November 16, 2021
November 16, 2021 – Toronto, Ontario –Palladium One Mining (“Palladium One” or the “Company”) (TSXV: PDM, FRA: 7N11, OTC: NKORF) is pleased to provide the following updates in regard to its award winning Tyko Copper-Nickel Project which returned up to 10.1% Ni_Eq* over 3.8 meters (8.1% Ni, 2.9% Cu, 0.1% Co, 0.61g/t Pd, 0.71g/t Pt, and 0.02g/t Au) in hole TK-20-023 (See news release January 19, 2021)
- Geophysical crews are on-site conducting ground-based Electromagnetic (“EM”) surveys on key target areas.
- Ground-based surveying is being carried out to more accurately model the various conductors and develop Maxwell Plates for effective drill program design.
- Three new Exploration Permit applications have been filed for drill testing the newly identified multi-line Electromagnetic (“EM”) geophysics anomalies (see news release October 28, 2021).
- The Company expects to receive one or more permits before year end.
- Scheduling of a drill contractor will occur following receipt of drill permits.
- Each of the planned drill sites is amenable to both winter and summer drilling.
- A fourth Exploration Permit application has been made to expand upon the existing Smoke Lake Exploration Permit to allow for additional step out drill pad locations.
- Currently permitted drill pad locations are within the already drill defined 350-meter mineralized zone. In order to conduct additional step out drilling with appropriate dip angles, additional drill pad locations are required.
- The Company also anticipates receiving this permit by year end.
“We eagerly await receipt of new Exploration Permits for Tyko so that we can get back to drilling and make additional discoveries.” said Derrick Weyrauch, President and CEO.
Incentive Share Plan
The Board of Directors of the Company has approved the granting of stock options and restricted share units to new employees, employees, consultants, and directors pursuant to the Company’s incentive compensation plans. The stock options issued entitle the holders to purchase a total of 4,450,000 common shares of the Company at a price of $0.22 per common share, are exercisable for three years and 1/3rd vest immediately, thereafter 1/3rd annually. The restricted share units issued entitle the holders to receive the equivalent of 1,341,100 common shares of the Company or cash, at the discretion of the Company, upon exercise following a 3-year vesting term.
*Nickel Equivalent (“Ni_Eq”)
Nickel and copper equivalent is calculated using US$1,600 per ounce for palladium, US$1,100 per ounce for platinum, US$1,650 per ounce for gold, US$3.50 per pound for copper, US$7.50 per pound for nickel and US$20 per pound for Cobalt. This calculation is consistent with the commodity prices used in the Company’s September 2021 NI 43-101 Haukiaho resource estimate.