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Transition Metals Corp and Impala Platinum sign a Definitive Option Agreement with North American Palladium on the Sunday Lake Pt-Pd Project
Transition Metals Corp and Impala Platinum sign a Definitive Option Agreement with North A...
About this update from Transition Metals Corp.
[{"type":"text","content":"\n\n\n\nTransition Metals Corp and Impala Platinum sign a Definitive Option Agreement with North American Palladium on the Sunday Lake Pt-Pd Project\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nSUDBURY, ON, June 21, 2017\n\n\n\nSUDBURY, ON, June 21, 2017 /CNW/ - Transition Metals Corp (XTM – TSX.V) (\"Transition\", \"the Company\") is pleased to announce the signing of a Definitive Option Agreement with North American Palladium ('NAP') on the Sunday Lake Project.  The property is currently held by Joint Venture Partners, Transition Metals Corp within its wholly-owned subsidiary, HTX Minerals Corp and Impala Platinum Holdings Limited (Implats). Under the terms of the agreement, North American Palladium has the right to acquire a 75% ownership in the Sunday Lake Project by completing work commitments totaling $4.5M and making cash payments of $3.5M over a five year period. \n\nThe property occurs within the emerging Mid-Continental Rift (MCR) base and precious metal camp.  Recent discoveries in the district include Panoramic Resources', Thunder Bay North Project (Indicated Resources 8.46Mt @ 2.09g/t Pt+Pd+Au or PGM1) in Ontario, Lundin Mining's, Eagle Mine (Reserves 3.72Mt @ 2.50% Ni, 2.20% Cu2) in Michigan and Rio Tinto's Tamarack Deposit (Indicated Resource 3.75Mt @ 1.81% Ni, 1.00% Cu, 0.85g/t PGM; Inferred Resource 3.38Mt @ 1.63% Ni, 0.94% Cu, 0.67g/t PGM3) in Minnesota.  The Sunday Lake Project is geologically similar to these important deposits for which XTM has a 25% free carried interest until the completion of Feasibility Study.  \n\nCommenting on the agreement, company CEO and President Scott McLean stated \"We are very pleased with the signing of a Definitive Option Agreement with NAP on our Sunday Lake Project. We continue to view the Sunday Lake Project as a key, high-quality project and we are excited to have NAP as a partner.  NAP will focus on defining mineral resources at Sunday Lake which is 90 km trucking distance from their Lac des Ilse Mine/Mill Complex.\"\n\nOption Agreement Terms\n\nThe Option...