Transition Metals (MTX-V) Oct 17, 2013 - News Release
Transition Metals Corp. is providing an update on its platinum exploration program on the Sunday Lake property in the mid-continental rift (MCR) region of Northwestern 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 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, including:
Lundin Mining's Eagle deposit: 5.33 Mt @ 3.1% Ni, 2.5% Cu, 1.32 g/t PGM (Probable)A Superscript one 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)A Superscript two
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, PulseEMA , 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 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.
Qualified Person
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.
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