Palladium One Acquires the Shabotik Zone Adding to the Tyko Sulphide Ni-Cu-PGE Project, Ontario, Canada
August 19 2019 - 6:30AM
Palladium One Mining Inc. (
TSX-V: PDM,
FRA: 7N11) (the "
Company" or
“
Palladium One”) is pleased to announce that the
Company has acquired, through staking, 12 new claims totalling 254
hectares covering the historic Shabotik Zone, located 4.5km south
of the Tyko project, near Marathon, Ontario.
Limited exploration has been carried out on the
Shabotik zone since 1969. The zone was visited and sampled by the
Ministry of Northern Development and Mines staff in 1988, results
of this visit and select assay from trenching in the 1980’s are
listed in Table 1. The Shabotik mineralization is
hosted by amphibolite facies mafic-ultramafic intrusive rocks which
are in turn hosted within tonalitic gneiss and metasedimentary
migmatitic rocks. The Shabotik mafic-ultramafic body has been
traced for approximately 90m on surface with widths up to 30m.
Sulphide mineralization is dominated by pyrite, chalcopyrite,
pyrrhotite and pentlandite, occurring interstitial to or as
replacement of silicates minerals. Sulphide concentrations may
exceed 25% locally but average closer to 3%.
Table 1. Select assay values from the
Shabotik zone
Sample No. |
Description |
Cu wt% |
Ni wt% |
Pt g/t |
Pd g/t |
Au g/t |
PGE (Pt+Pd+Au) |
84BRG-01 |
diorite, semi-massive pyrite, chalcopyrite |
2.38 |
n/a* |
3.05 |
0.68 |
0.04 |
3.77 |
84BRG-03 |
diorite, semi-massive pyrite, chalcopyrite |
2.66 |
n/a* |
0.76 |
0.40 |
0.04 |
1.20 |
88BSH-08 |
mafic, hornblende rich; 5-10% sulphides |
0.47 |
0.45 |
1.10 |
0.55 |
0.02 |
1.67 |
88BSH-07 |
coarse-grade diorite; 30-40% sulphide |
1.55 |
0.40 |
0.27 |
0.45 |
0.04 |
0.76 |
88BSH-09 |
medium-grained diorite; <30% sulphides |
0.38 |
1.00 |
0.27 |
0.70 |
0.02 |
0.99 |
88BSH-16 |
amphibole pegmatite, 20% sulphide; Pyrite > chalcopyrite |
0.64 |
0.24 |
2.82 |
1.12 |
0.02 |
3.96 |
*n/a: element not analysedTable is modified
from: Report on Activities 1988 Resident Geologists, Ontario
Geological Survey Miscellaneous Paper 142
Derrick Weyrauch, Interim President and CEO
stated, “We are very pleased to add the Shabotik zone to the larger
Tyko Sulphide Ni-Cu-PGE project. This zone has returned up to 2.66%
Cu, 1% Ni and up to 3.05 g/t Pt in select assay samples. With
limited exploration conducted on the property, we look forward to
expanding the Shabotik style mineralization.”
About Tyko Ni-Cu-PGE projectThe
Tyko Ni-Cu-PGE project, is located ~65km northeast of Marathon
Ontario, Canada. The Tyko project is an early stage, high sulphide
tenor, nickel focused project with recent drill hole intercepts
returning up to 1.06 Ni over 6.22 m including 4.71% Ni over
0.87m in hole TK-16-010 (see press release dated June 8,
2016).
Qualified Person
Neil Pettigrew, M.Sc., P. Geo. Is 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.
ON BEHALF OF THE BOARD:“Derrick
Weyrauch”Interim President & CEO, Director
For further information contact:Derrick
Weyrauch, Interim CEOEmail: info@palladiumoneinc.com Phone:
1-778-327-5799 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.
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solicitation of an offer of securities for sale in the United
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