Palladium One Expands Its Tyko Nickel - Copper District by 8,620 Hectares, Ontario, Canada
Palladium One Expands Its Tyko Nickel -
Copper District by 8,620 Hectares, Ontario,
Canada
HIGHLIGHTS
Property position expanded by 8,620 hectares.
The new property ("Tyko II") is located 10
kilometers north of the main Tyko (now referred to as Tyko I) property and has been
acquired through a combination of staking and two claim group purchases.
Exploration potential:
Historic grab samples suggest a strong potential for copper - nickel - PGE
mineralization:
1.17% Cu, 0.73% Ni, 2.4 g/t Pd, 0.2 g/t Pt (Kejimalda Zone)
0.54% Cu, 0.11% Ni, 1.0 g/t Pd, 0.4 g/t Pt (Moshkinabi Zone)
2.46% Cu, 0.22% Ni (Gionet Zone)
6.70% Cu, 0.17% Ni (Faries Lake Zone)
Multiple untested historic ElectroMagnetic ("EM") anomalies provide developed drill
targets.
Historic exploration has identified multiple copper - nickel - PGE showings which
are associated with the Faries-Moshkinabi Mafic-Ultramafic complex and which
share geological similarities to the Tyko I Property.
Existing exploration drill permits and a network of logging roads allow for near term
drilling.
Palladium One Mining Inc. (TSXV: PDM) (OTCQB: NKORF) (FSE: 7N11)
(the "
Company
" or
"
Palladium One
") is pleased to announce the expansion of the Tyko Nickel - Copper District, with the
acquisition of the highly prospective "Tyko II Copper - Nickel - PGE" property, located approximately 10
kilometers north of the Tyko I (formerly "Tyko") property, and 15 kilometres east of the town of
Manitouwadge, Ontario, Canada.
"This property expansion bolsters the Company's nickel - copper strategy in a premiere mining
jurisdiction and specifically in a highly prospective, relatively unexplored region, where it now controls
38,130 hectares. Tyko II brings an additional pipeline of drill permitted magmatic copper - nickel
sulphide targets. The Tyko II project has many geological similarities to Tyko I with several untested
historic EM anomalies. Prior to our high-grade discovery, the Smoke Lake zone also began as a historic
untested EM anomaly.
Just like Tyko I, Tyko II has seen surprisingly little historic exploration or even
government mapping.
"Having completed the majority of the planned 2023 prospecting, mapping and soil sampling program,
the Company is on track to begin drill testing new and existing targets in mid-October.
"With $14.5 million of cash on hand as of the end of Q2 the Company is well financed for our planned
activities," commented Derrick Weyrauch, President and CEO.
Transaction Details
The Tyko II Property was acquired through a combination of staking (47 claims, totalling 994 hectares)
and claim purchases (307 claims totalling 7,627 hectares) from local prospectors.
The claim purchases include aggregate consideration of:
$100,000 cash,
2.3 million common shares of the Company as follows:
1.1 million common shares issued at Closing,
0.4 million shares issued 4 months from Closing,
0.4 million shares issued 8 months from Closing, and
0.4 million shares issued 12 months from Closing
A Net Smelter Return Royalty ("NSR") in respect of 137 claims
Completion of the transaction is subject to TSX Venture Exchange approval.
Property Location and Description
The Tyko II Property is located approximately 10 kilometers north of the main Tyko I Property and roughly
15 km east-southeast of the town of Manitouwadge, ON, (Figure 1).
The claim block encompasses
magnetic anomalies associated with the Faries-Moshkinabi Mafic-Ultramafic Complex. The property is
accessible via a network of all season logging roads.
Exploration History
The Tyko II Property area has seen limited government reconnaissance mapping programs dating as far
back as 1932. In 1953 the world class Geco Copper-Zinc mine was discovered in the nearby
Manitouwadge greenstone belt, 15 km to the northwest.
Early geological mapping and mineral
exploration in the area was focused largely on the Manitouwadge greenstone belt, to the north of
Moshkinabi Lake, whereas Tyko II lies south of the lake.
The earliest organized exploration program in the Moshkinabi Lake area dates back to 1960's when
Falconbridge Nickel Mines Ltd completed EM and Magnetic ("Mag") surveys,
including seven
reconnaissance drill holes.
In the late 1980's Noranda Minerals Inc (Geco Division) ("Noranda")
conducted further reconnaissance exploration consisting of 16 diamond drill along a northwest trend east
of Faries Lake discovering substantial copper mineralization at the Faries Lake Zone. Noranda
subsequently completed a large Digem airborne EM and Mag survey that covered the majority of the
Tyko II and the northern half of the Tyko I properties, this EM survey also identified the anomaly which
eventually resulted in the discovery of the high-grade Smoke Lake Nickel-Copper Zone on Tyko I,
several EM conductors from this historic geophysical survey remain untested on the Tyko II property.
Subsequent sporadic exploration south of Moshkinabi Lake identified multiple Cu-Ni-PGE mineral
showings within the Faries-Moshkinabi mafic to ultramafic complex (Table 1, Figure 2).
Table 1.
Historic Copper-Nickel Showings on the Tyko II Property
Name
Location
Discovery
Description
Results
Faries Lake
Cu
Occurrence
(Zone 16, 601073E,
5436356N, NAD83)
M. and G.
Gionet in 2004
Cu-Ni mineralization hosted in highly altered
anorthositic metagabbro.
