Sudbury, March 02, 2015
–Sudbury Platinum Corporation (“SPC”)
and Transition Metals Corp. (XTM – TSX.V, “Transition”, “the Company”)
are pleased to announce initial results from its on-going drill program at the company’s Aer-Kidd Project, located on the Worthington Offset Dyke of the Sudbury Igneous Complex. Two of the companies first three holes returning two significant intersections of Ni-Cu-PGM mineralization.
- Hole AK-14-01A intersected 8.1 metres containing 1.04% Ni, 0.75% Cu and 2.40g/t PGM (Pt+Pd+Au) from 900.8-908.9 metres including a higher grade section of 2.47% Ni, 2.47% Cu and 10.18g/t PGM over 1.65 metres from 907.25-908.90 metres.
- Hole AK-14-001 returned a 1.75 metre zone of 1.37% Ni, 0.50% Cu and 1.64g/t PGM from 960.1-961.85 metres including a higher grade section of 2.34% Ni, 0.5% Cu and 2.43g/t PGM over 0.80 metres from 961.05-961.85.
- High grade gersdorffite-bearing mineralization returned PGM values of 2.97g/t Pt, 24.20g/t Pd and 1.94g/t Au over a 0.40 metres interval in AK-14-001A.
- Host geology is consistent with the reported host geology of Vale’s Totten deposit located 2.0 kilometres southwest of the Aer-Kidd Property.
- Borehole geophysics indicates that the mineralized zones remain open to the east as well as both up-dip and down-dip of the reported intersections.
Assay results from the recent drill program are summarized below:Table 1: Drill intersection results from AK-14-001 and AK-14-001A
Note: * All intercepts reported are down hole lengths, not true thicknesses. Insufficient drilling has been completed to date to define the orientation of the mineralized zone in space.
Scott McLean, P.Geo., CEO of SPC comments, “We are very pleased to achieve these results early in our exploration program at Aer-Kidd. We are especially encouraged that two of our first three cuts of the Worthington Offset Dyke have returned intervals of semi-massive to massive Ni-Cu-PGM mineralization. SPC is continuing to advance the drill program and plans to follow-up with more drill holes in the short term”.Discussion of Results
Sudbury Offset Dyke mineral deposits are typically associated with inclusion or fragment-rich phases within the core of the Quartz Diorite (QD) Dykes. Ore zones normally form extensive, steeply plunging bodies of fragment rich, sulphide-rich QD located within wider portions of the dykes. Southwest of the Aer-Kidd property, at Vale’s Totten Mine, the most heavily mineralized inclusion-rich QD contains between 10-75% locally derived amphibolite inclusions that can range in size from 0.20 to 10.0+ metres in diameter. Field mapping completed in the summer of 2014 identified four similar geological environments on the Aer-Kidd Property all associated with areas of known mineralization (Howland Pit, Robinson Mine, Rosen Mine and Perch Lake) (see Figure 1). The ongoing Aer-Kidd drill program is designed to test these prospective geological environments that are coincident with conductive features. AK-14-001 (1,118m: 300°/-85°)
: Designed to test an area of high conductivity on the Worthington Offset Dyke down-dip of the historic Howland Pit. Two separate intervals of the Offset Dyke were intersected over a combined length of 67.45 metres from 876.1-940.7 metres and also 959.4-962.25 metres. Favourable amphibolite-rich inclusion quartz diorite (AIQD) was intersected over a length of 20.10 metres from 910.40-930.50 metres that contained two zones of massive sulphide. Assay results returned a 1.75 metre zone of 1.37% Ni, 0.50% Cu and 1.64g/t PGM
from 960.1-961.85 metres including a higher grade section of 2.34% Ni, 0.5% Cu and 2.43g/t PGM
over 0.80 metres from 961.05-961.85.AK-14-001A (1,017m: wedge cut at 543.0 metres)
: The hole intersected the Offset Dyke approximately 50 metres up-dip of the AK-14-001 intersection. Two separate intervals of the Offset Dyke were intersected over a combined length of 86.05 metres from 824.8-896.6 metres and also 899.70-913.95 metres. AIQD was intersected over a core length of 7.0 metres from 902.0-909.0 metres and contained massive and semi-massive sulphide mineralization as veins and stringers wrapping around large amphibolite fragments. Assay results returned a 8.10 metre zone of 1.04% Ni, 0.75% Cu and 2.40g/t PGM
from 900.8-908.9 metres including a higher grade section of 2.47% Ni, 2.47% Cu and 10.18g/t PGM
over 1.65 metres from 907.25-908.90 metres.
The longitudinal section (Figure 2, 3 & 4) illustrates the location of the QD intersection midpoints of AK-14-001 and AK-14-001A in relation to the historic drilling and the modelled electromagnetic (EM) targets. Follow-up borehole electromagnetic (BHEM) surveys in AK-14-001 and 001A indicates that the high conductivity area associated with the sulphide intersections continues up-dip and east of the current drilling for in excess of 150 metres. This area has been targeted for an additional wedge cut from AK-14-001A. AK-14-002 (621m: 290°/-88°)
: Designed to test an area of high conductivity identified from recent BHEM surveys at a downhole depth of 1,200 metres. The hole was abandoned due to technical drilling problems. AK-14-002A (1,419m: wedge cut at 567.0 metres)
: The hole was a wedge cut off of hole AK-14-002 and intersected the QD dyke over a core length of 66.9 metres from 1206.5-1273.4 metres. AIQD was encountered over a core length of 36.55 metres from 1216.3-1252.85 metres consisting of numerous well-rounded to sub-rounded amphibolite fragments ranging in size from 0.05 metres up to 8.0 metres in diameter accounting for about 70% of the total interval. A BHEM survey was completed in hole AK-14-002A and defined a moderate offhole conductor east of the hole (refer to Figure 2) that has an orientation consistent with that of the Offset Dyke. Assay results are pending.
