4.0 Metres Grading 16.15 Grams per Tonne Gold Returned from Initial Assay Results from New Drilling at Transition Metals Highland Gold Project
4.0 Metres Grading 16.15 Grams per Tonne Gold
Returned from Initial Assay Results from New Drilling at
Transition Metals Highland Gold Project
Sudbury, Ontario--(Newsfile Corp. - July 15, 2019) - Transition Metals Corp (TSXV: XTM) ("Transition", "the Company") is
pleased to announce initial assay results from a program of reverse circulation (RC) drilling initiated this spring at the Highland
Gold project in Cape Breton, Nova Scotia. Of note, hole 19-TMC-RC-01 returned an interval averaging
16.15 grams per tonne
(g/t) gold over 4 meters
within an interval where composite sampling returned
8.0 metres grading 5.90 g/t gold (g/t Au).
The
results were obtained from shallow drilling near an area of exposed mineralization referred to historically as the 6A Zone. The 6A
Zone is located approximately 2 kilometers to the east of Main Zone where drilling completed in the fall by the Company returned
a 9.14 metre intersection grading 23.22 g/t Au (
see
Transition news release dated January 14, 2019
).
Company CEO Scott McLean commented,
"Once again we are encouraged by results coming from the first six of 28 holes
completed at the Highland Project. Drilling has returned encouraging assay results from a second site (6A) located 2
kilometers to the east of our previous success at Main Zone along a structural trend that can be traced across the central
portion of the property for more than 4 kilometres. This structural trend is only one of several of similarly oriented potentially
gold bearing structures that we have identified that need to be drill tested."
Table 1 presents highlight assay results from one metre sample intervals from hole 19-TMC-RC-01.
Table 1:
Hole ID
From (m)
To (m)
Length (m)
Au (g/t)
19-TMC-RC-01
10.0
14.0
4.0
16.15
Including
19-TMC-RC-01
10.0
11.0
1.0
39.02
19-TMC-RC-01
11.0
12.0
1.0
18.20
19-TMC-RC-01
12.0
13.0
1.0
6.09
19-TMC-RC-01
13.0
14.0
1.0
1.31
*Note: length represents downhole interval. Insufficient information exists to estimate true thickness
Table 2 presents a summary of highlight intervals returned from composite sampling completed on the first 6 of 28 completed
holes.
Table 2:
Collar Location Information
Highlight Assay Interval
Hole ID
Easting
Northing
Length
Az
Dip
From
To
Length
Au g/t
19-TMC-RC-
01
675284
5152649
21.0
0
-90
8.0
12.0
4.0
8.24
19-TMC-RC-
01
12.0
16.0
4.0
3.56
Composite
Avg.
8.0
16.0
8.0
5.90
19-TMC-RC-
02
675271
5152659
22.5
0
-90
13.0
17.0
4.0
1.37
19-TMC-RC-
03
675340
5152603
17.0
225
-84
no significant values
19-TMC-RC-
04
675352
5152603
10.0
0
-90
1.0
5.0
4.0
1.85
19-TMC-RC-
05
675321
5152620
12.0
0
-90
no significant values
19-TMC-RC-
06
675281
5152630
29.0
0
-90
16.0
20.0
4.0
1.25
19-TMC-RC-
06
20.0
24.0
4.0
2.36
Composite
Avg.
16.0
24.0
8.0
1.81
*Note: length represents downhole interval. Insufficient information exists to estimate true thickness
Composite sampling was employed as a means of providing continuous downhole sampling coverage to highlight intervals
meriting more detailed sampling and analysis. Composite samples consisted of one kilogram split samples taken from each
one metre of sample recovered combined over four consecutive one metre sampled intervals. The Qualified Person cautions
that results from composite sampling should be considered preliminary in nature and that where available, assay results from the
detailed 1.0 metre sampling should be considered more representative of the variation in grade over length than can be
interpreted from the composite sampling data. Results reported in Table 2 are therefore considered preliminary in nature until of
the results pending from detailed sampling results have been reviewed.
2019 Spring Drill Program
The objective of the 2019 spring RC drilling program was to investigate mineralized showings accessible from the MacMillan
Road to assess larger scale secondary order structures highlighted by the geophysical survey flown over the property in 2018.
The program was designed to collect close spaced, near surface bedrock information where detailed structural information
obtained from trench mapping was available to further assess and test controls on mineralization occurring along this trend. In
total 28 holes for 568 metres were completed in May and June of 2019. Results in this news release report the first batch of
assay results returned from composite and select one metre samples collected from the first six holes. Assay results from the
balance of the 28 holes remain pending.
