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Be the first with the news that moves the market- Transition Metals (TSXV:XTM) has released assays from the Sunday Lake property, which it owns 25 per cent of
- Sunday Lake is a Platinum Group Metals property, with mineralisation primarily hosting platinum, along with gold and other precious metals
- Highlight results include 23.00 metres of assay at 2.42 grams per tonne platinum group metals
- Transition Metals (XTM) is down 2.6 per cent, and trading at $0.185 per share with a $9.3 million market cap
Transition Metals (TSXV:XTM) has announced its assays from the Sunday Lake property just north of Thunder Bay, Ontario.
Impala Holdings holds 75 per cent of the Sunday Lake property. Transition is currently earning itself the other 25 per cent by completing the feasibility study on the site.
The ‘big red’ metallurgical anomaly on the property measures over 500 metres by 400 metres. The company has drilled it four times so far.
All of these drills have intersected mineralisation. This suggests that Big Red may be part of a much larger untested anomaly, measuring approximately 1200 metres by 400 metres.
The drilling program’s highlight results include 23.00 metres of assay at 2.42 grams per tonne platinum group metals. This included 9.20 metres of 4.28 grams per tonne platinum metals.
The other good result came from the second drill hole, which posted 26 metres of assay at 2.55 grams per tonne platinum group metals. This included 8.00 metres at 3.89 grams per tonne platinum metals.
Transition Metals’ CEO, Scott McLean, said that Sunday Lake continues to represent an exciting and important property for the company.
“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 competition of a third hole into a seperate, high-quality MT anomaly demonstrated the widespread nature of the platinum group metals mineralization across the property.
“Exploration on the property is still at an early stage. With continued drilling, there is excellent potential of building a significant mineral resource going forward” Scott said.
Transition Metals (XTM) is down 2.6 per cent and trading at $0.185 per share at 1:32pm EDT.
