Palladium One Samples up to 2.1% Nickel and 6.1% Copper at the Canalask Nickel-Copper- PGE Project, Yukon, Canada
Palladium One Samples up to 2.1% Nickel and
6.1% Copper at the Canalask Nickel-Copper-
PGE Project, Yukon, Canada
HIGHLIGHTS
Grab samples returned up to 2.1% Ni and 6.17% Cu, including 1.6g/t Au, and 28 g/t Ag
Historic Mineral Resource Estimate of 400,000 tonnes at 1.35% nickel (copper not
reported)
Strong potential for massive nickel-copper sulphide mineralization
Hosts both magmatic Norilsk "feeder type" mineralization and epigenic "footwall-type"
deposit
Drill ready targets
Excellent Access from adjoining Alaskan highway
Toronto, Ontario--(Newsfile Corp. - November 17, 2022) -
Palladium One Mining Inc.
(
TSXV: PDM
)
(
OTCQB: NKORF
)
(
FSE: 7N11
) (the "
Company
" or "
Palladium One
") is pleased to announce
sample assay and drone-based magnetometer ("Mag") survey results on the Canalask Nickel-Copper-
PGE Project (Figure 1), located beside the Alaskan Highway in the Yukon, Canada (the "
Canalask
Property
").
"The Canalask Project is compelling because it hosts a footwall nickel-copper deposit of unknown
origin, suggesting that a larger deposit is present at depth within the ultramafic dyke. It also boasts easy
access off a paved highway and benefits from existing infrastructure.
"Grab samples collected in September 2022 assayed over 2% nickel, 6% copper and 1.55 g/t gold.
These results support the high grades that were historically reported in footwall style sulphide
mineralization. A new drone-based Mag survey has further refined the prospective large ultramafic dyke
structure on
the project and will aid in drill hole targeting.
"The exploration permitting process is well underway. The Company has initiated local community and
regulatory authority engagement as part of a Class III Exploration Permit application.
A Class III Permit
will allow the pursuit of work required to start systematically drill testing the historical electromagnetic
("EM") targets within the ultramafic dyke, proximal to the historical Footwall Deposit," commented
Derrick Weyrauch, President and CEO.
Table 1: Assay Results: Canalask site visit grab samples
Sample No.
Easting WGS
84
Northing
WGS84
Ni %
Cu %
Co %
Au g/t
Ag g/t
Pd g/t
Pt g/t
NP22-CAN-001
524,263
6,869,344
2.14
0.03
0.05
0.00
5.0
0.00
0.00
NP22-CAN-002
524,239
6,869,405
0.01
0.28
0.02
0.0
3.1
0.00
0.00
NP22-CAN-003
524,334
6,869,346
0.01
1.06
0.07
0.01
2.9
0.00
0.00
NP22-CAN-004
524,331
6,869,369
0.26
0.68
0.06
0.01
3.1
0.00
0.00
NP22-CAN-005
524,330
6,869,365
0.15
6.07
0.01
1.55
28.1
0.00
0.00
NP22-CAN-006
524,328
6,869,360
0.35
0.86
0.06
0.01
3.6
0.00
0.00
A total of six samples were collected on September 8th during a site visit by VP of Exploration, Neil
Pettigrew and CEO Derrick Weyrauch to the project. Access was very good via a 4-kilometer long
overgrown gravel-based road to the historic Footwall Deposit workings. Sample NP22-CAN-001 was
collected from outcrop near an adit which accesses over 500 meters of historic workings. Samples
NP22-CAN-003 to 006 were collected from rubble near a trenched gossan showing (Figure 2)
approximately 100 meters east of the adit. The adit has been reclaimed and thus the old workings were
not accessible during the visit, however numerous outcrops were observed, including several gossanous
zones in footwall sediments to the ultramafic dyke.
