Transition Metals Corp (CVE:XTM) announced assay results Tuesday from the drill program on the Sunday Lake PGM property, which Transition owns a 25% free carried interest in through the completion of a feasibility study.
The drilling, conducted by 75% owners Impala Canada and Impala Platinum Holdings Limited, focused on the Big Red Magnetotellurics (MT) anomaly.
The area spans 500 meters by 400 meters, and the four holes drilled to date have each intersected high grade PGM (platinum, palladium and gold) mineralization. The company believes the Big Red anomaly may be part of a larger untested anomaly measuring 1,200 meters by 400 meters.
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"Sunday Lake continues to represent an exciting and important PGM property for Transition Metals,” CEO Scott McLean said in a statement. “Two holes from the recent drilling program intersected the outer extent of the 'Big Red' anomaly and continue to provide high grade intersections over broad widths. In addition, the completion of a 3rd hole into a separate, high quality MT anomaly demonstrates the widespread nature of the PGM mineralization across the property. Exploration on the property is still at an early stage and with continued drilling there is excellent potential of building a significant mineral resource going forward."
Specifically, the drilling revealed 23 meters at 2.42 grams per ton (g/t) PGM, including 9.2 meters at 4.28 g/t PGM in hole SL-20-032-W1. In hole SL-20-033, results showed 26 meters at 2.55 g/t PGM, including 8 meters at 3.89 g/t PGM.
Both holes intersected the edge of the Big Red anomaly and returned a thick interval of PGM mineralization as well as internal high grade sections, the company said.
"In addition to its 25% carried interest at Sunday Lake, Transition owns a 100% interest in the nearby Saturday Night Property where drilling in 2017 intersected mineralization in a similar geological setting to that observed at Sunday Lake,” McLean said. “We are actively looking for a partner to advance this very prospective project as soon as possible."
The Sunday Lake PGM project lies 25 kilometers north of Thunder Bay in Ontario. Transition Metals, based in Sudbury, Ontario, is a multi-commodity project generator that specializes in converting new exploration ideas into Canadian discoveries.
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