Palladium One Announces Electromagnetic ("EM") Survey Results for Canalask Nickel - Copper Project, Yukon, Canada
Palladium One Announces Electromagnetic
("EM") Survey Results for Canalask Nickel -
Copper Project, Yukon, Canada
Toronto, Ontario--(Newsfile Corp. - January 16, 2024) -
Palladium One Mining Inc.
(
TSXV: PDM)
(OTCQB: NKORF) (FSE: 7N11
) (the "
Company
" or "
Palladium One
") is pleased to announce
Electromagnetic ("EM") survey results have been received and interpreted from the fall program on the
Canalask Nickel - Copper Project, located in the Kluane mafic-ultramafic belt, Yukon, Canada. (Figure 1
and 2).
Highlights
A high-resolution ground-based EM survey has confirmed the presence of a strong untested
conductor down plunge of historic shallow drilling and within the mafic-ultramafic chonolith / dyke.
The result has achieved several important goals:
1
.
Defined the conductor's geometry, a necessary percussor to drill testing.
2
.
Improved understanding of the conductor's relationship to historic shallow drilling.
For
example, DD hole VQ-7 which
returned 0.8% Ni, 0.2% Cu over 3.0 meters
including
1.3% Ni, and 0.3% Cu over 0.1 meters
in disseminated to semi-massive sulphide within
the ultramafic dyke..
3
.
Enhanced geological understanding through additional modelling of new and historic data.
To assist in drill program planning and future permitting, a high-resolution orthophoto survey was
also flown.
Diamond drill testing is planned for the 2024 field season, the timing of which will be dependent on
the late-winter/spring breakup.
President and CEO Derrick Weyrauch commented, "The fall exploration program has highlighted the
potential of the Canalask property to host significant nickel - copper sulphide mineralization within the
mafic-ultramafic dyke in addition to its historical footwall deposit. Drill testing is planned for the 2024
field season.
A previous EM survey had indicated the presence of a significant conductor at depth in a flexure of the
ultramafic dyke, however, due to incomplete data from the past survey, the exact geometry was poorly
understood. The 2023 EM survey used the most modern equipment available and has not only confirmed
the presence of the conductor but has also significantly improved its 3-dimensional orientation. The
conductor's position is now interpreted to be deeper than previously understood.
The closest holes to the
body of the conductor are from the 1980's, hole VQ-7 contained a narrow patch of semi-massive
sulphide which returned 1.3% nickel, thereby suggesting a source of massive sulphide nearby.
In addition to this untested conductor, the Canalask project contains the historic Main Zone Canalask
deposit consisting of 400,000 tonnes at 1.35% nickel (copper was not reported) (
Yukon Assessment
Report 094599
), hosted within footwall rocks of the ultramafic dyke. The occurrence of the footwall
hosted mineralization is in part the basis of our hypothesis that the historic deposit was originally fed by
a larger body of nickel -
copper sulphide present within the ultramafic dyke."
Exploration Since Acquisition
The Company competed a drone-based magnetometer survey (Figure 1) over the entire Canalask
project. This survey consisted of 392-line kilometers at 100-meter spacing and helped refine the location
and structure of the Ni-Cu-PGE prospective ultramafic dyke and greatly assisted the refinement of drill
targeting. In addition, a reconnaissance site visit returned grab sample
assays over 2% nickel, 6%
copper
and
1.55 g/t gold
(see press release
November, 17, 2022
). These results support the high
grades that were historically reported in footwall-style sulphide mineralization at the Canalask deposit.
The 2023 program consisted of brushing out and re-establishing access trails, as well as re-establishing
historic grid lines and was followed by a drone based airborne orthophoto survey and a high-resolution
ground-based EM survey using Lamontagne's UTEM system. This work has led to a substantial better
understanding of the project's geology, and has refined drill targets.
Canalask Property Overview
The Canalask Property is located within the Whitehorse Mining District, approximately 300 kilometers
northwest of Whitehorse, Yukon and is accessed from the Alaska Highway near south-east of Beaver
Creek. The Canalask Property consists of a contiguous block of 179 quartz claims covering
approximately 3,400 hectares.
