Bonanza-Grade Gold Showing on Transition Metals' Gowganda Gold Property

Bonanza-Grade Gold Showing on Transition

Metals' Gowganda Gold Property

Sudbury, Ontario--(Newsfile Corp. - October 4, 2021) - Transition Metals Corp (TSXV: XTM)

("Transition", the "Company") is delighted to announce results from the initial prospecting and sampling

program on the newly acquired claims forming part of the Gowganda Gold project (

see press release

March 24

th

, 2021

). Recent results from grab samples returned high-grade, gold analyses of 18.6-269.0

g/t gold (Au) from one showing and the discovery of four new copper (Cu) showings ranging from 0.24-

2.30% Cu (see Figure 1, Table 1).

Figure 1. Sample X926767, containing 269 g/t Au with flecks of visible gold (Vg).

To view an enhanced version of Figure 1, please visit:

https://orders.newsfilecorp.com/files/2766/98410_0bba5dd1d44039dd_002full.jpg

During the reconnaissance sampling and prospecting program, a total of 35 grab samples were

collected over areas of the newly acquired claims (see Figure 2). This gold showing may be related to

the gold mineralization discovered by Transition Metals in Haultain Township to the east, hosted in

altered syenite dykes and shears developed in Archean greenstone.

The current interpretation suggests

that it is a sinistrally (left-handed) offset extension of the Haultain mineralization. The lithologies

associated with the Haultain mineralization can be traced to the east and correlate with the units hosting

the gold mineralization recently discovered by Canada Cobalt Works in the Castle East - Robinson zone

(Figure 2).

CEO Scott McLean, commented,

"Chalcopyrite is a common sulphide mineral in the veins of the

Gowganda silver camp and minor copper production was reported by the largest producer of the area,

the Miller Lake O'Brien Mine

1

. The anomalous copper values from the recent sampling are currently

interpreted to be related to the Gowganda veins but additional work is required to better understand the

nature of the copper mineralization and if there is relationship between the veins and the gold

mineralization. However, the identification of high-grade-grade gold mineralization on the west side of

the Transition property, in combination with the recent discovery of gold mineralization to the east of

the Transition Haultain gold showing by Canada Cobalt Works, suggests the potential for a more

substantial zone of gold mineralization than previously interpreted. This gold mineralization is located

within the southwest portion of the prolific Abitibi greenstone belt which extends through the adjacent

Shining Tree gold camp and to the west into the Swayze greenstone belt. We feel that there is the

potential for gold mineralization that should be of interest to major gold producers looking for new

opportunities."

1

McIlwaine, 1978; Ontario Geological Survey Report 175

Table 1. Gowganda Gold grab sample highlights table

Sample ID

Easting

Northing

Sample type

Au (g/t)

Ag (g/t)

Co (ppm)

Cu (ppm)

Ni (ppm)

X926767

512545

5277987

Grab

269.0

94.40

13,300

61.8

4,640

X926768

512545

5277987

Grab

47.3

31.20

4,320

96.3

1,420

X926769

512545

5277987

Grab

38.9

18.05

2,950

37.8

959

X926770

512545

5277987

Grab

18.6

7.15

177

15.3

83.6

X926752

513074

5279563

Grab

0.006

9.77

17.8

23,000

52

X926773

512610

5279401

Grab

0.031

0.17

16.5

22,700

9.8

X926765

513008

5278466

Grab

<0.001

1.16

43.6

4,920

31.9

X926763

513034

5279480

Grab

<0.001

0.87

45.0

3,770

59.5

X926764

513034

5279480

Grab

<0.001

0.22

44.5

2,600

50.9

X926766

513008

5278466

Grab

0.002

2.40

55.5

2,410

28

About the Gowganda Gold Project

The Project is located adjacent to the village of Gowganda, Ontario in Nicol, Haultain, Milner, Leith, and

Van Hise townships, in the Larder

Lake Mining District. The project hosts numerous gold occurrences

associated with stockwork veins in altered syenite dykes

and shears developed in Archean greenstone.

These lithologies are overlain by Proterozoic sediments of the Cobalt Embayment and intruded by

Nipissing gabbro sills, located south of the Round-Lake Batholith in the south-western part of the prolific

Abitibi greenstone belt. Since discovery of the Haultain gold zone by Transition in 2010, programs of

Induced Polarization (IP) surveys, soil geochemical sampling, geological mapping, mechanical stripping,

channel sampling, trenching, and 37 diamond drill holes totaling 4,656 metres have been completed.

Assay values returned from channel samples ranged from nil to 3.5 g/t over multi-metre widths, and up to

97 g/t Au over 0.4 metres. Drill intercepts include 2.37 g/t over 7.06 metres and up to 82.5 g/t Au over

0.4 metres (

see press release of December 1

st

, 2011

).

Qualified Person

The technical elements of this press release have been reviewed and approved by Mr. Thomas Hart,

P.Geo. (PGO), a Qualified Person as defined under National Instrument 43-101. All analytical work

performed was conducted at ALS Chemex Laboratories with analyses completed in North Vancouver,

B.C. The quality system used by ALS-Chemex that meets all requirements of International Standards

ISO/IEC 17025:2005 and ISO 9001:2015.

About Transition Metals Corp

Transition Metals Corp (TSXV: XTM) is a Canadian-based, multi-commodity project generator that

specializes in converting new exploration ideas into Canadian discoveries in Canada. 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 group element projects across Canada.

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 2. Property and grab sample location map, with interpreted structures exhibiting

sinistral (left handed) displacement.

To view an enhanced version of Figure 2, please visit:

https://orders.newsfilecorp.com/files/2766/98410_0bba5dd1d44039dd_003full.jpg

To view the source version of this press release, please visit

https://www.newsfilecorp.com/release/98410