Palladium One trades heavily on Finland results
Palladium One Mining Inc. [PDM-TSXV; 7N11-FSE] shares rallied strongly in heavy trading Tuesday October 6 after the company released assays results from its palladium dominant (LK) PGE-Cu-Ni project in north-central Finland.
The company said the first assay results from the resumed Phase 1 drill program have returned a wide zone, of shallow, high-grade palladium mineralization in an area known as the Kaukua South Extension.
Drilling highlights included Hole LK20-014, which returned a core zone of 72.0 metres at 1.96 g/t palladium equivalent (PdEq) within a wider zone of 145.5 metres of 1.26 g/t PdEq.
Shares advanced on the news, rising 7.7% or $0.01 to 14 cents on volume of almost 6.0 million shares. That put Palladium One among the most actively trading stocks on the TSX Venture Exchange, Tuesday. The shares are currently trading in a 52-week range of 24 cents and $0.045.
Palladium One is a platinum-group-elements, nickel, copper exploration and development company. Its assets consist of the Lantinen Koillisma (LK) PGE-Cu-Ni project and the Tyko Ni-Cu-PGE property near Marathon, Ont.
The Kaukua deposit of the LK project hosts 635,600 palladium-equivalent ounces of Indicated Resources, grading 1.80 g/t palladium equivalent, containing 11 million tonnes at 0.81 g/t palladium, 0.27 g/t platinum, 0.09 g/t gold (1.17 g/t palladium-equivalent) 0.15% copper and 0.09% nickel.
On top of that is 525,800 palladium equivalent ounces of Inferred Resources grading 1.50 g/t palladium equivalent, contained in 11 million tonnes at 0.6 g/t palladium, 0.20 g/t platinum, 0.08 g/t gold (0.92 g/t palladium-equivalent), 0.13% copper and 0.08% nickel.
The company says Kaukua is open for expansion, while the Kaukua South, Murtolampi and Haukaiho mineralized zones require systematic exploration via diamond drilling to follow up mineralized drill intercepts.
In July, 2020, Palladium One said it had resumed the Phase 1 drilling program that was suspended four months earlier due to the COVID-19 pandemic. It said initial drilling would focus on expanding known mineralization to the east of existing drill intercepts in the Kaukua South zone, which hosts a greater than 4 km long polarization chargeability anomaly.
On Tuesday, the company said continuity between holes LK20-006 and LK20-014 shows that the potential exists to rapidly add tonnes and thereby scale to existing NI 43-101 compliant resources.
“Results from Kaukua South Zone continue to indicate that the Kaukua area hosts the footprint of a large-scale, shallow mineralized system displaying continuity,” said Palladium One President and CEO Derrick Weyrauch.
Palladium One said it continues to log and sample drill core from the recently completed drilling program. It said 14 holes covering 2,556 metres were completed during the resumed program in August and September, bringing the total Phase 1 drilling program to 26 holes or 4,490 metres.