SUDBURY, ON, March 27, 2018 /CNW/ - Transition Metals Corp
(XTM – TSX.V) ("Transition", "the Company") is pleased to announce
it has received the first set of assay results from the ongoing
drill program conducted by North American Palladium (NAP), on the
Sunday Lake platinum-palladium (PGM) Project. NAP holds an
option to earn up to a 75% interest in the Property and XTM holds a
25% free carried interest through to the completion of a
Feasibility Study.
Results are sourced from an NAP news release dated March 27, 2018. Please refer to that release for
the full information regarding the drill program, including
location maps, cross sections and drill hole details.
http://www.nap.com/investors/news-releases/news-releases-details/2018/North-American-Palladium-Expands-PGM-Mineralization-at-Sunday-Lake/default.aspx
Highlights:
- Hole SL-17-18B: 18.65m @ 4.05 g/t PGM (Pt+Pd+Au) including
4.9m @ 6.10 g/t PGM and 0.64%
Cu
- Hole SL-18-21: 35.80m @ 3.90
g/t PGM including 6.50m
@ 8.34 g/t PGM
- Hole SL-18-22: 33.20m @ 2.80
g/t PGM including 5.90m @ 6.80
g/t PGM and 0.67% Cu.
Commenting on the results, Company CEO and President
Scott McLean stated, "These
results 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 16km to the west that we feel may have similar
potential."
The property occurs within the emerging Mid-Continental Rift
(MCR) PGM camp. Recent discoveries in the district include
Panoramic Resources', Thunder Bay North Project (Indicated
Resources 8.46Mt @ 2.09g/t PGM1) in Ontario, Lundin Mining's, Eagle Mine
(Reserves 3.72Mt @ 2.50% Ni, 2.20% Cu2) in
Michigan and Rio Tinto's Tamarack
Deposit (Indicated Resource 3.75Mt @ 1.81% Ni, 1.00% Cu, 0.85g/t
PGM; Inferred Resource 3.38Mt @ 1.63% Ni, 0.94% Cu, 0.67g/t
PGM3) in Minnesota.
The Sunday Lake PGM property is held by Joint Venture Partners
Transition Metals and Impala Platinum Holdings Limited ("Implats").
NAP holds the right to acquire Implats' interest up to a 75%
ownership in the Sunday Lake Project 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). Without any further expenses,
Transition retains a 25% free carried interest in the project
through to the completion of a feasibility study.
Exploration Program
Diamond Drilling
For the period spanning October
2017 to March 2018, NAP has
completed a total of 8,500m in ten
holes to date and continues to drill the property with two rigs on
site. Results from these first eight holes completed are presented
in Table 1.
Table 1: Assay results for the October
2017 to March 2018 Sunday Lake
exploration drilling program.
|
Hole #
|
From (m)
|
To (m)
|
Length (m)
|
PGM g/t
|
Pt g/t
|
Pd g/t
|
Au g/t
|
Cu wt.%
|
Ni wt.%
|
|
SL-17-15
|
731.00
|
736.00
|
5.00
|
1.14
|
0.61
|
0.49
|
0.04
|
0.21
|
0.12
|
|
and
|
807.15
|
812.00
|
4.85
|
1.20
|
0.71
|
0.42
|
0.07
|
0.16
|
0.08
|
|
SL-17-16
|
807.00
|
828.50
|
21.50
|
1.82
|
1.00
|
0.74
|
0.08
|
0.34
|
0.16
|
|
including
|
812.50
|
818.50
|
6.00
|
3.17
|
1.82
|
1.25
|
0.10
|
0.43
|
0.17
|
|
including
|
816.50
|
818.50
|
2.00
|
2.91
|
1.52
|
1.25
|
0.14
|
0.68
|
0.25
|
|
SL-17-17
|
626.00
|
629.00
|
3.00
|
1.09
|
0.57
|
0.47
|
0.04
|
0.19
|
0.10
|
|
and
|
634.00
|
639.30
|
5.30
|
1.31
|
0.78
|
0.49
|
0.05
|
0.16
|
0.08
|
|
SL-17-18B
|
667.70
|
703.15
|
35.45
|
2.83
|
1.65
|
1.09
|
0.09
|
0.41
|
0.16
|
|
including
|
684.50
|
703.15
|
18.65
|
4.05
|
2.43
|
1.49
|
0.13
|
0.48
|
0.17
|
|
including
|
692.25
|
697.15
|
4.90
|
6.17
|
3.89
|
2.07
|
0.20
|
0.64
|
0.24
|
|
and
|
701.15
|
702.15
|
1.00
|
9.27
|
6.13
|
2.82
|
0.32
|
0.92
|
0.07
|
|
SL-18-19
|
856.00
|
867.90
|
11.90
|
1.37
|
0.72
|
0.61
