The first phase of drilling at Palladium One Mining's (TSXV: PDM; US-OTC: NKORF) wholly owned Lantinen Koillismaa (LK) project in north-central Finland has returned long mineralized intervals, starting at shallow depths. The latest results are from the Murtolampi zone, 2.5 km north of the Kaukua deposit at LK.
Drill highlights from the nine holes reported include 87 metres of 1.43 grams per tonne palladium-equivalent (0.53 gram per tonne platinum group elements, 0.08% copper and 0.18% nickel) starting at 6 metres; 36 metres of 1.66 grams per tonne palladium-equivalent (including 0.63 gram per tonne PGEs) from 7 metres; as well as 33 meters of 2.86 grams per tonne palladium-equivalent (with 1.82 gram per tonne PGEs) starting at 33 metres.
"We have now shown that both Murtolampi and Kaukua South have the potential to significantly add to the existing NI 43-101 open pit resource at Kaukua," Derrick Weyrauch, the company's president and CEO, said in a news release.
Weyrauch added that the Murtolampi and Kaukua South zones are both associated with strong geophysical anomalies, which have not been fully tested. Additional drilling is planned for both of the zones this year.
The Murtolampi anomaly has been defined over approximately 1.2 km of strike, whereas Kaukua South has been traced over 5.5 kilometres. The current resource at Kaukua covers an estimated 1 kilometre.
The LK project covers about 38 km of prospective basal contact. The Kaukua deposit at the site features a pit-constrained indicated resource of 11 million tonnes grading 1.17 grams per tonne PGEs, 0.09% nickel and 0.15% copper for a total of 635,600 palladium-equivalent ounces. Additional inferred resources stand at 10.9 million tonnes at 0.92 gram per tonne PGEs, 0.08% nickel, 0.13% copper, totalling a further 525,800 oz. palladium-equivalent. The resources are based on a 0.3 gram per tonne palladium cutoff.
Over the last year, Palladium One's shares have traded within a range of 5 ? and 24 ? and at press time in Toronto were changing hands at 11 ?.
The company has about 126 million common shares outstanding for a $14-million market capitalization.
- This Fast News item first appeared in the Canadian Mining Journal.