Transition Metals continues to expand known mineralization at Sunday Lake, intersecting 8.0 metres at 3.85 g/t combined PGMs

SUDBURY, ON, June 4, 2014 /CNW/ - Transition Metals Corp. (XTM – TSX.V)  ("Transition", "the Company"), is pleased to announce initial assay results from the 2014 diamond drill program completed at the company's Sunday Lake Project, located near Thunder Bay, Ontario. The Sunday Lake Project is a joint venture between Transition and Impala Platinum Holdings Ltd. (Implats) of South Africa. The results are from the first three holes submitted of a five hole, 2,550 metre drill program designed to further assess the extent and continuity of platinum rich mineralization reported in January (see news release dated January 27, 2014). Two of the three holes intersected significant platinum rich mineralization including the highest grade material yet encountered. Hole SL-14-003 returned two mineralized intervals including a 15 metre interval containing 2.84 g/t combined precious metals (Pt+Pd+Au or PGMs) that included a 1 metre interval containing 9.75 g/t PGMs.

Table 1: Summary of Assay Results

Note; Lengths of intersections represent core lengths. True widths have not yet been determined from the available data. 

Figure 1 presents a plan view depicting the collar locations of reported holes.

Commenting on the program, CEO Scott McLean stated "The Sunday Lake intrusion appears to have exceptional prospectivity for hosting economic deposits given the size of the intrusion and thick intersections of high platinum content mineralization. To date the drilling programs have defined a mineralized corridor that is approximately 500 metres by 200 metres in size that remains open in all directions. This corridor represents a very small portion of what we believe to be a very large and fertile intrusion."

Discussion of Results

Initial results from the first three holes of the 2014 Sunday Lake diamond drilling program continue to demonstrate the intrusion's potential to host an economic Ni-Cu-PGM deposit.  Thick intersections of gabbroic breccias, ultramafic lithologies and hydrothermally altered country rocks suggest the Sunday Lake Intrusion (SLI) is a relatively large, primitive and contaminated intrusion that has been dynamically emplaced.  To date all holes that have intersected the intrusion have encountered elevated, high platinum tenor PGM mineralization.

SL-14-001 (420m: 290°/-80°): Intersected several narrow mafic to ultramafic dikes (<2m) which cross cut strongly altered granodiorite country rocks.  

SL-14-002 (495m: 315°/-75°):  Intersected 56.4 metres of the SLI from 368.7-425.1 metres.  An 8.0 metre wide zone of blebby to disseminated chalcopyrite+pyrhhotite+pyrite mineralization from 412-420.00 metres returned assay values of 1.67 g/t PGMs, including 3.0 metres of 2.62 g/t PGMs from 417-420 metres.

SL-14-003 (564m: 315°/-87°):  Intersected 150.4 metres of the SLI from 389.3 to 539.7 metres.  Two zones of significant PGM mineralization were intersected;  An 11.7 metre wide zone from 389.3 to 401.0 metres returned 2.79 g/t PGMs within a gabbroic breccia containing 1-5% disseminated to blebby chalcopyrite+pyrrhotite+pyrite mineralization.  Within this interval, a 1.0 metre sample from 393.0 to 394.0 metres returned the highest grade assay on the property to date of 9.75 g/t PGM's including 6.34 g/t platinum.  A second mineralized zone containing 1-3% chalcopyrite+pyrrhotite from 526.0-541.0 metres contained 15.0 metres grading 2.84 g/t PGMs.

Program Update

A total of five holes totaling 2,550 metres were drilled at the Sunday Lake Project in April and May, with the disclosed results representing assays received from the first three holes. At present, drilling on the property is on hold until final results are reviewed.

About the Sunday Lake Property

The Sunday Lake Property is located approximately 25 km north of Thunder Bay and 25 km west of Panoramic Resources Ltd.'s, Thunder Bay North deposit and consists of staked claims and privately owned land optioned in 2013 from Rio Tinto Exploration Canada Inc. (RTEC) and other property holders. The property covers a 3.5 km diameter circular reversely-polarized magnetic anomaly associated with the large buried mafic-ultramafic intrusion interpreted to be Proterozoic in age and related to the Midcontinental Rift (MCR). The MCR is a 2,000 km long geological rift in the center of North America that formed when the North American craton, began to split apart about 1.1 billion years ago. Early phases ('early-rift') of mafic to ultramafic intrusive rocks, with high associated PGMs occur within the MCR. In recent years, several deposits have been discovered in the MCR, including:

• Lundin Mining Corp.'s Eagle deposit: 5.33 Mt @ 3.1% Ni, 2.5% Cu, 1.32 g/t PGM (Probable) ¹
• Panoramic Resource Limited'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 Pt-Eq (Inferred)²

Qualified Person

The technical elements of this press 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 lithium metaborate fusion and ICP-MS. Standards and blanks are submitted with each sample batch.

¹ Resource reported by Lundin Mining, July 2013 NI 43-101 Technical Report on the Eagle Mine, Upper Peninsula of Michigan, USA

² Resource reported by Panoramic Resources, Thunder Bay North deposit: 2011 JORC compliant mineral resources estimate prepared by AMEC Americas Ltd.

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 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.