Impala Canada, the joint venture partner of Transition Metals (XTM.V) which owns a 25% free carried interest through to the completion of a feasibility study, has shared additional drill results from deep drill holes completed at the Big Red anomaly, which is part of a much larger 50 hectare anomaly, as you can see here below.
Impala was following up on some very successful holes drilled in 2019 into the Big Red target which encountered thick intervals of PGM mineralization with 41.2 meters of 5.51 g/t PtPdAu and 61 meters of 2.2 g/t PtPdAu. Two of the three holes of the 2020 exploration program targeted the Big Red anomaly again, and once again confirmed the presence of a relatively thick layer of PGM mineralization with 23 meters of 2.42 g/t PtPdAu from 1263 meters downhole as well as a thicker and higher grade interval of 26 meters carrying 2.55 g/t PtPdAu starting at 1435 meters down hole.
We will shortly be in touch with CEO Scott McLean to gain a better understanding of the Big Red anomaly and the Sunday Lake project.
Transition is currently also raising C$1.2M in a combination of flow-through shares (C$450,000 at C$0.18) and hard dollar units (C$750,000 at C$0.15/unit) with each unit consisting of one share as well as a full warrant which will allow the warrant holder to acquire an additional share for C$0.22 during a two year period. The warrants will have an accelerated expiry clause as Transition will be able to bring the expiry date forward to 20 business days after the share price closes above C$0.28 for 20 consecutive trading days.
Disclosure: The author currently has no position in Transition Metals but will likely participate in the recently announced placement.