January 18, 2021 – Toronto, Ontario – Initial infill drilling results from the 17,500-meter Phase II drill program have delivered superior grades and demonstrate broad zones of continuity with multiple intercepts of high-grade, open-pit resource potential at the Kaukua South zone of the LK PGE-Ni-Cu project in Finland. (“Palladium One” or the “Company”) (TSXV: PDM, FRA: 7N11, OTC: NKORF) today.
Starting at only 43 meters down hole, hole LK20-028, returned 53 meters at 2.1 g/t Pd_Eq*, with a core interval starting 47 meters down hole of 25 meters at 2.9 g/t Pd_Eq. Hole LK20-029 returned 25 meters at 2.6 g/t Pd_Eq starting at only 38 meters down hole, with a high-grade core starting 56 meters down hole of 5.5 meters grading 4.3 g/t Pd_Eq.
These first seven holes represent a series of step out holes from Phase I drill holes LK20-016 and 018 which returned 63 meters of 3.5 g/t Pd_Eq and 35 meters of 2.8 g/t Pd_Eq. respectively (see news release October 22, 2020).
“Initial Phase II infill drill results at Kaukua South demonstrate shallow disseminated sulphide mineralization the same as the Kaukua Deposit and support the belief that LK hosts a very large-scale mineralized system.” said Derrick Weyrauch, President and CEO. “With a greater than 4-kilometer, drilling proven, mineralized strike length at Kaukua South, plus up to an additional 2-kilometer strike length potential east of our existing Induced Polarization (IP) survey, we are on track to potentially define a multi-million ounce resource at Kaukua South” said Weyrauch
- Excellent grade and width continuity at Kaukua South demonstrated by the first seven holes, returning Palladium-rich mineralization ranging from 25 to 60 meters drilled width returning between 1.8 to 2.6 g/t Pd_Eq.
- Near surface mineralization continues to be intersected with hole LK20-031 collaring into mineralized bedrock at 18 meters down hole.
- Higher-grade core zones continue to be intersected such as 5.5 meters returning 4.3g/t Pd_Eq in hole LK20-029.
- Drilling supports the potential of an economically robust open pit resource at Kaukua South.
- As at December 31, 2020, the Company had a cash balance of $7.2 million dollars (unaudited).