Grab sample assays up to 6.7% Cu and
0.17% Ni (Ministry of Energy, Northern
Development and Mines ("MENDM")
Mineral Deposit Index ("MDI")
42F04SE0009).
Gionet Cu-Ni
Occurrence
(Zone 16, 599812E,
5439711N, NAD83)
M. and G.
Gionet in 1993
~10% Pyrite ("Py")-Pyrrhotite ("Po")-chalcopyrite
("Cpy") mineralization in altered, and foliated
gabbroic units within mafic metavolcanic schist.
Grab sample assays up to 2.46% Cu,
0.22% Ni (ENDM MDI 42F04SE00012).
Ice Cream
Lake Road
Cu
Occurrence
(Zone 16, 602573E,
5438953, NAD83)
K. Preston and
OGS in 1991
Rusty, very coarse-grained, melanogabbro with
1-3% patches of coarse Py+Cpy.
Grab sample assays up to 0.58% Cu,
2.7 g/t Pd, 0.3 g/t Pt (MENDM MDI
42F04SE00008).
McGraw Lake
Cu
Occurrence
(Zone 16, 602802E,
5436550N, NAD83)
A. Turner and
OGS in 1992
Highly deformed, amphibolitic, mafic
metavolcanic gneiss with up to 10% Po+Py+Cpy.
Grab sample assays up to 0.36% Cu
(MENDM MDI 42F04SE00010).
Kejimalda
Zone
(Zone 16, 605604E,
5443014N, NAD83)
Freewest
Resources Inc. in
2001
Medium- to coarse-grained gabbro and
pyroxenite with 1-7% disseminated Po+Cpy.
Grab sample assays up to 1.17% Cu,
0.73% Ni, 2.4 g/t Pd, 0.2 g/t Pt
(MENDM MDI 000000002357).
Moshkinabi
Zone
(Zone 16, 607304E,
5442793N, NAD83)
G. Gionet in
1999
Sheared and altered, medium- to coarse-grained
pyroxenite and melanogabbro with disseminated
to net-textured Po+Pn+Cpy.
Grab sample assays up to
0.54% Cu, 0.11% Ni, 1.0 g/t Pd, 0.4 g/t
Pt (MENDM MDI 0000000002358).
Geology Overview
The Faries-Moshkinabi Mafic-Ultramafic Complex is located along the southern edge of the
Manitouwadge-Hornepayne Greenstone belt ("MHGB") (Figure 2). The Complex is part of the Wawa-
Abitibi Terrane and lies at the northern boundary of the Wawa subprovince (Stott, 2011), it is intruded by
tonalitic rocks associated with the Black-Pic batholith.
The Ontario Department of Mines was the first to document the occurrence of mafic to ultramafic rocks
east of Faries Lake (Milne, 1968).
However, it was not until Williams and Breaks (1989, 1990) of the
Ontario Geological Survey that reconnaissance mapping outlined the extent of mafic to ultramafic rocks
in the vicinity of Faries Lake and south of Moshkinabi Lake that the Faries-Moshkinabi Mafic-Ultramafic
Complex was defined. The Complex is described as consisting of a layered suite of gabbro,
leucogabbro, anorthosite, and peridotite overlain by thin lens of amphibolitized mafic metavolcanic rocks
(see Figure 2).
The world class Geco ("Volcanogenic Massive Sulphide") VMS deposit is located along the western
margin of the MHGB, approximately 15 km northwest of the Tyko II Property.
From 1957 to 1995, the
Geco Mine
produced over
49.3 Mt of ore grading 1.85% Cu, 3.78% Zn, and 56.2 g/t Ag
(Puumala et
al., 2020); in addition, the satellite Willroy, Willecho, and Nama Creek Mines entered production of
copper-zinc-lead-silver ore at various times during this period. The Tyko II property contains altered
volcanics rocks with similarities to those which host the Geco Mine and thus is also prospective for VMS
hosted copper - zinc as well and magmatic hosted nickel - copper mineralization.
Future Work
The Faries-Moshkinabi Mafic-Ultramafic Complex is associated with several Cu-Ni-PGE showings,
making it a compelling target with similarities to the Company's Tyko I property. An airborne Versatile
Time Domain Electromagnetic airborne ("VTEM") survey and soil sampling of historic EM anomalies is
planned to commence shortly. A majority of the Tyko II property is also covered by existing drill permits
which will allow drill testing by year's end.
Figure 1.
Regional location map of the Company's Tyko Project and other nearby mineral properties
To view an enhanced version of this graphic, please visit:
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Figure 2.
Geological map of the Tyko II Property (in yellow) highlighting historic copper - nickel showings
and EM anomalies.
To view an enhanced version of this graphic, please visit:
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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
With a focus on climate change risks and opportunities, Palladium One Mining Inc.'s (TSXV: PDM)
strategy is to discover and ultimately produce critical Green Transportation Metals, including but not
limited to sulphide nickel, copper, palladium, platinum and cobalt. A Canadian mineral exploration and
development company, Palladium One is advancing district scale 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 LinkedIn
and Twitter.
ON BEHALF OF THE BOARD
"Derrick Weyrauch"
President & CEO, Director
For further information contact:
Derrick Weyrauch, President & CEO
Email:
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