Transition Metals Receives OJEP Grant Funding to Resume Drilling at Its Saturday Night PGM Discovery in Early New Year
Transition Metals (TSXV: XTM) has secured matching grant funding up to $200,000 under the Ontario Junior Exploration Program (OJEP) to resume drilling at its Saturday Night PGM discovery near Thunder Bay, Ontario. The company plans to mobilize drilling operations in early January 2025, targeting approximately 1,500 metres across a minimum of two holes.
The project's initial 2016 drilling revealed mineralization of 6.25 metres averaging 1.07g/t PGM's, including a higher-grade section of 4.0 g/t PGM and 0.56% Cu over 0.30 metres. Following a 2018 ground-based audio frequency magnetotelluric (AMT) survey and a 2023 airborne AMT survey, the company has identified new targetable features that may host thick intervals of high-grade PGM with Ni-Cu mineralization, similar to their nearby Sunday Lake deposit.
I metalli di transizione (TSXV: XTM) hanno ottenuto un finanziamento a fondo perduto fino a 200.000 dollari nell'ambito del Programma di Esplorazione Giovanile dell'Ontario (OJEP) per riprendere le perforazioni alla propria scoperta di PGM Saturday Night vicino a Thunder Bay, Ontario. L'azienda prevede di mobilitare le operazioni di perforazione all'inizio di gennaio 2025, puntando a circa 1.500 metri in un minimo di due fori.
Le perforazioni iniziali del 2016 hanno rivelato mineralizzazioni di 6,25 metri con una media di 1,07 g/t di PGM, inclusa una sezione di maggiore qualità di 4,0 g/t di PGM e 0,56% di Cu su 0,30 metri. Dopo un'indagine magnetotellurica a frequenza audio condotta a terra nel 2018 e un'indagine AMT aerea del 2023, l'azienda ha identificato nuove caratteristiche potenzialmente mirabili che potrebbero ospitare spessori consistenti di PGM di alta qualità con mineralizzazione di Ni-Cu, simili al loro deposito di Sunday Lake nelle vicinanze.
Metales de transición (TSXV: XTM) ha asegurado financiación de subvención coincidente de hasta $200,000 bajo el Programa de Exploración Juvenil de Ontario (OJEP) para reanudar la perforación en su descubrimiento de PGM Saturday Night cerca de Thunder Bay, Ontario. La compañía planea movilizar operaciones de perforación a principios de enero de 2025, apuntando a aproximadamente 1,500 metros en un mínimo de dos agujeros.
La perforación inicial de 2016 reveló mineralización de 6.25 metros con un promedio de 1.07 g/t de PGM, incluyendo una sección de mayor grado de 4.0 g/t de PGM y 0.56% de Cu sobre 0.30 metros. Tras un estudio de magnetoteluría de frecuencia de audio en tierra en 2018 y un estudio AMT aéreo en 2023, la compañía ha identificado nuevas características que pueden contener intervalos gruesos de PGM de alta calidad con mineralización de Ni-Cu, similar a su depósito cercano de Sunday Lake.
전이 금속 (TSXV: XTM)은 온타리오 주니어 탐사 프로그램 (OJEP) 아래에서 $200,000까지의 보조금을 확보하여 온타리오주 썬데이 나이트 PGM 발견지 인근에서 드릴링을 재개합니다. 이 회사는 2025년 1월 초에 드릴링 작업을 시작할 계획이며, 최소 두 개 구멍에 걸쳐 약 1,500 미터를 목표로 하고 있습니다.
2016년의 초기 드릴링에서는 6.25미터에 평균 1.07g/t PGM의 광물이 발견되었으며, 그 중 고품질 구간으로는 4.0g/t PGM 및 0.56% Cu가 0.30미터에 걸쳐 존재했습니다. 2018년 지상 음성 주파수 자기유도 (AMT) 조사를 실시한 후 2023년 공중 AMT 조사에서, 회사는 Ni-Cu 광물화가 있는 높은 등급의 PGM이 두껍게 존재하는 새로운 목표 구역을 확인했습니다. 이는 인근의 썬데이 레이크 광산과 유사합니다.
Métaux de transition (TSXV: XTM) a obtenu un financement de subvention jumelée allant jusqu'à 200 000 $ dans le cadre du Programme d'exploration junior de l'Ontario (OJEP) pour reprendre le forage sur sa découverte de PGM de Saturday Night près de Thunder Bay, Ontario. La société prévoit de mobiliser les opérations de forage début janvier 2025, visant environ 1 500 mètres sur un minimum de deux forages.
Les forages initiaux de 2016 ont révélé une minéralisation de 6,25 mètres avec une moyenne de 1,07 g/t de PGM, y compris une section de qualité supérieure de 4,0 g/t de PGM et 0,56 % de Cu sur 0,30 mètres. Suite à une enquête magnétotellurique à fréquence audio au sol en 2018 et une enquête aérienne AMT en 2023, l'entreprise a identifié de nouvelles caractéristiques ciblables qui pourraient abriter des intervalles épais de PGM de haute qualité avec une minéralisation de Ni-Cu, similaires à leur dépôt de Sunday Lake à proximité.
Übergangsmetalle (TSXV: XTM) haben Fördermittel in Höhe von bis zu 200.000 $ im Rahmen des Ontario Junior Exploration Program (OJEP) gesichert, um das Bohren bei ihrer PGM-Entdeckung Saturday Night in der Nähe von Thunder Bay, Ontario, wieder aufzunehmen. Das Unternehmen plant, die Bohrarbeiten Anfang Januar 2025 zu mobilisieren und zielt auf etwa 1.500 Meter in mindestens zwei Löchern ab.
