SUDBURY, ON, June 1, 2016 /CNW/ - Sudbury Platinum Corporation ("SPC" or "the Company") and Transition Metals Corp. (XTM – TSX.V) ("Transition") are pleased to announce the resumption of exploration activities on their 100% owned Aer-Kidd and Lockerby East Projects located within the Sudbury mining camp. Transition is the majority shareholder of SPC and holds approximately 36% of the outstanding shares.
The 2016 Aer-Kidd exploration program will consist of approximately 18,000m of drilling designed to further test and evaluate the near-surface and deep Ni-Cu-PGM (Pt+Pd+Au) potential of the property. Other activities will include geophysical resurveying of historic boreholes aimed to generate and refine additional drilling targets at depth. SPC has qualified for the Junior Exploration Assistance Program provided through the Ontario Prospectors Association and therefore is eligible to receive a rebate of up to $100,000 based on expenditures.
At the Lockerby East Property a total of 10 historic holes drilled by Falconbridge Ltd and First Nickel Inc. will be resurveyed with the Lamontagne Geophysics UTEM IV borehole EM system. The objective of the program is to screen the property for high-conductivity features associated with Ni-Cu-PGM mineralization associated with the basal contact of the Sudbury Igneous Complex (SIC). The results will be incorporated into the geological model and be used to plan future drill programs.
SPC and Transition CEO Scott McLean remarked "We are excited about the opportunity to advance two key Sudbury Mining Camp properties that are both situated along strike of existing mines. The drill targets we have identified look highly prospective and we are eager to get the drill turning."
About the Aer-Kidd Property
The Aer-Kidd Property is located 20km southwest of Sudbury, Ontario and covers a 1.3km section of the Worthington Offset dyke. The property is 2.6km along strike to the northeast of Vale's Totten mine (10.1 million tonnes grading 1.5% Ni, 1.97% Cu, 4.8g/t PGM)¹ and 4.3km to the southwest and along trend of KGHM's Victoria mine (14.5 million tonnes grading 2.5% Ni, 2.5% Cu, 7.6 g/t PGM)². Aer-Kidd hosts the former producing Howland Pit, Robinson and Rosen Mines, which were small deposits exposed at surface and mined down to a maximum depth of 300m.
About the Lockerby East Property
The Property consists of ~390 hectares of freehold patents in the south range of the Sudbury Igneous Complex. It includes 100% of the Lockerby East and South Patents as well as a 70% interest in the West Graham Property (30% owned by Landore Resources Ltd.). In 2009, First Nickel Inc. disclosed a NI 43-101 Indicated Resource for the Conwest Zone at West Graham3 totaling 8.55 million tonnes grading 0.45% Ni and 0.31% Cu, along with an Inferred Resource of 2.0 million tonnes grading 0.38% Ni, 0.30% Cu. Adjacent to this resource at depth lies the Lockerby East Zone4 with 0.18 million tonnes grading 2.32% Ni and 0.78% Cu. The Company considers the cited public domain resource estimates to be historical in nature and cautions the reader that they may no longer be relevant. The Company does not treat the historic estimate as a current mineral resource. The acquisition of the Lockerby East Property does not include certain property associated with the Lockerby Mine site in the process of closure.
The technical elements of this news release have been approved by Mr. Grant Mourre, P.Geo (APGO), a Qualified Person under National Instrument 43-101. Information used in this release of a historical nature has not been verified by the Company hence should not be relied upon.
1 Resource reported by Inco; January 31, 2001 News Release
2 Resource reported by KGHM; January 16, 2012 News Release.
3 Technical Report on the West Graham Property Conwest Zone Resource Estimate, Graham Township, Ontario Canada prepared by Scott Wilson Roscoe Postle Associates Inc., January 15, 2009.
4 Technical Report on the 2009 Resource Estimate for the Depth, East and Upper West Zones, Lockerby Mine, Sudbury, Ontario, prepared by First Nickel Inc., February 23, 2009.
About Sudbury Platinum Corp
Sudbury Platinum Corp. is a private company focused on exploring for Ni-Cu-PGM in the Sudbury region. The Company is exploring the newly acquired Lockerby East Property and its key 100% owned Aer-Kidd Property. The Company also holds a 100% interest in the Owen Nickel Property. The Company's vision is to become a mine developer in the Sudbury district.
About Transition Metals Corp
Transition Metals Corp (XTM -TSX.V) is a Canadian-based, multi-commodity project generator specializing in converting new exploration ideas into discoveries. The team is rigorous in its fieldwork, and combines traditional and modern techniques to unearth compelling 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 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 property portfolio that includes 32 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.
Visit www.sudburyplatinumcorp.com for further information or contact:
SOURCE Transition Metals Corp.
For further information: Scott McLean, CEO, Sudbury Platinum Corporation, Tel: (705) 669-1777