Transition Metals Detects Large Off-hole Conductive Target on its Ni-Cu-Co Maude Lake Project, Ontario
Transition Metals Detects Large Off-hole
Conductive Target on its Ni-Cu-Co Maude Lake
Project, Ontario
Highlights:
Borehole surveys detect a large untested off-hole conductor from hole ML-22-03 at a depth of 160
metres downhole.
ML-22-03 is the furthest step-out hole drilled which evaluates the high tenor Ni-Cu mineralization
exposed at surface where sampling returned
17.01 metres of 0.46% Ni
, including
4.26 metres of
1.27% Ni
(see company press release dated
September 12, 2022
).
The conductivity target appears to increase in both size and strength with depth.
Sudbury, Ontario--(Newsfile Corp. - April 24, 2023) - Transition Metals Corp (TSXV: XTM) ("Transition",
"the Company") is pleased to report results from borehole electromagnetic (BHEM) survey work
completed on its Maude Lake Property ("the Property") near Schreiber, Ontario. The survey was
undertaken to follow up mineralization intersected in 3 holes completed by the Company in the fall of
2022 (see company press release dated
November 28, 2022
). Sampling of the mineralized sections
returned;
20.01 metres of 0.50% Ni Eq
*, including
4.00 metres of 0.90% Ni Eq*
in hole ML-22-01,
7.52 metres of 0.65% Ni Eq*
,
including
1.17 metres of 2.54% Ni Eq*
in Hole ML-22-02, and
4.04 metres of 0.27% Ni Eq*
in hole ML-22-03.
Transition CEO Scott McLean commented,
"The results of this survey are encouraging as they
highlight that the potential grade and size of this exciting new magmatic Ni-Cu-PGM system may be
improving at depth. We are looking forward to more drilling on this project as this summer's field work
gets underway."
The survey was designed, verified, and modeled by geophysicist Warren Hughes, P.Geo., of East Coast
Consulting and completed by Crone Geophysics & Exploration Ltd. utilizing an approximately 500 by
500 metre loop layout.
Discussion of Results
In-loop BHEM surveys were completed in holes ML-22-01, ML-22-02, and ML-22-03. Results define
multiple moderate strength, in-hole and off-hole conductors which are generally indicative of sulphide
mineralization on the Property. Modeling of the data provides an interpretation of the potential size,
depth, strike, dip, and location of conductors relative to the drill hole.
East Coast Consulting geophysicist Warren Hughes commented,
"Results for ML-22-01 and ML-22-02
show in-hole anomalies coincident with intersected mineralization. Hole ML-22-03 results show an off-
hole conductive body to the southeast and down dip of the hole. This conductive body is more
conductive than ML-22-01 and ML-22-02 and is larger in size. This could indicate a bigger, thicker
package of mineralization at depth which has yet to be tested."
Next Steps
Transition Metals plans to test the large off-hole anomaly in the coming weeks and is currently planning
additional summer programs including line-cutting, a ground electromagnetic geophysical survey,
prospecting, mapping, and drilling.
About the Maude Lake Property
The Property is located approximately 10 kilometres north of the community of Schreiber, Ontario, within
the traditional territory of the Pays Plat First Nation (PPFN). It is composed of 74 contiguous mining
claims on crown land, which covers an area measuring approximately 1,398 hectares in the Pays Plat
Lake, Lower Aguasabon Lake, and Priske township areas. The Property is subject to an underlying
combined 3.0% Net Smelter Return royalty (NSR), with Transition retaining the right to buy back 1.5%
NSR for $2.0 million (see company press releases dated
September 20, 2020,
and
January 19, 2019
).
Qualified Person
The technical elements of this press release have been approved by Mr. Benjamin Williams, P.Geo.
(PGO), who is a Qualified Person as defined under National Instrument 43-101.
About Transition Metals Corp.
Transition Metals Corp. (TSXV: XTM) is a Canadian-based, multi-commodity explorer. Its 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: Plan map of completed holes (red), historic drilling (black), on the calculated VTEM time
constant (TauSF) which has a limited 200 metre depth penetration. Borehole conductivity data is
modelled as plates (red).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2766/163474_0ef7fe7e647fdb3a_002full.jpg
FIGURE 2:
Schematic cross section with trench and drill results, showing borehole conductivity targets
(red circles).
See Figure 1 for location of section.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2766/163474_0ef7fe7e647fdb3a_003full.jpg
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/163474