Grant Mourre, P.Geo., President of SPC and Qualified Person explains, “We are encouraged by the fact that we have intersected both the right geology and also identified a new zone of Ni-Cu-PGM rich massive sulphide mineralization. The close relationship between the accumulation of sulphide mineralization and the occurrence of AIQD is a consistent theme throughout the Worthington Offset Dyke and leads us to believe that we are within a highly prospective environment for a significant discovery”.
Please refer to Figures 1 through 4 for additional information. If you are having difficulties viewing the figures please visit the Aer-Kidd project section at www.sudburyplatinumcorp.com or use the following link: SPC Press Release to download the pdf version of this release.Figure 1:
Plan Map of the Aer-Kidd Property.Figure 2:
Longitudinal Section of the Aer-Kidd PropertyFigure 3:
Detailed longitudinal section of the AK-14-001 and 001A area. Figure 4:
Cross-section through the AK-14-001 and 001A area.About the Aer-Kidd Property
The Aer-Kidd Property is located ~20 kilometres southwest of Sudbury, Ontario and covers a 1.4 kilometre section of the Worthington Offset Dyke in an area with a rich mining history, dating back to the 1800's. The property is approximately 2.6 kilometres along strike to the northeast of Vale's Totten Mine (10.1 million tonnes grading 1.5% Ni, 1.97% Cu, 4.8g/t PGM)
¹ that is currently in production and 4.3 kilometres to the southwest and along trend of KGHM’s Victoria Project (14.5 million tonnes grading 2.5% Ni, 2.5% Cu, 7.6 g/t PGM)
² which is currently being developed. The Aer-Kidd Property hosts the former producing Howland Pit, Robinson and Rosen Mines, which were small deposits mined down to a maximum depth of 300 metres. SPC has completed modern UTEM IV geophysical surveys in some historic holes (see News Release of January 16, 2014) that have identified highly conductive drill targets below the historic mines that have excellent potential to host an economic Ni-Cu-PGM deposit. 1 Resource reported by Inco; January 31, 2001 News Release
2 Resource reported by KGHM; January 16, 2012 News Release.Sudbury Platinum Corporation at the PDAC
SPC will be exhibiting in the PDAC Investor Exchange on Tuesday March 3rd and Wednesday March 4th
in the Investor Exchange at Booth 2217B
and will have drill core on display. In addition, Company CEO Scott McLean will provide an update at the Investor Exchange Forum between 11:30am and 12:00pm on Monday March 2nd
.Transition Metals at the PDAC
Transition will be exhibiting in the PDAC Investor Exchange from Sunday March 1st to Wednesday March 4th at Booth 2344
. As well, the Company will be showcasing core samples and drill sections from its Sunday Lake Platinum discovery located near Thunder Bay Ontario in the Core Shack, on Sunday March 1st and Monday March 2nd at Booth 17N
. Qualified Person
The technical elements of this news release have been approved by Mr. Grant Mourre, P.Geo (APGO), a Qualified Person under National Instrument 43-101. All samples were analyzed in Vancouver by ALS Chemex. Platinum, palladium and gold values were determined together using standard lead oxide collection fire assay and ICP-AES finish. Base metal values were determined using sodium peroxide fusion and ICP-AES finish. Silver values were determined using an aqua regia digestions and an AAS finish. A Certified Reference Material (CRM) standard, blank or duplicate is inserted on every 10th sample in the following order: CRM, blank, CRM, duplicate. The cycle repeats every 40 samples, thus ensuring that 10% of samples submitted are control samples. Laboratory checks are also done with one sample in every batch (max 40 samples) being submitted to an external lab for comparison.About Sudbury Platinum Corporation
Sudbury Platinum Corporation, a private corporation 48% owned subsidiary of Transition Metals Corp (XTM –TSX-V), is a Canadian private corporation focused on exploring for nickel, copper and platinum group metals in the Sudbury region. The Company is exploring its key 100% owned Aer-Kidd Property, an advanced exploration property located on the prospective Worthington Offset Dyke, in the heart of the Sudbury mining camp and holds a 100% interest in the Owen Nickel Property. The Company vision is to become a mine developer in the Sudbury district. Additional information regarding the company and project can be found at www.sudburyplatinumcorp.comAbout 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 company, which went public in 2011, has an expanding portfolio that currently includes 25+ gold, copper, nickel and platinum projects primarily in Ontario, Nunavut, Northwest Territories, British Columbia, Saskatchewan and Minnesota. www.transitionmetalscorp.comCautionary 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.
Further information is available at www.sudburyplatinumcorp.com or by contacting:
Chief Executive Officer
Sudbury Platinum Corporation
Tel: (705) 669-1777
Figure 1: Plan Map of the Aer-Kidd Property.
Figure 2: Longitudinal Section of the Aer-Kidd Property
Figure 3: Detailed longitudinal section of the AK-14-001 and 001A area.
Figure 4: Cross-section through the AK-14-001 and 001A area.