VANCOUVER, British Columbia, June 10, 2019 (GLOBE NEWSWIRE) -- Palladium One Mining Inc. (PDM.V) (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.
Scott Jobin-Bevans, P. Geo., a director and VP Exploration for the Company, is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical information in this document. Dr. Jobin-Bevans is a registered geoscientist with over 30 years of experience in the mineral exploration industry.
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:
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 gold and other commodity prices; title matters; 6 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 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.