TSX-V-listed Palladium One Mining has acquired the Canalask nickel/copper/platinum group elements (PGE) project beside the Alaska highway, in the Whitehorse mining district of Yukon, from Victoria Gold.
The company said its geological team, comprising of experts in sulphide nickel/copper/PGE deposits, believes it is an “over-looked and underexplored prospect”.
Nickel producer Falconbridge initiated exploration activities at Canalask in 2006, however, when Xstrata bought over the company in late 2006, exploration had been curtailed.
Victoria Gold held the project since 2009.
“The Palladium One team recognises that the area explored represents a small portion of what is clearly an extensive and highly prospective system capable of hosting a major deposit. Canalask complements the massive Tyko project in Ontario, where exploration drilling is currently under way,” said CEO Derrick Weyrauch.
The Canalask property was acquired for C$25 000 in cash and C$200 000 in common shares. The vendor will retain a 2% net smelter return royalty with Palladium One retaining a 50% buyback right.