Palladium One Discovers New Mineralized Chonolith North of RJ Zone and Reports Drill Results for the Smoke Lake Zone, Tyko Nickel
Palladium One Discovers New Mineralized
Chonolith North of RJ Zone and Reports Drill
Results for the Smoke Lake Zone, Tyko Nickel
- Copper Project, Canada
Highlights
Smoke Lake infill drilling at depth returns high grades:
3.5% Ni and 1.2% Cu, and 0.8g/t Total Precious Metals ("TMP") over 3.4 meters in hole
TK22-082
Including
5.0% Ni, 1.6% Cu, 1.2g/t TPM over 2.3 meters
New mineralized Chonolith / Feeder Dyke structure discovered 3.5 kilometers northeast
of the RJ Zone.
Property wide Chonolith / Feeder Dyke geological model continues to be confirmed.
Wide intercepts of Chonolith type mineralization at RJ Zone:
50 meters grading 0.2% Ni, 0.2% Cu, 0.1g/t Total Precious Metals
("TPM") in hole
TK22-080
Including
30 meters grading 0.3% Ni, 0.2% Cu, 0.1g/t TPM
Including 1 meter grading 1.7% Ni, 0.7% Cu, 0.4g/t TPM
Toronto, Ontario--(Newsfile Corp. - February 23, 2023) -
Palladium One Mining Inc.
(
TSXV: PDM
)
(
OTCQB: NKORF
) (
FSE: 7N11
) (the "
Company
" or "
Palladium One
") is pleased to report drill results
from the Smoke Lake Zone and reconnaissance drilling in the RJ Area, where the Company has
discovered a new mineralized Chonolith / Feeder Dyke on the Tyko Nickel - Copper Project, in Ontario,
Canada.
President and CEO, Derrick Weyrauch commented, "These latest results confirm the high-grade nature
of the deeper portion of the Smoke Lake Zone. The Smoke Lake area continues to suggest the
presence of additional mineralization given the presence of ultramafic rocks that were intersected in
several holes and IP anomalies that are still to be fully tested.
"Significantly, reconnaissance drilling north of the RJ Zone discovered a new mineralized Chonolith /
Feeder Dyke. Importantly, this drill hole (TK22-093 Figure 2) tested a magnetic high with no
ElectroMagnetic ("EM") response. This provides further confirmation of widespread occurrences of
Chonolith / Feeder Dyke mineralization on the property, and that these occurrences are not necessarily
detectable by airborne EM surveys. Additional drilling at the RJ Zone also returned wide zones (up to 50
meters, Table 1) of at surface disseminated nickel sulphide mineralization similar to historic hole TK16-
002 which returned 85.4 meters of 0.5% Ni and 0.2% Cu.
"The 2023 exploration program will continue to focus on these newly identified and interpreted Chonolith
/ Feeder Dyke structures on the 30,000 hectare Tyko Project (Figure 1)."
The 18 holes which comprise the current release were drilled with two drill rigs, a land-based rig in the
Smoke Lake Zone and a helicopter portable rig for reconnaissance holes.
The Smoke Lake Zone drilling focused on testing Induced Polarization ("IP") anomalies (Figure 3) for
which Exploration Permits had been received, as well as infill drilling on the deeper part of the Smoke
Lake Zone (Figure 4). Ultramafic rocks were intersected (hole TK22-079) in the IP anomaly interpreted
to represent the southeast extension of the Smoke Lake Zone (Figure 3). However, further testing is
warranted as no sulphide mineralization was intersected and the IP anomaly remains unexplained. The
IP anomaly located to the north of Smoke Lake, which also hosts a coincident magnetic anomaly and
copper in soils anomaly of up to 195ppm (Figure 3) was tested by hole TK22-095 but also remains
unexplained. A yet to be received Exploration Permit is required to fully test this IP anomaly. The
presence of several occurrences of ultramafic rocks in drilling, the unexplained IP and soil anomalies
suggest that additional mineralization is yet to be found in the larger Smoke Lake area.
The reconnaissance drilling program focused on testing the historic RJ and Tyko zones, a new single
line EM anomaly and Interpreted Chonolith Structures (TK22-093). Hole TK22-093 is significant as this
target was identified by magnetics alone, with no EM signature and consisted of sheared ultramafic
rocks with disseminated nickel sulphide mineralization.
