Highlights
A high-resolution ground-based EM survey has confirmed the presence of a strong untested conductor down plunge of historic shallow drilling and within the mafic-ultramafic chonolith / dyke. The result has achieved several important goals: Defined the conductor's geometry, a necessary percussor to drill testing.
Improved understanding of the conductor's relationship to historic shallow drilling. For example, DD hole VQ-7 which returned 0.8% Ni, 0.2% Cu over 3.0 meters including 1.3% Ni, and 0.3% Cu over 0.1 meters in disseminated to semi-massive sulphide within the ultramafic dyke.
Enhanced geological understanding through additional modelling of new and historic data.
To assist in drill program planning and future permitting, a high-resolution orthophoto survey was also flown.
Diamond drill testing is planned for the 2024 field season, the timing of which will be dependent on the late-winter/spring breakup.
President and CEO
A previous EM survey had indicated the presence of a significant conductor at depth in a flexure of the ultramafic dyke, however, due to incomplete data from the past survey, the exact geometry was poorly understood. The 2023 EM survey used the most modern equipment available and has not only confirmed the presence of the conductor but has also significantly improved its 3-dimensional orientation. The conductor's position is now interpreted to be deeper than previously understood. The closest holes to the body of the conductor are from the 1980's, hole VQ-7 contained a narrow patch of semi-massive sulphide which returned 1.3% nickel, thereby suggesting a source of massive sulphide nearby.
In addition to this untested conductor, the Canalask project contains the historic Main Zone Canalask deposit consisting of 400,000 tonnes at 1.35% nickel (copper was not reported) (Yukon Assessment Report 094599), hosted within footwall rocks of the ultramafic dyke. The occurrence of the footwall hosted mineralization is in part the basis of our hypothesis that the historic deposit was originally fed by a larger body of nickel - copper sulphide present within the ultramafic dyke.'
Exploration Since Acquisition
The Company competed a drone-based magnetometer survey over the entire Canalask project. This survey consisted of 392-line kilometers at 100-meter spacing and helped refine the location and structure of the Ni-Cu-PGE prospective ultramafic dyke and greatly assisted the refinement of drill targeting. In addition, a reconnaissance site visit returned grab sample assays over 2% nickel, 6% copper and 1.55 g/t gold . These results support the high grades that were historically reported in footwall-style sulphide mineralization at the Canalask deposit. The 2023 program consisted of brushing out and re-establishing access trails, as well as re-establishing historic grid lines and was followed by a drone based airborne orthophoto survey and a high-resolution ground-based EM survey using Lamontagne's UTEM system. This work has led to a substantial better understanding of the project's geology, and has refined drill targets.
Canalask Property Overview
The Canalask Property is located within the
Exploration dates to the 1950s when the Canalask footwall zone was originally discovered, drilled, and partially developed. A historical resource estimate on the
Geological Setting
The Canalask Property covers the lateral extent of the northwest - southeast striking, steeply dipping 'White River Intrusive Complex' (WRIC) which is part of the larger Kluane Mafic-Ultramafic Belt. The Kluane Belt extends from northern
Exploration Target
The WRIC is a favourable setting for magmatic nickel-copper sulphide mineralization and is considered a 'feeder system' with a high volume of magma flow. As evidenced by the abundance of magmatic Ni-Cu-PGE showings at the base of the WRIC and the discovery of the nickel-rich Canalask footwall deposit, the project hosts strong potential for both 'magmatic feeder-type' basal deposits and 'epigenetic footwall-type' footwall deposits. The geological setting draws comparison to the world-class Norilsk Ni-Cu-PGE camp.
About Palladium One
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