Palladium One Mining Inc. [PDM-TSXV; NKORF-OTC; 7N1-FSE] shares rallied in active trading Tuesday January 5 after the company announced a massive sulphide discovery on its Tyko property in Ontario. Highlight drill results include 8.7% nickel equivalent (193 pounds/tonne) over 3.8 metres.
Palladium One shares advanced on the news, rising almost 19% or $0.05 to 31.5 cents on volume of 3.38 million. The shares are currently trading in a 52-week range of 28.5 cents and $0.045.
Palladium One is a platinum-group elements, nickel, copper exploration and development company. Its assets consist of the palladium dominant Lantinen Koillisma (LK) PGE-Cu-Ni project in north-central Finland and the Tyko Ni-Cu-PGE property near Marathon, Ont.
The Tyko project is an early stage, high sulphide tenor, nickel focused project where previous drill hole intercepts returning up to 1.06% nickel over 6.22 metres, including 4.71% nickel over 0.87 metres in drill hole TK-16-010.
Assays released on Tuesday are from the first two holes of the 2020 Tyko drill program, which intersected massive sulphides in drill hole TK-20-016 grading 8.7% nickel equivalent over 3.8 metres (6.6% nickel, 3.7% copper, 1.5 g/t PGE] at less than 30 metres true depth at the Smoke Lake target.
The same drill hole included 10.1% nickel equivalent (221 pounds/tonne) over 0.5 metres (8.2% nickel, 3.1% copper and 1.5 g/t PGE.
Hole TK-20-015, an up-dip hole, drilled from the same drill pad, returned 4.8% nickel equivalent over 2.3 metres (3.9% nickel, 1.4% copper, 0.8 g/t PGE) from 30 metres down hole.
The 2020 drill program consists of 14 drill holes, totalling 1,123 metres. Of that amount, 13 holes were drilled in to the Smoke Lake electromagnetic anomaly.
Nickel is currently trading at approximately US$7.90/pound.
“We are very pleased with the extremely high-value, near surface resource potential at Smoke Lake,’’ said Palladium One President and CEO Derrick Weyrauch. “This is the first discovery of massive sulphide mineralization at the Tyko Ni-Cu-PGE Project and provides significant encouragement for additional discoveries given Tyko is woefully underexplored,” he said.
“The Tyko Project cover 20,000 hectares, which includes the 7,000-hectare mafic-ultramafic Bulldozer intrusion, which has seen virtually no geological mapping or exploration.”