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Transition Metals Corp Announces That North American Palladium Has Vested for a 51% Interest in Transition's Sunday Lake PGM Project
Sudbury, Ontario--(Newsfile Corp. - August 19, 2019) - Transition Metals Corp (TSXV: XTM) ("Transition", "the Company") is pleased to announce that partner Nort
About this update from Transition Metals Corp.
[{"type":"text","content":" Sudbury, Ontario--(Newsfile Corp. - August 19, 2019) - Transition Metals Corp (TSXV: XTM) (\"Transition\", \"the Company\") is pleased to announce that partner North American Palladium (\"NAP\") has vested for a 51% interest in the Sunday Lake Project (the \"Project\") by completing the Stage 1 Option Terms as described in the news release of June 21, 2017. Under the terms of the Option Agreement, NAP has the right to acquire all of Impala Platinum Holding Limited (\"Implats\"), 75% interest in the Project by providing staged cash payments of $3.5M and by completing exploration expenditures of $4.5M over a five-year period. Transition is entitled to 10% of the cash payments and to date has received $75,000. Transition holds a 25% free carried interest in the project through to the completion of a Feasibility Study. Commenting on the news, Company CEO and President Scott McLean stated, \"We are very pleased with the progress NAP has made at Sunday Lake on behalf of the Joint Venture. Recent results following up our initial discovery now demonstrate that the deposit is significantly bigger and of high grade. We look forward to the next round of drilling planned for this Fall.\" Quote from Jim Gallagher, President and CEO of North American Palladium, \"We are very pleased to partner with Implats and Transition on the Sunday Lake Project, which is NAP's best blue-sky opportunity and a key element of our long-term strategy to build an inventory of high-quality platinum group metal assets in the Thunder Bay region. We have demonstrated that the PGM Zone has significant lateral continuity and are now able to focus on areas of enhanced thickness and grade.\" About the Sunday Lake Property The Sunday Lake PGM (Pt+Pd+Au) Project is located 25 km north of Thunder Bay in Jacques Township and approximately 60 kilometres south of NAP's Lac Des Iles Mine Complex. The mine has been operational for more than 25 years and includes established infrastructure, including an underground mine, surface mining, a 15,000 tpd mill and year-round access. The property hosts the Sunday Lake intrusion which is part of the emerging Proterozoic Mid-Continental Rift (MCR) magmatic event that produced the Eagle nickel deposit (Lundin Mining) in Michigan and the Tamarack (Rio Tinto - Talon Resources) and Duluth Complex (Antofagasta Plc) magmatic sulphide deposits...