Transition Metals Completes VTEM Airborne Geophysical Survey; Conductors Identified Adjacent to Mineralized Showings at its Maude Lake Ni-Cu-Co-PGM Property, Ontario
Transition Metals Completes VTEM Airborne
Geophysical Survey; Conductors Identified
Adjacent to Mineralized Showings at its Maude
Lake Ni-Cu-Co-PGM Property, Ontario
Sudbury, Ontario--(Newsfile Corp. - March 9, 2022) - Transition Metals Corp (TSXV: XTM) ("Transition",
"the Company") is pleased to announce that it has completed a 350 line-kilometre airborne, Versatile
Time Domain Electromagnetic (VTEM) and Magnetic (Mag) geophysical survey over its Maude Lake
Property located near Schreiber, Ontario (Figure 1). The survey was completed to determine if
conductive signatures were associated with known high-grade, magmatic, Ni-Cu-Co-PGM
mineralization where channel samples collected by the Company in 2019 returned values of up to 5.22%
Ni and up to 2.03 % Cu (see Company
news release
of October 15, 2019).
Preliminary results from this survey have highlighted large, untested conductive anomalies in close
proximity to two known zones of mineralization.
Details of the survey will be reported when the final report
is received by the Company. Two historical base metal showings are known to occur on the Property:
1)
Maude Lake Showing (Ni-Cu-Co-PGM): located on the western portion of the Property and was
exposed at surface for over 70 metres of strike by previous explorers in the 1970's.
In 2019,
Transition channel sampled portions of this exposure returning;
2.09 % Ni, 0.64 % Cu and 0.32 g/t
PGM
(Pt+Pd+Au) over 4.0 metres,
2.11 % Ni, 1.30% Cu and 0.45 g/t PGM
over 1.4 metres and
1.15 % Ni, 0.93% Cu and 0.49 g/t PGM
over 2.0 metres.
2)
Ansell Lake Showing (Cu-Zn-Ag-Au): located on the eastern portion of the property and was
exposed at surface in a series of eight historic trenches where an average assay of
1.06 % Cu
was
obtained from grab samples taken across a
14.3 metre
wide trench
1
.
Interpretation of the survey data is ongoing to better understand the relationship between the conductive
anomalies and the extent of the known mineralization for the purpose of expanded exploration targets.
Transition CEO Scott McLean commented,
"The coincidence of higher quality conductance features
close to known mineralization has upgraded our view of the prospectivity of this property significantly.
We are currently interpreting and modelling the new data with a plan to develop a drill program to
begin as soon as possible."
About The Maude Lake Property
The property is located approximately 10 kilometres north of the community of Schreiber, Ontario. It
consists of staked mining claims on crown land that cover approximately 1,398 hectares in the Pays Plat
Lake, Lower Aguasabon Lake and Priske township areas.
The property lies within the traditional land of
the Pays Plat First Nation.
Located in the southern limb of the Archean Hemlo-Schreiber greenstone belt, the property covers the
contact between mafic to felsic volcanic rocks to the south and the Crossman Lake granitic pluton to the
north. A late sill-like mafic to ultramafic body is intruded along the contact and is the host to the main Ni-
Cu-Co-PGM showing (Smyk, 1993
2
). High tenor, nickel-bearing, base metal sulphides occur as massive
to vein-like and net-textured aggregates along the contact between the mafic-ultramafic intrusion to the
south and the granite to the north.
Drilling by Zenmac Metal Mines Inc.
3
in 1969-1970 extended the surface mineralization down-dip to a
vertical depth of 150 metres. Hole 7 returned 1.0 % Ni, 0.32 % Cu over 15 feet (4.6 metres) from 245-
260 feet (74.7 - 79.2 metres) including a higher-grade section of 1.56 % Ni and 0.41 % Cu over 5 feet
(1.5 metres). In 2001, Novawest Resources Inc. acquired the property and completed surface sampling,
mapping, geophysics, and diamond drilling as well as a NI43-101 Qualifying Report in 2004
4
.
¹ Source: Assessment Report, A Geological Report on the Mitto Option Schrieber Area, Ontario for East
Sullivan Mines Limited, October 2
nd
, 1950, 42D14NE0092.
2
Source: Smyk, M.C., (1993) Preliminary Investigation of the Nicopor Copper-Nickel Prospect,
Northwestern Ontario, Institute on Lake Superior Geology, Proceeding Volume 39 Part 1 - Program and
Abstracts, p.72.
3
Source: Assessment Report, Ontario Northern Development and Mines, Zenmac Metal Mines Inc.,
42D14NW0045
4
Source: The Fowler Option a portion of the Nickel Royale Project, Technical Report prepared for
Novawest Resources Inc., Dr. Mikkel Schau and Garry Clarke, November 2004.
Qualified Person
The technical elements of this press release have been reviewed and approved by Mr. Grant Mourre,
P.Geo. (PGO), a Qualified Person as defined 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 where others have not searched, 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:
Location of the Maude Lake Property and Transition Metals Ni-Cu-PGM Projects
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2766/116108_e522ddab943f2bb0_002full.jpg
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/116108