Palladium One Intersects 166.7m at 1.16 g/t Palladium Equivalent ("Pd_Eq"), Including 63.4m at 1.88 g/t Pd_Eq in Kaukua South at the Open Pit Lantinen Koillismaa ("LK") PGE-Cu- Ni Project, Finland
Palladium One Intersects 166.7m at 1.16 g/t
Palladium Equivalent ("Pd_Eq"), Including
63.4m at 1.88 g/t Pd_Eq in Kaukua South at the
Open Pit Lantinen Koillismaa ("LK") PGE-Cu-
Ni Project, Finland
Vancouver, British Columbia--(Newsfile Corp. - August 11, 2020) -
Palladium One Mining Inc.
(TSXV:
PDM) (FSE: 7N11) (OTC Pink: NKORF)
(the "
Company
" or "
Palladium One
") is pleased to report
the results of the first drill hole to test the eastern extension of the greater than 4 kilometer ("km") long
Kaukua South Induced Polarization ("IP") chargeability anomaly (LK20-006).
Hole LK20-006 intersected
166.7m @ 1.16 g/t
Palladium Equivalent ("Pd_Eq")*, including
63.4m @ 1.88g/t
Pd_Eq.
LK20-006 is located in an area with no previous drilling and represents a 180 meter step-out east of the
nearest Kaukua South drill hole (KAU08-036, Figure 1). The results confirm that the eastern extension of
the Kaukua South IP anomaly is the result of near surface palladium-rich sulphide (PGE-Cu-Ni)
mineralization, which suggests significant additional open-pit style mineralization remains to be
delineated in the greater Kaukua area.
Highlights:
166.7m @ 1.16 g/t Pd_Eq
, from 43.8m down hole in hole LK20-006
Total platinum-group elements (Pd + Pt + Au),
0.58
g/t
Individually by metal, 0.39 g/t Pd; 0.14 g/t Pt; 0.05 g/t Au; 0.09% Cu and 0.10% Ni
Including
63.4m @ 1.88 g/t Pd_Eq
Total PGE of
1.06 g/t
,
Individually by metal, 0.72 g/t Pd; 0.26 g/t Pt; 0.08 g/t Au; 0.13% Cu and 0.14% Ni
Including
7.8m @ 2.61 g/t Pd_Eq
Total PGE of
1.59 g/t
,
Individually by metal, 1.12 g/t Pd; 0.38 g/t Pt; 0.09 g/t Au; 0.13% Cu and 0.19% Ni
Confirms the eastern extension
of the
greater than 4 kilometer long Kaukua South IP anomaly
is the result of PGE-Cu-Ni sulphide mineralization
(Figure 1)
LK20-006 is 180m east of and
significantly higher grade than the nearest Kaukua South
hole
52.0m @ 1.01 g/t Pd_Eq (0.46g/t PGE), 0.30 g/t Pd, 0.11g/t Pt, 0.05 g/t Au, 0.10% Cu and
0.09% Ni, in hole KAU08-036.
The core zone (63.4m @ 1.88g/t Pd_Eq) in LK20-006 is
twice as wide as best historic
intercept in Kaukua South.
33.0m @ 1.89 g/t Pd_Eq (1.05 g/t PGE), 0.74 g/t Pd, 0.24 g/t Pt, 0.07 g/t Au, 0.17% Cu, and
0.13% Ni, in hole KAU08-035.
President and CEO, Derrick Weyrauch commented, "
To date,
Hole LK20-006 bears the most
significant results of the Phase 1 drill program.
It is hard to understate the importance of this hole, as it
has not only confirmed the eastern extension of the Kaukua South Zone, but intersected a core zone
twice as thick as the next best intersection in Kaukua South. Significantly, the mineralization begins
only 43m down hole, making it highly amenable to open pit mining. This confirms our belief that
Kaukua South has the potential to quickly add tonnes to the 2019 NI43-101 open pit constrained
Kaukua resource estimate."
Figure 1:
Greater Kaukua Area showing IP chargeability anomalies, note the location of LK20-006 and
potential >5.5km strike of the Kaukua South Anomaly. Phase 1 drill hole locations showing in (black) and
planned drill holes in (red).
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/6502/61308_a57a7bd9341a390b_001full.jpg
Figure 2.
Cross section showing hole LK20-006.
