Transition Metals Corp. Announces the Commencement of Drilling on Its Sunday Lake PGM Property
TSX VENTURE: XTM
Sudbury, Ontario--(Newsfile Corp. - February 12, 2019) - Transition Metals Corp. (TSXV: XTM) ("Transition", "the Company") is pleased to announce that North American Palladium (NAP) has commenced a diamond drill program at the Sunday Lake Platinum-Palladium (PGM) Property. NAP holds an option to earn up to a 75% interest in the Property and Transition holds a 25% free carried interest through to the completion of a Feasibility Study.
Transition was notified by NAP earlier this month of the recommencement of drilling on the Sunday Lake Property. The planned program of up to 11,500 m is designed to test for high-grade massive sulfide mineralization and will focus on several high-priority conductivity anomalies identified from geophysical surveys completed in 2018.
Commenting on the results, Company CEO and President Scott McLean stated "Geophysical and drilling results to date demonstrate the potential of the Sunday Lake Intrusion to host significant economic mineralization and the grades encountered are higher than other similar deposits and mines in the district. The geology at Sunday Lake bears many similarities to the Company's 100% owned Saturday Night Project located in similar geology 16 km to the west that we feel may have similar potential."
About the Sunday Lake Property
The Sunday Lake Property is located 25 km north of Thunder Bay and represents one in a series of mafic-ultramafic intrusions interpreted to be Proterozoic in age and related to the emerging Mid-Continental Rift (MCR) Ni-Cu-PGM camp. Recent discoveries in the district include Panoramic Resources', Thunder Bay North Project in Ontario, Lundin Mining's, Eagle Mine in Michigan and Rio Tinto's Tamarack Deposit in Minnesota.
Mineralization in the Sunday Lake Intrusion is hosted within the Marginal Zone located along the basal contact of the intrusion and consists primarily of disseminated to blebby sulphides as well as isolated sections of massive sulphide. Higher-grade and thicker sections of the Marginal Zone are interpreted to be hosted within structurally controlled embayments within the footwall and serve as the primary exploration target.
To date a total of 22,515m have been completed on the property targeting sulphide mineralization associated with the basal Marginal Zone. Highlights of the drilling include:
Note: Reported interval length are estimated as being between 80% and 90% of true width of the intersected sulphide mineralization.
The Sunday Lake Property is held by Joint Venture Partners Transition Metals Corp and Impala Platinum Holdings Limited ("Implats"). NAP holds the right to acquire Implats' interest of up to a 75% ownership in the Sunday Lake Property by completing work commitments totaling $4.5M and making cash payments of $3.5M over a five-year period. (see NAP Press Release dated June 20, 2017 for details). Transition retains a 25% free carried interest in the project through to the completion of a feasibility study.
The technical elements of this press release have been approved by Mr. Grant Mourre, P.Geo. (APGO), a Qualified Person under National Instrument 43-101. Historic assays cited in this release have not been verified by the Qualified Person. Refer to reference list below for QA/QC procedures for the assay results listed in Table 1.
1Source: Transition Metals Corp Media Release dated January 27, 2014
2Source: Transition Metals Corp Media Release dated November 16, 2015
3Source: North American Palladium Ltd. Media Release dated March 27, 2018
About Transition Metals Corp
Transition Metals Corp (TSXV: XTM) is a Canadian-based, multi-commodity project generator that specializes in converting new exploration ideas into discoveries. The award-winning team of geoscientists has extensive exploration experience which actively develops and tests new ideas for discovering mineralization in places that others have not looked, often allowing the company to acquire properties inexpensively. Joint venture partners earn an interest in the projects by funding a portion of higher-risk drilling and exploration, allowing Transition to conserve capital and minimize shareholder's equity dilution.
Cautionary Note on Forward-Looking Information
Except for statements of historical fact contained herein, the information in this news release constitutes "forward-looking information" within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may", "will" and include without limitation, statements regarding estimated capital and operating costs, expected production timeline, benefits of updated development plans, foreign exchange assumptions and regulatory approvals. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, competition, risks inherent in the mining industry, and regulatory risks. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Further information is available at www.transitionmetalscorp.com or by contacting:
President and CEO
Transition Metals Corp.
Tel: (705) 669-1777