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Sudbury Platinum Concludes its Purchase of 100% Interest in Aer-Kidd
SUDBURY, ON , Aug. 25, 2014 /CNW/ - Sudbury Platinum Corporation (SPC) and Transition Met...
About this update from Transition Metals Corp.
[{"type":"text","content":"\n\nSUDBURY, ON, Aug. 25, 2014 /CNW/ - Sudbury Platinum Corporation (SPC) and Transition Metals Corp (Transition) announce that SPC has completed the purchase of 100% interest in the mineral rights of Aer-Kidd project from CaNickel Mining Company Limited (CaNickel) for a cash payment of $1,250,000. Consequently, the underlying option agreement dated October 1, 2012 that had required SPC to spend $10.0 million to earn a 70% interest was terminated. SPC is a private company of which Transition Metals Corp (XTM – TSX.V) owns 57%.\n\nSPC also has the option to purchase 100% of the property surface rights from the Greater City of Sudbury at any time prior to December 31, 2017 for a cash payment of $250,000 and a further cash payment of $250,000 if a mine is brought to Commercial Production on the property.\n\nScott McLean, president and CEO of Transition and CEO of SPC commented \"The purchase of 100% of the mineral rights to the Aer-Kidd property is a significant milestone that, when combined with Sudbury Platinum's option to purchase the surface rights, establishes full control of the property for the Company.  We are now focused on executing a significant drill program that will test the highly prospective targets we have generated below the historic mine workings on the Property.\"\n\nAbout the Aer-Kidd PropertyThe Aer-Kidd Property is located ~20 kilometres southwest of Sudbury, Ontario and covers a 1.4 kilometre section of the Worthington Offset Dyke in an area with a rich mining history, dating back to the 1800's. The property is approximately 2.6 kilometres northeast along strike 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 4.3 kilometres  southwest and along trend of KGHM's Victoria Project (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 that were mined down to a maximum depth of 300 metres. SPC has completed modern UTEM IV geophysical surveys in accessible historic drill holes (see January 16, 2014 News Release) that have identified highly conductive drill targets below the historic mines that have excellent potential to host an economic Ni-Cu-PG...