Palladium One Mining (PDM) - More Good Nickel Results at Early-Stage Tyko Project

Palladium One Mining Inc. is an exploration stage, critical minerals company with assets in Finland and North America. The Tyko project of the company holds a land position of 243 km² and is located in North Western Ontario, 25 km north of the Hemlo mining complex. The project has grown to be a new Nickel district in Ontario. The project hosts the Smoke Lake and West Pickle discoveries which both host massive sulphide mineralisation.

Palladium One Mining Inc. had a significant year in 2022 with the company publishing various exploration results at its Tyko projects as well as updating the mineral resource estimate at its LK project. The updated mineral resource estimate of the LK project has doubled in size from its predecessor.

The company on the 12^th of January 2023, released assay results from its 2022 exploration drilling initiatives at the West Pickle zone of its Tyko project. The high-grade mineralisation results included intercepting 7.2% nickel and 2.0% copper over 2.6 m which included a mineral interval of 10.3% nickel and 2.9% copper over 1.8 m.

Palladium One Mining Inc. announced on the 26^th of January 2023 that it had commenced with a high-resolution airborne magnetic survey at its Tyko project. The company has also been able to acquire an additional 4,520 hectares contiguous with the Tyko project through staking. The high-resolution airborne magnetic survey will consist of 4,520 line-km and will enable the company to better identify drill targets for its planned 2023 exploration drilling initiatives at the project.

Palladium One Mining Inc. is well funded for its 2023 initiatives, with the company having a cash position of CAD$ 11.3 million.

2022 in review

Palladium One Mining Inc. had a significant year in 2022 with the company publishing various exploration results at its LK and Tyko projects as well as updating the mineral resource estimate at its LK project. The updated mineral resource estimate of the LK project has doubled in size from its predecessor. Neil Pettigrew, the Vice president of Exploration and Director of Palladium One Mining Inc. explains that 2022 was a significant year for the company with regard to its exploration initiatives.

“We actually had a very significant year last year of exploration and discovery success. 2022 also saw the first resource update on our LK project in Finland, in which we doubled that resource to 4 billion ounces of palladium equivalent. However, that did come out in April just as the market rolled over with the effect of the war in Ukraine, so it really didn't get the traction that we were hoping for. However, Tyko has been a very good news story. We've had the discovery of the West Pickle zone and other analogues to the high-grade Smoke Lake zone.”

The company in December 2022 announced a brokered private placement which was later upsized to the issuing of 21 million units of the company. A unit consisted of one common share of Palladium One Inc. and one flow-through share of the company. The private placement offering was announced to have been closed on the 23rd of December 2022, with it oversubscribed for the gross proceeds of CAD$ 4.95 million to the company. The closing of the private placement also left the company with a financial position of approximately CAD$ 11.3 million at the end of 2022. Pettigrew explains that the company’s financial position leads to it being well positioned should the mineral sector not experience an upswing in 2023. The company’s financial position also allows Palladium One Inc. to acquire new assets should the opportunity arise.

“This is one of the strengths of Palladium One: unlike many juniors that have a few months of operation in the kitty, we're very well positioned to take advantage of this market. If this market continues to deteriorate, there will be buying opportunities and we will look at those. But right now, we are very focused on Tyko”

The company on the 12^th of January 2023, released assay results from its 2022 exploration drilling initiatives at the West Pickle zone of its Tyko project. The high-grade mineralisation results included intercepting 7.2% nickel and 2.0% copper over 2.6 m which included a mineral interval of 10.3% nickel and 2.9% copper over 1.8 m.

Pettigrew explains that the results of the company’s 2022 exploration drilling will continue to be announced into March 2023. The exploration results from the company’s exploration initiatives at the Smoke Lake area of the Tyko project as well as the RJ area are still to be released.

“We haven't got all the assays back yet. The stuff that I sent in in December probably won't be done until March or late February at the earliest. That is a fact of life in the sector right now. You're seeing a lag in the results, so you're going to see a lot of results flowing in through here, and we have done a lot of additional drilling in addition to West Pickle. We drilled quite a bit on Smoke, especially the greater area around Smoke Lake. We did reconnaissance work out at the RJ and the Tyko Zone, including some surrounding targets. There is a lot more stuff other than West Pickle that's coming down the pipeline.”

