ONTARIO – Transition Metals
of Sudbury, ON, has acquired all of the former exploration and development properties of First Nickel
, chief among them the suspended Lockerby nickel-copper-PGM mine near Sudbury. The arrangement includes the Lockerby East and West Graham zones, but not certain parts of the Lockerby mine site where closure is occurring. Transition has agreed to pay $200,000, half in cash and the remainder as 980,392 common shares.
First Nickel acquired the mine and other properties from Falconbridge in 2005. Lockerby was reopened in 2011, but all work ceased in August 2015 and the former owner has applied for receivership.
In 2014 the Lockerby mine produced 13.32 million lb of contained nickel and 7.63 million lb of contained copper. Transition Metals plans to conduct bore hole electromagnetic surveys of historic holes to target new drilling.
Under the terms of an agreement with its 48% owned subsidiary, Sudbury Platinum Corp
., Transition will offer the West Graham property to Sudbury Platinum for its acquisition cost.
The deal with Transition Metals also includes the Dundonald and Raglan Hills nickel properties near Timmins and Bancroft, respectively.
Please visit TransitionMetalsCorp.com
for more information about the company.