Palladium One Mining Inc. (TSX-V: PDM) (OTCQB: NKORF) (FSE: 7N11) is pleased to announce initial results from the 2023 drill program on the Tyko I Property, which forms part of the larger Tyko Nickel-Copper Project in Ontario, Canada.

Highlights

• New areas of nickel mineralization and new Chonolith / Feeder Dyke structures have been discovered.
• In the West Pickle Area, Chonolith / Feeder Dyke structures now extend over more than five kilometers of strike length (Figure 1).
• A new nickel zone has been identified with intercepts returning up to 0.4% Ni and 0.2% Cu over 2.7 meters including 1.0% Ni and 0.4% Cu over 0.9 meters in hole TK23-128 in an area with soil anomalies as high as 0.15% Ni, 0.27% Cu and 86 parts per billion Pd + Pt (Figure 2).
• Drilling along the eastern margin of the West Pickle Zone targeted bore hole electromagnetic anomalies returned 1.8% Ni and 1.0% Cu over 1.5 meters in hole TK23-134.
• 3D modelling of the West Pickle Zone geology following a Magneto Telluric (“MT”) survey suggest the zone continues at least 500 meters further northeast, where it intersected magnetic and soil anomalies associated with a newly confirmed ultramafic Chonolith / Feeder Dyke structure (Figure 3).
• In Q4 2023, 3,023 meters were drilled in 22 diamond drill holes on the Tyko projects, 12 holes drilled on the Tyko I property are detailed in this release.

“Tyko’s new nickel district geologic model continues to be confirmed with the 2023 drilling program. The discovery of an additional zone of high-grade nickel mineralization (hole TK23-128) at shallow depth is highly encouraging. Notably the MT anomaly extending east of the West Pickle Zone remains to be tested along with other priority targets, while additional exploration permits will be required in advance of drilling,” stated Derrick Weyrauch, President and CEO.

The 2023 drill program comprised 22 holes totalling 3,023 meters on both the Tyko I and Tyko II properties. The program included 12 holes targeting the West Pickle area of Tyko I which form this release. Drilling in the West Pickle area was designed to be shallow and to test for near surface mineralization proximal to soil anomalies previously reported. Deeper drill testing of the Magneto Telluric (“MT) geophysical anomaly (see news release October 30, 2023) that could connect West Pickle to the RJ Zone (four to five kilometers to the east), and the Gionet Zone on Tyko II (see news release November 21, 2023) will require additional exploration permits.

The result of the drill program successfully intersected significant ultramafic rocks confirming the Chonolith / Feeder Dyke model. Two new large areas of ultramafic rocks were outlined confirming previous soil and geophysical anomalies. However, the amount of sulphide Ni-Cu mineralization intersected in drilling is less than suggested by nearby soil anomalies, indicating that additional mineralization exist and additional drilling is warranted. Future exploration plans include trenching, mapping and channel sampling to better understand the controls on this new mineralization followed by drill testing.

The most significant result of the program was a new area of high-grade Ni-Cu mineralization intersected 1 kilometer northwest of the West Pickle Zone, in an area with significant Ni-Cu-PGE soil anomalies having up to 0.15% Ni, 0.27% Cu and 69 ppb Pd and 17 ppb Pt in soils (Figure 1 and 2). These anomalies were offset from the magnetic high suggesting more extensive non-magnetic ultramafic rocks in the area. Hole TK23-128 intersected sheared Ni-Cu sulphide mineralization in altered pyroxenitic rocks returning 0.4% Ni and 0.2% Cu over 2.7 meters including 1.0% Ni and 0.4% Cu over 0.9 meters (Figure 1 and 2).

Two holes tested Maxwell plates modelled form Borehole Electromagnetic (“BHEM”) surveys on the West Pickle Zone (Figure 1 and 2). Hole TK22-133 did not intersect any mineralization or ultramafic rocks, the source of the Maxwell plate remains unexplained. Hole TK23-134 intersected the modelled Maxwell plate returning 1.8% Ni and 1.0% Cu over 1.5 meters. The West Pickle Zone horizon remains open to both the east and west.

Figure 1. West Pickle Area plan map and long section showing confirmed and interpreted Chonoliths / Feeder Dykes. 2023 drill holes are in red, previous drill holes in black with hose >1% Ni in yellow.
 

Figure 2. Copper soil anomalies in the West Pickle area showing: 2023 drill holes (red circles), trace of the Chonoliths / Feeder Dykes, previous drill holes (black circles), soil samples (grey circles), background is high resolution airborne magnetics (total field).
 

Figure 3. Nickle soil anomalies in the West Pickle area showing: 2023 drill holes (red circles), trace of the Chonoliths / Feeder Dykes, previous drill holes (black circles), soil samples (grey circles), background is a 250m depth plan map showing 3D resistivity inversion results from the 2023 MT survey.

About Tyko Nickel – Copper – Cobalt Project

The Tyko Nickel – Copper – Cobalt Project, is located approximately 65 kilometers northeast of Marathon Ontario, Canada. Tyko is an early stage, high sulphide tenor, nickel – copper (2:1 ratio) project and with multiple mineralized zones spanning over a 20-kilometer strike length and demonstrating the potential for a new greenfield nickel district.

Qualified Person

The technical information in this release has been reviewed and verified by Neil Pettigrew, M.Sc., P. Geo., Vice President of Exploration and a director of the Company and the Qualified Person as defined by National Instrument 43-101.

About Palladium One

Palladium One Mining Inc. is focused on discovering environmentally and socially conscious Critical Green Transportation Metals. A Canadian mineral exploration and development company, Palladium One is targeting district scale, nickel – copper sulphide and platinum-group-element (PGE) deposits in Canada and Finland. The Läntinen Koillismaa (LK) Project in north-central Finland, is a PGE-copper-nickel project that has existing NI43-101 Mineral Resources, while both the Tyko and Canalask high-grade nickel-copper projects are located in Ontario and the Yukon, Canada, respectively.

Appendix A

Table 1: Assay Results: Tyko 2023 Drill Results from the West Pickle Area of Tyko I Property

(1) Reported widths are “drilled widths” not true widths.
 

Table 2: Drill Hole Locations for assay results from this News Release