Die ersten Bohrungen aus dem Jahr 2016 zeigten Mineralisierungen von 6,25 Metern mit durchschnittlich 1,07 g/t PGM, einschließlich eines höhergradigen Abschnitts von 4,0 g/t PGM und 0,56 % Cu über 0,30 Meter. Nach einer bodengestützten magnetotellurischen (AMT) Untersuchung in 2018 und einer luftgestützten AMT-Untersuchung in 2023 hat das Unternehmen neue anvisierbare Merkmale identifiziert, die dicke Intervalle von hochgradigen PGM mit Ni-Cu-Mineralisierung beherbergen könnten, ähnlich wie in ihrem nahegelegenen Sonntag Lake-Abbau.
- Secured up to $200,000 in matching grant funding from OJEP
- Previous drilling showed promising mineralization results
- Expanded potential mineralization zone identified through AMT surveys
- None.
- New magmatic sulphide targets outlined by Transition at Saturday Night
- Project approved for matching grant funding up to
$200,000 under the Ontario Junior Exploration Program (OJEP) - Company mobilizing drill to recommence drilling on the project in the New Year
Sudbury, Ontario--(Newsfile Corp. - January 2, 2025) - Transition Metals Corp. (TSXV: XTM) ("Transition", the "Company"), is pleased to announce that is has been given notice that it is eligible to receive matching grant funding up to
In 2016, a single hole was drilled on the Property to test a prospective magnetic target located 16 km to the west of the Company's Sunday Lake discovery. This drill hole intersected mineralization of 6.25 metres averaging 1.07g/t PGM's including a higher-grade section of 4.0 g/t PGM, and
Commenting on the project, CEO Scott McLean stated "We consider this project to be another important discovery for Transition. It was a similar program that led Transition to its discovery in 2013 of the nearby Sunday Lake deposit. We are now very excited to be able to return to Saturday Night and get the drill turning again on this prospective project."
As follow up to the discovery hole, a small ground-based audio frequency magnetotelluric (AMT) survey was completed in 2018. This survey highlighted that the mineralized intrusion at Saturday Night could be larger than the footprint of the targeted magnetic feature and the area covered by the initial AMT survey. To more fully define the full extent of the Saturday Night intrusion, an airborne AMT survey was flown over the Property in 2023. This survey has helped to define targetable features that may host thick intervals of high grade PGM with Ni-Cu mineralization, similar to those found at nearby Sunday Lake deposit.
Next Steps
The Company expects to mobilize a drill to the Property in early January 2025 to undertake approximately 1,500 metres of drilling, in a minimum of two holes. The drilling will test for extensions to the mineralization intersected in the discovery hole, and to more fully assess the prospectivity of the Saturday Night Intrusion.
About the Saturday Night Project
The Saturday Night Project, wholly owned by Transition Metals, comprises 63 staked mining claims situated in Fowler Township, that is located approximately 30 kilometres northwest of Thunder Bay, Ontario within the Robinson Superior Treaty area. The project has year-round road access to a main highway and is close to infrastructure. The exploration work to date has confirmed that a magnetic anomaly found on the Property is linked to an underlying mafic-ultramafic Saturday Night Intrusion (SNI), which is interpreted to have originated during the Proterozoic era and is associated with the renowned Midcontinental Rift (MCR).
The MCR is a geological feature that extends over 2,000 kilometres across the heart of North America. It formed around 1.1 billion years ago as the North American craton began to rift. Notably, the early stages of this rift (referred to as 'early-rift') are associated with the presence of mafic to ultramafic intrusive rocks that contain significant quantities of platinum group metals (PGMs). Nearby MCR related deposits include the Thunder Bay North and Sunday Lake deposit. The Sunday Lake deposit was discovered by Transition in partnership with Implats Platinum in 2013. Other rift related Ni-Cu and PGM bearing systems include the Eagle deposit located in Michigan, and the Tamarack and Duluth deposits located in Minnesota. The Saturday Night Project is currently in the early exploration phase, with ongoing assessments aimed at determining the potential of the Property to host PGM mineralization of interest. The Property is subject to an underlying
Government Exploration Grant Program (OJEP)
Transition Metals Corp. would like to acknowledge financial support from the 2024-25 Ontario Junior Exploration Program (OJEP) for the Saturday Night Project, in Ontario. Through the OJEP program, Transition has been selected to receive up to
It's important to note that the opinions and views expressed in this announcement are those of Transition Metals Corp., and do not necessarily reflect those of the Government of Ontario.
Qualified Person
The technical elements of this news release have been approved by Mr. Benjamin Williams, P.Geo. (PGO), Senior Geologist of Transition Metals Corp. and a Qualified Person under National Instrument 43-101
About Transition Metals Corp.
Transition Metals Corp. (TSXV: XTM) is a Canadian-based, multi-commodity explorer. Its award-winning team of geoscientists has extensive exploration experience which actively develops and tests new ideas for discovering mineralization in places that others have not looked, often allowing the company to acquire properties inexpensively. 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.
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.transitionmetalscorp.com or by contacting:
Scott McLean
President and CEO
Transition Metals Corp.
Tel: (705) 669-1777
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/235788
FAQ
What grant funding did Transition Metals (TNTMF) receive for the Saturday Night project?
When will TNTMF resume drilling at the Saturday Night PGM project?
What were the mineralization results from TNTMF's 2016 drilling at Saturday Night?
What exploration surveys has TNTMF conducted at the Saturday Night property?
