Plan map of the Sunday Lake property. (Image: Transition Metals Corp.)
ONTARIO – News comes from Transition Metals Corp. of Sudbury, Ont., that its partner at the Sunday Lake platinum group metals project, North American Palladium (NAP), has earned a vested 51% interest in the project 25 km north of Thunder Bay.
NAP has completed a $1.5-million exploration program on the property and made cash payments of $75,000 to Transition and $675,000 to Impala Platinum Holding. The company can eventually earn all of Implats 75% by continued exploration spending and additional cash payments to Transition and Implats within a five year period beginning when the option was granted in 2017. Transition will retain its 25% interest.
Sunday Lake is located 95 km south of NAP’s palladium mine. Drilling earlier this year returned the thickest and highest grade intersection so far in hole SL019-026. The core returned 41.2 metres grading 5.51 g/t PGM and 0.57% copper including a high grade section of 15.8 metres ay 9.11 g/t PGM and 0.88% Cu. Hole SL-19-29 cut 61.0 metres grading 2.20 g/t PGM including 8.17 metres at 5.44 g/t PGM.
Additional drill results are posted at www.TransitionMetalsCorp.com.
Transition also owns 100% of the Saturday Night project only 16 km west of Sunday Lake. The company says the mineralization and geology are similar to Sunday Lake.