Transition Metals Intersects Bonanza Silver Mineralization in Shallow RC Drilling at ERT Zone, Pike Warden Property, Yukon
Transition Metals Intersects Bonanza Silver
Mineralization in Shallow RC Drilling at ERT
Zone, Pike Warden Property, Yukon
Highlights
16.76 metres grading 93.95 g/t AgEq* including 1.5 metres grading 482.95 g/t AgEq* in
hole 22-PW-01
21.34 metres grading 104.64 g/t AgEq* including 1.5 metres grading 399.10 g/t AgEq* in
hole 22-PW-02
12.19 metres grading 52.96 g/t AgEq* including 1.5 metres grading 229.7 g/t AgEq* in hole
22-PW-03
The ERT Zone is only
one
of 18 identified mineralized zones discovered to date on the 37
km² property located near the margins of the Bennett Lake Volcanic Complex
Sudbury, Ontario--(Newsfile Corp. - January 16, 2023) - Transition Metals Corp (TSXV: XTM)
("Transition", "the Company") is pleased to disclose assay results from a program of shallow reverse-
circulation (RC) drilling completed at the ERT Zone on its Pike Warden Au-Ag-Cu Property located
approximately 65 kilometres southwest of Whitehorse (Figure 1). Three track mounted percussion RC
drill holes totalling 204.2 metres, completed in October 2022 (Table 1), tested the down-dip extent of
sub-cropping mineralization at the ERT zone. Previously disclosed chip sampling of this zone returned a
length weighted average of 42.0 metres grading 64.28 g/t AgEq*, including 7.8 metres grading 170.63
g/t AgEq*, 0.70 metres grading 539.72 g/t, and 0.4 m grading 563.97 g/t AgEq* (see company news
release dated October 5, 2022).
The holes intersected two sub-parallel zones of high-grade silver mineralization which dip steeply to the
south (070°/65°) and are hosted within a broad zone of altered brecciated and flow-banded felsic to
intermediate volcaniclastic rocks associated with the Bennett Lake Volcanic Complex (BLVC). The
mineralization consists of diffuse, fine-grained, black to sooty, replacement style silver-bearing
sulphosalts and sulphides associated with
shear zones within a larger pyritic envelope. All three holes
intersected significant values of silver near surface with highlighted length weighted intervals presented
in Table 1. Drill hole collar locations and orientation information are given in Table 2. Figure 2 is a plan
map showing locations of the completed drill holes.
Figure 3 is a cross section of the drilling with
mineralized intervals and interpreted geology.
Table 1. Highlight Results from 2022 RC Drilling Program at ERT Zone, Pike Warden Property,
Yukon
Hole
From (m)
To (m)
Length (m)
Ag (g/t)
Au (g/t)
AgEq (g/t)
22-PW-01
0.00
16.76
16.76
88.01
0.08
93.95
incl.
0.00
9.14
9.14
156.81
0.12
165.84
incl.
0.00
1.52
1.52
468.00
0.19
482.95
22-PW-02
1.52
22.86
21.34
91.43
0.17
104.64
incl.
21.34
22.86
1.52
362.00
0.47
399.10
22-PW-03
6.10
18.29
12.19
46.20
0.09
52.96
incl.
16.76
18.29
1.52
211.00
0.24
229.70
*AgEq (Silver Equivalent) calculation based on gold and silver content with gold price of $1,800 per Oz Au and silver price of $23 per Oz USD
Note: All
lengths are presented as drilled and are interpreted to not be true widths.
Company CEO, Scott McLean, P.Geo., commented
"We are very encouraged by the results from the
shallow RC drill program at the ERT zone, as it represents the first program of drilling to ever be
completed on this large and prospective property. The ERT Zone is only one of 18 identified
mineralized zones discovered to date on the property which are located near the margins of the
Bennett Lake Volcanic Complex. We think that this cluster of mineralization is part of a much larger
epithermal mineralizing system."
Table 2. Collar Locations and Orientations
Hole
UTM
Easting (m)
UTM
Northing (m)
Elevation
(m)
Azimuth
Dip - deg
Length
22-PW-01
479,086
6,658,501
1,961
150
70
88.4
22-PW-02
479,087
6,658,500
1,965
154
43
50.3
22-PW-03
479,069
6,658,523
1,956
150
45
65.5
Totals
204.2
Discussion of Results:
Located 10 kilometres to the north in a similar geologic environment, the Skukum Creek Gold-Silver
Deposit is estimated to contain an Indicated Mineral Resource of 1,001,300 tonnes at 7.75 g/t Au
equivalent and an additional Inferred Mineral Resource of 537,000 tonnes at 6.22 g/t Au equivalent
2
.
