Transition Initiates Field Work at Wollaston Copper Project in North Central Saskatchewan
Transition Initiates Field Work at Wollaston
Copper Project in North Central Saskatchewan
Sudbury, Ontario--(Newsfile Corp. - August 17, 2020) - Transition Metals Corp (TSXV: XTM)
("Transition", "XTM") reports that it has initiated field work on the Wollaston Copper project in north
central Saskatchewan. The project is located approximately 60 kilometres southwest along strike from
the Janice Lake project, a sedimentary-hosted copper project being aggressively explored by Rio Tinto
Exploration Canada (RTEC) and Forum Energy Metals (Forum). Forum optioned the Janice Lake
property from Transition and has further optioned a portion of its potential interest to RTEC (see
Transition news release dated May 9, 2019).
RTEC is operating the Janice Lake project and currently is
carrying out a program of extensive geological mapping, geophysics and drilling as well as the
construction of a 50 person camp (see Forum news release dated June 23, 2020).
The planned work by Transition on the Wollaston Copper Project will consist of a property scale
geochemical sampling combined with detailed geological mapping and sampling of the outcropping
areas considered prospective for sedimentary-hosted base metal mineralization.
This work is focused
on identifying similar mineralizing environments to that occurring along strike at Janice Lake.
Transition CEO and President Scott McLean, P.Geo. stated,
"With the aggressive work being carried
out by RTEC and Forum, the area is an emerging new sedimentary-hosted copper district.
Our team
has identified that the mineralizing processes associated with the deposits at Janice Lake justified a
comprehensive review of the surrounding region to identify additional mineralizing environments. Our
review led us to take second look at a cluster of copper occurrences southwest of Janice Lake
explored by Noranda back in the 1990's. We think that the copper occurrences in the Wollaston
Copper project area may have a similar genesis to those at Janice Lake and are looking forward to
testing this concept."
About the Wollaston Copper Project
Transition holds a 100% interest in approximately 150 square kilometres of mining claims covering
about 50 kilometres of potential strike extent located along trend southwest of the Janice Lake Property
(see Transition news release dated May 9, 2019 and refer to Figure 1). The claims were staked to cover
historical sediment-hosted copper mineralization identified in the Fannon and Porcupine target areas,
as well as lead-zinc mineralization identified at the Fable Lake. Drilling by Noranda in 1994 in the
Fannon target area returned grades and thicknesses of copper mineralization similar to that being
intersected by RTEC at Janice including 0.48% Cu over 8.6 metres¹.
¹ Government of Saskatchewan Mineral Deposit Index Details: Mineral Property 0949B.
Qualified Person
The technical elements of this press release have been reviewed and approved by Mr. Thomas Hart,
P.Geo. (PGO), a Qualified Person under National Instrument 43-101. Historical drill results reported
herein have not been verified by Transition as seasonal weather conditions prevented a qualified person
from accessing any part of the property or obtaining beneficial information from it, and hence should not
be relied upon.
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. 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 across Canada.
Fig 1: Location of Wollaston Copper and Janice Lake Projects
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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
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/61924