Palladium One Discovers New Zone with Massive Nickel-Copper Sulphides at the Tyko Project, Ontario, Canada
Palladium One Discovers New Zone with
Massive Nickel-Copper Sulphides at the Tyko
Project, Ontario, Canada
Highlights
New high-grade nickel sulphide zone discovered!
A twenty-kilometer Nickel District
has been identified.
Newly identified Feeder Dykes ("Chonoliths") with several proximal high-grade nickel-copper
zones.
Feeder Dykes could be feeding the large Bulldozer mafic-ultramafic complex which has
demonstrated wide-spread copper-rich mineralization.
Massive to semi-massive pentlandite-chalcopyrite-pyrrhotite sulphide discovered at West
Pickle's
600-meter long Electromagnetic ("EM") anomaly.
TK-22-059 intersected sulphide mineralization over 5.5 meters, including
massive to semi-
massive sulphide over 1.75 meters
from 185.25 to 187.00 meters down hole.
This new discovery zone closely resembles the very high-grade Smoke Lake Zone located 20
kilometers to the east which has returned up to:
10.2% nickel_equivalent ("Ni_Eq") (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
)
West Pickle is interpreted to be an extension of the historic RJ showing
, along a potential
feeder dyke system,
located 2.7 kilometres to the east
and which has retuned up to:
1.04 % nickel and 0.23% copper over 16.2 meters
in hole TK-16-002 (see news release
June 8, 2016
)
The Tyko Project now represents a large scale
, very high-grade, new Nickel District which is
host to five known nickel sulphide zones and several yet to be tested VTEMmax anomalies
Toronto, Ontario--(Newsfile Corp. - September 7, 2022) -
Palladium One Mining Inc.
(
TSXV: PDM)
(OTCQB: NKORF) (FSE: 7N11
) (the "
Company
" or "
Palladium One
") is pleased to announce the
second discovery of massive nickel-copper sulphide on the Tyko Project, this time at the West Pickle
target, some 20-kilometers west of the initial 2020 discovery of massive sulphides at the Smoke Lake
zone.
At a true-depth of approximately 140 meters, the Company intercepted 5.5 meters of nickel-
copper sulphide mineralization, including a 1.75 meter massive to semi-massive zone of nickel-copper
sulphide.
President and CEO, Derrick Weyrauch commented, "With two massive sulphide discoveries, 20
kilometers apart, Tyko is now considered a new district-scale sulphide nickel opportunity. The West
Pickle discovery is currently believed to be an extension of the RJ zone located approximately 2.7
kilometers to the east.
Tyko is demonstrating that it has significant scope for additional discoveries."
Brad Lazich, P.Geo., Exploration Manager for Palladium One's Canadian operations, who was integral
to Glencore's discovery of the Norman West deposit in Sudbury, was onsite when the discovery was
made, commented "I've seen a lot of pentlandite in my day, but this takes the cake!"
The lithologies and mineralization in the first two holes at West Pickle closely resemble those found at
the Smoke Lake, RJ, and Tyko zones, which together form a new Nickel District, and a very robust nickel
sulphide mineralizing system.
Today's news represents the first two drill holes to test the West Pickle EM anomaly. Hole TK-22-058
intersected an 8.7 meters zone containing locally deformed ultramafic rocks from 213.0 to 221.7 meters
down hole with minor stringer and disseminated nickel-copper sulphides. Hole TK-22-059 intersected a
5.5 meters zone of nickel-copper sulphide mineralization within deformed ultramafic rocks from 183.0 to
188.5 metres down hole, with a 1.75 meters core zone of massive to semi-massive nickel-copper
sulphides.
Additional drilling is under way to define the geometry and extent of this new high-grade
nickel-copper sulphide discovery.
The 2021 field season identified the 600 meter long West Pickle EM anomaly (see press release
October 28, 2021
), which was followed up by soil sampling that returned up to 153 ppm copper and 116
ppm nickel (see press release
November 30, 2021
). Drill testing of the anomaly was delayed by nine
months waiting on permits for this Critical Minerals project.
Earn-In Agreement Status - West Pickle
The West Pickle discovery occurs on the Pezim II claim block of the larger Tyko Project. Palladium One
has an option agreement to earn up to 80% interest in the Pezim II claim block from First Class Metals
Ltd. (see new release
July 27, 2021
).
The Company has already earned a 51% interest in the property. Having already invested sufficient
funds to earn an 80% interest in the property, within 2-years the Company is required to prepare a
National Instrument 43-101 technical report in respect of the Pezim II claim block to earn an 80% interest.
Figure 1
. Massive pentlandite-pyrrhotite-chalcopyrite sulphide mineralization in hole TK-22-059.
Pentlandite with a chemical formula (Ni,Fe)
9
S
8
contains by weight 34% Ni, 33% Fe, and 33% S.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6502/136158_0d30c35e04855859_001full.jpg
Figure 2
. Semi-massive pentlandite-pyrrhotite-chalcopyrite sulphide mineralization in hole TK-22-059.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6502/136158_0d30c35e04855859_002full.jpg
Figure 3.
Tyko Property map showing multiple (including West Pickle) high-grade and massive sulphide
nickel-copper zones (triangles) within, and proximal to, a camp-scale district of interpreted Ultramafic
feeder dykes (purple).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6502/136158_0d30c35e04855859_003full.jpg
Figure 4.
Zoom in plan map of the RJ Zone and new West Pickle Zone with VTEMmax and ground EM
maxwell plates with Calculated Vertical Gradient ("CVG") as the background.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6502/136158_0d30c35e04855859_004full.jpg
Figure 5.
Tyko Property map
(East side of property)
showing the Smoke Lake high-grade massive
sulphide nickel-copper zone within, and proximal to, a camp-scale district of interpreted Ultramafic
feeder dykes (purple).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6502/136158_0d30c35e04855859_005full.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 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. 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:
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/136158