SUDBURY, ON, April 23, 2018 /CNW/ - Transition Metals Corp
(XTM – TSX.V) ("Transition", "the Company") is pleased to announce
the completion of a large staking program where six additional
projects, totaling 244 cells (approximately 5,100 hectares) were
added across Ontario in areas that
the Company identified as being prospective for both base and
precious metals.
Commenting on the news, Company CEO and President Scott McLean stated "The acquisition of low
cost exploration assets via staking is at the heart of the Project
Generator model. The process allows us to use our in-house
technical expertise to identify opportunities that we can acquire
for a low cost thus providing an excellent return on investment
when the project is optioned to a partner. In the months to come we
look forward to advancing these projects with the end goal being to
find new joint venture partners."
Refer to Figure 1 for a general location map of the
projects.
Empire Lake Property (V-Fe-Ti): XTM staked 95 cells
(≈1986ha) in the Empire Lake Area of the Thunder Bay Mining
District to cover a large (4km by 12km) regional magnetic anomaly
associated with an under-explored mafic intrusion containing
widespread V-Fe-Ti mineralization. Assessment work filed by HTX
Minerals Corp. in 2014 reported up to 0.63%
V2O5 in grab samples from a zone of wide
spread oxide mineralization measuring 1800m in length and varying in width from 50 to
170m.
Revell Property (Ni-Cu-PGM): XTM staked 68 cells
(≈1421ha) in Revell and Hyndman townships of the Kenora Mining
District to cover series of historic Ni-Cu-PGM showings
(MDI52F09SE00032 – Pidgeon Showing; MDI52F09SE00033 – Tache
Showing) occurring around the margin of the Revell Batholith.
Mineralization occurs as Ni-Cu-PGM bearing disseminated sulphides
hosted within a marginal dioritic phase of the Revell Batholith.
Historic drilling completed on the Pidgeon showing in 1967
encountered two shallow zones of Ni-Cu mineralization returning
values of 10ft @ 0.64% Ni, 0.77% Cu and 12ft @ 0.68% Ni, 0.90% Cu
all above 100ft vertical. No PGM or Co values were reported with
the drilling, although a grab sample collected by Inco at the
Pidgeon showing was reported to contain 1.28g/t Pt+Pd+Au.
Garden Lake Property (PGM-Cu-Ni): XTM staked 9 cells
(≈188ha) in the Garden Lake Area of the Thunder Bay Mining District
to cover an isolated mafic-ultramafic intrusion within the Garden
Lake greenstone belt that the technical team feels based on
geochemistry may be related to Proterozoic Midcontinental Rift
(MCR) event and therefore prospective for PGM-Cu-Ni
mineralization.
Island Copper Property (Cu-Au): XTM staked 8 cells
(≈167ha) in Aweres Township of the Sault Ste. Marie Mining District
to cover the historic Island Copper Property interpreted to have
high potential for IOCG-style Cu-Au mineralization. The Island
Copper mineralization is hosted in an albite-rich granite breccia
that is situated at the intersection of major crustal faults
thought to represent the terrain boundary between Archean and
Proterozoic rocks, along the margins of a major paleo-rift setting.
Copper and Au enrichment occurs within a hydrothermal Fe-oxide
(hematite) chlorite and amphibolite matrix that cements fragmented
and altered granite breccia. Historic drilling completed by Kennco
Exploration in 1965 reported 11.59m @
3.4% Cu and 0.9g/t Au at the main showing.
Mongowin Au Property (Au): XTM staked 32 cells (≈669ha)
in Mongowin Township and the Whitefish
Falls Area of the Sudbury Mining District to
cover series of historic Au showing (MDI42L04NE00015 – Fox
Lake Showing; MDI42L04NE00033 – Fox
Lake -1 Showing) located 3.0 km NE of the past producing
McMillian Mine that produced 60,000 tons @ 0.18oz/t (5.10g/t) from
1934-1937. Gold mineralization is associated with brecciated,
chloritic, albitite altered quartz vein networks proximal to
regional structures (Fox Lake and
House Lake Faults) within the sediments of the Proterozoic aged
Southern Province. Channel sampling carried out by the Canadian
Nickel Company in 1981 on the Fox
Lake showing returned up to 0.347oz/t (9.84g/t) over
1.8m.
Sunrise Lake Property (Au): XTM staked 32 cells (≈669ha)
in Ossian and Pontiac townships of
the Larder Lake Mining District to cover series of historic Au
showings (MDI32D04NE00019 – Culhane Showing; MDI32D05SE00019 –
Culhane-1 Showing; MDI32D05SE00020 – Culhane-2) located along the
prominent NE-SW trending Mist Lake – Misena Lake Fault within the
Blake River Group of the prolific Abitibi greenstone belt.
Prospected completed in 1990, reported values of up to 2.86oz./t Au
hosted within quartz veins located on the property.
Qualified Person
The technical elements of this press release have been approved
by Mr. Grant Mourre, P.Geo. (APGO),
a Qualified Person under National Instrument 43-101.
About Transition Metals Corp
Transition Metals Corp (XTM -TSX.V) is a Canadian-based,
multi-commodity project generator that specializes in converting
new exploration ideas into Canadian discoveries. The award-winning
team of geoscientists has extensive exploration experience in
established, emerging and historic mining camps and actively
develops and tests new ideas for discovering mineralization in
places that others have not looked, which often allows the company
to acquire properties inexpensively. The team is rigorous in its
fieldwork and combines traditional techniques with newer ones to
help unearth compelling prospects and drill targets. Transition
uses the project generator business model to acquire and advance
multiple exploration projects simultaneously, thereby maximizing
shareholder exposure to discovery and capital gain. Joint venture
partners earn an interest in the projects by funding a portion of
higher-risk drilling and exploration, allowing Transition to
conserve capital and minimize shareholder's equity dilution. The
Company has an expanding portfolio that currently includes more
than 25 gold, copper, nickel and platinum projects primarily in
Ontario, Nunavut, British
Columbia, Minnesota and
Saskatchewan.
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.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Transition Metals Corp.
