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Transition Metals Completes Geophysical Survey at 100% Owned Saturday Night Platinum-Palladium Project, Thunder Bay, Ontario and Stakes Additional Ground
Sudbury, Ontario--(Newsfile Corp. - May 6, 2019) - Transition Metals Corp. (TSXV: XTM) ("Transition", "the Company"), is pleased to announce the completion of a
About this update from Transition Metals Corp.
[{"type":"text","content":" Sudbury, Ontario--(Newsfile Corp. - May 6, 2019) - Transition Metals Corp. (TSXV: XTM) (\"Transition\", \"the Company\"), is pleased to announce the completion of a ground magnetotellurics (MT) survey and the staking of an additional 235 hectares at the Company's 100% owned Saturday Night Project, located 16 kilometres west of the companies 25% owned Sunday Lake Project (see Figure 1 below) where recent drilling by partner North American Palladium Ltd. intersected 5.51g/t Pt+Pd+Au (PGM; 3.22g/t Pt, 2.08g/t Pd, 0.21g/t Au) and 0.57% Cu over a core length of 41.20 metres (refer to XTM Press release dated April 29, 2019). The completed MT survey included 37 stations focused on further evaluating a reversely-polarized magnetic anomaly measuring 500 metres by 700 metres that is interpreted to represent a buried mafic to ultramafic intrusion. In 2016, the anomaly was tested with a single 601 metre drill hole that resulted in the discovery of the Saturday Night Intrusion (SNI) which is geologically and geochemically analogous to the nearby Sunday Lake Intrusion (SLI). Similar to the SLI, PGM mineralization was intersected along the basal contact of the SNI that returned values of 1.07g/t PGM (0.6 g/t Pt, 0.37 g/t Pd, 0.1 g/t Au) over 6.25 metres including a higher grade section 4.0 g/t PGM (2.21 g/t Pt, 1.46 g/t Pd, 0.33 g/t Au) and 0.56% Cu over 0.30 metres (refer to XTM Press release dated January 23, 2017). Commenting on the new results, CEO Scott McLean stated: \"From work completed to date, we are impressed with the similarities between our Saturday Night project and Sunday Lake. The good work of our partner, North American Palladium at Sunday Lake, motivated us to carry out the MT survey at Saturday Night. The results are very encouraging and significantly increase the number of drill targets on this highly prospective property and led us to stake additional ground.\" McLean went on to say: \"The successes at both Sunday Lake and Saturday Lake highlight the effectiveness of the project generator model utilized by Transition that mitigates risk and preserves the upside for our shareholders on a portfolio of projects. Our skilled technical staff generated the Sunday Lake target as part of a five-year reconnaissance program funded by partner Impala Platinum Holdings Limited (Implats) to look for buried mafic to ultramafic intrusion...