Palladium One Drilling at Kaukua South Extends Mineralization into "Gap Zone"
Palladium One Drilling at Kaukua South
Extends Mineralization into "Gap Zone"
Toronto, Ontario--(Newsfile Corp. - March 11, 2021) - Infill drilling spaced at 100-meter grid spacing has
increased continuous mineralization to over 1,300 meters and into the 'gap zone', thereby supporting the
thesis of potentially more open-pit resources at the Kaukua South zone of the Läntinen Koillismaa ("LK")
PGE-Ni-Cu project in Finland said Palladium One Mining Inc. (TSXV: PDM) (FSE: 7N11) (OTCQB:
NKORF) ("Palladium One" or the "Company") today. These interim results are from the 17,500-meter,
Phase II Resource Definition drill program at Kaukua South.
Derrick Weyrauch, President and CEO of Palladium One, said, "Drilling at Kaukua South has
successfully extended known mineralization to the east and west of hole LK20-016 and into the 'gap
zone' where the Induced Polarization ("IP") chargeability anomaly was weaker (see - hole LK20-036 and
LK20-044 in Figure 1). These results imply that the 'gap zone' could host more mineralization than
previously thought. Interim results demonstrate continuity now over 1,300 meters. As a result of continued
success, we have accelerated our plans and commenced a new 50-line kilometer IP survey to extend the
Kaukua South strike length, which we believe has the potential to be over seven kilometers in length."
Highlights
Infill drilling continues to demonstrate continuity of near surface open pit grades and
widths.
Core zones up to
9.0 meters grading 3.1 g/t Palladium equivalent
("Pd_Eq.") within
32.7
meters grading 2.0 g/t Pd_Eq.
in hole LK21-034.
First drilling in the "gap zone" returns up to
17.0 meters grading 1.38 g/t Pd_Eq
. in hole LK21-
044 demonstrating continuity of the mineralization in the Kaukua South IP anomaly.
A new IP survey has been initiated to extend the Kaukua South zone from a drill defined four-
kilometer strike length to potentially over seven kilometers.
34 holes totaling 6,404 meters have been drilled to date on Kaukua South
as part of the
17,500-meter Phase II program.
Kaukua South Infill Drilling
Kaukua South infill drilling continues to demonstrate consistent near surface open pit grades and widths.
A total of 13 holes from the Phase II drill program on Kaukua South have now been released with
intersections of up to
53 meters at 2.1 g/t Pd_Eq*, and a core interval of up to 25 meters at 2.9 g/t
Pd_Eq.
in hole LK21-028 (see press release
January 18, 2021
). These 13 holes cover approximately
1.3 kilometers of the Kaukua South Zone, and have returned very similar widths and grades to those in
the Kaukua Open Pit resource. (Figure 1 and 2).
Of particular interested is holes LK20-036 and LK20-044 (Figure 2). These represent the first drill holes
drilled in the central area of the Kaukua South chargeability anomaly. This central or "gap zone "is
approximately a one-kilometer long zone of lower chargeability. The results from these two holes, plus
visual results from three additional holes with assays pending, prove that palladium-rich mineralization
does extend into this gap zone, which significant increases the potential size of a future Kaukua South
resource.
New IP Survey
IP has proven to be highly successful at outlining palladium-rich disseminated copper-nickel sulphide
mineralization on the LK Project, the discovery of Kaukua South in an overburden covered area with no
previous drilling was a direct result of the Company's 2020 IP survey.
The success of the Phase II drill program has prompted to the Company to accelerate plans for an
additional 50-line kilometre IP survey and a 640-line kilometer drone magnetic survey. The prime
objective is to extend the Kaukua South IP chargeability anomaly at least two kilometers to the east onto
the Kaukuanjarvi Permit Application area. Regional airborne magnetic data strongly suggests that
favourable Kaukua-style mafic-ultramafic hosts rocks extend into this area.
Additionally, the Company believes there is potential to extend Kaukua South at least one kilometer west
of the existing 2020 survey grid.
The Company plans to re-survey and expand the historic 2008 IP survey
which encountered several technical challenges, resulting in amongst other issues, detecting only half of
the mineralization associated with the Kaukua Open Pit Resource (Figure 1).
