Transition Metals Corp. (TSXV:XTM) announced that it has started a 2,500-meter diamond drilling program at its Ontario-based Sunday Lake platinum discovery.

Impala Platinum Holdings Ltd. (OTC Pink:IMPUY) is Transition’s joint venture partner.

As quoted in the press release:

The program objective is to further expand the extent of mineralization reported in January (please refer to news release dated January 27, 2014 - Transition Metals and Implats Make Platinum Discovery at Sunday Lake, Intersecting 20.2 meters grading 3.22 Combined PGM’s).  The discovery was the culmination of a 5 year strategic alliance between Implats and Transition (through its wholly owned subsidiary, HTX Minerals Corp) which has now been converted into a new Joint Venture at Sunday Lake.  Under the terms of the Joint Venture agreement, Implats will fund 100% of expenses on the project and Transition will hold a 25% free carried interest through to the completion of a Feasibility Study.  Transition retains the right to secure a controlling interest in the project in the event that Implats chooses to discontinue or limit future funding.

Click here to read the full Transition Metals Corp. (TSXV:XTM) press release.