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/6502/61308_a57a7bd9341a390b_002full.jpg
Table 1. Phase 1 Drill Results
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
LK20-001
33.4
66.0
32.6
2.86
1.82
1.22
0.46
0.14
0.23
0.16
Inc.
45.0
61.0
16.0
3.64
2.43
1.67
0.59
0.18
0.27
0.18
Inc.
48.6
49.9
1.3
5.70
3.96
2.78
0.93
0.25
0.41
0.25
Kaukua
LK20-002
38.4
71.0
32.7
2.00
1.06
0.70
0.29
0.07
0.15
0.16
Inc.
43.0
53.1
10.1
3.08
1.65
1.07
0.47
0.11
0.26
0.24
Inc.
45.8
47.3
1.5
5.23
2.85
1.82
0.82
0.21
0.49
0.37
Kaukua
LK20-003
37.0
75.0
38.0
1.49
0.77
0.52
0.19
0.06
0.10
0.13
Inc.
37.0
57.3
20.3
2.03
1.13
0.77
0.28
0.09
0.14
0.16
Inc.
48.0
49.2
1.2
4.07
2.53
1.75
0.60
0.19
0.29
0.25
Kaukua
LK20-004
40.3
68.5
28.2
2.04
1.11
0.73
0.29
0.09
0.19
0.14
Inc.
40.3
53.4
13.1
2.73
1.58
1.05
0.41
0.12
0.24
0.17
Inc.
52.1
53.4
1.4
4.43
2.69
1.83
0.71
0.15
0.38
0.26
Kaukua
LK20-005
32.8
69.5
36.8
1.95
1.13
0.74
0.31
0.08
0.16
0.13
Inc.
32.8
41.0
8.3
3.40
2.00
1.38
0.52
0.11
0.29
0.21
Inc.
36.2
37.7
1.5
4.83
2.87
2.01
0.70
0.16
0.39
0.31
Kaukua
South
LK20-006
Zone**
43.8
210.5
166.7
1.16
0.58
0.39
0.14
0.05
0.09
0.10
Upper
Subzone
43.8
62.0
18.3
1.27
0.33
0.21
0.05
0.07
0.13
0.16
Middle
Subzone
95.0
158.4
63.4
1.88
1.06
0.72
0.26
0.08
0.13
0.14
Inc.
95.0
116.5
21.6
2.36
1.25
0.83
0.31
0.11
0.18
0.19
And
138.4
146.1
7.8
2.61
1.59
1.12
0.38
0.09
0.13
0.19
Inc.
138.4
139.9
1.6
4.88
3.13
2.09
0.72
0.32
0.40
0.25
Lower
Subzone
188.5
210.5
22.0
1.50
0.87
0.60
0.20
0.07
0.11
0.10
Inc.
188.5
198.8
10.4
2.22
1.26
0.85
0.29
0.11
0.18
0.15
And
256.7
257.9
1.2
3.50
1.39
1.10
0.26
0.03
0.11
0.45
Kaukua
LK20-007
200.1
241.7
41.6
2.16
1.18
0.83
0.28
0.07
0.16
0.17
Inc.
205.9
213.8
7.8
3.26
2.18
1.53
0.53
0.13
0.21
0.17
Inc.
207.4
208.9
1.5
4.47
2.70
1.72
0.61
0.38
0.42
0.24
*Palladium Equivalent "Pd_Eq" is calculated using metal prices (in USD) of $1,100/oz for palladium, $950/oz for platinum, $1,300/oz for gold, $6,614/t
for copper and $15,432/t for nickel as used in the Company's 2019, 43-101 mineral resource estimate on the Kaukua Deposit (see press release
September 9, 2019).
** Includes 16.25m of unsampled core given a zero grade.
***Reported widths are "drilled widths" true widths. Estimated to be approximately 90% of drilled width for holes LK20-001-005 & 007, true widths
for hole LK20-006 are unknown at this time.
**** Grey Italicised values are previously released (see press release July 22 and 28 2020).
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 a palladium dominant, platinum-group-elements (PGE), copper, nickel
exploration and development company. Its assets consist of the Läntinen 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 3,100-hectare project targeting PGE-rich disseminated and massive sulphide in a highly
productive Proterozoic mid-continent rift.
The Kaukua deposit of the LK project hosts a pit-constrained resource of 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).
*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.
ON BEHALF OF THE BOARD
"Derrick Weyrauch"
President & CEO, Director
For further information contact:
Derrick Weyrauch, President & CEO
Email:
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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
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