Transition Metals Corp. [XTM-TSXV, TNTMF-OTC] said Tuesday March 27 that it has received the first set of assay results from the continuing drill program conducted by North American Palladium Ltd. [PDL-TSX, PALDF-OTC] on the Sunday Lake platinum-palladium project.
Sunday Lake is located 25 km north of Thunder Bay, Ontario and approximately 95 km south of North American Palladium’s producing Lac Des Iles Mine. The property covers a 3.5-km diameter circular reversely polarized magnetic anomaly associated with a large buried mafic-ultramafic intrusion, which is interpreted to be Proterozoic in age and related to the Mid-Continental Rift.
North American Palladium holds an option to earn a 75% interest in the property and Transition holds a 25% free carried interest through to the completion of a feasibility study.
Transition said results sourced from a North American Palladium March 27, 2018, news release include Hole SL-17-18B, which returned 18.65 metres at 4.05 g/t PGM (platinum+palladium+gold), including 4.9 metres at 6.10 g/t PGM and 0.64 % copper.
“These results demonstrate the potential of the Sunday Lake intrusion to host significant economic mineralization and the grades encountered are higher than other similar deposits and mines in the district,’’ said Transition Metals CEO Scott McLean.
“The geology at Sunday Lake bears many similarities to the company’s 100%-owned Saturday Night Project located in similar geology 16 km to the west that we feel may have similar potential.”
The property is located within an emerging platinum group metals camp.
Recent discoveries in the district include Panoramic Resources Ltd.’s [PANRF-OTC, PAN-ASX] Thunder Bay North Project (indicated resources 8.46 million tonnes at 2.09 g/t PGM) in Ontario, Lundin Mining Corp.’s [LUN-TSX; LUMI-Sweden] Eagle Mine (reserves 3.72 million tonnes at 2.50% nickel, 2.20% copper) in Michigan, and Rio Tinto PLC’s [RIO-LON, ASX] Tamarack deposit (indicated resources 3.75 tonnes at 1.81% nickel, 1.00% copper, 0.85 g/t PGM; inferred resources 3.38 million tonnes at 1.63% nickel, 0.94% copper, 0.67 g/t PGM) in Minnesota.
The Sunday Lake PGM property is held by joint venture partners Transition Metals and Impala Platinum Holdings Ltd. [IMP-JSE]. North American Palladium holds the right to acquire Implats’ interest up to a 75% ownership in the Sunday Lake Project by completing work commitments worth $4.5 million and making cash payments of $3.5 million over five years.
Between October 2017 and March 2018, North American Palladium drilled a total of 8,500 metres in 10 holes. The company continues to drill the property with two rigs on site.
Transitions’s 100%-owned Saturday Night Project is located 16 km west of Sunday Lake and hosts mineralization and geology that is similar to Sunday Lake. The company is currently seeking a partner for Saturday Night.
On Tuesday Transition Metals shares eased 3.13% or $0.005 to $0.155. The 52-week range for the shares is 22 cents and 12 cents.