|
0.05
|
0.20
|
0.12
|
|
including
|
860.00
|
865.00
|
5.00
|
2.29
|
1.15
|
1.05
|
0.08
|
0.35
|
0.16
|
|
SL-18-20
|
710.00
|
715.10
|
5.10
|
1.52
|
0.89
|
0.55
|
0.07
|
0.22
|
0.11
|
|
SL-18-21
|
863.50
|
899.35
|
35.85
|
3.90
|
2.40
|
1.32
|
0.18
|
0.43
|
0.17
|
|
including
|
875.05
|
898.35
|
23.30
|
5.43
|
3.34
|
1.83
|
0.26
|
0.60
|
0.21
|
|
including
|
890.85
|
897.35
|
6.50
|
8.34
|
5.17
|
2.62
|
0.55
|
1.08
|
0.36
|
|
including
|
892.55
|
893.80
|
1.25
|
11.97
|
7.45
|
3.78
|
0.74
|
1.37
|
0.38
|
|
SL-18-22
|
1039.0
|
1072.2
|
33.20
|
2.85
|
1.68
|
1.03
|
0.13
|
0.34
|
0.12
|
|
including
|
1056.0
|
1066.9
|
10.90
|
4.98
|
3.08
|
1.65
|
0.25
|
0.51
|
0.14
|
|
including
|
1061.0
|
1066.9
|
5.90
|
6.87
|
4.30
|
2.22
|
0.35
|
0.67
|
0.16
|
|
including
|
1065.0
|
1066.0
|
1.00
|
17.50
|
11.23
|
5.32
|
0.95
|
1.48
|
0.27
|
|
Note: Reported
interval length are estimated as being between 80% and 90% of true
width of the intersected sulphide mineralization.
|
About the Sunday Lake Property
The Sunday Lake PGM Project is located 25 km north of
Thunder Bay in Jacques Township
and approximately 95 km south of NAP's producing Lac Des Iles Mine.
The Sunday Lake Property covers a 3.5 km diameter circular
reversely-polarized magnetic anomaly associated with a large buried
mafic-ultramafic intrusion interpreted to be Proterozoic in age and
related to the Mid-Continental Rift (MCR).
The Company's 100% owned Saturday Night Project is located 16
kilometres to the west of Sunday Lake and host mineralization and
geology similar to Sunday Lake. The Company is currently
seeking a partner for Saturday Night.
|
¹ Resource
reported by Panoramic Resources, Thunder Bay North deposit: 2011
JORC compliant mineral resources estimate prepared by AMEC Americas
Ltd.
|
|
|
² Lundin Mining –
Reserves and Resources June 30, 2016.
http://www.lundinmining.com/s/Reserves.asp
|
|
|
3
Resource reported by Talon Resources, Tamarack North Technical
Report: 2014 NI 43-101mineral resource estimate prepared by Golder
Associates Ltd. www.sedar.com
|
Qualified Person
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. The analyses
reported in this news release were performed by ALS Global in
Vancouver, British Columbia. NAP's
rigorous internal quality control and quality assurance protocols
are described in detail in NAP's current Technical Report for its
Lac des Iles mine (June 2017 –
available on SEDAR).
About Transition Metals Corp
Transition Metals Corp (XTM -TSX.V) is a Canadian-based,
multi-commodity project generator that specializes in converting
new exploration ideas into Canadian discoveries. The award-winning
team of geoscientists has extensive exploration experience in
established, emerging and historic mining camps and actively
develops and tests new ideas for discovering mineralization in
places that others have not looked, which often allows the company
to acquire properties inexpensively. The team is rigorous in its
fieldwork and combines traditional techniques with newer ones to
help unearth compelling prospects and drill targets. Transition
uses the project generator business model to acquire and advance
multiple exploration projects simultaneously, thereby maximizing
shareholder exposure to discovery and capital gain. 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. The
Company has an expanding portfolio that currently includes more
than 25 gold, copper, nickel and platinum projects primarily in
Ontario, Nunavut, British
Columbia, Minnesota and
Saskatchewan.
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.
SOURCE Transition Metals Corp.
