Highlights

• West Pickle mineralized strike length increased to over 600 meters, remains open to the east and west.

• New West Pickle Zone assay results include:
  • 3.9% Ni, 2.5% Cu, 0.05% Co, 0.55 g/t Total Precious Metals ("TPM") (Pt+Pd+Au) over 2.0 meters of massive and semi-massive sulphides in hole TK-22-074
  • Including 8.1% Ni, 2.8% Cu, 0.11% Co, 1.05 g/t TPM over 0.9 meters

• Property Wide Feeder Dyke / Chonolith geological model
  • Successful first test returns wide interval of anomalous nickel, supports exploration thesis that east-west trending interpreted feeder dykes are mineralized (Hole TK22-076, located 2 kilometers West of the West Pickle Zone)
  • RJ Zone, 2.7 kilometres east of West Pickle, previously retuned 85.4 meters of ultramafic hosted mineralization with Feeder Dyke / Chonolith breccia textures:
    • 0.5% Ni and 0.2% Cu over 85.4 meters in hole TK-16-002
    • Including 1.0% Ni and 0.2% Cu over 16.2 meters (see press release June 8, 2016)

Toronto, Ontario, Feb 6, 2023 - (ACN Newswire) - Palladium One Mining Inc. (TSXV: PDM) (OTCQB: NKORF) (FSE: 7N11) (the "Company" or "Palladium One") is pleased to report the expansion of and additional high-grade drillhole intercepts from the West Pickle Zone massive sulphide discovery on the Tyko Nickel – Copper Project, in Ontario, Canada.

President and CEO, Derrick Weyrauch commented, "This latest batch of drill results reinforces the high-grade nature of the West Pickle Zone. Visual results from hole TK22-117, the most easterly hole drilled to date on the West Pickle Zone, intersected massive nickel - copper sulphides (Figure 1 and 4) which has extended the zone to over 600 meters in length, and it remains open for further expansion both to the east and west.

"The anomalous nickel values over significant widths in hole TK22-076 is significant as they represent the first assays from the many interpreted Feeder Dyke / Chonolith structure on the 30,000-hectare Tyko Project. This mineralization style reinforces our interpretation that these structures potentially host additional nickel - copper discoveries.

"The 2023 exploration program is focused on ground truthing and drill testing these structures, with the intent of discovering additional wide zones of mineralization, such as the RJ Zone which retuned 85.4 meters of 0.5% Ni and 0.2% Cu (Hole TK16-002).

"The 2022 drill program consisted of 70 holes totaling 13,038 meters, of which 45 holes are pending assay results. The 2023 field season is currently underway, with a high-resolution magnetic survey having been completed. The survey was designed to refine the geometry of the interpreted feeder dykes / chonoliths across the Tyko project's 30-kilometer strike length prior to additional drill testing."

To date a total of 32 holes, totalling 6,766 meters have been drilled in the vicinity of the West Pickle Discovery. At present, West Pickle mineralization has been defined over more than 600 meters of strike length (Figure 3 and 4).

Figure 1. Massive pentlandite-pyrrhotite-chalcopyrite sulphide intersection in hole TK22-117 from 107.2 to 107.8 meters within a 5.5-meter intersection of patchy, disseminated and stringer sulphide from 107.2 to 112.7 meters, assays are pending.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6502/153679_58ae80896427facf_001full.jpg

Figure 2. Tyko Property map showing various mineralized zones and multi-line VTEM anomalies, background is Calculated Vertical Gradient Magnetics ("CVG").

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6502/153679_58ae80896427facf_002full.jpg

Figure 3. Plan and long section looking north perpendicular to the interpreted chonolith structure linking the West Pickle and RJ zones, showing potential for massive sulphide mineralization beyond the depth detectable by the 2021 VTEM airborne survey.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6502/153679_58ae80896427facf_003full.jpg

Figure 4. Long section looking south of the West Pickle Zone.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6502/153679_58ae80896427facf_004full.jpg

Table 1: Assay Results: Select Tyko 2022 Drill Results from the West Pickle Zone

(1) Reported widths are "drilled widths" not true widths.
(2) Italicised grey shaded values up to hole TK22-073 are previously reported (see news release October 4, 2022, November 21, 2022 November 29, 2022, and January 12, 2023)

Table 2: Drill Hole Locations for assay results from this News Release

QA/QC
The drilling program was carried out under the supervision of Neil Pettigrew, M.Sc., P. Geo., Vice President of Exploration, and a Director of the Company.

Drill core samples were split using a rock saw by Company staff, with half retained in the core box and stored onsite at the Tyko exploration camp core yard facility.

Samples were transported in secure bags directly from the logging facility at the onsite exploration camp, to the Activation Laboratories Ltd. ("Actlabs") in Thunder Bay, Ontario. Actlabs, which is ISO 17025 accredited with CAN-P-1579 (Mineral Lab). In addition to ISO 17025 accreditation, Actlabs is accredited/certified to ISO 9001:2015. All samples are crushed to 2 millimeters with a 250-gram split pulverized to 105 microns. Analysis for PGEs is performed using a 30 grams fire assay with an ICP-OES finish and for Ni, Cu, and Co using 0.25 grams by 4 acid digestion with ICP-OES finish. Ni, Cu and Co samples over 1.0 wt% were re-analysed by ore grade methods using 4 acid digestion with ICP-OES finish.

Certified standards, blanks and crushed duplicates are placed in the sample stream at a rate of one QA/QC sample per 10 core samples. Results are analyzed for acceptance within the defined limits of the standard used before being released to the public.

About Tyko Nickel - Copper - Cobalt Project
The Tyko Nickel – Copper - Cobalt Project, is located approximately 65 kilometers northeast of Marathon Ontario, Canada. Tyko is an early stage, high sulphide tenor, nickel - copper (2:1 ratio) project and currently has five known mineralized zones spanning over a 20 kilometer strike length. The West Pickle Zone occurs on the Pezim II claim block of the larger Tyko Project.

Qualified Person
The technical information in this release has been reviewed and verified by Neil Pettigrew, M.Sc., P. Geo., Vice President of Exploration and a director of the Company and the Qualified Person as defined by National Instrument 43-101.

About Palladium One
Palladium One Mining Inc. (TSXV: PDM) is focused on discovering environmentally and socially conscious Metals for Green Transportation. A Canadian mineral exploration and development company, Palladium One is targeting district scale, platinum-group-element (PGE)-copper-nickel deposits in Canada and Finland. The Läntinen Koillismaa (LK) Project in north-central Finland, is a PGE-copper-nickel project that has existing NI43-101 Mineral Resources, while both the Tyko and Canalask high-grade nickel-copper projects are located in Ontario and the Yukon, Canada, respectively. Follow Palladium One on LinkedIn, Twitter, and at www.palladiumoneinc.com.

ON BEHALF OF THE BOARD
"Derrick Weyrauch"
President & CEO, Director

For further information contact:
Derrick Weyrauch, President & CEO
Email: info@palladiumoneinc.com

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