SUDBURY, ON, Aug. 16, 2013 /CNW/ - Project generator Transition Metals
Corp. (XTM - TSX.V) ("Transition", "the company"), which recently
completed its business combination with HTX Minerals Corp. ("HTX") (see
press release August 14, 2013), subject to final approval of the TSX
Venture Exchange, is pleased to provide an update on its platinum
exploration program in the mid-continental rift (MCR) region of
north-western Ontario. The $1.3M 2013 program is being funded by
strategic alliance partner Implats, one of the world's leaders in the
mining, refining and marketing of platinum group metals (PGM), and work
is being completed by HTX, a wholly-owned subsidiary of Transition.
"Like many others, including Rick Rule, chairman and founder of Sprott
Global Resource Investments, we continue to be very bullish on
platinum, given the global supply and demand situation that's
unfolding," said Scott McLean, president and CEO of Transition. "We like the infrastructure, geopolitical stability and prospectivity of
the MCR region of north-western Ontario and are very optimistic about
the platinum projects we are advancing with Implats."
The MCR is a 2,000 km long geological rift in the center of North
America that formed when the continent's core, the North American
craton, began to split apart about 1.1 billion years ago. Mafic to
ultramafic intrusive rocks, with high associated PGM occur within the
MCR, and several deposits have been discovered in the MCR, including:
Lundin Mining's Eagle deposit: 5.18 Mt @ 2.93% Ni, 2.49% Cu, 1.32 g/t
Panoramic Resource's Thunder Bay North deposit: 9.83 Mt @ 2.87 g/t Pt-Eq
for 0.741 Moz Pt-Eq (Indicated) + 0.53 Mt @ 2.87 g/t Pt-Eq for 0.05 Moz
The strategic alliance has focused its exploration efforts over the past
five years on a 135,200 km2 area of interest north of Lake Superior. Within this area, the alliance
has been exploring the Empire and Dorion Lake projects this summer, and
has recently acquired the Sunday Lake property, from Rio Tinto
Exploration Canada Inc. (RTEC).
The 17 km2Sunday Lake property is situated 25 km north of Thunder Bay, and covers
three-quarters of a large, circular magnetic anomaly that measures 3.5
km in diameter and has been interpreted to be 'early-rift' related and
prospective for PGM.
Drilling in 2011-2012 by RTEC intersected elevated PGM mineralization
along the basal contact of both the mafic and ultramafic horizons and
confirmed the intrusion extends to a depth of 1150 m. To date, only two
of four holes totalling 1,409 m have tested the intrusion, however one
of the holes intersected 3.65m @ 1.02 g/t PGM, beginning at 142 m.
Line cutting and 42 km of detailed geological mapping, ground gravity,
total field magnetics, and surface PulseEM geophysical surveys are
underway with plans to complete 2,750 m of drilling in Q3-Q4 to test
specific features and anomalies identified in the surveys.
Earlier this summer, the company completed exploration work on the 27 km2 Empire Lake property, located 100 km NW of Thunder Bay. Underlying the
property is an Archean-aged mafic intrusion that contains disseminated
sulphides associated with massive magnetite ± illmenite layers. Field
observations identified a 1,700m long zone ranging from 50 to 200m wide
that contains pervasive magnetite +/- illmenite mineralization as well
as local zones of disseminated chalcopyrite, pyrrhotite and pyrite.
Previous sampling had identified anomalous PGM associated with the
disseminated sulphides as well as significant V2O5, Fe2O3 and TiO2 values from the oxide horizons (up to 0.54% V2O5, 53.4% Fe2O3 and 4.29% TiO2). The 2013 exploration program consisted of property mapping and
sampling as well as hand-stripping and channel sampling. Assay results
At the 127 km2 Dorion Lake property, which 45 km NE of Thunder Bay the company
completed a 44 line km horizontal loop electromagnetic (HLEM) survey
and geological mapping, is currently reviewing results, and is planning
to test any significant targets with drilling.
The technical elements of this press release have been approved by Kevin
Stevens, P.Geo (APGO), a Qualified Person under National Instrument
About Transition Metals Corp.
Transition Metals Corp (XTM -TSX.V) is a Canadian-based, multi-commodity
project generator that specializes in converting new exploration ideas
into Canadian discoveries. The award-winning team of geoscientists has
extensive exploration experience in established, emerging and historic
mining camps, and actively develops and tests new ideas for discovering
mineralization in places that others have not looked, which often
allows the company to acquire properties inexpensively. The team is
rigorous in its fieldwork, and combines traditional techniques with
newer ones to help unearth compelling prospects and drill targets.
Transition uses the project generator business model to acquire and
advance multiple exploration projects simultaneously, thereby
maximizing shareholder exposure to discovery and capital gain. Joint
venture partners earn an interest in the projects by funding a
significant portion of higher-risk drilling and exploration, allowing
Transition to conserve capital and minimize shareholder's equity
dilution. The company, which went public in 2011, has an expanding
portfolio that currently includes 30 gold, copper, nickel and platinum
projects primarily in Ontario, Nunavut and Saskatchewan.
Cautionary Note on Forward-Looking Information
Except for statements of historical fact contained herein, the
information in this news release constitutes "forward-looking
information" within the meaning of Canadian securities law. Such
forward-looking information may be identified by words such as "plans",
"proposes", "estimates", "intends", "expects", "believes", "may",
"will" and include without limitation, statements regarding estimated
capital and operating costs, expected production timeline, benefits of
updated development plans, foreign exchange assumptions and regulatory
approvals. There can be no assurance that such statements will prove to
be accurate; actual results and future events could differ materially
from such statements. Factors that could cause actual results to differ
materially include, among others, metal prices, competition, risks
inherent in the mining industry, and regulatory risks. Most of these
factors are outside the control of the Company. Investors are cautioned
not to put undue reliance on forward-looking information. Except as
otherwise required by applicable securities statutes or regulation, the
Company expressly disclaims any intent or obligation to update publicly
forward-looking information, whether as a result of new information,
future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Transition Metals Corp.