Sudbury, Ontario--(Newsfile Corp. - September 14, 2020) - Sudbury Platinum Corp ("SPC Metals", the "Company"), a Canadian private corporation focused on exploring for Ni-Cu-PGM in the Sudbury region, is pleased to announce it has entered into an option agreement (the "Agreement") to acquire an 100% interest in the Janes Property located 45 kilometres northwest of the City of Sudbury in Ontario, Canada.
Initial sampling of the known showings by the Company have returned significant grades in grab samples including one sample that returned 675 g/t Pd, 80.89 g/t Pt, 35.90 g/t Au, .013 g/t Rh, 7.9 g/t Ag, 0.20% Ni, and 0.53% Cu. Assay results are shown in Table 1.
Table 1
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Note: Grab samples are selected samples and are not necessarily representative of the mineralization hosted on the property. 3E PGE equals Pd+Pt+Au. Rh is an abbreviation for Rhodium.
Commenting on the Results, SPC Metals' President, Grant Mourre stated, "The assay results from Trenches 1 and 4 illustrate the high-grade nature of both the disseminated and massive sulphides and the bonanza grades that can occur on the property."
The Janes Property was initially explored in 1969 by Kennco Exploration (Canada) Ltd, which reported both disseminated and massive Cu-Ni sulphide mineralization (Pt, Pd or Au ("PGM") not reported) occurring near the base of a large Nipissing Diabase sill. Of significant interest was drill hole 69-08 that intersected 10.7 metres of 1.27% Ni and 1.59% Cu1 (PGM's not reported) at a depth of 172.8 metres. This drill hole was subsequently re-assayed by Falconbridge Limited in 1989 returning a weighted average of 1.51% Ni, 1.86% Cu, 0.27 g/t Pt, 1.30 g/t Pd, 0.21 g/t Au and 5.33 g/t Ag over 7.9 metres2 from 172.8 to 180.7 metres.
Between 1998 and 2001, the property was explored jointly by Pacific North West Capital Corp ("PFN") (now New Age Metals) and Anglo Platinum Corporation Ltd. under an option agreement with the current owner. Exploration activities focused on the basal contact of the sill where both disseminated and massive sulphide mineralization was exposed in a series of trenches over a strike length of > 400 metres.
Trench 1: Dominated by PGM-rich disseminated sulphides, hosted within a hypersthene-bearing gabbro unit situated 10 to 50 metres above the basal contact of the sill and the surrounding metasediments. In 1997, PFN reported channel sample values of 3.52 g/t Pd, 0.44 g/t Pt, 0.40 g/t Au (4.36 g/t PGM), 1.04% Cu and 0.42% Ni over 13.34 metres3 across the width of Trench 1. In 1999, drilling completed down-dip of this mineralization (JR99-01) intersected 15.05 metres grading 3.10 g/t Pt+Pd+Au, 1.08% Cu and 0.27% Ni4 (from 35.00 to 50.05 metres).
Trench 4 (200 metres northeast of Trench 1): Dominated by both disseminated and massive sulphide mineralization hosted within a sediment-gabbro breccia at the basal contact of the sill. In 1998, PFN reported channel sample values of 13.40 g/t Pd, 6.20 g/t Pt, 2.20 g/t Au (21.80 g/t PGM), 0.61% Cu and 0.24% Ni over 2.80 metres5. In 1999, drilling completed on the outcrop (JR99-03) intersected 8.68 metres grading 4.45 g/t Pt+Pd+Au, 0.44% Cu and 0.69% Ni4 (from 0.00 to 8.68 metres).
Note: All drilling intervals are down-hole lengths. True thicknesses cannot be estimated with available information.
Commenting on the Transaction, SPC Metals' Chief Executive Officer, Scott McLean stated, "We are excited about adding the Janes Property to our existing portfolio of projects focused on nickel and precious metals in the Sudbury Mining District. We feel the property has potential for both near-surface PGM-rich mineralization as well as high-grade massive nickel mineralization at depth. The Company will initially focus on evaluating the near-surface economic potential of the property and later transition to evaluating the potential to host massive sulphide mineralization."
The Company plans to immediately initiate a systematic exploration program by completing a modern electromagnetic survey, in combination with further geochemical sampling, geologic mapping and prospecting. Targets generated from this work will be tested with diamond drilling scheduled for later this year.
- Assessment Report MNDM 1997_41I09NW2002, Goldwright Exploration 1997
- Assessment Report MNDM 1999_41I09NW2019, Pacific North West Resource Capital Corporation
- Press Release Pacific North West Capital Corporation, October 28, 1998
- Press Release Pacific North West Capital Corporation, July 5, 1999
- Jobin-Bevan, L.S., N. MacRae, R. Keays, 1999. Cu-Ni-PGE in Nipissing Diabase: Results from Surface and Core Sampling; Summary of Field Work and Other Activities 1999, Ontario Geological Survey, Miscellaneous Paper, p. 33-1 - 33-5
Option Agreement Terms
Under the terms of the Agreement, the Company can acquire an 100% interest in the Janes Property by paying the vendor total cash payments of $355,000, completing $227,000 in exploration expenditures and issuing to the vendor a total of $155,000 in shares over a five year period.
If the Company vests a 100% interest, the vendor will retain a 2% Net Smelter Returns Royalty (the "NSR") on most of the property with SPC Metals retaining the right to buy back the first 1.0% NSR for $1,000,000 and the remaining 1.0% for $500,000 up to the time of commercial production. PFN holds a legacy 1% NSR on certain claims contained within the Janes Property. SPC Metals retains the right to buy back the royalty for $500,000. Under the terms of the agreement the maximum NSR on any portion of the property is 2.0%.
Qualified Person
The technical elements of this news release have been approved by Mr. Grant Mourre, P.Geo. (PGO), president of SPC Metals and a Qualified Person under National Instrument 43-101. All samples submitted by SPC Metals were analyzed in Vancouver by ALS Chemex. Platinum, palladium and gold values were determined together using standard lead oxide collection fire assay and ICP-AES finish. Rhodium were determined by fire assay, gold collection and ICP-MS finish. Base metal values were determined using sodium peroxide fusion and ICP-AES finish. Silver values were determined using an aqua regia digestions and an AAS finish. Over limit for Au determined by fire assay and gravimetric finish. Over limit for Pt and Pd determined by fire assay and an AAS finish. Historical drill results reported herein have not been verified by SPC Metals, as the historical drill core is no longer available and hence these results should not be relied upon.
About Sudbury Platinum Corporation
Sudbury Platinum Corporation is a Canadian private corporation focused on exploring for Ni-Cu-PGM in the Sudbury region. The Company is exploring its key 100% owned exploration projects Aer-Kidd and Lockerby East both located in the heart of the Sudbury mining camp with a plan to list in the near future. To date it has carried out $10M in exploration activities since being founding in 2013. Additional information regarding the Company and project can be found at www.sudburyplatinumcorp.com
Cautionary Note on Forward-Looking Information
Except for statements of historical fact contained herein, the information in this news release constitutes "forward-looking information" within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may", "will" and include without limitation, statements regarding estimated capital and operating costs, expected production timeline, benefits of updated development plans, foreign exchange assumptions and regulatory approvals. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, competition, risks inherent in the mining industry, and regulatory risks. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
Further information is available at www.sudburyplatinumcorp.com or by contacting:
Scott McLean, P.Geo., FGC
Chief Executive Officer
SPC Metals
www.sudburyplatinumcorp.com
Tel: (705) 669-1777
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