Palladium One Mining Inc. (PDM:TSX.V; NKORF:OTCQB; 7N11:FSE) confirmed the presence of a fifth mineralized zone it named Ember at its Tyko project in Ontario, Canada, reported Research Capital Corp. analyst Adam Schatzker in a March 27 research note.
"The discovery of another zone is very important as it continues to highlight the potential of the Tyko property and helps demonstrate that the exploration methods being used at Tyko by Palladium One are working to identify mineralized systems," Schatzker commented.
Projected 233% Return
The potential return for Palladium One investors is significant, at about 233%, Schatzker pointed out. This is implied in Research Capital's CA$0.30 per share target price on the mining firm given it is currently trading at about CA$0.09 per share. Palladium One is a Speculative Buy.
More on Ember
Ember is next to one of what Palladium One determined to be chonoliths, Schatzker explained, in the eastern part of Tyko.
Ember first appeared as two anomalies on a 2021 versatile time domain electromagnetic (VTEM) survey, and soil samples from the area returned elevated copper and nickel values. The Canadian minerals explorer confirmed it as a zone of mineralization with the latest released batch of 2022 drill results, for 13 holes.
Of these, six encountered copper-nickel mineralization like that in the other zones: West Pickle, RJ, Smoke and Tyko. Results of the final 14 holes from the 2022 program are pending.
Possible Link to Target
Previously, the Cupa Lake target at Tyko also showed a VTEM anomaly as well as the presence of copper and nickel in soils, 17 and three times the amount demonstrated at Ember, respectively, Schatzker relayed. As such, Palladium One suspects Ember and Cupa Lake are linked somehow. The company plans to test this hypothesis by drilling Cupa Lake once it receives its exploration permit to do so.
2023 Work Underway
Palladium One already kicked off this year's field season, beginning with a high-resolution magnetic survey. This will help the team better understand Tyko's geology and define drill targets.
"We continue to believe that the Tyko project is very promising, but its size and numerous mineralized targets will make it somewhat challenging to find a large, economic deposit," Schatzker wrote. "We think 2023 could be a very exciting year for Tyko."
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Disclosures for Research Capital Corp., Palladium One Mining, March 27, 2023
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