Taken together these two new IP grids could potentially extend the Kaukua South IP chargeability
anomaly to over seven kilometers.
Figure 1.
Greater Kaukua area plan map, showing
current NI 43-101 Kaukua Deposit conceptual pit
outline (dashed yellow), Kaukua South and Murtolampi IP chargeability anomalies, and Palladium One
drill hole locations. Holes labels in red form part of this release.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/6502/76819_d365666d7428681c_001full.jpg
Figure 2.
Kaukua South Long section looking north.
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/6502/76819_d365666d7428681c_002full.jpg
Table 1: Phase II infill drill results to date on Kaukua South
Zone
Hole
From (m)
To (m)
Width (m)
Pd_Eq g/t*
PGE g/t
(Pd+Pt+Au)
Pd g/t
Pt g/t
Au g/t
Cu %
Ni
%
Kaukua
South
LK20-027
103.4
155.0
51.6
1.98
1.07
0.72
0.27
0.08
0.17
0.15
Inc.
105.6
113.0
7.4
2.58
1.34
0.90
0.31
0.13
0.26
0.18
And
149.5
155.0
5.5
3.12
1.96
1.34
0.52
0.10
0.27
0.17
Inc.
153.5
155.0
1.5
6.14
4.09
2.79
1.15
0.15
0.56
0.28
Kaukua
South
LK20-028
42.6
95.5
52.9
2.06
1.44
1.00
0.36
0.08
0.11
0.11
Inc.
46.9
72.0
25.1
2.92
2.08
1.44
0.52
0.12
0.17
0.14
Inc.
50.5
60.0
9.5
3.56
2.52
1.75
0.61
0.16
0.23
0.16
Kaukua
South
LK20-029
37.5
62.9
25.4
2.57
1.87
1.30
0.46
0.11
0.15
0.11
Inc.
47.0
62.0
15.0
3.16
2.36
1.65
0.58
0.13
0.17
0.13
Inc.
56.5
62.0
5.5
4.34
3.36
2.36
0.82
0.18
0.20
0.16
Inc
56.5
57.7
1.2
6.15
4.97
3.54
1.26
0.17
0.25
0.21
Kaukua
South
LK20-030
26.4
86.5
60.1
1.88
1.00
0.68
0.24
0.07
0.17
0.14
Inc.
47.0
68.0
21.0
2.44
1.43
0.98
0.35
0.10
0.21
0.16
Inc.
53.0
54.5
1.5
3.94
2.69
1.78
0.78
0.12
0.28
0.20
Kaukua
South
LK20-031
17.9
61.5
43.6
1.94
1.12
0.76
0.27
0.09
0.16
0.13
Inc.
17.9
55.5
37.6
2.17
1.25
0.85
0.30
0.10
0.19
0.14
Inc.
24.5
35.0
10.5
2.81
1.60
1.09
0.39
0.11
0.27
0.18
Kaukua
South
LK20-032
60.3
108.3
48.0
1.81
0.84
0.57
0.21
0.06
0.16
0.16
Inc.
61.4
75.0
13.7
2.12
0.90
0.58
0.23
0.09
0.22
0.20
Kaukua
South
LK20-033
41.3
85.0
43.7
1.76
0.87
0.58
0.21
0.07
0.18
0.14
Inc.
42.7
56.3
13.7
2.33
1.21
0.83
0.28
0.10
0.21
0.18
Kaukua
South
LK20-034
86.9
119.5
32.7
2.05
1.16
0.81
0.26
0.09
0.16
0.15
Inc.
88.5
112.5
24.0
2.26
1.32
0.93
0.29
0.10
0.17
0.15
Inc.
88.5
97.5
9.0
3.06
1.98
1.41
0.45
0.12
0.20
0.17
Inc.
94.5
96.0
1.5
4.20
2.94
2.15
0.66
0.14
0.25
0.20
Kaukua
South
LK20-035
66.0
118.0
52.0
1.32
0.63
0.44
0.15
0.04
0.11
0.11
Inc
67.5
69.0
1.5
3.49
2.44
2.10
0.27
0.07
0.23
0.15
And
95.5
104.7
9.2
2.04
1.23
0.80
0.32
0.11
0.17
0.13
Kaukua
South
LK20-036
245.3
280.0
34.6
1.05
0.39
0.25
0.11
0.03
0.10
0.11
Inc.
