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Transition Metals Resumes Drilling at Saturday Night PGM Discovery with OJEP Grant Funding

AInvestThursday, Jan 2, 2025 7:58 am ET
1min read


Transition Metals Corp. (TSXV: XTM) has received a significant boost to its exploration efforts at the Saturday Night PGM discovery near Thunder Bay, Ontario. The company has been granted matching grant funding up to $200,000 under the Ontario Junior Exploration Program (OJEP) to resume drilling operations in early January 2025. This funding will cover 50% of eligible exploration costs, allowing Transition Metals to target approximately 1,500 metres across a minimum of two holes.

The Saturday Night PGM discovery is a promising project for Transition Metals, as it is associated with the Midcontinental Rift (MCR), a geological feature that extends over 2,000 kilometres across the heart of North America. The MCR is known for hosting significant quantities of platinum group metals (PGMs), and the Saturday Night Intrusion (SNI) is interpreted to have originated during the Proterozoic era and is associated with this rift. The SNI overlies a prominent circular remnant magnetic anomaly, similar to anomalies associated with the Sunday Lake and Thunder Bay North intrusions.

The initial 2016 drilling at the Saturday Night PGM discovery revealed mineralization of 6.25 metres averaging 1.07 g/t PGMs, including a higher-grade section of 4.0 g/t PGM and 0.56% Cu over a core length of 0.30 metres. This mineralization is associated with the mafic to ultramafic lithologies along the basal contact of the intrusion. The area of interest is comprised primarily of disseminated to blebby pyrrhotite and chalcopyrite.

Transition Metals has conducted follow-up surveys, including a 2018 ground-based audio frequency magnetotelluric (AMT) survey and a 2023 airborne AMT survey, to define targetable features that may host thick intervals of high-grade PGM with Ni-Cu mineralization, similar to those found at the nearby Sunday Lake deposit. These surveys have helped to expand the understanding of the SNI's geological context and potential for PGM mineralization.

With the OJEP grant funding, Transition Metals will be able to resume drilling at the Saturday Night PGM discovery, testing for extensions to the mineralization intersected in the discovery hole and to more fully assess the prospectivity of the SNI. This funding will support the company's long-term strategy for the project and its potential partnership opportunities.



In conclusion, the OJEP grant funding will enable Transition Metals to resume drilling at the Saturday Night PGM discovery, supporting the company's long-term strategy for the project and its potential partnership opportunities. The SNI's geological setting and mineralization make it a promising target for PGM mineralization, and the company's follow-up surveys have expanded the understanding of the project's potential. With the OJEP grant funding, Transition Metals is well-positioned to advance the Saturday Night PGM discovery and potentially bring it into production.
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