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Transition Metals Corp.
Summary
| Project: | Sunday Lake | |
|---|---|---|
| Deposit: | Sunday Lake | |
| Location: | Canada | |
| Commodities: | Nickel-Copper-PGM | |
| Date: | 3/27/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 27-3-2018: Transition Metals Corp. announces an Exploration/Drilling Update report for its Sunday Lake deposit at the Sunday Lake project. JV - Drilling results incl. 35.8m @ 2.4g/t Pt, 1.32g/t Pd, 0.18g/t Au, 0.43% Cu, 0.17% Ni from 864m. Sudbury, March | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Grant Mourre (Not stated) | |
| ABSTRACT: | Sudbury, March 27, 2018 – 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-ExpandsPGM-Mineralization-at-Sunday-Lake/default.aspx. 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. 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 fiveyear 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. | |
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