257.5
280.0
22.5
1.17
0.47
0.31
0.12
0.04
0.13
0.11
Inc.
259.0
260.5
1.5
1.72
0.86
0.62
0.16
0.07
0.15
0.14
Kaukua
South
LK20-042
115.5
158.9
43.4
1.41
0.77
0.53
0.19
0.05
0.09
0.12
Inc.
118.5
123.0
4.5
2.29
1.23
0.82
0.32
0.09
0.14
0.19
And
133.0
146.5
13.5
1.71
1.04
0.74
0.25
0.06
0.09
0.12
Inc.
143.5
146.5
3.0
1.97
1.47
1.13
0.28
0.06
0.08
0.09
Kaukua
South
LK20-043
131.5
162.3
30.8
1.24
0.55
0.36
0.15
0.04
0.11
0.12
Inc.
133.0
136.0
3.0
2.05
1.16
0.82
0.32
0.02
0.05
0.20
And
187.4
188.5
1.1
2.00
1.54
1.09
0.40
0.05
0.07
0.09
Kaukua
South
LK20-044
156.8
173.8
17.0
1.38
0.62
0.41
0.14
0.06
0.14
0.12
Inc.
156.8
169.5
12.7
1.58
0.71
0.48
0.17
0.07
0.16
0.14
Inc.
166.0
169.5
3.4
2.10
1.07
0.73
0.25
0.08
0.20
0.16
* Reported widths are "drilled widths" not true widths.
** Orange shaded values previously released (see press release
January 18, 2021
).
*Palladium Equivalent
Palladium equivalent is calculated using US$1,100 per ounce for palladium, US$950 per ounce for
platinum, US$1,300 per ounce for gold, US$6,614 per tonne for copper, and US$15,4332 per tonne for
nickel. This calculation is consistent with the calculation in the Company's September 2019 NI 43-101
Kaukua resource estimate.
QA/QC
The Phase I 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 indoors in a secure facility, in Taivalkoski, Finland. The drill core samples were transported by
courier from the Company's core handling facility in Taivalkoski, Finland, to ALS Global ("ALS")
laboratory in Outokumpu, Finland. ALS, is an accredited lab and are ISO compliant (ISO 9001:2008,
ISO/IEC 17025:2005). PGE analysis was performed using a 30 grams fire assay with an ICP-MS or
ICP-AES finish. Multi-element analyses, including copper and nickel were analysed by four acid
digestion using 0.25 grams with an ICP-AES 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 at the time of import. All
standards associated with the results in this press release were determined to be acceptable within the
defined limits of the standard used
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. is an exploration company targeting district scale, platinum-group-element
(PGE)-copper nickel deposits in Finland and Canada. Its flagship project is the Läntinen Koillismaa or
LK Project, a palladium dominant platinum group element-copper-nickel project in north-central Finland,
ranked by the Fraser Institute as one of the world's top countries for mineral exploration and
development. Exploration at LK is focused on targeting disseminated sulfides along 38 kilometers of
favorable basal contact and building on an established NI 43-101 open pit resource.
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 includes "forward-looking information" that is subject to a few assumptions, risks
and uncertainties, many of which are beyond the control of the Company. Statements regarding listing
of the Company's common shares on the TSXV are subject to all of the risks and uncertainties
normally incident to such events. Investors are cautioned that any such statements are not
guarantees of future events and that actual events or developments may differ materially from those
projected in the forward-looking statements. Such forward-looking statements represent
management's best judgment based on information currently available. Factors that could cause the
actual results to differ materially from those in forward-looking statements include regulatory actions
and general business conditions. Such forward-looking information reflects the Company's views with
respect to future events and is subject to risks, uncertainties and assumptions, including those set out
in the Company's annual information form dated April 29, 2020 and filed under the Company's profile
on SEDAR at
www.sedar.com
. The Company does not undertake to update forward-looking
statements or forward-looking information, except as required by law. Investors are cautioned that any
such statements are not guarantees of future performance and actual results or developments may
differ materially from those projected in the forward-looking statements.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/76819