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Palladium One announces multiple targets at Tyko east of Hemlo

Oct 2, 2023

Palladium One Mining Inc. is pleased to announce preliminary results from a VTEMmax survey on the Tyko II Property, part of the Tyko Nickel - Copper District.

"The addition of seven (7) new VTEM anomalies to our existing inventory of drill ready targets speaks to the large scale opportunity the Tyko District represents for shareholders. Soil sampling to ground truth the seven (7) VTEM anomalies is well advanced and drill permits are in hand to test five (5) of the seven (7) anomalies. The Tyko II project has many geological similarities to Tyko I and we look forward to receipt of additional results from the property. 

"The recently completed VTEMmax survey is the most sensitive EM survey ever flown over the Tyko II property (Figure 2). The survey easily detected the historical Moshinkabi and Faries Lake Zones, but also detected new anomalies near the Kejimalda and Gionet Zones that had not been detected by previous airborne EM surveys. This speaks to the sensitivity of the VTEMmax system and its potential to identify targets that were overlooked by less sensitive historical EM surveys.

"The 2023 ground truthing is wrapping up and the Company is on track to begin drill testing in mid-October," commented Derrick Weyrauch, President and CEO.

Targets: Magmatic Cu-Ni-PGE and VMS Cu-Zn-Pb

The Faries-Moshkinabi Mafic-Ultramafic Complex is associated with several Cu-Ni-PGE showings, making it a compelling target with similarities to the Company's Tyko I property. The Complex hosts the historical Moshkinabi-Kejimalda Zone with up to 1.17% Cu, 0.73% Ni, 2.4 g/t Pd, 0.2 g/t Pt in grab samples (Ministry of Energy, Northern Development and Mines ("MENDM") Mineral Deposit Index ("MDI") 000000002357). The Moshkinabi-Kejimalda Zone lies along the interpreted basal sequence of the Complex and has limited shallow historical drilling for which the vast majority of holes have no reported assays. Significantly, the recent VTEMmax survey has identified an untested potential northern extension of the zone which was obscured from historical airborne surveys by a powerline crossing the northern part of the property (Figure 2).

The Gionet Zone with grab sample assays up to 2.46% Cu, 0.22% Ni (ENDM MDI 42F04SE00012) consists primarily of a series of mineralized, highly deformed and altered gabbro boulders with pyrite, chalcopyrite and pentlandite. The Gionet Zone has never been drill tested, and notably the associated VTEMmax anomaly is actually located immediately to the east of original showing suggesting that the best part of the Zone has yet to tested (Figure 2).

The world class Geco ("Volcanogenic Massive Sulphide") VMS deposit is located approximately 15 km northwest of the Tyko II Property (Figure 1). From 1957 to 1995, the Geco Mine produced over 49.3 Mt of ore grading 1.85% Cu, 3.78% Zn, and 56.2 g/t Ag (Puumala et al., 2020); in addition, the satellite Willroy, Willecho, and Nama Creek Mines entered production of copper-zinc-lead-silver ore at various times during this period. The Tyko II property contains altered volcanics rocks with similarities to those which host the Geco Mine and thus is also prospective for VMS hosted copper - zinc - lead mineralization.

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