November 18, 2020 – Toronto, Ontario – Mineralized boulders with up to 0.41% Nickel (“Ni”) have been discovered ‘down ice’ of the Smoke Lake airborne electromagnetic (“EM”) survey, as well as soil samples with up to 565 ppm Ni (>40 times background levels) at the Tyko Nickel-Copper-PGE Project, located in Ontario, Canada, said Palladium One Mining (“Palladium One” or the “Company”) (TSXV: PDM, FRA: 7N11, OTC: NKORF) today. Initially scheduled for June 2020 in response to the Covid-19 lockdown and suspension of exploration activities in Finland during March 2020, diamond drilling of the EM target at Smoke Lake is now scheduled commence on November 23, 2020.
- Mineralized boulders and high nickel and copper values in soils indicate potential for high-grade massive sulphide mineralization.
- Geophysics suggests that mineralization is shallow thus opening up the possibility of open pit mining potential.
- High-resolution geophysical surveys currently underway, including drone-based magnetics and ground-based EM to further refine Smoke Lake EM anomaly.
- Up to 0.41% Ni in boulders located 180 m ‘down ice’ of the Smoke Lake EM anomaly.
- Up to 565 ppm Ni (>40 times background) in soil samples located 90 m ‘down ice’ of the Smoke Lake EM anomaly.
- Boulders closely resemble Ni-Cu mineralization at the RJ and Tyko zones which have returned up to 4.71% Ni over 0.87m in diamond drilling.
- Initial Phase I diamond drill program to begin on November 23, 2020.
President and CEO, Derrick Weyrauch commented, “With President-elect Biden’s two-trillion-dollar green energy plan, discovering a high-grade sulfide nickel deposit in shipping distance to existing smelter infrastructure in Sudbury, Ontario could be well timed. We are excited to drill test this anomaly at a time when nickel demand fundamentals are robust.”
Last year’s field season (see press release January 21, 2020) returned up to 238 ppm Ni (>20 times background) in soils with a single reconnaissance soil sampling line conducted over the Smoke Lake EM anomaly. This year’s program consisted of reconnaissance prospecting, mapping, and detailed soil sampling ‘down ice’ of the Smoke Lake EM anomaly. The 2020 program was highly successful have collected several highly anomalous soil samples and the discovery of a cluster of three angular hornblendite boulders, containing both disseminated and rip-up clasts of massive nickel-copper sulphides (Figure 3 and 4). These boulders closely resemble the mineralization found at the both the Tyko and RJ showings located 17 kilometers to the west (Figure 1), which have returned up to 1.06% Ni and 0.35% Cu over 6.22 m including 4.71% Ni and 0.82% Cu over 0.87m in hole TK-16-010 (see press release June 8, 2016).
Figure 1. Discovery boulder located 180m south of the Smoke Lake EM anomaly.
Figure 1. Approximately 5cm rip up clast of massive Cu-Ni sulphide hosted in hornblendite from the boulder cluster located 180m down ice of the Smoke Lake EM anomaly.
Figure 3. Smoke Lake area showing VLF survey (dark blue lines), 2019 and 2020 soil sample, and Cu-Ni mineralized boulders.
Table 1. Prospecting Samples collected from Hornblendite boulders during the summer 2020 Program
About Tyko Ni-Cu-PGE Project
The Tyko Ni-Cu-PGE project, is located ~65km northeast of Marathon Ontario, Canada. Tyko is an early stage, high sulphide tenor, nickel focused project with the most recent drill hole intercepts returning up to 1.06% Ni over 6.22 m including 4.71% Ni over 0.87m in hole TK-16-010 (see press release dated June 8, 2016).
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 an exploration company targeting district scale, platinum-group-element (PGE)-copper-nickel deposits in Finland and Canada. Its flagship project is the Läntinen Koillismaa or LK Project, a palladium-dominant platinum group element-copper-nickel project in north-central Finland, ranked by the Fraser Institute as one of the world’s top countries for mineral exploration and development. Exploration at LK is focused on targeting disseminated sulfides along 38 kilometers of favorable basal contact and building on an established NI 43-101 open pit resource.
ON BEHALF OF THE BOARD
President & CEO, Director
For further information contact:
Derrick Weyrauch, President & CEO
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.