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
Sunday Lake Property Overview
The 17 km2 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 2,000 km long
geological rift 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,
Lundin Mining's Eagle deposit: 5.33 Mt @ 3.1% Ni, 2.5% Cu, 1.32 g/t PGM
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
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 geological mapping.
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 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
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
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.
Image with caption: " Figure 1: Location of the Sunday Lake Property, Geology, Shaded Magnetics (CNW Group/Transition Metals Corp.)". Image available at: http://photos.newswire.ca/images/download/20131017_C4102_PHOTO_EN_32085.jpg
SOURCE: Transition Metals Corp.
For further information:
Further information is available at www.transitionmetalscorp.com or by contacting:
President and CEO
Transition Metals Corp.
Tel: (705) 669-0590