SUDBURY, ON, Oct. 14, 2014 /CNW/ - Sudbury Platinum Corporation (SPC) and Transition Metals Corp. (XTM – TSX.V) ("Transition") are pleased to announce additional financing of $2,000,000 and the commencement of drilling at their 100% owned Aer-Kidd Project located within the Sudbury mining camp. The 2014 drill program will consist of 4,500m designed to test high-conductance electromagnetic targets identified on the Aer-Kidd Property located beneath sites of historic past production at depths between 750-1,200m (see Figure 1). In addition to drilling, other activities will include hole cleaning and resurveying of three historic boreholes aimed at further evaluating the potential down-plunge of the past producing Robinson and Rosen Mines as well as the Howland pit.
SPC and Transition CEO Scott McLean remarked "We are pleased with the progress Sudbury Platinum has made on the Aer-Kidd Project. Acquiring a 100% interest in the project in August was an opportunity that we felt we could not pass-up. A consequence of the transaction however was a need to further capitalize the Company to enable the completion of planned drilling. We believe the Aer-Kidd Property has exceptional prospectivity for the discovery of Ni-Cu-PGM mineralization similar to Vale's Totten Mine and KGHM's Victoria Development.
Financing: The recently completed SPC financing consisted of a non-brokered private placement for gross proceeds of $2,000,000. SPC issued 1,428,571 common shares @ $0.35 and 3,333,334 flow through common shares @ $0.45. As a result of the transaction, Transition's ownership in SPC is reduced to 48%.
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 in an area with a rich mining history, dating back to the 1800's. The property is approximately 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 that is currently in production 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 which is currently being developed. The Aer-Kidd Property 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. SPC has undertaken a detailed review of historical geophysical and geological data and believes that the property maintains excellent potential to host an economic Ni-Cu-PGM deposit.
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 18, 2001 News Release
2 Resource reported by KGHM; January 16, 2012 News Release.
About Sudbury Platinum Corp
Sudbury Platinum Corp. is a Canadian private corporation focused on exploring for Ni-Cu-PGM in the Sudbury region. The Company is exploring its key 100% owned Aer-Kidd Property, an advanced exploration property located on the prospective Worthington Offset dyke, in the heart of the Sudbury mining camp and holds a 100% interest in the Owen Nickel Property. The Company vision is to become a mine developer in the Sudbury district. Additional information regarding the company and project can be found on the Sudbury Platinum Web Site.
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 28 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: Aer-Kidd schematic longitudinal section (looking northeast) showing high-conductance ElectroMagnetic targets (CNW Group/Transition Metals Corp.)". Image available at: http://photos.newswire.ca/images/download/20141014_C2771_PHOTO_EN_6636.jpg
SOURCE: Transition Metals Corp.
For further information: Further information is available at www.sudburyplatinumcorp.com or by contacting: Scott McLean, CEO, Sudbury Platinum Corporation, Tel: (705) 669-1777