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Transition Metals Stakes the Eva Kitto PGM Property Expanding its Exposure to Palladium and Other Platinum Group Metals in Ontario
Sudbury, Ontario--(Newsfile Corp. - February 4, 2020) - Transition Metals Corp (TSXV: XTM) ("Transition", "the Company") is pleased to announce that it has stak
About this update from Transition Metals Corp.
[{"type":"text","content":" Sudbury, Ontario--(Newsfile Corp. - February 4, 2020) - Transition Metals Corp (TSXV: XTM) (\"Transition\", \"the Company\") is pleased to announce that it has staked 91 mining claims covering approximately 1,900 hectares, located east of Lake Nipigon in northwest Ontario. The property covers most of the Eva Kitto Intrusion, an early rift, mafic ultramafic body similar to those that host the Sunday Lake (Ontario), Thunder Bay North (Ontario), Tamarack (Minnesota) and Eagle (Michigan) nickel copper and platinum group (Ni-Cu-PGM) deposits. CEO Scott McLean commented, \"Robust Palladium and Rhodium metal prices have encouraged us to further expand our PGM portfolio. Eva Kitto is a known mineralized intrusion with a number of similarities to our Sunday Lake and Saturday Night projects located closer to Thunder Bay. The Company now has excellent leverage to the rising PGM market with a bundle of projects, share holdings of PGM focused companies and royalties.\" Transition Shareholders have significant leverage to the PGM markets through: 25% free carried interest in the Sunday Lake PGM project currently being drilled by Implats Canada (see Company news release of January 20, 2020). 100% interest in the Saturday Night PGM project located 16 km west of Sunday Lake (see Company news release of January 23, 2017 and May 6, 2019). 100% interest in Eva Kitto PGM project (announced today). 100% interest in the Maude Lake PGM-Ni-Cu project (see Company news release of October 15, 2019). 100% interest in Raglan Hills PGM project located near Bancroft Ontario (see Company news release of January 25, 2016). 100% interest in the Revell PGM property located in northwestern Ontario (see Company news release of September 5, 2018). 15,000,000 shares of SPC Metals; a company focused on exploration of advanced PGM-Ni-Cu properties in the Sudbury Mining Camp. 1,529,000 shares of Class 1 Nickel and Technologies Inc; a company focused on exploring the PGM-rich Dundonald property near Timmins Ontario (see Company news release of April 15, 2019). 2.5% Net Smelter Return royalty on the PGM-rich Dundonald property. About the Eva Kitto Intrusion The Eva Kitto intrusion is one of the largest known Mesoproterozoic mafic to ultramafic intrusions associated with the Midcontinent Rift (MCR), similar in size to the footprint of other known magma conduits hosting wo...