Palladium One Mining Inc. [PDM-TSXV; NKORF-OTC; 7N1-FSE] provided an update on the 100%-owned Lantinen Koillismaa (LK) platinum-group-element-copper-nickel project, located in north-central Finland, which recently published a NI 43-101-compliant mineral resource estimate, summarized below.
Indicated Resources comprise 1.1 Million ounces Total Precious Metals (Pd+Pt+Au) (TMP) (0.89 g/t); 111 Million pounds of Copper (0.13%); 92 Million pounds of Nickel (0.11%); 5 Million pounds of Cobalt (65 g/t); contained in 38.2 million tonnes.
Inferred Resources comprise 1.1 Million ounces TMP (0.68 g/t); 173 Million Pounds Copper (0.16%); 152 Million Pounds Nickel (0.14%); 8 Million Pounds Cobalt (74 g/t); contained in 49.7 million tonnes.
Assaying of historic of drill core, from the Haukiaho Trend, has returned 1.78 g/t PdEq (Palladium Equivalent) over 15.1 metres including 2.52 g/t PdEq over 5.0 metres from previously un-assayed drill core (Hole M345364R612).
President and CEO, Derrick Weyrauch, commented, “Although equity markets are weak, the Company continues to maintain significant liquidity and flexibility with $11.25 million of cash on hand as at June 30, 2022. Exploration at the LK project continues to provide additional targets for more resource growth. Recently, we have completed 321 kilometers of drone Mag and 8.5 kilometers of reconnaissance IP over the Lota Zone. Lota is interpreted to be a flat lying extension of the Haukiaho Trend, which has very favourable geometry for the discovery of additional open pit style mineralization. Additionally, select resampling of historic drill core, has shown significant potential for PGE mineralization in the 17-kilometre long Haukiaho Trend, as much of the historic sampling was only for copper and nickel, while resampling has demonstrated exciting PGE intercepts including 1.78 g/t PdEq over 15.1 metres.”
The Lota Zone is immediately to the north-east of the Haukiaho Trend and separated by an east-southeast trending fault. The favourable marginal phase of the Koillismaa complex changes dip and strike significantly across this fault with the marginal phase dipping very shallowly to the west in the Lota Zone.
This area has seen very little drilling with a total of 10 shallow Geological Survey of Finland holes drilled in the 1990s, which returned up to 1.08 g/t Pd_eq (hole M354397R313, 14.3 metres to 14.5 metres, 0.31 g/t Pd, 0.11 g/t Pt, 0.01 g/t 0.01% copper, 0.20% nickel). This area was identified as a promising area due to reconnaissance mapping that identified several gabbroic and ultramafic boulders, several of which were anomalous in PGEs. The dip of the favourable marginal phase is nearly flat, to shallowly dipping to the west, which is a very favourable geometry for open pit style mineralization and could provide additional resources with a very minimal waste to ore ratio (strip ratio).
A 321-km, high resolution drone magnetic survey was flown over the Lota Zone, followed by an 8.5 kilometer reconnaissance IP program. The drone magnetic survey appears to confirm the presence of ultramafic rocks consistent with favourable marginal phase of the Koillismaa Complex, while the IP survey identified a strong chargeability anomaly, flanking the side of a strong magnetic anomaly on the northern most portion of the survey. This geophysical signature is interpreted to represent low magnetite mineralized gabbroic rocks adjacent to unmineralized high magnetite ultramafic rocks, a pattern which is key to following PGE-Ni-Cu mineralization in the Haukiaho deposit.
At the Haukiaho Trend, a relogging and resampling program on 11 holes, totaling 292 samples was conducted on archival drill core. This drilling primarily consists of 1960’s era drill holes from Outokumpu, with a few newer (1990s era) holes drilled by the Geological Survey of Finland.
AFRY has been retained by the company to spearhead the permitting process preparation for the three Kaukua Area deposits. Baseline studies including water sampling are already under way, with additional studies including fauna, and land use planning are due to commence shortly.