Palladium One Mining (TSXV: PDM) has defined a global resource of more than 1 million oz. palladium-equivalent at its Lantinen Koillismaa (LK) project in northern Finland.
The junior released a mineral resource for the project’s Kaukua target, 160 km southeast of the nearest major rail line at Rovaniemi and 190 km northeast of the port city of Oulu.
Kaukau has a pit-constrained resource of 11 million indicated tonnes grading 1.8 grams palladium-equivalent per tonne (0.81 gram palladium, 0.27 gram platinum per tonne 0.09 gram gold per tonne, 0.09% nickel and 0.15% copper) for 635,000 oz. palladium-equivalent.
Inferred resources add 10.88 million tonnes grading 1.5 grams palladium-equivalent per tonne (0.64 gram palladium, 0.20 gram platinum, 0.08 gram gold, 0.08% nickel, and 0.13% copper) for 525,800 oz. palladium-equivalent.
The resource used a palladium cut-off grade of 0.3 gram per tonne.
The company says future drilling at the Kaukua deposit will target zones of higher grade PGE (palladium, platinum and gold) as well as nickel and copper, and will also focus on upgrading inferred resources to the indicated category.
Palladium One is also targeting the Kaukua South zone, 500 metres south of the Kaukua deposit’s mineral resource, where it is has outlined an exploration target of between 0.23 and 3 million tonnes grading between 0.7 and 1 gram palladium-equivalent.
In addition, the company plans to drill its Haukiaho deposit, 12 km south of Kaukua, which has a historic resource but needs further drilling to bring it into compliance with National Instrument 43-101 standards.
Another promising target is Murtolampi, 2.5 km northeast of Kaukua, which was last explored in the 1990s. In mid-August, the company reported that surface sampling returned 0.78% copper, 0.13% nickel, and 3.11 grams per tonne PGE. The sampling was a follow up of shallow historic drilling by the Finnish Geological Survey.
The area was discovered by prospecting in the early 1990s, and in 1999 GTK drilled a 200-metre long shallow (average less than 40 metres depth) fence of six diamond drill holes. All of the GTK holes intersected PGE mineralization with up to 0.17% copper, 0.10% nickel, and 0.86 gram per tonne PGE over 30 metres, including 0.21% copper, 0.12% nickel, and 1.01 grams per tonne PGE over 19 metres in hole R369. The company believes it’s early days at Murtolampi and that the area has similar PGE mineralization to the Kaukua area.
Over the last year, Palladium One has traded in a range of 3¢ and 15¢ per share and at press time was 6¢. The junior has 39 million common shares outstanding for a $2.6-million market capitalization.