The drilling on the RJ and Tyko zones assisted in establishing the geometry of the mineralization, with
the RJ zone confirmed to be dipping steeply to the north, similar to the West Pickle Zone located 3
kilometers to the west. Two 400 meter Borehole ElectroMagnetic ("BHEM") platform holes (TK22-083
and 085) were also drilled at RJ and Tyko to test for massive sulphide mineralization at depth.
Within the
typical 200-meter observation radius of the holes, no conductors were identified. Hole TK22-083 at RJ
intersect several local zones of scattered disseminated nickel mineralization, locally to 0.6% Ni and
0.26% Cu (Table 1.) indicating that the zone does continue to depth.
The 2022 drill program consisted of 70 holes totaling 13,038 meters, of which 27 holes are pending
assay results.
The 2023 field season is currently underway, with a high-resolution magnetic survey having
been completed.
The survey was designed to refine the geometry of the interpreted feeder dykes /
chonoliths across the Tyko project's 30-kilometer strike length prior to additional drill testing.
Figure 1.
Tyko Property map showing various mineralized zones and multi-line VTEM anomalies,
background is Calculated Vertical Gradient Magnetics ("CVG").
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6502/155807_3d335b08143a2a07_001full.jpg
Figure 2.
Plan and stylized long section looking north perpendicular to the interpreted chonolith
structures linking the West Pickle, RJ and Tyko zones showing potential for massive sulphide
mineralization beyond the depth detectable by the 2021 VTEM airborne survey. Note, hole TK22-093, in
the top right corner of the plan map intersected nickel mineralization in a new chonolith structure.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6502/155807_3d335b08143a2a07_002full.jpg
Figure 3.
Smoke Lake area showing all drilling to date, along with IP chargeability anomalies, VTEMax
EM trends (dashed white line), Copper in soil anomalies, and ultramafic rock intersects. Background is
total field magnetics.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6502/155807_3d335b08143a2a07_003full.jpg
Figure 4.
Plan map of Smoke Lake Zone showing all drilling to date, (red collars are 2022 drill holes,
black collars are 2020-2021 drill holes) background is 1
st
vertical magnetics.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6502/155807_3d335b08143a2a07_004full.jpg
Table 1: Assay Results: Tyko 2022 Drill Results Smoke Lake, RJ and Tyko Zones
Hole
Zone
From
(m)
To
(m)
Width
(m)
Ni
%
Cu
%
Co
%
TPM
g/t
Pd
g/t
Pt
g/t
Au
g/t
TK22-078
Smoke Lake
No Significant Values
TK22-079
Smoke Lake
Ultramafic Rocks, No Significant Values
TK22-080
RJ
4.0
54.0
50.0
0.21
0.16
0.01
0.09
0.04
0.04
0.01
RJ
19.0
49.0
30.0
0.31
0.19
0.01
0.13
0.06
0.06
0.01
29.0
42.0
13.0
0.45
0.22
0.01
0.16
0.08
0.07
0.01
30.0
31.0
1.0
1.67
0.68
0.03
0.44
0.22
0.21
0.01
TK22-081
RJ
8.0
33.4
25.4
0.22
0.14
0.01
0.07
0.03
0.03
0.00
24.0
33.4
9.4
0.30
0.20
0.01
0.11
0.05
0.05
0.01
29.3
32.0
2.7
0.41
0.28
0.01
0.10
0.05
0.04
0.01
TK22-082
Smoke Lake
96.1
99.5
3.4
3.51
1.17
0.05
0.82
0.45
0.35
0.02
96.1
98.4
2.3
4.98
1.57
0.07
1.15
0.63
0.49
0.03
TK22-083
RJ
261.5
262.4
0.9
0.27
0.19
0.02
0.05
0.02
0.03
0.00
303.4
304.6
1.2
0.61
0.26
0.02
0.16
0.06
0.10
0.01
TK22-084
Smoke Lake
92.0
93.7
1.7
2.17
1.93
0.02
0.68
