Palladium One Mining Inc. (the "Company" or “Palladium One”) today announces initial progress made at its Palladium dominant, Lantinen Koillismaa (“LK”) PGE-Cu-Ni Project in north-central Finland and its Tyko Nickel Project in Ontario, Canada.
Lantinen Koillismaa (“LK”) PGE-Cu-Ni Project
At the LK Project, the Company has initiated and substantially completed the compilation and review of historic exploration information from prior operators and the Geological Survey of Finland. This large database includes but is not limited to geophysics (IP, Airborne Mag & EM), sampling, mapping, diamond drilling, metallurgical and petrology studies, and some 3D modelling.
The data, including historical diamond drilling on the LK Project, is being modeled in 3D software. The results of the compiled data will be used to help provide a sound geological base from which to define future drilling targets.
In addition, the Company has retained Mining Plus UK Ltd. to prepare an independent National Instrument 43-101 compliant mineral resource estimate for the Kaukua deposit of the LK Project.
As part of the mineral resource estimation, a data verification program has been initiated wherein over 100, quarter-split core samples have been collected from historical diamond drill core and have been sent to ALS Global in Finland for re-assaying and ultimately reconciliation with the existing drill hole assay database.
The LK Project land package consists of a total of 3,842 hectares and comprises nine exploration permit applications covering over 25 km of the prospective basal unit in the Koillismaa layered mafic-ultramafic complex. The Finish Ministry of Mining has begun its process to review all exploration permit applications and is expected to make final decisions with regard to requested approvals in Q3 2019.
The Koillismaa Complex is part of a suite of Paleoproterozoic continental rift-related intrusions which are highly prospective for PGE-Cu-Ni deposits such as the nearby Suhanko Arctic Platinum deposit located 90 km northwest of the LK Project. Suhanko Arctic Platinum reported that it hosts a SAMREC Code Compliant Measured and Indicated resources of 5.4 million ounces of palladium grading 1.44 g/t Pd and 1.3 million ounces of platinum grading 0.35 g/t Pt at a cut-off of 1.0g/t 2PGEAu as well as Inferred Resources of 4.4 million ounces of palladium grading 1.50 g/t Pd and 1.1 million ounces of platinum grading 0.38 g/t Pt.
Tyko Ni-Cu-PGE (“Tyko Nickel”) Project
The Tyko Project is located about 60 km northeast of the Marathon Copper-Palladium deposit which hosts NI 43-101 compliant Measured and Indicated resources of 3.0 million ounces of palladium grading 0.775g/t Pd, 0.9 million ounces of platinum grading 0.228 g/t Pt and 280,000 tonnes of copper grading 0.24%, at an NSR cut-off of $10.50/t ore milled, contained in 115 million tonnes (2010).
Mineralization at Tyko is hosted by metamorphosed pyroxenite which has been intruded by later granitoid rocks. The mineralized pyroxenite contains abundant rip-up clasts of other mafic-ultramafic phases which suggests an active feeder-type system. The mineralization is nickel-rich, with an average Ni:Cu ratio of about 2:1 and a Pt:Pd ratio of about 1:1. Significantly, sulphide tenors are very high with indicated tenors in 100% sulphide averaging 8.6% Ni, 4.6% Cu, and 3.3g/t PGE at the RJ Zone and 16.3% Ni, 8.70% Cu, and 12.8g/t PGE at the Tyko Zone.
Plans are underway for a summer exploration program consisting of downhole IP surveys of the Company’s 2016 diamond drill holes (see Palladium One news release: June 8, 2016) and reconnaissance geological mapping and prospecting to ground truth several regional airborne EM anomalies. The results of the summer program will guide the next round of drilling.
The Company also announces that it has granted 2,400,000 stock options to directors, officers, consultants and advisors, having an exercise price of $0.08 per share, a term of 5 years and vesting immediately.