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Palladium One to Buy Back 2% NSR on the Historic Haukiaho Deposit of the LK Project in Finland
Vancouver, British Columbia--(Newsfile Corp. - January 9, 2020) -   Palladium One Mining ...
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[{"type":"text","content":"Palladium One to Buy Back 2% NSR on the Historic Haukiaho Deposit of the LK Project in FinlandVancouver, British Columbia--(Newsfile Corp. - January 9, 2020) -  Palladium One Mining Inc. (TSXV: PDM) (FSE: 7N11) (OTC: NKORF) (the \"Company\" or \"Palladium One\") is pleased to announce that it has entered into a binding Letter of Intent (\"LOI\") to buy back 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.\"The historic Haukiaho deposit is now royalty free.\" said Derrick Weyrauch, president and chief executive officer. \"Buying back the existing royalty on Haukiaho eliminates a dilutive overhang on the project while also providing future optionality.\" The terms of the royalty buyback include a cash payment of C$50,000 and issuance of 375,000 common shares of the Company on closing. The transaction is expected to close this month, and is subject to definitive documentation, customary terms, conditions for a transaction of this nature and TSX Venture Exchange approval.The Haukiaho zone is hosted in the basal unit of the Koillismaa Complex and was first discovered in the 1960's by Outokumpu while exploring for Copper and Nickel. Widely spaced historic reconnaissance drilling indicates the mineralized zone extends for at least 12 km along this basal unit. The 2013 historic Haukiaho resource estimate (Table 1) only covers ~2 km of this 12 km trend. The Haukiaho deposit shares many similarities to the nearby Kaukua deposit yet has a higher copper-nickel endowment. The historic 2013 Haukiaho resource was based on very widely spaced drilling, and as such the Company decided that additional infill drilling prior to conducting a NI43-101 resource estimate is required. As a result, in 2019, the Company focused its efforts on the Kaukua deposit and published a resource estimate on September 9, 2019 - see summary below.One of the primary objectives of the upcoming Phase 1 exploration program at the LK project is to infill and expand the historic Haukiaho deposit in preparation of a NI43-101 resource estimate.Table 1Haukiaho Deposit Historic Resource Estimate1 at a 0.1 g/t Pd cut-off gradeCategoryTonnage MtPd g/tPd KozPt g/tPt KozAu g/tAu KozPGE (Pd+Pt+Au) g/tPGE (Pd+Pt+Au) MozCu %Cu MlbNi %Ni MlbInferred23.20.312310.12900.10750.53...