0.31
0.35
0.02
92.7
93.0
0.3
5.63
1.57
0.07
1.59
0.79
0.77
0.04
TK22-085
Tyko
70.5
70.8
0.3
0.40
0.48
0.01
0.66
0.29
0.22
0.15
TK22-086
Smoke Lake
No Significant Values
TK22-087
Tyko
38.7
43.5
4.8
0.36
0.34
0.01
0.52
0.26
0.20
0.06
43.1
43.5
0.4
1.29
0.52
0.02
1.43
0.81
0.57
0.05
TK22-088
Smoke Lake
77.7
83.9
6.1
1.13
0.92
0.02
0.30
0.14
0.14
0.02
77.7
79.4
1.6
2.20
1.36
0.03
0.57
0.28
0.27
0.02
TK22-089
Tyko
41.1
43.6
2.5
0.56
0.16
0.01
0.45
0.21
0.20
0.04
41.9
42.6
0.8
0.95
0.27
0.01
0.71
0.35
0.33
0.03
TK22-090
Smoke Lake
65.9
76.8
10.9
0.57
0.40
0.01
0.23
0.10
0.12
0.02
76.3
76.8
0.5
7.14
4.79
0.16
2.53
1.40
1.07
0.06
TK22-091
Recon N of RJ
No Significant Values
TK22-092
Smoke Lake
110.5
113.2
2.7
3.87
2.57
0.06
1.01
0.50
0.48
0.02
110.5
111.5
1.0
5.97
1.51
0.09
1.50
0.76
0.71
0.03
TK22-093
Recon N of RJ
56.6
71.0
14.4
0.12
0.01
0.01
0.00
0.00
0.00
0.00
63.0
67.0
4.0
0.16
0.01
0.01
0.01
0.00
0.00
0.00
TK22-094
Smoke Lake
68.5
71.5
3.0
0.82
1.15
0.01
0.35
0.13
0.19
0.02
69.5
70.5
1.0
1.72
2.63
0.02
0.64
0.23
0.39
0.02
TK22-095
Smoke Lake
No Significant Values
(1)
Reported widths are "drilled widths" not true widths.
Table 2: Drill Hole Locations for assay results from this News Release
Hole
Azimuth
Dip
Length
NAD83 z16 East
NAD83 z16 North
Elevation
TK22-078
70
-75
291
621937
5420454
384
TK22-079
70
-75
167
622177
5420237
392
TK22-080
250
-65
126
604473
5421692
377
TK22-081
235
-45
102
604473
5421691
377
TK22-082
70
-75
150
621765
5420781
380
TK22-083
200
-65
402
604625
5421797
401
TK22-084
70
-75
145
621759
5420816
382
TK22-085
140
-85
402
605390
5420411
346
TK22-086
70
-75
168
621750
5420880
379
TK22-087
140
-45
102
605391
5420411
346
TK22-088
70
-75
126
621810
5420743
376
TK22-089
135
-50
102
605325
5420391
344
TK22-090
70
-75
126
621850
5420720
377
TK22-091
150
-70
204
606267
5422303
385
TK22-092
70
-75
147
621729
5420806
379
TK22-093
200
-50
300
607896
5423323
359
TK22-094
70
-75
102
621799
5420818
377
TK22-095
0
-80
287
622377
5421196
383
QA/QC
The 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 onsite at the Tyko exploration camp core yard facility.
Samples were transported in secure bags directly from the logging facility at the onsite exploration
camp, to the Activation Laboratories Ltd. ("Actlabs") in Thunder Bay, Ontario. Actlabs, which is ISO
17025 accredited with CAN-P-1579 (Mineral Lab). In addition to ISO 17025 accreditation, Actlabs is
accredited/certified to ISO 9001:2015. All samples are crushed to 2 millimeters with a 250-gram split
pulverized to 105 microns. Analysis for PGEs is performed using a 30 grams fire assay with an ICP-
OES finish and for Ni, Cu, and Co using 0.25 grams by 4 acid digestion with ICP-OES finish. Ni, Cu and
Co samples over 1.0 wt% were re-analysed by ore grade methods using 4 acid digestion with ICP-OES
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 within the defined limits of the
standard used before being released to the public.
About Tyko Nickel - Copper - Cobalt Project
The Tyko Nickel - Copper - 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 and
currently has five known mineralized zones spanning over a 20 kilometer strike length.
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 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:
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/155807