, the United States and the European Union.
"Tyko is an award-winning, sulphide, high-grade Critical Minerals (nickel, copper, cobalt) Project in
Ontario, Canada.
With drill permits in hand we are launching the 2022 diamond drilling program to
expand on our high-grade discovery success, where we intersected up to 10% nickel equivalent over 4
meters, within a 430-meter strike length that remains open for expansion.
"Two permit applications remain outstanding following submissions in early-September 2021, and we
continue to respond to various requests/inquiries.
With both Ontario's and Canada's political focus on
increasing domestic supply of Critical Minerals, we are hopeful that the last two permits will arrive shortly.
"The three permits will enable us to drill the highly prospective West Pickle Lake and the Bulldozer North
and South targets (Figure 1 and 2).
"During the winter months, an all-weather camp was constructed and we completed 70 kilometres of
Induced Polarization (IP) grids on the Smoke Lake and Bulldozer target areas, results are expected
shortly," commented Derrick Weyrauch, President and CEO.
The Company has been working to secure five new Critical Mineral Exploration Permits covering Smoke
lake and the four new multiline VTEMmax anomalies with coincident strong copper-nickel in soil
anomalies (see news release
October 28, 2021
and
November 30, 2021
). The three permits received
cover three of the four new multi-line VTEMmax targets, including West Pickle Lake, Bulldozer North and
Bulldozer South.
West Pickle Lake Anomaly
The West Pickle Lake anomaly likely represents a continuation of the 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 West Pickle Lake anomaly has a much stronger VTEMmax
response (over 6 lines), whereas the RJ showing had only a weak single line VTEMmax response,
suggesting semi-massive to massive sulphide occurs at West Pickle Lake. Soil samples collected at
West Pickle Lake have returned up to 153ppm Cu and 116ppm Ni (Figure 2, Table 1)
The Bulldozer North and South Anomalies
The Bulldozer North and South Anomalies represent a new mafic-ultramafic target at the large Bulldozer
intrusion which has never been drilled or even mapped. The Bulldozer North and South Anomalies
represent the first Electro Magnetic (EM) anomalies detected within the intrusion. The Bulldozer intrusion
is host to one historic copper-nickel-cobalt showing, which consists of remobilized disseminated
chalcopyrite and pyrite in a shear with historic samples returning up to 3.34% Cu, 0.12% Ni, 0.24% Co,
0.38 g/t Pd, 0.08 g/t Pt (see Ontario Mineral Deposit Index MDI000000001901), suggesting that more
widespread mineralization is present within the larger intrusion.
Soil sampling conducted by the Company in 2021 on the Bulldozer South anomaly returned up to
891ppm copper and 142ppm cobalt (Figure 2 and Table 1), notably the soil samples have similar metal
ratios compared to the historic Bulldozer showing suggesting a similar mineralization style. The copper
in soils results are particular noteworthy having
returned up to 45 times background levels.
The Bulldozer North and South Anomalies also occurs in a very strongly magnetic portion of the
Bulldozer Intrusion, along it's southwestern contact, possibly indicating the base of the intrusion. The
extent of these highly magnetic rocks extends well beyond the current VTEMmax anomalies and suggest
any discovery in this area has the potential for significant tonnage.
Winter IP Geophysical Program
In anticipation of the receipt of additional Exploration Permits, the Company constructed an all-weather
exploration camp in January and completed a 70 kilometer IP program covering the Smoke Lake and
the Bulldozer North and South Areas. Unseasonably cold weather and heavy snowfall produced several
challenges, however both grids were completed in late April. Results from this survey are expected
shortly, and will be invaluable in drill hole targeting.
Figure 1.
Tyko Project, with airborne magnetic data (total field) showing various VTEMmax anomalies
(multi-lines EM anomalies are highlighted by dashed black lines) and known nickel-copper showings
(yellow triangles).
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/6502/123518_523a066284ab0aee_001full.jpg
Figure 2.
Zoom in showing copper in soils for the 4 multi-line VTEMmax EM anomalies. Background is
total field mag.
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/6502/123518_523a066284ab0aee_002full.jpg
*Italicised values for Smoke Lake have been previously released, (see news release
January 27, 2019
and
November 18, 2020
)
Table 1.
Comparison of the highest three soil samples collected for each multi-line anomaly compared
to soil sampling at Smoke Lake.
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/6502/123518_523a066284ab0aee_003full.jpg
*Nickel Equivalent ("NiEq")
Nickel equivalent is calculated using US$1,700 per ounce for palladium, US$1,100 per ounce for
platinum, US$1,800 per ounce for gold, US$4.25 per pound for copper, US$8.50 per pound for nickel
and US$25 per pound for Cobalt. This calculation is consistent with the commodity prices used in the
Company's September 2022 NI 43-101 LK resource estimate (see news release
April 25, 2022
).
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 meters
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 2020 Discovery of the Year Award winning Tyko Project, a
high-grade sulphide, copper-nickel project located in 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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