Palladium One Mining Inc. (PDM:TSX.V; NKORF:OTCQB; 7N11:FSE) expanded its Tyko land position in Ontario, Canada, by 20% and launched a 2023 exploration program at the nickel-copper property, reported Research Capital Corp. analyst Adam Schatzker in a Jan. 26 research note.
The newly acquired areas of land adjoin Tyko on its west and east sides.
"The additional property should help ensure that the company has secured as much of the prospective land as possible," Schatzker wrote.
Research Capital has a CA$30 per share price target on Palladium One, which, in comparison, is trading at about CA$10 per share. The difference between the two amounts implies a roughly 215% return for investors. The mining company is rated Speculative Buy.
Exploration Work Plan
To kick off its exploration work at Tyko for the year, Palladium One commenced a high-resolution magnetic survey of the entire newly expanded property, Schatzker noted. From the three-dimensional survey results, the Toronto-based firm is looking to gain a better understanding of the geologic structures and mineralized systems present to guide its future exploration efforts.
Palladium One is expected to finish the survey in February 2023, relayed Schatzker. Another part of the current exploration campaign at Tyko involves a broad soil sampling and mapping program, which the company intends to start in Q2/23.
"Palladium One is doing the right geological work at this time as the property clearly hosts significant concentrations of nickel and copper," Schatzker wrote. "Understanding how the deposits relate to each other and whether there is a large sulfide deposit to be discovered will be very important going forward."
Along with its base metals exploration in Canada, Palladium One is exploring for palladium in Finland.
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Disclosures For Research Capital Corp., Palladium One Mining Inc., January 26, 2023
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Adam Schatzker has visited Palladium One Mining Inc. in the past 18 months.
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