Palladium One Reports Reconnaissance Prospecting Returning 3.106 g/t PGE, 0.78% Cu, and 0.13% Ni at the LK Project, Finland

VANCOUVER, British Columbia, Aug. 12, 2019 (GLOBE NEWSWIRE) -- Palladium One Mining Inc. (TSX-V: PDM,  FRA: 7N11) (the "Company" or “Palladium One”) is pleased to announce that technical director, Neil Pettigrew, recently completed a site visit and reconnaissance prospecting on the Company’s Lantinen Koillismaa (LK) Project located in North Central Finland.

The new Palladium One team site visit, included the review of the geology of the entire Koillismaa layered mafic-ultramafic complex (Figure 1), inspection of the LK project properties and historic drill core.  Successful meetings were also held with local municipal leaders and Finnish consultants who are expected to have key roles in conducting future exploration programs. As part of this site visit, previously identified high priority areas were also visited and reconnaissance surface samples were collected (Table 1). The sampling focused on two areas, Haukiaho and Murtolampi which are discussed in detail below.

Table 1. Reconnaissance Sampling

Sample No.AreaCu wt%Ni wt %Pt g/tPd g/tAu g/tPGE
NP-LK-19-001 Haukiaho East0.230.160.0950.2950.1350.525
NP-LK-19-002 Haukiaho East0.510.330.1850.5630.2090.957
NP-LK-19-003 Murtolampi0.780.131.1151.8550.1363.106


Surface sampling conducted ~2 km east of the most recent (2013) historic Haukiaho resource1 returned up to 0.51% Cu, 0.33% Ni and 0.957g/t PGE (Figure 1).

This sampling was undertaken in historic workings associated with a mini bulk sample collected by Outokumpu in the 1960’s, which only tested for copper and nickel mineralization.  That is, no PGE analysis was conducted at that time.  Historic drilling by Outokumpu included four nearby diamond drill holes that also only analysed for copper and nickel mineralization and which returned up to 0.21% Cu, 0.20% Ni over 35.21m in hole R692 and 0.25% Cu, 0.14% Ni over 37.10m, including 0.43% Cu, 0.19% Ni over 11.89m in hole R609.

The most recent historic Haukiaho resource1 was completed by Finore Mining Inc. in 2013 and consisted of 23.2 million inferred tonnes grading 0.21% Cu, 0.14% Ni, 0.13 g/t Pt, 0.31 g/t Pd, and 0.10 g/t Au (0.53 g/t PGE) using a 0.1 g/t Pd cut off. This resource encompassed widely spaced drilling with a focus on maximizing tonnage.

An earlier historic resource1 completed by Outokumpu in the 1980’s covering a larger area than the 2013 Finore resource (including the historic workings discussed above) was focused more on grade using a 0.7% Cueq  cut-off (defined as Cu% + 2 x Ni%) and returned 7 million tonnes grading 0.38% Cu and 0.24% Ni (again, no PGEs analysis was performed).

These historic resources indicate that Haukiaho mineralization possesses pods/lenses of higher-grade material and with focused drilling could result in a higher-grade 43-101 compliant resource being defined.


Following up shallow historic drilling with encouraging PGE mineralization encountered by the Finish Geological Survey (“GTK”), surface sampling was undertaken at the Murtolampi target and returned 0.78% Cu, 0.13% Ni, and 3.106 g/t PGE (Figure 1).

Murtolampie lies just 2.5 km northeast of the historic Kaukua resource and was last explored in the 1990s. The area was discovered by prospecting by Outokumpu in the early 1990s and in 1999 GTK drilled a 200m long shallow (average less than 40m depth) fence of 6 diamond drill holes.

All GTK holes intersected PGE mineralization with up to 0.17% Cu, 0.10% Ni and 0.86g/t PGE over 30.15m, Including 0.21% Cu, 0.12% Ni and 1.01 g/t PGE over 19.0m in hole R369. Despite highly encouraging initial results this area has never experienced any follow up work and is a high priority for the Company as it possesses similar PGE-rich mineralization to the Kaukua area.

