Transition Metals Corp. (XTM-V) and Sudbury Platinum Corporation (SPC) Oct 14, '14 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. |
