New Drill Results Helpful To Solving Geological Puzzle



The owner of this metals project will use these data to guide additional exploration there, noted a Research Capital Corp. report.

Palladium One Mining Inc. (PDM:TSX.V; NKORF:OTCQB; 7N11:FSE) announced the latest drill results from its Tyko nickel-copper project in Ontario as it “continues to unravel the puzzle” there, reported Research Capital Corp. analyst Adam Schatzker in a Feb. 23 research note.

“The Tyko project is extremely interesting and highly prospective,” Schatzker commented. “Mineralization has been found over a very wide area.”

The analyst reiterated Research Capital’s Speculative Buy rating and CA$0.30 per share target price on the Canadian metals explorer. It is currently trading, in comparison, at about one-third of that, at CA$0.09 per share. Thus, the potential return for investors is a notable roughly 253%.

New Data Helpful

Fully understanding the geological picture at Tyko is like solving a challenging puzzle, Schatzker wrote. While these latest results, from drilling known zones and prospective targets in 2022, are lackluster, they are useful.

They should help Palladium One further hone its exploration plan and, in turn, potentially yield better pieces to the puzzle down the line. Still more results from last year’s campaign, 27 holes’ worth, are pending.

Best of the Batch

Schatzker highlighted that the best results are from Tyko’s Smoke Lake zone, where infill drilling in known mineralization returned some high grades. Hole TK22-082, for instance, hit 3.51% nickel, 1.17% copper, 0.05% cobalt, and 0.82 grams per ton (0.82 g/t) of total precious metals (palladium, platinum, and gold).

This included 4.98% nickel, 1.57% copper, 0.07% cobalt, and 1.15 g/t total precious metals.

Palladium One also drill-tested induced polarization anomalies to the north and south of Smoke Lake, Schatzker noted. Whereas the targets did not yield noteworthy results, the geology suggests the mineralized system continues in those areas. The company intends to drill them more once it receives the necessary permits.

A Good Sign

With these latest drill results, Palladium One discovered a chonolith northeast of the RJ zone. Specifically, hole TK22-093 showed 14.4m of sulfides, albeit low grade, Schatzker reported.

“The results imply that the company’s interpretation of a chonolith was correct,” the analyst added. “This is important as it helps support the theories developed to date for the whole property.”

More Work Underway

Palladium One already launched its 2023 exploration at Tyko, which is expected to include earlier-stage methods, Schatzker wrote. A high-resolution magnetic resonance survey was done, the data from which the company will use to identify additional targets.

“We think Tyko has the right geology for more discoveries,” added Schatzker.

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Disclosures for Research Capital Corp., Palladium One Mining, February 23, 2023

Analyst Certification: I, Adam Schatzker, certify the views expressed in this report were formed by my review of relevant company data and industry investigation, and accurately reflect my opinion about the investment merits of the securities mentioned in the report. I also certify that my compensation is not related to specific recommendations or views expressed in this report. Research Capital Corporation publishes research and investment recommendations for the use of its clients. Information regarding our categories of recommendations, quarterly summaries of the percentage of our recommendations which fall into each category and our policies regarding the release of our research reports is available at www.researchcapital.com or may be requested by contacting the analyst. Each analyst of Research Capital Corporation whose name appears in this report hereby certifies that (i) the recommendations and opinions expressed in this research report accurately reflect the analyst’s personal views and (ii) no part of the research analyst’s compensation was or will be directly or indirectly related to the specific conclusions or recommendations expressed in this research report.

Adam Schatzker has visited Palladium One Mining Inc. in the past 18 months.

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