Palladium One Drilling Update - LK PGE-Ni-Cu Project in Finland
Palladium One Drilling Update - LK PGE-Ni-Cu Project in
Finland
Vancouver, British Columbia--(Newsfile Corp. - February 18, 2020) -
Palladium One Mining Inc.
(
TSXV: PDM) (FSE: 7N11)
(OTC Pink: NKORF
) (the "
Company
" or "
Palladium One
") has retained a local diamond drilling contractor, Northdrill Oy, from
Rovaniemi, Finland, to conduct a winter drill program at the palladium dominant, Lantinen Koillismaa ("LK") PGE-nickel-copper
project.
Crews are scheduled to mobilize on or about February 24
th
and begin drilling immediately thereafter.
"Our primary goal for the current drill program is to upgrade and convert the historical resource estimate at Haukiaho, to a
current NI43-101 resource estimate.
Adding palladium ounces to our existing palladium resource endowment, at a time when
persistent unreconcilable supply deficits exist is needed to help ensure security of supply.
Analysts
1
report that in 2019, the palladium supply deficit reached 1,200,000 ounces while automotive demand reached an
all-time high of 9,700,000 ounces and total mine supply was only 6,900,000 ounces.
Despite lower vehicle production in
2019, the intensifying use of palladium in gas-powered cars in Europe and China
has
propelled demand to a record level. As
an increasing number of vehicles produced meet the China 6 and Euro 6D legislative standards, the 8-year palladium deficit
appears likely to continue and increase in 2020,"
commented Derrick Weyrauch, President and CEO.
Permitting Update
On February 13, 2020, the Finish Mining Authority approved three Enforcement Decisions (see news release February 13,
2020) which allow the Company to carry out all planned exploration activities, including drilling, irrespective of any appeals
process. The three approvals are in respect of Kaukua zones of the LK project.
Drill Program
The planned drill program consists of up to 5,000m of diamond drilling and is to start at the Kaukau deposit and then move to the
Haukiako zone, where a historic resource estimate exists. (see new release January 9, 2019). In 2011 Haukiaho was drilled at
very wide spacing, the Company plans to infill and expand this drilling.
Haukiaho represents the main focus of the current
program and drilling will target higher grade zones delineated by the current IP survey program.
Haukiaho is known to host higher grades pods, with elevated copper and nickel values, historic drill intercepts include 0.97g/t
PGE over 61.0 meters (0.56g/t Pd, 0.22g/t Pt, 0.20g/t Au, 0.32% Cu, 0.23% Ni in HAU12-018).
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 a palladium dominant, PGE, nickel, copper exploration and development company. Its assets
consist of the Lantinen Koillismaa ("LK") PGE-Cu-Ni project, located in north-central Finland and the Tyko Ni-Cu-PGE
property, near Marathon, Ontario, Canada.
The Kaukua deposit of the LK project hosts
635,600 Pd_Eq ounces
of Indicated
Resources grading
1.80 g/t Pd_Eq*
("palladium equivalent") contained in 11 million tonnes (@ 0.81g/t Pd, 0.27g/t Pt, 0.09g/t Au, (1.17g/t PGE), 0.15% Cu &
0.09% Ni), and
525,800 Pd_Eq ounces of Inferred
Resources grading
1.50 g/t Pd_Eq
contained in 11 million tonnes (@
0.64g/t Pd, 0.20g/t Pt, 0.08g/t Au (0.92g/t PGE), 0.13% Cu, & 0.08% Ni), (see press release September 9, 2019). Kaukua is
open for expansion, while the Kaukua South, Murtolampi and Haukiaho mineralized zones require systematic exploration via
diamond drilling to follow up mineralized drill intercepts.
*Pd_Eq is calculated using the following metal prices (in USD) of $1,100/oz for Pd, $950/oz for Pt, $1,300/oz for Au, $6,614/t
for Cu and $15,432/t for Ni.
1
Johnson Matthey, February 2020, PGM Market Report
ON BEHALF OF THE BOARD
"Derrick Weyrauch"
President & CEO, Director
For further information contact:
Derrick Weyrauch, President & CEO
Email:
Phone:
1-778-327-5799
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.
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https://www.newsfilecorp.com/release/52480