Transition Metals optimistic after running MT survey at platinum-palladium project in Ontario
Transition Metals (TSXV: XTM) announced this week that it completed a ground magnetotellurics or MT survey and stacked an additional 235 hectares at its 100%-owned Saturday Night project, located north of Thunder Bay, Ontario.
In a press release, the Sudbury-based miner said that the completed MT survey included 37 stations focused on further evaluating a reversely-polarized magnetic anomaly measuring 500 metres by 700 metres that is interpreted to represent a buried mafic to ultramafic intrusion.
"In 2016, the anomaly was tested with a single 601 metre drill hole that resulted in the discovery of the Saturday Night Intrusion (SNI) which is geologically and geochemically analogous to the nearby Sunday Lake Intrusion (SLI). Similar to the SLI, PGM mineralization was intersected along the basal contact of the SNI that returned values of 1.07g/t PGM (0.6 g/t Pt, 0.37 g/t Pd, 0.1 g/t Au) over 6.25 metres including a higher grade section 4.0 g/t PGM (2.21 g/t Pt, 1.46 g/t Pd, 0.33 g/t Au) and 0.56% Cu over 0.30 metres," the media brief states.
The Saturday Night target was generated following the release of airborne geophysical survey data generated by the Ontario Government
Saturday Night is 16 kilometres west of Transition Metals' 25%-owned Sunday Lake project where recent drilling by its partner North American Palladium (TSX:PDL) intersected 5.51g/t Pt+Pd+Au and 0.57% Cu over a core length of 41.20 metres.
"From work completed to date, we are impressed with the similarities between our Saturday Night project and Sunday Lake," Transition's CEO, Scott McLean, said in the media statement. "The good work of our partner, North American Palladium at Sunday Lake, motivated us to carry out the MT survey at Saturday Night. The results are very encouraging and significantly increase the number of drill targets on this highly prospective property and led us to stake additional ground."
According to McLean, results of the MT survey indicate that the SNI is laterally much larger than previously interpreted based on the ground magnetics collected in 2016.
"Similar to the results obtained at the Sunday Lake project, the MT survey has also identified conductive features interpreted to be along the basal contact of the SNI that look prospective for hosting additional sulphide mineralization. As a result of the survey, a total 235 hectares in 11 new claims were added to the northern portion of the property and a drill plan is being developed," he said.