Palladium One Identifies New Resource Expansion Targets at the LK PGE-Ni-Cu Project, Finland
Palladium One Identifies New Resource
Expansion Targets at the LK PGE-Ni-Cu
Project, Finland
Highlights
Assaying of historic drill core, from the Haukiaho Trend, has retuned
1.78 g/t Pd_Eq ("Palladium
Equivalent") over 15.1 meters including 2.52 g/t Pd_Eq over 5.0 meters
from
previously
un-assayed
drill core (Hole M345364R612).
Results highlight the overall potential of the 17-kilometer long Haukiaho Trend.
Historically only sporadic sampling for Platinum Group Elements ("PGE") took place.
A high-resolution drone Magnetic Survey ("Mag") to the north-east of the Haukiaho Trend ("Lota
Zone"), which is interpreted to be an extension of the Haukiaho Trend, has been completed.
Additionally, an Induced Polarization ("IP") survey at the Lota Zone, returned a strong IP
chargeability anomaly adjacent to an area of high magnetic response, which is very similar to the
Haukiaho Deposit.
Lota Zone now identified as a high-priority target for resource growth.
Baseline studies for future permitting of the Kaukua deposit area remain on track and on schedule.
The Company continues to maintain significant liquidity and flexibility with $11.25 million of cash on
hand as at June 30, 2022.
Toronto, Ontario--(Newsfile Corp. - July 20, 2022) -
Palladium One Mining Inc.
(
TSXV: PDM
)
(
OTCQB: NKORF
)
(
FSE: 7N11
) (the "
Company
" or "
Palladium One
") is pleased to provide an
update on the Läntinen Koillismaa ("LK") PGE-Cu-Ni project, located in Finland, which recently
published a National Instrument 43-101 compliant Mineral Resource Estimate, summarized below
(see
press release
April 25, 2022
):
Indicated Resources:
1.1 Million ounces
Total Precious Metals
(Pd+Pt+Au) ("TMP") (0.89 g/t),
111 Million pounds of Copper
(0.13%)
,
92 Million pounds of Nickel
(0.11%),
and
5 Million pounds of Cobalt
(65 g/t)
,
contained in
38.2 million tonnes
.
Inferred Resources:
1.1 Million ounces
TMP
(0.68 g/t),
173 Million Pounds Copper
(0.16%),
152 Million Pounds Nickel
(0.14%),
and
8 Million Pounds Cobalt
(74 g/t)
,
contained in
49.7 million tonnes
.
Assaying of historic of drill core, from the Haukiaho Trend, has retuned
1.78 g/t Pd_Eq ("Palladium
Equivalent") over 15.1 meters including 2.52 g/t Pd_Eq over 5.0 meters
from
previously un-
assayed
drill core (Hole M345364R612).
President and CEO, Derrick Weyrauch, commented, "Although equity markets are weak, the Company
continues to maintain significant liquidity and flexibility with $11.25 million of cash on hand as at June 30,
2022.
Exploration at the LK project continues to provide additional targets for more resource growth.
Recently, we have completed 321 kilometers of drone Mag and 8.5 kilometers of reconnaissance IP
over the Lota Zone.
Lota is interpreted to be a flat lying extension of the Haukiaho Trend, which has very
favourable geometry for the discovery of additional open pit style mineralization. Additionally, select
resampling of historic drill core, has shown significant potential for PGE mineralization in the 17-
kilometer long Haukiaho Trend, as much of the historic sampling was only for copper and nickel, while
resampling has demonstrated exciting PGE intercepts
including 1.78 g/t Pd_Eq over 15.1 meters
."
Lota Zone
The Lota Zone is immediately to the north-east of the Haukiaho Trend and separated by an east-
southeast trending fault (Figure 1). The favourable marginal phase of the Koillismaa complex changes
dip and strike significantly across this fault with the marginal phase dipping very shallowly to the west in
the Lota Zone. This area has seen very little drilling with a total of 10 shallow Geological Survey of
Finland holes drilled in the 1990's, which returned up to 1.08 g/t Pd_eq (hole M354397R313, 14.3m to
14.5m, 0.31 g/t Pd, 0.11g/t Pt, 0.01g/t 0.01% Cu, 0.20% Ni). This area was identified as a promising
area due to reconnaissance mapping that identified several gabbroic and ultramafic boulders, several of
which were anomalous in PGEs. The dip of the favourable marginal phase is nearly flat, to shallowly
dipping to the west, which is a very favourable geometry for open pit style mineralization and could
provide additional resources with a very minimal waste to ore ratio ("strip ratio").
A 321 kilometer, high resolution drone magnetic survey was flown over the Lota Zone, followed by an 8.5
kilometer reconnaissance IP program (Figure 2 and 3). The drone magnetic survey appears to confirm
the presence of ultramafic rocks consistent with favourable marginal phase of the Koillismaa Complex,
while the IP survey identified a strong chargeability anomaly, flanking the side of a strong magnetic
anomaly on the northern most portion of the survey. This geophysical signature is interpreted to
represent low magnetite mineralized gabbroic rocks adjacent to unmineralized high magnetite ultramafic
rocks, a pattern which is key to following PGE-Ni-Cu mineralization in the Haukiaho deposit.
