Transition is the majority shareholder of SPC and holds approximately 36% of the outstanding shares.
The 2016 Aer-Kidd exploration program will consist of approximately 18,000m of drilling designed to further test and evaluate the near-surface and deep Ni-Cu-PGM (Pt+Pd+Au) potential of the property.
Other activities will include geophysical resurveying of historic boreholes aimed to generate and refine additional drilling targets at depth. SPC has qualified for the Junior Exploration Assistance Program provided through the Ontario Prospectors Association and therefore is eligible to receive a rebate of up to $100,000 based on expenditures.
At the Lockerby East Property a total of 10 historic holes drilled by Falconbridge Ltd and First Nickel Inc. will be resurveyed with the Lamontagne Geophysics UTEM IV borehole EM system.
The objective of the program is to screen the property for high-conductivity features associated with Ni-Cu-PGM mineralization associated with the basal contact of the Sudbury Igneous Complex (SIC). The results will be incorporated into the geological model and be used to plan future drill programs.
The Aer-Kidd Property is located 20km southwest of Sudbury, Ontario and covers a 1.3km section of the Worthington Offset dyke.
The property is 2.6km along strike to the northeast of Vale’s Totten mine (10.1 million tonnes grading 1.5% Ni, 1.97% Cu, 4.8g/t PGM)¹ and 4.3km to the southwest and along trend of KGHM’s Victoria mine (14.5 million tonnes grading 2.5% Ni, 2.5% Cu, 7.6 g/t PGM)².
Aer-Kidd hosts the former producing Howland Pit, Robinson and Rosen Mines, which were small deposits exposed at surface and mined down to a maximum depth of 300m.
The Property consists of ~390 hectares of freehold patents in the south range of the Sudbury Igneous Complex. It includes 100% of the Lockerby East and South Patents as well as a 70% interest in the West Graham Property (30% owned by Landore Resources Ltd.).
In 2009, First Nickel Inc. disclosed a NI 43-101 Indicated Resource for the Conwest Zone at West Graham3 totaling 8.55 million tonnes grading 0.45% Ni and 0.31% Cu, along with an Inferred Resource of 2.0 million tonnes grading 0.38% Ni, 0.30% Cu. Adjacent to this resource at depth lies the Lockerby East Zone4 with 0.18 million tonnes grading 2.32% Ni and 0.78% Cu.
The Company considers the cited public domain resource estimates to be historical in nature and cautions the reader that they may no longer be relevant. The Company does not treat the historic estimate as a current mineral resource. The acquisition of the Lockerby East Property does not include certain property associated with the Lockerby Mine site in the process of closure.