The Company's recently competed a drone-based magnetometer survey (Figure 1) over the entire
Canalask project. This survey consisted of 392-line kilometers at 100-meter spacing and helped refine
the location and structure within the prospective ultramafic dyke and will prove invaluable in refining the
drill targeting.
Canalask Property
The Canalask Property is located within the Whitehorse Mining District, approximately 300 kilometers
northwest of Whitehorse, Yukon and is accessible from the Alaska Highway near Beaver Creek. The
Canalask Property consists of a contiguous block of 179 quartz claims covering approximately 3,400
hectares.
Exploration dates to the 1950's when the Canalask footwall zone was originally discovered, drilled and
partially developed. A historical resource estimate on the Main Zone
is quoted at 400,000 tonnes at
1.35% nickel (copper was not reported) by Discovery Mines Ltd. in 1968
(
Yukon Assessment Report
094599
).
Early Metallurgical floatation test work returned concentrate grades as high as 19.7% nickel
(
Yukon Assessment Report 093256
). Exploration continued up to the early 2000's through a series of
surface programs including geochemical surveys, geological mapping and geophysics. During these
campaigns numerous high-grade Ni-Cu-PGE showings, such 4.7% Nickel, 0.6% Cu and 6.82 g/t TPM in
grade samples at the Discovery zone (
Yukon Assessment Report 094599
), were discovered along the
length of the ultramafic-mafic body. In 2006 Xstrata completed an Assessment Report (
Yukon
Assessment Report 094599
). Readers are cautioned that the Company has not verified the 1968
Historical Mineral Resource Estimate and therefore the data should not be relied upon.
Geology Overview
The Canalask Property covers the lateral extent of the northwest - southeast striking, steeply dipping
"White River Intrusive Complex" (WRIC), which is part of the larger Kluane Mafic-Ultramafic Belt. The
Kluane belt extends from northern British Columbia to east-central Alaska, within the Pennsylvanian to
Triassic Wrangellia Terrane volcanics and sediments. The belt is host to numerous nickel-copper +/-
platinum-palladium deposits and prospects, most notably the past producing Wellgreen Deposit, now
owned by Nickel Creek Platinum Corp., approximately 110 kilometers to the south. The WRIC occurs as
a sill-like body of ultramafic and mafic rocks 100 to 150 meters thick and dipping approximately 50
degrees to the southwest. The northern margin of the WRIC represents the basal footwall contact zone
while the southern margin delineates the upper hanging wall intrusive contact. The intrusion itself is
dominantly composed of peridotite and dunite with a mineralized basal gabbro zone.
Exploration Target
The WRIC is a favourable setting for magmatic nickel-copper sulphide mineralization and is considered
a "feeder system" with a high volume of magma flow. As evidenced by the abundance of magmatic Ni-
Cu-PGE showings at the base of the WRIC and the discovery of the nickel-rich Canalask footwall
deposit, the project hosts strong potential for both "magmatic feeder-type" basal deposits and
"epigenetic footwall-type" footwall deposits. The geological setting draws comparison to the world-class
Norilsk Ni-Cu-PGE camp.
Figure 1.
Canalask Project with recent drone based magnetic survey showing total field and location of
site visit grab samples.
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/6502/144554_e28045e804e42973_001full.jpg
*The Company has not attempted to verify the historic mineral resource estimate and therefore readers
should not place any reliance on the historical estimate.
**TPM refers to total precious metals Pt+Pd+Au
Figure 2.
Trenched Gossanous showing located ~100 meters east of the Footwall deposit adit.
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/6502/144554_e28045e804e42973_002full.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 a 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 Canada and Finland. The Läntinen Koillismaa (LK) Project in north-central Finland, is a
PGE-copper-nickel project that has existing NI 43-101 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
,
, and at
www.palladiumoneinc.com
.
ON BEHALF OF THE BOARD
"Derrick Weyrauch"
President & CEO, Director
For further information contact:
Derrick Weyrauch, President & CEO
Email:
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