Palladium One Identifies New Drill Targets on the Haukiaho Trend at LK PGE-Ni-Cu Project in Finland
Palladium One Identifies New Drill Targets on the
Haukiaho Trend at LK PGE-Ni-Cu Project in Finland
Vancouver, British Columbia--(Newsfile Corp. - May 7, 2020) -
Palladium One Mining Inc.
(
TSXV: PDM) (FSE: 7N11) (OTC
Pink: NKORF
) (the "
Company
" or "
Palladium One
") is pleased to report that results from the Haukiaho Induced Polarization
(IP) survey have outlined several new and large chargeability drill targets.
Highlights:
The Haukiaho IP survey grid covered over five (5) kilometers of the seventeen (17) kilometer strike length of the highly
prospective Haukiaho trend, (
Figure 1
).
The survey identified three new drill target areas of strong chargeability (western, central and eastern), two of which are
outside of the historic 2013 Haukiaho resource area (
Figure 2, 3 and 4
).
Preliminary Analysis:
The western chargeability anomaly corresponds well with the 2013 historic Haukiaho resource estimate and suggests a
known 200-meter gap in the drilling contains significant mineralization.
The central chargeability anomaly appears to occur underneath the bulk of the historic drilling in this area, suggesting the
best mineralization has not been drill tested.
The eastern chargeability anomaly lies in an area with sparse shallow historic drilling and occurs underneath where the
company collected significant prospecting samples in 2019, returning up to
0.51% Cu, 0.33% Ni
, and
0.96 g/t PGE
(0.18
g/t Pt, 0.56 g/t Pd, 0.21 g/t Au) (see news release August 12, 2019).
Target Model:
Large tonnage, near surface PGE-Ni-Cu mineralization amenable to open pit mining.
Higher grade pods of PGE-Ni-Cu mineralization located in embayment structures along the basal contact of the Koillismaa
complex.
"It appears that the Haukiaho trend hosts significantly more mineralization than outlined in the historic 2013 Haukiaho
resource estimate. The fact that we have two (2) large chargeability drill targets located immediately to the east of the historic
resource suggests significant potential to outline additional mineralization along the Haukiaho Trend. As a result, not only do
we plan to convert the 2013 historic resource into a current NI43-101 resource estimate following infill drilling, we have the
opportunity to significantly expand mineralization to the east"
commented Derrick Weyrauch, President and CEO
"The Haukiaho trend, east of the historic 2013 Haukiaho resource, has had very limited assaying for PGEs. Reconnaissance
drilling by Outokumpu, dating back to the 1960's was only analysed for copper and nickel, yet clear evidence exists that
PGEs are present along the contact. The combination of historic drilling paired with newly identified chargeability anomalies
has provided several new high-quality drill targets."
Commented Neil Pettigrew, Vice President Exploration
Figure 1.
LK Project with IP survey grids (blue lines). Red circles represent the Kaukua NI43-101 compliant resource estimate,
and the 2013 historic Haukiaho resource estimate.
Property outlines are based on the form of legal status.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/6502/55510_d958d743b4c12abe_001full.jpg
Figure 2.
Plan view of the 2020 Haukiaho grid IP survey showing chargeability.
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/6502/55510_d958d743b4c12abe_002full.jpg
Figure 3.
Long section view, looking north, of the 2020 Haukiaho IP survey showing chargeability.
To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/6502/55510_d958d743b4c12abe_003full.jpg
Figure 4.
Isometric view, looking northeast of the 2020 Haukiaho IP surveys showing chargeability.
To view an enhanced version of Figure 4, please visit:
https://orders.newsfilecorp.com/files/6502/55510_d958d743b4c12abe_004full.jpg
Drone Magnetic Survey
The Haukiaho mineralization is closely tied to peridotitic rocks along the basal contact of the Koillismaa Complex. These rocks
typically contain slightly more copper-nickel sulphide than the Kaukua-style mineralization, which is PGE (palladium, platinum,
gold) dominant. Haukiaho rocks also contain abundant magnetite and the mineralized zone is easily traced by airborne
magnetics. Therefore, the Company flew a 50-meter spaced high-resolution drone magnetic (Mag) survey over the Haukiaho
grid (
Figure 5
). This survey has provided excellent detail and assisted in refining the geological model and drill hole targeting in
the Haukiaho trend.
The combination of Haukiaho Mag and IP surveys has provided strong evidence suggesting that Haukiaho-type mineralization
not only extends well to the east of the 2013 historic Haukiaho resource but that higher-grade pods also occur.
Figure 5.
Haukiaho 50-meter spaced drone magnetic survey, First Vertical Derivative.
To view an enhanced version of Figure 5, please visit:
https://orders.newsfilecorp.com/files/6502/55510_d958d743b4c12abe_005full.jpg
Historic Haukiaho Resource Estimate
In 2013, Finore Mining Inc. completed a non-pit constrained NI43-101 historic resource estimate at Haukiaho (
Figure 6
).
This
resource encompassed widely spaced drilling with a focus on maximizing tonnage, not grade. An earlier historic resource
completed by Outokumpu in the 1980's covering a much larger part of the Haukiaho trend was focused more on grade and used
a 0.7% Cu_eq cut-off (defined as Cu% + 2 x Ni%) and returned 7 million tonnes grading 0.38% Cu and 0.24% Ni, however
importantly, no PGE assays were conducted. As a result, based on the previous work conducted at Haukiaho, opportunity exists
to increase grade and to increase known mineralization.
Figure 6.
Palladium equivalent (Pd_eq) grade shells along the Haukiaho Trend. Note: Pd_eq grades generated using historic
drilling east of the 2013 historic resource, frequently include holes for which only copper-nickel analysis were conducted,
therefore underestimating the actual Pd_eq grade. Pd_eq calculation used 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 which are the same as those used in the Company's pit-constrained
NI43-101 Kaukua zone resource estimate (see September 9 2019 news release).
To view an enhanced version of Figure 6, please visit:
https://orders.newsfilecorp.com/files/6502/55510_d958d743b4c12abe_006full.jpg
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") and Kostonjarvi ("KS") PGE-Cu-Ni projects, located in north-central Finland and the
Tyko Ni-Cu-PGE and Disraeli PGE-Ni-Cu properties in Ontario, Canada. All projects are 100% owned and are of a district
scale.
LK is an advanced project targeting disseminated sulphide along 38 kilometers of favorable basal contact. The KS
project is targeting massive sulphide within a 20,000-hectare land package covering a regional scale gravity and magnetic
geophysical anomaly.
Tyko is a 13,000-hectare project targeting disseminated and massive sulphide in a highly
metamorphosed Archean terrain. Disraeli is a 2,500-hectare project targeting PGE-rich disseminated and massive sulphide
in a highly productive Proterozoic mid-continent rift.
ON BEHALF OF THE BOARD
"Derrick Weyrauch"
President & CEO, Director
For further information contact:
Derrick Weyrauch, President & CEO
Email:
i
Phone:
1-778-327-5799
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common shares of Palladium One Mining Inc. have not been and will not be registered under the U.S. Securities Act of 1933,
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