Sudbury, November 6, 2018 – SPC Metals (“SPC”, the Company) and Transition Metals Corp. (XTM – TSX.V, “Transition”) are pleased to provide a corporate update and to announce assay results from fall drilling at the company’s Aer-Kidd Project, near Sudbury Ontario. SPC is a division of Sudbury Platinum Corporation, a private company in which by Transition Metals has a 28% ownership.
The Company has completed the drilling of two holes totaling 1,265 m to test an electromagnetic (EM) anomaly (see SPC March 5, 2018 news release) detected 350m down-dip of the past producing Robinson Mine.
Scott McLean, P.Geo., CEO of SPC stated, “We’re very encouraged by the results at Aer-Kidd. The high-grade mineralization intersections detected in both drill holes demonstrate the property’s potential for high-grade Ni-Cu-Co-PGM mineralization similar to the adjacent world class Totten and Victoria deposits.”
Table 1: Highlight Drill Intersections
|Hole||From (m)||To (m)||Length* (m)||Ni wt.%||Cu wt.%||Co wt.%||Pt g/t||Pd g/t||Au g/t||Ag g/t||3E g/t||S wt.%||NiEq %|
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. Nickel Equivalent (NiEq) is calculating utilizing $US metal prices of; $5.30 per lb Ni, $2.80 per lb Cu, $24 per lb Co, $865 per oz Pt, $1,100 per oz Pd, $1,225 per oz Au and $14.70 per oz Ag.
Aer-Kidd Property, Sudbury Ontario
Located within the SW corner of the prolific Sudbury Mining Camp, the Aer-Kidd Property consists of a 1.4 km section of the Worthington Offset Dyke (WOD). The WOD hosts several high-grade Ni-Cu-Co-PGM deposits including Vale's Totten Mine (10.1Mt @ 1.5% Ni, 1.97% Cu, 4.8g/t PGM)¹ located 1.8 km SW of the Aer-Kidd Property and KGHM’s Victoria Development Project (14.5Mt @ 2.5% Ni, 2.5% Cu, 7.6 g/t PGM)² located 3.0 km NE of the Aer-Kidd Property. On the property, the WOD consists of a NE-SW trending, steeply dipping composite dyke ranging in width from 40 to 70 m. The dyke displays a distinct zonation in both inclusion and sulphide contents from the margin to the core of the dyke. Locally, the dyke contains a core of inclusion-rich quartz diorite (IQD), which can be choked with inclusions surrounded by high-grade semi-massive to massive sulphide mineralization. The orebodies within the WOD are primarily hosted within discontinuous phases of the IQD that contain 10 to 80% amphibolite inclusions (AIQD) that can range in size from less than 10 cm to greater than 10 m in diameter. Zones of AIQD form discontinuous lenses within the center of the dyke that can range in size from a few 10’s of m up to 100’s of m in length and width while the vertical extents of these zones can be greater than 1,000 m. The semi-massive sulphides intersected to date on the Property are associated with zones of AIQD.
Robinson Mine Past Production
The Aer-Kidd Property hosts three past producing Ni-Cu-Co-PGM mines, the Howland Pit, Robinson Mine and the Rosen Mine all of which are associated with pipe-like zones of AIQD. The Robinson Mine was discovered in 1887 and saw sporadic developed and minor production over the next 30 years. Official production at the Robinson Mine began in 1966 and was abruptly suspended in 1968 due to a fire in the hoist and compressor room. Pre-production reserves at Robinson were reported in 1967 as 497,7443 tons to the 800 ft level of proven and possible reserves grading 0.62% Ni and 0.71% Cu with a 10% dilution. Production on the property lasted for a three years period from 1966 to 1968 during which an estimated 462,743 tons4 of ore were hoisted from both the Robinson and Rosen Mines.
Robinson Mine (down-dip)
SPC initially targeted the area for a potential down-dip extension to the Robinson Mine. Historic drilling completed by Kidd Copper in 1968 returned 1.46% Ni, 0.61% Cu over 28.7m (U9-E2)5 approximately 150 m beneath the 950 ft level of the Robinson Mine while Crowflight Minerals Inc. reported 1.42% Ni, 0.62%Cu and 1.76g/t PGM over 8.27 m (W03-03AW1)6 approximately 500 m beneath the 950 ft level. In 2015, SPC further tested this area with AK-15-003 and intersected 0.67% Ni, 0.99% Cu, 0.02% Co and 1.46g/t PGM over 9.15 m (see May 25th, 2015 News Release). Mineralization within this area occurs as either Cu-rich disseminated to blebby sulphides, as in AK-15-003, or as massive sulphides associated with well-developed zones of AIQD, such as in W03-03AW1. Borehole geophysical surveys in the area have identified several high-conductivity anomalies that remain to be tested. As part of the 2017 winter drill program, SPC completed hole AK-17-025 that was collared within the footwall to the Robinson Mine and was designed to be a geophysical platform hole down to a vertical depth of 600m. The results of survey indicate a strong offhole anomaly 25 to 50 m down-dip of the intersections in hole U9-E2 and AK-15-003. This anomaly was the target of both AK-18-030 and AK-18-030A.
Refer to Figure 1 for a long section of the Robinson Mine area that highlights the reported holes as well as many of the others mentioned in this release.
SPC is currently reviewing all of the new information collected in 2018 and incorporating the data into the geological model that will be used for further target generation. Opportunity for additional mineralization is interpreted to occur along the down-dip Robinson Mine trend but also across the property (see Figure 1). With the new information gained SPC will continue to advance its plan of completing an IPO early in 2019.
1 Resource reported by Inco; January 31, 2001 News Release.
2 Resource reported by KGHM; January 16, 2012 News Release.
3 Robinson and Rosen Mine Reserve Estimate; 1967-1968 Can. Mines Handbook.
4 Robinson and Rosen Mine Reserve Estimate; 1968-1969 Can. Mines Handbook.
5 ‘Kidd Copper Suspension Lasted One Week’; Northern Miner Article, January 4, 1968, No 41, pg14.
6 Crowflight Minerals Inc.; February 05, 2004 News Release.
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. Over limits for Pd were determined using fire assay and AAS. 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
SPC is a division of Sudbury Platinum Corporation, is a Canadian private corporation focused on exploring for Ni-Cu-PGM in the Sudbury region. The Company is exploring its key 100% owned exploration projects Aer-Kidd and Lockerby East both located in the heart of the Sudbury mining camp. Additional information regarding the company and project can be found at www.sudburyplatinumcorp.com
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.
Further information is available at www.sudburyplatinumcorp.com or by contacting:
Chief Executive Officer
Tel: (705) 669-1777
Figure 1: Robinson Mine