Independent NI 43-101 compliant resource estimate

The company is pleased to announce that Mining Plus UK Ltd. is approaching completion of a new independent National Instrument 43-101 compliant mineral resource estimate for the Kaukua deposit of the LK Project. Kaukua, currently hosts a historic (2013) resource1 Table 2.

Table 2. 2013 Historic Kaukua Resource Estimate1

(Pd g/t)
Pd (oz)Pt (oz)Au
Indicated  0.10  10,400,000  0.73  0.26  0.08  0.10  0.15  1.07  244,100  86,900  26,700
Inferred  0.10  13,200,000  0.63  0.22  0.06  0.10  0.13  0.91  267,400  93,400  25,500

Derrick Weyrauch, Interim President and CEO stated, “We are very encouraged by the reconnaissance sampling that identified PGE mineralization ~2 km east of the historic Haukiaho deposit which supports our conviction that Haukiaho not only extends to the west, but also significantly to the east, making it highly prospective for the definition of a significant open pit resource.  Murtolampi is a high priority target for the Company and we are extremely pleased with the excellent reconnaissance sample which yielded 0.78% Cu, 0.13% Ni and 3.106 g/t PGE.”

About LK PGE-Cu-Ni project

The LK Project land package consists of a total of 2,480 hectares and comprises two exploration permit renewals and seven exploration permit applications covering over 25 km of the prospective basal unit in the Koillismaa layered mafic-ultramafic complex.

The Koillismaa Complex is part of a suite of Paleoproterozoic continental rift-related intrusions which are highly prospective for PGE-Cu-Ni deposits such as the nearby Suhanko (Arctic Platinum) deposit located 90 km northwest of the LK Project. Suhanko hosts a SAMREC Code Compliant Measured and Indicated resources of 5.4 million ounces of palladium grading 1.44 g/t Pd and 1.3 million ounces of platinum grading 0.35 g/t Pt at a cut-off of 1.0g/t 2PGEAu as well as Inferred Resources of 4.4 million ounces of palladium grading 1.50 g/t Pd and 1.1 million ounces of platinum grading 0.38 g/t Pt.

Qualified Person

Neil Pettigrew, P. Geo. a director of the Company and is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical information in this document.

About Palladium One:

Palladium One Mining Inc. is a PGE, nickel, copper exploration and development company. Its assets consist of the Lantinen Koillismaa (“LK”) PGE-Cu-Ni project, located in north-central Finland and the Tyko Ni-Cu-PGE property, near Marathon, Ontario, Canada.

“Derrick Weyrauch”
Interim President & CEO, Director

For further information contact:
Derrick Weyrauch, Interim CEO
Phone: 1-778-327-5799

1 Historic Resource Estimates

All resource estimates completed on the LK Project are now historic resource estimates and have not been verified by the Company as a current mineral resource. Reliance should not be placed on those estimates. They are provided for reference purposes only.

Data and technical information in this document is extracted from the NI 43-101 technical report entitled ‘A Technical Report of the Läntinen Koillismaa Project, Finland for Nickel One Resources Inc.’, written by Mining Plus Canada Consulting, dated November 17, 2017 and historical data and technical information is extracted from the September 19, 2013 NI43-101 technical report prepared for Finore Mining Inc for the Läntinen Koillismaa Project, Finland , also written by Mining Plus.

Neither the TSX Venture Exchange nor its Market Regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release is not an offer or a solicitation of an offer of securities for sale in the United States of America. The common shares of Palladium One Mining Inc. have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

Information set forth in this press release may contain forward-looking statements. Forward-looking statements are statements that relate to future, not past events. In this context, forward-looking statements often address a company's expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with project development; the need for additional financing; operational risks associated with mining and mineral processing; fluctuations in gold and other commodity prices; title matters; 6 environmental liability claims and insurance; reliance on key personnel; the absence of dividends; competition; dilution; the volatility of our common share price and volume; and tax consequences to U.S. Shareholders. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.

A photo accompanying this announcement is available at

Lantinen Koillismaa (LK) Project