Exploration dates to the 1950s when the Canalask footwall zone was originally discovered, drilled, and
partially developed. A historical resource estimate on the Main Zone is quoted at 400,000 tonnes at
1.35% nickel (copper was not reported) by Discovery Mines Ltd. in 1968 (
Yukon Assessment Report
094599
). Early Metallurgical floatation test work returned concentrate grades as high as 19.7% nickel
(
Yukon Assessment Report 093256
). Exploration continued up until
the early 2000s through a series of
surface programs including geochemical surveys, geological mapping, and geophysics. During these
campaigns, numerous high-grade Ni-Cu-PGE showings such 4.7% Nickel, 0.6% Cu and 6.82 g/t TPM
(Total Precious Metals) in grade samples at the Discovery Zone (
Yukon Assessment Report 094599
),
were discovered along the length of the ultramafic-mafic dyke. In 2006, Xstrata completed an
assessment Report (
Yukon Assessment Report 094599
) summarizing this earlier work. Readers are
cautioned that the Company has not verified the 1968 Historical Mineral Resource Estimate and
therefore the data should not be relied upon.
Geological Setting
The Canalask Property covers the lateral extent of the northwest - southeast striking, steeply dipping
"White River Intrusive Complex" (WRIC) which is part of the larger Kluane Mafic-Ultramafic Belt. The
Kluane Belt extends from northern British Columbia to east-central Alaska, within the Pennsylvanian to
Triassic Wrangellia Terrane volcanics and sediments. The belt is host to numerous nickel-copper +/-
platinum-palladium deposits and prospects, most notably the past producing Wellgreen Deposit, now
owned by Nickel Creek Platinum Corp., approximately 110 kilometers to the south. The WRIC occurs as
a sill-like body of ultramafic and mafic rocks 100 to 150 meters thick and dipping approximately 50
degrees to the southwest. The northern margin of the WRIC represents the basal footwall contact zone
while the southern margin delineates the upper hanging wall intrusive contact. The intrusion itself is
dominantly composed of peridotite and dunite with a mineralized basal gabbro zone.
Exploration Target
The WRIC is a favourable setting for magmatic nickel-copper sulphide mineralization and is considered
a "feeder system" with a high volume of magma flow. As evidenced by the abundance of magmatic Ni-
Cu-PGE showings at the base of the WRIC and the discovery of the nickel-rich Canalask footwall
deposit, the project hosts strong potential for both "magmatic feeder-type" basal deposits and
"epigenetic footwall-type" footwall deposits. The geological setting draws comparison to the world-class
Norilsk Ni-Cu-PGE camp.
Figure 1.
Canalask Project showing the modeled Maxwell plate (yellow) from the 2023 ground-based
EM survey overlaid on the 2022 drone based magnetic survey showing total field and location of the
historic drill holes and Main Zone footwall deposit.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6502/194281_a78ebd9d6482b8ad_001full.jpg
Figure 2.
Isometric view new looking southwest of the modelled ultramafic dyke (purple) and modelled
Maxwell plate (yellow) from the 2023 ground EM survey and position of historic drill holes including VQ-7
which is located near the upper northeast corner of the plate. Insert map in the upper left is a stylized
cross section illustrating the exploration target consisting of massive magmatic sulphides located at the
base of the ultramafic dyke.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6502/194281_3134cd92d460b97d_001full.jpg
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
Critical Green Transportation Metals
. A Canadian mineral exploration and development
company, Palladium One is targeting district scale, nickel - copper sulphide and platinum-group-element
(PGE) deposits in Canada and Finland. The Läntinen Koillismaa (LK) Project in north-central Finland, is
a PGE-copper-nickel project that has existing NI43-101 Mineral Resources, while both the Tyko and
Canalask high-grade nickel-copper projects are located in Ontario and the Yukon, Canada, respectively.
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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