Mr. Derrick Weyrauch reports

PALLADIUM ONE CONFIRMS A NEW CHONOLITH AT TYKO I NI - CU PROJECT IN ONTARIO

Soil sampling has identified up to 0.43 per cent copper in soil from a new chonolith (magma conduit), newly named Blaze, thought to represent part of the plumbing system that fed the large Bulldozer mafic-ultramafic intrusion located along the northern portion of Palladium One Mining Inc.'s Tyko I property, which forms part of the larger Tyko nickel-copper project in Ontario, Canada.

Highlights:

• The company's geologic model has again been confirmed with a previously interpreted chonolith target having been confirmed. The newly named Blaze chonolith is interpreted to be part of the feeder (magma conduit) system that emplaced the Bulldozer mafic-ultramafic intrusion at Tyko I.
  • Up to 0.43 per cent copper in soil was discovered. Four samples contain greater than 0.1 per cent Cu and 24 samples are greater than 0.01 per cent copper;
  • As a frame of reference, any soil samples with greater than 0.005 per cent copper are considering highly anomalous and merit follow-up.
• Sampling on the Cupa Lake target has expanded the previously discovered copper and nickel soil anomaly to one kilometre of strike length.
• In Q4 2023, 3,023 metres were drilled in 22 diamond drill holes on the Tyko projects.

"Confirmation of the Blaze chonolith is highly encouraging as it provides a significant target for the discovery of a copper deposit. The Bulldozer intrusion hosts abundant anomalous copper mineralization thereby suggesting that this chonolith may be a magma conduit thereby making it is a compelling drilling target. Following receipt of an exploration drill permit we plan to initiate a drilling program to test the target," stated Derrick Weyrauch, president and chief executive officer.

The 2023 drill program is complete with a total of 22 holes totalling 3,023 metres drilled on both the Tyko I and Tyko II properties. The program focused on the West Pickle zone of Tyko I (see news release Oct. 30, 2023) as well the newly acquired Feries-Moshkinabi mafic-ultramafic complex in the Tyko II property (see news releases Sept. 11 and Sept. 28, 2023). Drilling at the West Pickle zone was designed to be shallow and to test for near-surface mineralization proximal to the soil anomalies previously reported. Deeper drill testing of the recently announced magnetotelluric (MT) geophysical anomaly (see news release Oct. 30, 2023) that could connect West Pickle to the RJ zone, four to five kilometres to the east, and the Gionet zone on Tyko II (see news release Nov. 21, 2023) will require additional drill permits.

The 2023 ground truthing field program collected a total of 7,355 soil samples while additional work included prospecting and mapping extensive portions of Tyko for the first time. A total of 3,741 soil samples covering the central and western portion of the Tyko I property comprise this release. These areas included the McGill Lake zone, Blaze chonolith, Greenback, Ember zone and Cupa Lake targets. The geological mapping undertaken this year is highly valuable as it has provided the company with a much greater understanding of the Tyko project geology for target generation.

The Blaze chonolith appears as an S-shape leading toward the Bulldozer mafic-ultramafic intrusion and appears to come to surface in both the north and south extremities where the associated magnetic anomaly is strongest and dives under cover in the central portion. This pattern is further supported by soil samples with the strongest anomalies in the north and south extremities. The soil samples returned some extremely high copper-in-soil anomalies, with strongly elevated cobalt, and with lower nickel, platinum and palladium. This is meaningful as these metal ratios are very similar to those observed in the nearby Bulldozer mafic-ultramafic intrusion (see news release Nov. 30, 2021). The Bulldozer mafic-ultramafic intrusion hosts significant anomalous disseminated copper mineralization, with the Bulldozer showing returning up to 3.34 per cent Cu, 0.12 per cent Ni, 0.24 per cent Co, 0.38 gram per tonne Pd, 0.08 g/t Pt in remobilized shear hosted sulphide.

First identified in 2021, the Cupa Lake target has a multiline versatile time-domain electromagnetic (VTEM) airborne anomaly (see news release Oct. 28, 2021) coincident with strong copper and nickel in soils (see news release Nov. 30, 2021) having samples up to 512 parts per million (ppm) or 0.05 per cent copper and 139 ppm or 0.01 per cent nickel. In 2023, the company extended this soil anomaly to over one kilometre of strike length by discovering up to 280 ppm or 0.03 per cent Cu and 101 ppm or 0.01 per cent Ni in a strong magnetic high, thereby indicating in addition to potential for significant disseminated to blebby nickel-copper sulphides, potential for semi-massive to massive sulphide further supported by a VTEM anomaly. The Ember zone lies along an interpreted chonolith/feeder structure which extends toward the Cupa Lake target. Mapping indicates a high degree of preservation of mafic and sedimentary rocks within the tonalite. Soil sampling along the trend returned several moderate nickel and chrome anomalies indicating an ultramafic component, thereby suggesting mafic-ultramafic rocks intruded this volcano-sedimentary package of greenstone-belt-type rocks.

The Greenback area located just to the southwest of the Blaze chonolith appears to be a remnant sliver of greenstone rocks, and has returned several Cu anomalies, and locally anomalous gold; this area may represent a volcanogenic sulphide (VMS) target.

The McGill Lake area also saw discovery success with several anomalous copper samples up to 1,100 ppm or 0.11 per cent Cu that warrant additional investigation. Geological mapping has indicated abundant mafic volcanics and gabbroic clasts within the tonalite suggesting a high degree of preservation of the original greenstone-belt-type rock, and potentially the mafic ultramafic rocks which intruded them. The significance of which is that there is a high degree of probability of Ni-Cu mineralization occurring in this area; ground geophysical surveys including induced polarization (IP) and MT are proposed to guide further targeting before drill testing.

About Tyko nickel-copper-cobalt project

The Tyko nickel-copper-cobalt project is located approximately 65 kilometres northeast of Marathon, Ont., Canada. Tyko is an early-stage, high-sulphide-tenor, nickel-copper (2:1 ratio) project with multiple mineralized zones spanning over a 20-kilometre strike length and demonstrating the potential for a new greenfield nickel district.

Qualified person

The technical information in this release has been reviewed and verified by Neil Pettigrew, MSc, PGeo, vice-president of exploration and a director of the company and the qualified person as defined by National Instrument 43-101.

About Palladium One Mining Inc.

Palladium One Mining is focused on discovering environmentally and socially conscious critical green transportation metals. A Canadian mineral exploration and development company, Palladium One is targeting district-scale, nickel-copper sulphide and platinum group element (PGE) deposits in Canada and Finland. The Lantinen Koillismaa (LK) project in north-central Finland is a PGE-copper-nickel project that has existing NI 43-101 mineral resources, while both the Tyko and Canalask high-grade nickel-copper projects are located in Ontario and Yukon, Canada, respectively.

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