2023 Exploration Initiatives

Palladium One Mining Inc. announced on the 26^th of January 2023 that it had commenced with a high-resolution airborne magnetic survey at its Tyko project. The company has also been able to acquire an additional 4,520 hectares contiguous with the Tyko project through staking. The high-resolution airborne magnetic survey will consist of 4,520 line-km. Pettigrew explains that the Tyko property is still in its infancy with it being better understood as time has passed.

“I liken this property to working in some places in Africa in some ways, where you come in and you're not given a beautiful data set, you have to go out and create your own data set. That's what we're doing here now. Now that we're on to the chonoliths as one of the main targets here, we need to refine that model. We're not just hunting VTEM anomalies now, we're going to be looking at defining these structures over several kilometres, we think, and then finding the sweet spots along them to drill test.”

The company’s 2023 exploration initiatives will be focused towards better understanding the mineralisation of the Tyko project. Palladium One Mining Inc. will continue to expand the West Pickle zone of the project but will also implement the results of its airborne magnetic survey towards identifying drill targets.

“Once we've improved the modelling with the new MAG survey, that boots on the ground is really what we're going to be doing. Also, you've got to remember that this is a disrupted signature. You have these strong dykes that you can see going to the northwest and the northeast, and these are those later databases, and they just clutter the MAG. We're really working at trying to see through that clutter to improve our targeting on these chonolith structures.”

Pettigrew explains that the company’s exploration initiatives for 2023 will also serve to identify not only bulk tonnage deposits but also high-grade mineralisation zones.

“It's going to be a combination of fieldwork, and that will help find the stuff that cannot be detected through EM, plus deeper EM studies, to look for those buried lenses. That will be either some ground surveys that we're looking at. We will also be drilling some deeper holes and borehole EM this summer as well. This is going to be two-fold: we're going to look for the bulk tonnage target and then we're going to look for more of those high-grade zones.”

Pettigrew explains that the company’s planned 2023 exploration initiatives are needed to prioritise the numerous mineralisation zones the Tyko property has to offer.

“When Smoke Lake was found with those soil samples, I went out there myself and found mineralized boulders on the surface. This is the kind of stuff that people thought about 100 years ago, but we may well find actual showings outcropped on the surface. Boulders, for sure, in some of these areas that are mineralized. That kind of basic geology is really required before you start punching in a whack of holes. This is one of the reasons why we don't throw 5 or 6 drills on this target at a time because we are working systematically, and that has served us very well on this project for discovery success.”

Future

Palladium One Mining Inc. will mobilise the drill rigs for its envisioned exploration drilling at the end of Q2 2023, according to Pettigrew, with him explaining the company needs to first complete its fieldwork initiatives before initiating its exploration drilling initiatives.

“I think that will be near the end of the second quarter. We are hopeful that as it's been a warm winter, we will get out early this spring. We want to get some of that fieldwork in before we start punching holes in.”

The company will at a later stage in the year add to the number of drill rigs active at the Tyko project. Pettigrew explains that the deployment of additional exploration drill rigs will fit into the average assay analysis turnaround time frame experienced by the company.

“We do need to have that USD$ 5 million budget and that's still going to be really drill-heavy. We may have multiple rigs but they are going to be more focused on the end of the year rather than this winter. That will segue pretty well with the lab, as we're not going to have all those results back until late February, early March.”

Pettigrew explains that the strategy of Palladium One Mining Inc. has thus far been successful, with the Tyko project showing vast amounts of potential.

“I would say that we have a plan for the property. It has worked thus far. We will continue to be systematic. We have a great deal of potential for this project. It is really an early-stage project at the end of the day.”

Palladium One Mining Inc. will continue with its strategy of better understanding the mineralisation of the Tyko project in 2023, before commencing drilling initiatives, with Pettigrew explaining that rushing the necessary prerequisites open a company up to unnecessary risks. The company believes that its systematic approach will be recognised by the market and in such a way provide value addition for the company’s shareholders in the future.

“There's a reason why we tend to have very high exploration success, and that is because we invest in the geophysics and we invest in the ground-truthing so that by the time you start putting those holes in, you are hitting your targets. Yes, you could drill faster, and you could do less prep; you are asking for trouble in those cases. I think that we will be given market recognition for the path that we have chosen.”

To find out more, go to the Palladium One website