Haukiaho Trend
A relogging and resampling program on 11 holes, totaling 292 samples was conducted on archival drill
core (Figure 1 and Table 1). This drilling primarily consists of 1960's era drill holes from Outokumpu, with
a few newer (1990's era) holes drilled by the Geological Survey of Finland. The 1960's era drilling was
only partially sampled and only sampled for copper and nickel. Subsequent select re-assaying by the
Geological Survey of Finland in the 1990's showed that PGE's were present, however they did not
sample the entire mineralized zone in each drill hole. During relogging, the Company observed that a
significant amount of mineralized unassayed core remained. This was split via rock saw and submitted
for PGE-Ni-Cu analysis (Table 1). Due to the age, and previous resampling programs, sections of the
original core were missing in several holes, as such the data reported in Table 1,
does not represent
complete mineralized zones
but rather serves as an indication of the PGE-rich nature of the
historically described Cu-Ni mineralization and indicates that additional PGE mineralization remains to
be delineated along the 17-kilometer long Haukiaho Trend.
Kaukua Deposit Area Permitting
AFRY has been retained by the Company to spearhead the permitting process preparation for the three
Kaukua Area deposits. AFRY is the industry leader in Finland, and has successfully guided many other
mining projects through the permitting process. Baseline studies including water sampling are already
under way, with additional studies including fauna, and land use planning are due to commence shortly.
Table 1.
Highlights from resampling of historic drill core.
Historic Hole
From (m)
To (m)
Width (m)
Pd_Eq g/t*
In-Situ
PGE
(Pt+Pd+Au)
Pd g/t
Pt g/t
Au g/t
Cu %
Ni
%
Co g/t
M354364R612
219.0
254.9
35.9
1.30
0457
0.26
0.09
0.12
0.16
0.16
56
219.0
234.1
15.1
1.78
0.57
0.29
0.15
0.13
0.23
0.23
76
219.0
230.0
11.0
1.96
0.68
0.35
0.19
0.15
0.26
0.24
76
225.0
230.0
5.0
2.52
0.84
0.43
0.25
0.16
0.34
0.32
92
M354397R313
13.3
19.0
5.7
0.82
0.35
0.22
0.11
0.02
0.00
0.11
118
13.3
14.7
1.4
1.33
0.68
0.39
0.22
0.07
0.01
0.18
112
M354397R301
50.0
50.6
0.6
0.97
0.17
0.09
0.04
0.04
0.00
0.20
135
M354364R618
181.5
182.8
1.3
2.81
1.03
0.40
0.19
0.44
0.35
0.31
154
M354364R616
44.8
54.1
9.3
1.19
0.47
0.28
0.13
0.06
0.15
0.13
54
M345366R619
198.0
219.4
21.4
0.91
0.19
0.11
0.04
0.04
0.09
0.14
100
206.5
208.0
1.5
1.61
0.44
0.27
0.11
0.06
0.16
0.24
125
M345364R617
288.5
291.0
2.5
1.29
0.54
0.30
0.17
0.08
0.17
0.13
47
Historic Hole
From (m)
To (m)
Width (m)
Pd_Eq g/t*
In-Situ
PGE
(Pt+Pd+Au)
Pd g/t
Pt g/t
Au g/t
Cu %
Ni
%
Co g/t
* Historic drill core has undergone several re-sampling programs and therefore complete sections of core were not always available for
resampling.
* The above significant intersections are all from the Companies resampling with the exception of hole M354364R612 which contain some historic
assays which do not always include each element in the analysis.
Figure 1
. Location Map of historic hole resampling and Lota Zone mag and IP survey area. Yellow
boundaries represent Exploration Permits, red boundaries Exploration Applications. The black box
represents the area flown by high resolution drone mag. Blue lines represent IP grids. Yellow stars
represent resampled historic drill holes, labelled by the last three numbers of the historic hole number.
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/6502/131316_0c9c47d924b2399e_001full.jpg
Figure 2
. High resolution drone mag survey with reconnaissance IP lines marked in black.
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/6502/131316_0c9c47d924b2399e_002full.jpg
Figure 3.
Pseudo IP section showing chargeability on Line 1100N.
To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/6502/131316_0c9c47d924b2399e_003full.jpg
Palladium Equivalent (Pd_Eq)
The Company is calculating Palladium equivalent 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 $25 per pound cobalt consistent with the calculation used in the Company's April
2022 NI 43-101 Resource Estimate on the LK project (see press release
April 25, 2022
).
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, which is ranked by the Fraser Institute as one of the world's top countries for
mineral exploration and development. 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 nickel-copper sulphide project (
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
) located in Ontario,
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/131316