Percussion RC drilling collects a pulverized rock sample similar to that obtained from RAB drilling but recovers that sample
through the center of the rods in a more controlled fashion than the RAB methodology. Percussion drilling methodologies were
selected by the Qualified Person as being more effective at recovering sample material through intervals of oxidized and friable
mineralization known to occur near surface on the property than was previously achieved by diamond drilling on the property.
The Highland Gold Property
The Highland Gold property covers an extensive cluster of high-grade gold occurrences in an area that has seen very limited
exploration. The property is located approximately 60 kilometres northwest of the city of Sydney, Nova Scotia in the Cape Breton
Highlands. It consists of staked mining licenses on crown land that covers approximately 5,408 hectares. The property can be
easily reached by a major road (Highland Road) and a network of logging roads.
Work completed by Transition has highlighted large scale structures, strong alteration and widespread bedrock mineralization
that are consistent with aspects of an epithermal gold system. In particular, the high resolution airborne magnetic survey
highlighted a large (4 kilometre long) region of low magnetic susceptibility developed around one of the major structures on the
property associated with widespread propylitic alteration. Figure 1 depicts the project location, known zones of mineralization
and recently completed holes.
Rocks of similar age and formation are known to host significant gold deposits in the Carolinas, Newfoundland and the British
Isles. The regional geologic framework in Cape Breton is interpreted by Transition to be similar to that hosting First Mining
Gold's Hope Brook deposit in Newfoundland
(844,000 ounces of gold grading 4.77 g/t gold in the Indicated Resource category
and 110,000 ounces grading 4.11 g/t gold in the Inferred Resource category*)
and Oceana Gold's Haile Mine in South
Carolina
(3.32 million ounces grading 1.77 g/t gold in the Measured and Indicated Resource category and 0.6 million ounces
grading 1.4 g/t gold in the Inferred Resource category**).
*Source: First Mining Gold Website -
https://firstmininggold.com/projects/newfoundland/hope-brook-project/
**Source: Oceana Gold Media Release dated March 29, 2018
Quality Assurance Quality Control and Sample Preparation
RC drilling produces a mixture of crushed rock powder and chips which are flushed using compressed air from the bit face
through the rods to a cyclone bagging system at surface. Samples were collected at the drill using a cyclone bagging system at
1 metre intervals as drilling advances. Each one meter drilled run produces approximately 16-20 kg of sample material which
was homogenized and representatively split on site such that approximately 25% of the sample was submitted for assay with the
remainder available for use in composite sampling, duplicate analysis or discard. Transition Metals' QA/QC procedures conform
to industry best practices and include the insertion of field and lab blanks and duplicates. Samples were prepared on site by
Company representatives and securely shipped in sacks secured with zip ties to the lab for chemical analysis. All analytical work
performed on samples was conducted by SGS Laboratories in Lakefield, Ontario. Samples were dried, weighed then crushed
to 75% passing less than 2 mm, with a 1,000 g split pulverized to 85% passing 75µm screen. A 50 g aliquot was analyzed by
fire assay methods with samples returning greater than 10 g/t gold being re-analyzed by fire assay with a full gravimetric finish.
The quality system used by SGS complies with the requirements of ISO 17025:2005. Where duplicate analysis exist the average
of the values obtained was used for reporting purposes.
Other Corporate Activities
As previously announced on January 22, 2019, Transition has exercised its right and option to earn a 100% interest in the
Maude Lake Property by issuing $25,000 in cash and $25,000 worth of Transition shares to the Vendor.
The Vendor has
retained a 2% Net Smelter Return royalty (NSR) with Transition retaining the right to buy back 1.5% of the NSR for $2.0 million.
Qualified Person
The technical elements of this press release have been approved by Mr. Greg Collins, P.Geo. (APGO, APGNS), Chief
Operating Officer for Transition Metals and a Qualified Person under National Instrument 43-101.
Transition Metals Corp
Transition Metals Corp (TSXV: XTM) is a Canadian-based, multi-commodity project generator that specializes in converting
new exploration ideas into discoveries. The award-winning team of geoscientists has extensive exploration experience which
actively develops and tests new ideas for discovering mineralization in places that others have not looked, often allowing the
company to acquire properties inexpensively. 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.
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.
Further information is available at
www.transitionmetalscorp.com
or by contacting:
Scott McLean
President and CEO
Transition Metals Corp.
Tel: (705) 669-1777
Figure 1. Highland Project Location and Highlights
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/2766/46280_88cb5aa174226b6c_002full.jpg
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/46280