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Newsfile Corp Toronto, Ontario--(Newsfile Corp. - April 25, 2022) - Palladium One Mining Inc. (TSXV: PDM)(OTCQB: NKORF)(FSE: 7N11) (the "Company" or "Palladium One") is pleased to announce an updated Indicated and Inferred Mineral Resource Estimate ("MRE") prepared the Company under the supervision of SLR Consulting (Canada) Ltd. (formerly Roscoe, Postle Associates Inc.) disclosed in accordance with National Instrument 43-101 ("NI43-101") for the 100%-owned Lntinen Koillismaa ("LK") Project in north-central Finland (Figure 1). "We are pleased to report important milestones that measurably de-risk our LK PGE-Cu-Ni Project in Finland. Namely, a) a maiden Mineral Resource Estimate at Kaukua South and Murtolampi which increases the Kaukua Area's indicated resources tonnes by approximately 250%; b) advanced metallurgical testing conducted by SGS (Lakefield) which demonstrates consistently repeatable metallurgical recoveries; and c) the ability to produce both a high-value copper and nickel concentrate using a conventional flotation recovery process. "These milestones substantially improve the economic potential by confirming scale and by delivering clarity of recovery rates for various rock types. "With a grade of 30% copper in the copper concentrate and a value of approximately US$4,200 per tonne for the nickel concentrate, both are highly marketable, which bodes well for future concentrate marketing negotiations. "While continued exploration in 2022 to increase the size of LK is ongoing, we have accelerated baseline environmental studies and plan to advance a Preliminary Economic Assessment ("PEA"). "The bulk of 2022's exploration efforts are expected to be in Canada and directed to the award winning Tyko Ni-Cu Project. Once drill permits are received, we plan to drill test several multi-line VTEM anomalies where highly anomalous soil sample values of copper nickel and cobalt were discovered in 2021. To date, additional drill permits have not been received," commented Derrick Weyrauch, President and CEO. Highlights In addition to the Mineral Resource Estimate ("MRE") which used US$1,700/oz palladium (Table 1a, 2b), a sensitivity analysis was completed with seven optimized open-pit constrained resource estimates, with palladium prices ranging from US$900/oz to US$2,500/oz (Table 2a, 2b). Mineral Resource Estimate - 1.1 million ouncesTotal Precious Metals (Pd+Pt+Au) ("TMP") (0.89 g/t), 111 Million Pounds Copper (0.13%), 92 Million Pounds Nickel (0.11%) and 5 million Pounds Cobalt (65 g/t)are classified as Indicated, contained in 38.2 million tonnes (see Table 1b).
- 1.1 million ouncesTMP (0.68 g/t), 173 Million Pounds Copper (0.16%), 152 Million Pounds Nickel (0.14%) and 8 million Pounds Cobalt (74 g/t)are classified as Inferred, contained in 49.7 million tonnes (see Table 1b).
- 248% increase in Indicated tonnes and a 14% increase in Inferred tonnes.
- 44% of the MRE is in the Indicated category.
- A waste to ore ratio ("Strip Ratio") of 1.48:1 in the Kaukua Area (including Murtolampi) and a 0.58:1 Strip Ratio at Haukiaho.
- The MRE assumes a Net Smelter Return ("NSR") cut-off of US$12.50 per tonne, based on a 20,000 tonne per day milling rate.
- Includes three open-pits in the Kaukua Area (including Murtolampi) and one at Haukiaho, 10-kilometers to the south of Kaukua.
- Recovered, and payable metal assumptions are based on the 2022 Phase II Metallurgical Testing Program, and preliminary indicative copper and nickel smelter quotes.
Future Resource Expansion - LK remains open for additional resource expansion both along strike and at depth.
- The MRE covers approximately 5 kilometers of the 38-kilometer marginal series contact zone, for which reconnaissance historical drilling indicated mineralization along nearly it's entire length.
- The Company's near-term targeting includes two additional open-pit targets in the Kaukua Area and possibly multiple open-pit targets along the 17-kilometer Haukiaho Trend.
- Three areas of Target Potential have been defined for near term resource expansion representing an additional 2.4-kilometer of strike length along the favourable marginal series and could add between 21.6 million and 36.0 million tonnes of resource. Refer to Table 3, Figures 4 & 5.
2022 Phase II Metallurgical Testing Program - The Phase II Metallurgical Testing Program demonstrates the ability to produce BOTH a high-value copper AND a high-value nickel concentrate ("Con") utilizing conventional 3-stage flotation.
- The Cons were readily and consistently reproduced.
- Locked Cycle Test results:
- Locked Cycle Bulk Concentrate recoveries: 73.5% Pd, 56.1% Pt, 73.0% Au, 88.6% Cu, 30.3% Ni, and 18.6% Co (Table 5).
- Copper Concentrate: Grades of 30.0% Cu, 1.43% Ni, 0.1% Co, 38.3 g/t Pd, 13.1 g/t Pt, 11.2 g/t Au representing a value of US$6,300 per tonne of concentrate (Table 6).
- Nickel Concentrate: Grades of 4.8% Ni, 3.9% Cu, 0.2% Co, 40.8 g/t Pd, 11.0 g/t Pt, 2.9 g/t Au representing a value of US$4,200 per tonne of concentrate.
- Rhodium values up to 1.7 g/t and 1.0 g/t were reported in both the Nickel and Copper Concentrates respectively, while the MRE does not include rhodium values.
- Fortunately, both Cons are high in iron and sulfur and low in MgO, thereby improving marketability.
- A low mass pull of 1.2% was achieved, thereby suggestive of low transportation charges.
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