VANCOUVER, British Columbia, Aug. 19, 2019 (GLOBE NEWSWIRE) -- Palladium One Mining Inc. (TSX-V: PDM, FRA: 7N11) (the "Company" or “Palladium One”) is pleased to announce that the Company has acquired, through staking, 12 new claims totalling 254 hectares covering the historic Shabotik Zone, located 4.5km south of the Tyko project, near Marathon, Ontario.
Limited exploration has been carried out on the Shabotik zone since 1969. The zone was visited and sampled by the Ministry of Northern Development and Mines staff in 1988, results of this visit and select assay from trenching in the 1980’s are listed in Table 1. The Shabotik mineralization is hosted by amphibolite facies mafic-ultramafic intrusive rocks which are in turn hosted within tonalitic gneiss and metasedimentary migmatitic rocks. The Shabotik mafic-ultramafic body has been traced for approximately 90m on surface with widths up to 30m. Sulphide mineralization is dominated by pyrite, chalcopyrite, pyrrhotite and pentlandite, occurring interstitial to or as replacement of silicates minerals. Sulphide concentrations may exceed 25% locally but average closer to 3%.
Table 1. Select assay values from the Shabotik zone
|Sample No.||Description||Cu wt%||Ni wt%||Pt g/t||Pd g/t||Au g/t||PGE (Pt+Pd+Au)|
|84BRG-01||diorite, semi-massive pyrite, chalcopyrite||2.38||n/a*||3.05||0.68||0.04||3.77|
|84BRG-03||diorite, semi-massive pyrite, chalcopyrite||2.66||n/a*||0.76||0.40||0.04||1.20|
|88BSH-08||mafic, hornblende rich; 5-10% sulphides||0.47||0.45||1.10||0.55||0.02||1.67|
|88BSH-07||coarse-grade diorite; 30-40% sulphide||1.55||0.40||0.27||0.45||0.04||0.76|
|88BSH-09||medium-grained diorite; <30% sulphides||0.38||1.00||0.27||0.70||0.02||0.99|
|88BSH-16||amphibole pegmatite, 20% sulphide; Pyrite > chalcopyrite||0.64||0.24||2.82||1.12||0.02||3.96|
*n/a: element not analysed
Table is modified from: Report on Activities 1988 Resident Geologists, Ontario Geological Survey Miscellaneous Paper 142
Derrick Weyrauch, Interim President and CEO stated, “We are very pleased to add the Shabotik zone to the larger Tyko Sulphide Ni-Cu-PGE project. This zone has returned up to 2.66% Cu, 1% Ni and up to 3.05 g/t Pt in select assay samples. With limited exploration conducted on the property, we look forward to expanding the Shabotik style mineralization.”
About Tyko Ni-Cu-PGE project
The Tyko Ni-Cu-PGE project, is located ~65km northeast of Marathon Ontario, Canada. The Tyko project is an early stage, high sulphide tenor, nickel focused project with 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).
Neil Pettigrew, M.Sc., P. Geo. Is a director of the Company and is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical information in this document.
About Palladium One:
Palladium One Mining Inc. is a PGE, nickel, copper exploration and development company. Its assets consist of the Lantinen Koillismaa (“LK”) PGE-Cu-Ni project, located in north-central Finland and the Tyko Ni-Cu-PGE property, near Marathon, Ontario, Canada.
ON BEHALF OF THE BOARD:
Interim President & CEO, Director
For further information contact:
Derrick Weyrauch, Interim CEO
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