Palladium One expands Tyko near Manitouwadge by 8,620 hectares

Palladium One Mining Inc.  announced the expansion of the Tyko Nickel - Copper District, with the acquisition of the highly prospective "Tyko II Copper - Nickel - PGE" property, located approximately 10 kilometers north of the Tyko I (formerly "Tyko") property, and 15 kilometres east of the town of Manitouwadge.

"This property expansion bolsters the Company's nickel - copper strategy in a premiere mining jurisdiction and specifically in a highly prospective, relatively unexplored region, where it now controls 38,130 hectares. Tyko II brings an additional pipeline of drill permitted magmatic copper - nickel sulphide targets. The Tyko II project has many geological similarities to Tyko I with several untested historic EM anomalies. Prior to our high-grade discovery, the Smoke Lake zone also began as a historic untested EM anomaly. Just like Tyko I, Tyko II has seen surprisingly little historic exploration or even government mapping.

"Having completed the majority of the planned 2023 prospecting, mapping and soil sampling program, the Company is on track to begin drill testing new and existing targets in mid-October. 

"With $14.5 million of cash on hand as of the end of Q2 the Company is well financed for our planned activities," commented Derrick Weyrauch, President and CEO.

Transaction Details

The Tyko II Property was acquired through a combination of staking (47 claims, totalling 994 hectares) and claim purchases (307 claims totalling 7,627 hectares) from local prospectors.

The claim purchases include aggregate consideration of:

• $100,000 cash,

• 2.3 million common shares of the Company as follows:

  • 1.1 million common shares issued at Closing, 

  • 0.4 million shares issued 4 months from Closing,

  • 0.4 million shares issued 8 months from Closing, and

  • 0.4 million shares issued 12 months from Closing

• A Net Smelter Return Royalty ("NSR") in respect of 137 claims

Completion of the transaction is subject to TSX Venture Exchange approval.

Property Location and Description

The Tyko II Property is located approximately 10 kilometers north of the main Tyko I Property and roughly 15 km east-southeast of the town of Manitouwadge, ON, (Figure 1). The claim block encompasses magnetic anomalies associated with the Faries-Moshkinabi Mafic-Ultramafic Complex. The property is accessible via a network of all season logging roads.

Exploration History

The Tyko II Property area has seen limited government reconnaissance mapping programs dating as far back as 1932. In 1953 the world class Geco Copper-Zinc mine was discovered in the nearby Manitouwadge greenstone belt, 15 km to the northwest. Early geological mapping and mineral exploration in the area was focused largely on the Manitouwadge greenstone belt, to the north of Moshkinabi Lake, whereas Tyko II lies south of the lake. 

The earliest organized exploration program in the Moshkinabi Lake area dates back to 1960's when Falconbridge Nickel Mines Ltd completed EM and Magnetic ("Mag") surveys, including seven reconnaissance drill holes. In the late 1980's Noranda Minerals Inc (Geco Division) ("Noranda") conducted further reconnaissance exploration consisting of 16 diamond drill along a northwest trend east of Faries Lake discovering substantial copper mineralization at the Faries Lake Zone. Noranda subsequently completed a large Digem airborne EM and Mag survey that covered the majority of the Tyko II and the northern half of the Tyko I properties, this EM survey also identified the anomaly which eventually resulted in the discovery of the high-grade Smoke Lake Nickel-Copper Zone on Tyko I, several EM conductors from this historic geophysical survey remain untested on the Tyko II property. 

Tags: Northern Ontario / Exploration / Metals / All Articles