Business
Transition to Drill Sunday Lake Platinum Project
SUDBURY, ON , Oct. 17, 2013 /CNW/ - Project generator Transition Metals Corp. (TSXV: ...
About this update from Transition Metals Corp.
[{"type":"text","content":"\n\n\n\n\n\nSUDBURY, ON, Oct. 17, 2013 /CNW/ - Project generator Transition Metals\n Corp. (TSXV: XTM)  (\"Transition\", \"the Company\"), is pleased to provide\n an update on its platinum exploration program, on the Sunday Lake\n property, in the mid-continental rift (MCR) region of north-western\n Ontario. Transition has completed a comprehensive program of mapping\n and ground geophysics including Magnetic, Gravity and EM surveys and\n plans to complete a 3,000m diamond drill program over the coming weeks.\n The 2013 exploration program at Sunday Lake is being funded by\n strategic alliance partner Impala Platinum Holdings Limited (Implats),\n one of the world's leaders in the mining, refining and marketing of\n platinum group metals (PGM).\n\n\n\"We are pleased with the caliber of the geophysical and geological\n targets we have defined at Sunday Lake\" commented CEO Scott Mclean.\n \"which appear to be some of the best we have developed in the MCR so\n far.\"\n\n\nSunday Lake Property Overview\n\n\nThe 17 km2 Sunday Lake property is located approximately 25 km North of Thunder\n Bay and 25 km west of the Panoramic Resources Thunder Bay North deposit\n and consists of staked claims and privately owned land optioned in 2013\n from Rio Tinto Exploration Canada Inc. (RTEC) and other property\n holders. The property covers a 3.5 km diameter circular magnetic\n anomaly associated with a large buried mafic-ultramafic intrusion\n interpreted to be 'early rift' in age and considered prospective for\n hosting PGM-Ni-Cu mineralization. The MCR is a 2,000 km long\n geological rift in the center of North America that formed when the\n continent's core, the North American craton, began to split apart about\n 1.1 billion years ago. Mafic to ultramafic intrusive 'early rift'\n rocks, with high associated Platinum Group Metals occur within the MCR.\n In recent years, several deposits have been discovered in the MCR,\n including:\n\n\nLundin Mining's Eagle deposit: 5.33 Mt @ 3.1% Ni, 2.5% Cu, 1.32 g/t PGM\n (Probable)¹\n\n\nPanoramic Resource's Thunder Bay North deposit: 9.83 Mt @ 2.87 g/t Pt-Eq\n for 0.741 Moz Pt-Eq (Indicated) + 0.53 Mt @ 2.87 g/t Pt-Eq for 0.05 Moz\n Pt-Eq (Inferred)²\n\n\nTo date, only two of four holes for a total of 1,893 m drilled on the\n property, have intersected the 'Sunday Lake intrusion'...