Palladium One Mining has agreed to acquire the prospective 8,620-hectare (ha) Tyko II copper-nickel-PGE property in Ontario, Canada, from undisclosed local prospectors.

The Tyko II property is located 10km north of the Tyko I property and 15km east of Manitouwadge, Ontario.

The acquisition expands Palladium One’s Tyko nickel-copper district, bringing additional drill-permitted magmatic copper-nickel sulphide targets.

Under the deal terms, Palladium One will acquire the Tyko II Property through a combination of staking, including 47 claims, and claim purchase of 307 claims, covering 7,627ha.

Palladium One Mining president and CEO Derrick Weyrauch said: “This property expansion bolsters the company’s nickel-copper strategy in a premiere mining jurisdiction and specifically in a highly prospective, relatively unexplored region, where it now controls 38,130 hectares.

“The Tyko II project has many geological similarities to Tyko I with several untested historic EM [electromagnetic] anomalies. Prior to our high-grade discovery, the Smoke Lake zone also began as a historic untested EM anomaly. Just like Tyko I, Tyko II has seen surprisingly little historic exploration or even government mapping.”

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The transaction, which is subject to TSX Venture Exchange approval, also includes a net smelter return royalty pertaining to 137 claims.

Palladium One said that the historic exploration at the Tyko II Property identified multiple copper-nickel-PGE showings. This is associated with the Faries-Moshkinabi Mafic-Ultramafic complex and shares similarities to the Tyko I Property.

The company now plans to undertake an airborne Versatile Time Domain Electromagnetic (VTEM) survey and soil sampling of historic EM anomalies at the property.