Palladium One reports near 250% increase in LK indicated resources in Finland

Jackson Chen | April 25, 2022 | 11:39 am News Europe Cobalt Copper Nickel Palladium Platinum 
Geophysics at the Kaukua zone in Finland. Credit: Palladium One

Palladium One Mining (TSXV: PDM; OTC: NKORF) has released an NI 43-101-compliant mineral resource update on its 100% owned Läntinen Koillismaa (LK) PGM-copper-nickel project located in north-central Finland. The new resource encompasses three open-pits in the Kaukua area, including an initial resource for Kaukua South and Murtolampi (altogether 210 drill holes totaling 44 km) and one at Haukiaho (84 drill holes totalling about 13,400 metres), located 10 km south of Kaukua.

Indicated resources covering the Kaukua area are estimated at 38.2 million tonnes grading 0.61 g/t palladium, 0.22 g/t platinum, 0.07 g/t gold, 0.13% copper, 0.11% nickel and 64.56 g/t cobalt. This represents a significant increase of 248% over the previous indicated estimate. Nearly half (44%) of the total resource at the LK project is now in the indicated category.

Inferred resources, contained in both the Kaukua and Murtolampi pit area and the Haukiaho zone, total 49.7 million tonnes grading 0.43 g/t palladium, 0.17 g/t platinum, 0.09 g/t gold, 0.16% copper, 0.14% nickel and 73.98 g/t cobalt, for a 14% increase.

Overall, the LK property has contained metals of 740,000 oz. palladium, 260,000 oz. platinum, 80,000 oz. gold, 110.7 million lb. copper, 91.6 million lb. nickel and 5.4 million lb. cobalt in the indicated category, plus 680,000 oz. palladium, 260,000 oz. platinum, 140,000 oz. gold, 172.9 million lb. copper, 151.5 million lb. nickel and 8.1 million lb. cobalt in the inferred portion.

The mineral resources were based on a preliminary open pit plan using a net smelter return (NSR) pit discard cut-off of US$12.5/tonne. Long-term metal prices of US$1,700/oz. palladium, US$1,100/oz. platinum, US$1,800/oz. gold, US$4.25/lb. copper, US$8.50/lb. nickel and US$25/lb. cobalt were assumed. Waste-to-ore ratios were 1.48:1 for the Kaukua area (including Murtolampi) and 0.58:1 at Haukiaho.

The recovered and payable metal assumptions are based on the 2022 Phase II metallurgical testing program, which demonstrated copper concentrate grades of 30% and nickel concentrate grades of 4.8%. “With a grade of 30% copper in the copper concentrate and a value of approximately US$4,200 per tonne for the nickel concentrate, both are highly marketable,” Palladium One president and CEO Derrick Weyrauch commented.

According to the company, the LK project remains open for additional resource expansion both along strike and at depth. The mineral resource covers approximately 5 km of the 38-km marginal series contact zone, for which historical reconnaissance drilling indicated mineralization along nearly its entire length.

Three areas of target potential have been defined for near-term resource expansion representing an additional 2.4-kilometre of strike length along the favourable marginal series and could add between 21.6 million and 36 million tonnes of resources, Palladium One said.

However, the bulk of the company’s exploration efforts in 2022 is expected to be at the Tyko nickel-copper project in Ontario, where it plans to drill test several areas with highly anomalous soil sample values of copper nickel and cobalt.

For more information visit www.palladiumoneinc.com.

16 0

Mining.com Recommends

More Europe News