SUDBURY, ON, Oct. 17, 2013 /CNW/ - Project generator Transition Metals Corp.
(TSXV: XTM) ("Transition", "the Company"), is pleased to provide an update
on its platinum exploration program, on the Sunday Lake property, in the
mid-continental rift (MCR) region of north-western Ontario. Transition has
completed a comprehensive program of mapping and ground geophysics including
Magnetic, Gravity and EM surveys and plans to complete a 3,000m diamond drill
program over the coming weeks. The 2013 exploration program at Sunday Lake is
being funded by strategic alliance partner Impala Platinum Holdings Limited
(Implats), one of the world's leaders in the mining, refining and marketing of
platinum group metals (PGM).
"We are pleased with the caliber of the geophysical and geological targets we
have defined at Sunday Lake" commented CEO Scott Mclean. "which appear to be
some of the best we have developed in the MCR so far."
Sunday Lake Property Overview
The 17 km(2) Sunday Lake property is located approximately 25 km North of
Thunder Bay and 25 km west of the Panoramic Resources Thunder Bay North
deposit and consists of staked claims and privately owned land optioned in
2013 from Rio Tinto Exploration Canada Inc. (RTEC) and other property holders.
The property covers a 3.5 km diameter circular magnetic anomaly associated
with a large buried mafic-ultramafic intrusion interpreted to be 'early rift'
in age and considered prospective for hosting PGM-Ni-Cu mineralization. The
MCR is a 2,000km long geologicalrift in the center of North America that
formed when the continent's core, the North American craton, began to split
apart about 1.1 billion years ago. Mafic to ultramafic intrusive 'early rift'
rocks, with high associated Platinum Group Metals occur within the MCR. In
recent years, several deposits have been discovered in the MCR, including:
-- Lundin Mining's Eagle deposit: 5.33 Mt @ 3.1% Ni, 2.5% Cu, 1.32
g/t PGM (Probable)¹
-- Panoramic Resource's Thunder Bay North deposit: 9.83 Mt @ 2.87
g/t Pt-Eq for 0.741 Moz Pt-Eq (Indicated) + 0.53 Mt @ 2.87 g/t
Pt-Eq for 0.05 Moz Pt-Eq (Inferred)²
To date, only two of four holes for a total of 1,893 m drilled on the
property, have intersected the 'Sunday Lake intrusion', both encountering
elevated values of PGM's. In 2011, RTEC completed 2 holes, one targeting the
central west part of the magnetic anomaly intersecting elevated PGM's near the
base of a thick sequence of peridotite. The second hole (12SL0002) drilled by
RTEC investigated a small magnetic anomaly on the northern edge of the larger
magnetic anomaly intersecting elevated PGM's near the base of an
'early-rift' gabbroic unit from 61-144m.
2013 Exploration Program
During the summer 55.4 km of grid lines were cut to facilitate the completion
of ground magnetic, PulseEM™, and gravity surveys and to conduct detailed
The ground based geophysical surveys were successful in highlighting several
priority target areas, including anomalous magnetic, gravity and EM responses
both to the north and south of the drill hole SL12002 location, and at other
untested areas peripheral to the main part of the intrusion.
The Company plans to complete 3,000 m of drilling this fall to test these
targets and to provide information on the geometry and layering sequence of
the Sunday Lake intrusion.
The technical elements of this press release have been approved by Mr. Greg
Collins, P.Geo (APGO), a Qualified Person under National Instrument 43-101.
(1) Resource reported by Lundin Mining,July 2013 NI 43-101 Technical Report on
the Eagle Mine, Upper Peninsula of Michigan, USA
² Resource reported by Panoramic Resources, Thunder Bay North deposit: 2011
JORC compliant mineral resources estimate prepared by AMEC Americas Ltd.
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, which went public in 2011, has an
expanding portfolio that currently includes 30 gold, copper, nickel and
platinum projects primarily in Ontario, Nunavut 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.
Further information is available atwww.transitionmetalscorp.com or by
Scott McLean President and CEO Transition Metals Corp. Tel: (705) 669-0590
Image with caption: " Figure 1: Location of the Sunday Lake Property, Geology,
Shaded Magnetics (CNW Group/Transition Metals Corp.)". Image available at:
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