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Smoke Lake delivers more high-grade nickel for Palladium One

Smoke Lake “continues to deliver some of the highest sulphide nickel grades globally,” Palladium One Mining president and CEO Derrick Weyrauch said yesterday as the company released more drilling results from its Tyko project in Ontario.
Smoke Lake delivers more high-grade nickel for Palladium One Smoke Lake delivers more high-grade nickel for Palladium One Smoke Lake delivers more high-grade nickel for Palladium One Smoke Lake delivers more high-grade nickel for Palladium One Smoke Lake delivers more high-grade nickel for Palladium One

Palladium One Mining will resume drilling later this year at Tyko in Ontario

Staff reporter

Among the highlights, Palladium One reported 1.7m at 10.2% nickel-equivalent within 4.5m at 7.4% Ni-eq, from 5m depth.

It follows results including 1.7m at 9.5% Ni-eq or 22.3% copper-equivalent last week, also from Tyko's Smoke Lake zone.

The company said the most important result of its phase two drill programme was the strike length extension to 350m, combined with linking high-grade massive sulphide mineraliation between the upper conductor with the lower conductor.

It had expanded its 2021 exploration budget, for its LK project in Finland and Tyko, to C$11.5 million after raising $15 million in February at 29c per unit, 34c per flow-through unit and 40c per charity flow-through unit.

However "a significant drill breakdown combined with the onset of early spring conditions" forced the suspension of the drill programme at Tyko, Palladium One said yesterday.

It planned to resume drilling once an airborne EM survey and summer field programme had finished.

Drilling results from LK this month have included 48.5m at 2.15g/t palladium-equivalent within 116m at 1.2g/t Pd-eq.

Its shares (TSXV: PDM), which have spanned 8c-40c over the past year, closed up more than 15% to 30c to capitalise it at $72.4 million (US$58.9 million).