Palladium One has traced a new drill target within its wholly owned Lantinen Koillismaa (LK) project in Finland, 190 km northeast of Oulu.
The latest target is within the Haukiaho East induced polarization (IP) survey grid, which covers 1.6 km within the 17-km-long prospective Haukiaho trend. According to the company, the anomaly covers the entirety of the geophysical grid, with indications that it continues to the southwest and northeast.
Only one historic hole has tested this target, which was drilled back in 1966 by Outokumpu, and did not reach the core of the anomaly. Assays from this hole include 8.9 metres of 0.2% copper and 0.13% nickel with no PGM analysis – it was later resampled for platinum group elements, and returned up to 0.37 g/t PGMs.
Only one historic hole has tested this target, which was drilled back in 1966 by Outokumpu, and did not reach the core of the anomaly
“The current IP (induced polarization) geophysical program has shown that the 17-km-long Haukiaho trend has the potential to host significantly more mineralization than outlined in the historic 2013 Haukiaho resource estimate,” Derrick Weyrauch, the company’s president and CEO, said in a release.
“The eastern portion of the Haukiaho trend has seen very little historic drilling. Having outlined significant chargeability anomalies in Haukiaho East, we are highly encouraged and now have quality drill targets.”
The company’s resulting exploration target is a bulk-tonnage, near-surface area of PGE, nickel and copper mineralization with a number of higher-grade pods along a geologic contact.
According to Palladium One, the magnetic high is typical of Haukiaho-style platinum group, copper and nickel mineralization.
In addition, Palladium One announced that it has completed a non-brokered private placement of 588,000 flow-through units for gross proceeds of C$76,440.
The LK project covers 38 km of prospective strike.
Last September, the company published a pit-constrained resource estimate for the Kaukua deposit at the site, with indicated resources of 11 million tonnes grading 1.17 g/t PGEs, 0.09% nickel and 0.15% copper for a total of 635,600 palladium-equivalent oz.
Additional inferred resources stand at 10.9 million tonnes at 0.92 g/t PGEs, 0.08% nickel, 0.13% copper, totaling a further 525,800 oz. of palladium-equivalent.
The Kaukua deposit is within the Kaukua anomaly, which is separate from the Haukiaho trend at LK.
Palladium One also holds the Kostonjarvi PGM-nickel-copper project in Finland as well as the Tyko and Disraeli properties in Ontario.
(This article first appeared in the Canadian Mining
Journal)