SUDBURY, ON, Nov. 21, 2016 /CNW/ - Sudbury Platinum
Corporation ("SPC" or "the Company") and Transition Metals Corp.
(XTM – TSX.V) ("Transition") are pleased to announce the results of
the borehole geophysical program recently completed on the
Company's 100% owned Lockerby East Property, Sudbury, Ontario.
The Borehole UTEM IV® geophysical survey, completed by
Lamontagne Geophysics Ltd. included the resurveying of 7 historic
drill holes completed by past property owners Falconbridge Ltd. and
First Nickel Inc. The final interpretation also included the
incorporation of borehole UTEM data from 11 historic holes
completed by both Falconbridge Ltd and First Nickel Inc. (FNI) that
were found to be inaccessible for resurveying.
Key Findings
- Identification of 9 very strong geophysical conductors
(5,000-10,000 siemen) extending over a combined distance of 1,100
metres, extending down-dip from the known Lockerby East Deposit to
a vertical depth of 2,000 metres (Figure 1).
- Modelled geophysical conductors occur in close proximity to the
basal contact of the Sudbury Igneous Complex (SIC), which is the
primary host of massive Ni-Cu-PGM mineralization within this region
of the Sudbury Basin.
- Positive correlation between elevated nickel-copper sulfides in
historic drill core and geophysical conductors.
- Minimal drilling has been completed on the West Graham –
Lockerby East Trend below 1,400 metres where the strongest
geophysical responses were observed.
The drill holes resurveyed on the Lockerby East Property,
together with the historic mineral resources (West Graham and
Lockerby East Deposits) highlight a highly prospective mineralized
trend extending from near-surface to a vertical depth of 2,000
metres. Historic drilling on this trend has resulted in the
intersection of two distinct styles of sulphide mineralization.
High-tenor, disseminated Ni-Cu sulphide mineralization associated
with the West Graham Deposit where FNI reported up to 0.51% Ni and
0.34% Cu over a core length of 71.50 metres (see FNI Press
Release dated April 2, 2007). And
high-grade massive Ni-Cu sulphide mineralization such as
encountered at the Lockerby East Deposit where FNI reported up to
5.60% Ni and 1.26% Cu over a core length of 10.0 metres (FNI
Press Release dated February 7,
2006).
SPC President Grant Mourre
remarked "We are very pleased with the results of the borehole
geophysics data collected on the Lockerby East Property. We feel
that the overall strength and size of these conductors further
highlights the excellent potential the Lockerby East Property has
to host Ni-Cu massive sulphide mineralization. Drill planning is
underway to further test and evaluate these high-quality
exploration targets."
On January 25, 2016 SPC announced
the acquisition of the Lockerby East and West Graham Properties.
(see Company Press Release dated January
25, 2016).
About the Lockerby East and West Graham Property
The Property consists of approximately 390 hectares of freehold
patents located on the south range of the SIC, Sudbury, Ontario. It includes 100% of the
Lockerby East and South Patents as well as a 70% interest in the
West Graham Property (30% owned by Landore Resources Ltd.). In
2009, First Nickel Inc., disclosed a NI 43-101 Indicated Resource
for the Conwest Zone at West Graham¹ totaling 8.55 million tonnes
grading 0.45% Ni and 0.31% Cu, along with an Inferred Resource of
2.0 million tonnes grading 0.38% Ni and 0.30% Cu. Adjacent to this
resource at depth lies the Lockerby East Zone² with 0.18 million
tonnes grading 2.32% Ni and 0.78% Cu. The Company considers the
cited public domain resource estimates to be historical in nature
and cautions the reader that they may no longer be relevant. The
Company is not treating the historic estimate as a current mineral
resource. A qualified person has not done sufficient work to
classify the historical estimates as current mineral resources. The
acquisition of the Lockerby East and West Graham Properties does
not include certain property associated with the Lockerby Mine site
which is currently in the process of closure on behalf of the
province of Ontario.
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. Information used in this release
is of a historical nature and has not been verified by the Company
and should not be relied upon. Transition is the majority
shareholder of SPC and holds approximately 36% of the outstanding
shares.
¹ Technical Report on the West Graham Property Conwest Zone
Resource Estimate, Graham Township, Ontario Canada prepared by Scott Wilson Roscoe
Postle Associates Inc., January 15,
2009
² Technical Report on the 2009 Resource Estimate for the
Depth, East and Upper West Zones, Lockerby Mine, Sudbury, Ontario, prepared by First Nickel
Inc., February 23, 2009
About Sudbury Platinum Corp
Sudbury Platinum
Corp. is a Canadian private corporation focused on exploring for
Ni-Cu-PGM in the Sudbury region.
The company is exploring the newly acquired Lockerby East and West
Graham properties as well as 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. The Company also holds a 100% interest in the Owen
Nickel Property. The Company is 36% owned by Transition Metals Corp
(TSX-V) and has a vision is to become a mine developer in the
Sudbury district. Additional
information regarding the company and project can be found on the
Sudbury Platinum Web Site.
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.