January 19, 2021 – Toronto, Ontario – Final results from the 2020 Tyko drill program include massive magmatic sulphides grading up to 9.9% Ni_Eq* (218 pounds per tonne) over 3.8 Meters (8.1% Ni, 2.9% Cu, 1.3/t PGE), starting at less than 9 meters true-depth, located at the Smoke Lake target of the Tyko Ni-Cu-PGE Project said Palladium One Mining (“Palladium One” or the “Company”) (TSXV: PDM, FRA: 7N11, OTC: NKORF) today. The intercept is within a broader interval that returned 6.1% Ni_Eq over 7.5 Meters (135 pounds per tonne) (4.5% Ni, 2.9% Cu, 1.0g/t PGE) from 5.3 meters down hole.
These results are in addition to previously announced results of 8.7% Ni_Eq* (193 pounds per tonne) over 3.8 Meters (6.6% Ni, 3.7% Cu, 1.5g/t PGE) (see press release January 5, 2021) and 7.5% Ni_Eq* (164 pounds per tonne) over 4.2 Meters (5.8% Ni, 2.7% Cu, 1.3/t PGE) (see press release January 12, 2021).
“Smoke Lake continues to deliver extraordinarily high-grade intercepts. The highest to date being 9.9% Ni_Eq over 3.8 meters, within a broader intercept of 6.1% Ni_Eq over 7.5 meters! An extremely high-value, near surface resource appears within our grasp at Smoke Lake.
The massive sulphide mineralization discoveries, combined with historic high-grade drill results 17-km to the west, provide significant encouragement for additional discoveries, especially given Tyko is incredibly underexplored. The Tyko project covers over 20,000 hectares, which includes the 7,000 hectare mafic-ultramafic Bulldozer intrusion, which has seen virtually no geological mapping nor exploration” said Derrick Weyrauch, President and CEO.
- Hole TK-20-023 returned 6.1% Ni_Eq over 7.5 meters (4.5% Ni, 2.9% Cu, 1.0g/t PGE) from 5.3 meters down hole.
- Including 9.9% Ni_Eq over 3.8 meters (8.1% Ni, 2.9% Cu, 1.3g/t PGE).
- Hole TK-20-025, returned 6.3% Ni_Eq over 3.2 meters (4.4% Ni, 3.6% Cu, 0.9g/t PGE) from 36.6 meters down hole.
- Including 11.8% Ni_Eq over 0.6 meters (9.6% Ni, 3.7% Cu, 1.5g/t PGE).
- All 13 holes drilled at Smoke Lake intersected magmatic sulphides.
- Multiple massive sulphide intercepts up to 4 metres were encountered.
- A magmatic sulphide mineralized strike length of 270 meters has been defined by drilling and the deepest intercept to date has a true depth of only 100 meters.
- Mineralization remains open to the northwest and down dip.
The 2020 Tyko drill program consisted of 14 drill holes totalling 1,123 meters, 13 holes were drilled into the Smoke Lake electromagnetic (“EM”) anomaly. This program was the first to drill test the Smoke Lake EM anomaly (see press release January 21, 2020, November 18, 2020, December 7, 2020, January 5, 2021, January 12, 2021). High-resolution drone-based magnetic and ground-based horizontal loop EM surveys, undertaken shortly before drilling, refined the anomaly resulting in the successful discovery of massive magmatic sulphides. The final hole of the program (TK-20-028) tested a separate magnetic anomaly which intersected mafic-ultramafic rocks with anomalous nickel which are interpreted to be related to the Smoke lake mineralization.
A bore hole EM survey is currently underway which will further delineate the Smoke Lake massive sulphide body.
Drilling to date indicates a mineralized ultramafic body at surface, transitioning to massive sulphides which dip shallowly (~32°) to the southwest. The massive sulphides occur as a consistent sheet with a possible fault near its base which could be controlling their emplacement in tonalite.