February 13, 2020 – Vancouver, British Columbia – Palladium One Mining Inc. (TSX-V: PDM,FRA: 7N11, OTC: NKORF) (the "Company" or “Palladium One”) is pleased to report that the Finnish Mining Authority has approved all eight exploration permit renewals and one new exploration permit application for the palladium dominant, Lantinen Koillismaa (“LK”) PGE-nickel-copper project. Two key exploration permits have cleared the appeals period, while seven approvals are still in the appeals process (see news release December 17, 2017).
For each of the appealed permit renewals, the Company has applied for an Enforcement Decision, which when granted, will allow the Company to conduct exploration during the appeals process. Rulings for the Enforcement Decisions are expected shortly. Exploration permits covering the Kaukau deposit, and the historic Haukiaho deposit, where the bulk of the winter drill program is planned, are uncontested.
Derrick Weyrauch, President and CEO stated, “We are extremely pleased with the structured regulatory framework in Finland and the efficiency of both the Finnish Mining Authority and the legal systems.”
Two Induced Polarization (IP) survey grids in the Kaukua area have been completed and crews have now moved onto the large Haukiaho grid. Processing of the Kaukua area IP data is ongoing and results will be released as they are received.In addition to the IP program, the Company plans to conduct a drone magnetometer “Mag” survey over all IP grids. This drone survey will begin mid-February and will be undertaken by a local Finnish contractor.
“We look forward to receipt of the IP results and then the start of our targeted drilling campaign at LK” commented Weyrauch.
The Company has completed its previously announced royalty buyback (see news release January 9, 2020) of an existing 2% Net Smelter Return ("NSR") royalty in respect of the historic Haukiaho deposit of the palladium dominant, LK PGE-Ni-Cu project in Finland.
“Buying back the existing royalty on Haukiaho, the primary focus of the current exploration program, eliminates a dilutive overhang, while also providing future optionality," commented Weyrauch.
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 a palladium dominant, PGE, nickel, copper exploration and development company. Its assets consist of the Lantinen Koillismaa (“LK”) PGE-Cu-Ni project, located in north-central Finland and the Tyko Ni-Cu-PGE property, near Marathon, Ontario, Canada.
The Kaukua deposit of the LK project hosts 635,600 Pd_Eq ounces of Indicated Resources grading 1.80 g/t Pd_Eq* (“palladium equivalent”) contained in 11 million tonnes (@ 0.81g/t Pd, 0.27g/t Pt, 0.09g/t Au, (1.17g/t PGE), 0.15% Cu & 0.09% Ni), and 525,800 Pd_Eq ounces of Inferred Resources grading 1.50 g/t Pd_Eq contained in 11 million tonnes (@ 0.64g/t Pd, 0.20g/t Pt, 0.08g/t Au (0.92g/t PGE), 0.13% Cu, & 0.08% Ni), (see press release September 9, 2019). Kaukua is open for expansion, while the Kaukua South, Murtolampi and Haukiaho mineralized zones require systematic exploration via diamond drilling to follow up mineralized drill intercepts.
*Pd_Eq is calculated using the following metal prices (in USD) of $1,100/oz for Pd, $950/oz for Pt, $1,300/oz for Au, $6,614/t for Cu and $15,432/t for Ni.
ON BEHALF OF THE BOARD:
President & CEO, Director
For further information contact:
Derrick Weyrauch, President & CEO
Neither the TSX Venture Exchange nor its Market Regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release is not an offer or a solicitation of an offer of securities for sale in the United States of America. The common shares of Palladium One Mining Inc. have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
Information set forth in this press release may contain forward-looking statements. Forward-looking statements are statements that relate to future, not past events. In this context, forward-looking statements often address a company's expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with project development; the need for additional financing; operational risks associated with mining and mineral processing; fluctuations in palladium and other commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the absence of dividends; competition; dilution; the volatility of our common share price and volume; and tax consequences to Canadian and U.S. Shareholders. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.