Work completed by Optionor on the Property in 2019, 2020, and 2021 identified multiple new showings
associated with the BLVC dykes and associated structures
1
. Mineralization tends to be concentrated
near the intersection of northeast and east-west-trending structures. High silver, gold, copper,
molybdenum, and lead values in quartz veins suggest an intermediate to high sulfidation setting.
1
Hart, C.J.R. and Radloff, J.K., 1990. Geology of Whitehorse, Alligator Lake, Fenwick Creek, Carcross and part of Robinson Map Areas, Indian and
Northern Affairs Canada Open File Report 1990-4
3
Simpson, R.G, 2020, Skukum Gold-Silver Project, NI43-101 Technical Report for Whitehorse Gold Corp
3
Burke, R, 2021. Rock and Geochemical Sampling, Airborne Geophysics and Hand Trenching; Yukon Mineral Exploration Program, YMEP 21-043
The ERT Zone is one of 18 historic and recently discovered high-grade polymetallic silver, gold, and
copper epithermal showings on the property. It was first documented in the 1980's as an 800-metre-long
soil anomaly in a predominantly scree covered slope. The Zone is partially exposed at surface over an
approximately 50 by 50 metre area in the saddle of a large, steep sloped exposure of altered and
mineralized BLVC volcanics. Sampling of the exposure (see company news release dated October 5,
2022) returned up to 1,215 g/t Ag in grabs within 42.00 metres grading 53.40 g/t Ag.
The recent drilling has confirmed the presence of two zones, returning 21.34 metres grading 91.43 g/t
Ag
in 22-PW-02, and 12.19 metres grading 52.96 g/t AgEq* including 1.5 metres grading 229.7 g/t
AgEq* in hole 22-PW-03. The zones are focussed within parallel steeply dipping (070/65°) shear zones
hosted within a more broadly altered and mineralized sequence of volcanics and are situated
approximately 70 metres south of an interpreted structure, separating Jurassic-aged Whitehorse group
granodiorites to the north from the Eocene-aged BLVC felsic to intermediate volcanic tuffs and flow
breccias to the south. Field observations, along with the total field magnetic response obtained from a
high-resolution magnetic survey flown by the Optionor in 2021, highlight this structure. The presence of
the structure would also explain the distribution of anomalous results from the 1988 soil sampling
program. The shear structures identified from drilling appear to be part of a network of similarly oriented
structures possibly also related to the BLVC boundary fault and may be part of the collapse structures in
the BLVC. Further work is required to assess the extent of the intersected mineralization and to
determine whether other identified structures associated with the BLVC may be mineralized.
Company geologists interpret the mineralization at the ERT Zone to be characteristic of a high-
sulfidation silver-rich epithermal Au-Ag system. Epithermal Au-Ag deposits are found throughout the
Cordillera and are globally significant due in part to their typical high-grade "bonanza"-style
mineralization. These deposits are typically found within or within close proximity to centres of
magmatism and volcanism, such as the BLVC.
About the Pike Warden Property
The Pike Warden property is located approximately 65 kilometres southwest of Whitehorse, Yukon, and
is composed of 185 contiguous mining claims totaling approximately 37 km². The property
encompasses a combination of historic and recently discovered high-grade polymetallic gold, copper,
and silver epithermal showings that are potentially indicative of a large epithermal-porphyry system in the
vicinity of the BLVC. In June 2022, Transition Metals Corp. entered into an option to acquire a 100%
interest in the property from the Vendor in exchange for cash shares and work expenditures over a four
year period (please refer to news release dated June 8, 2022).
Qualified Person
The technical elements of this press release have been approved by Mr. Greg Collins, P.Geo. (PGO),
who is a Qualified Person as defined under National Instrument 43-101. Sample batches include the
insertion of certified reference materials, blank, and duplicate samples, with all analytical work was
conducted at ALS Laboratories, an independent laboratory located in North Vancouver, B.C. The quality
control system used by ALS Laboratories meets all requirements of International Standards ISO/IEC
17025: 2005 and ISO 9001:2015.
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: Geology and location of the Pike Warden Property and outline of the Bennett Lake
Caldera Complex
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2766/151403_368ed93d34742a44_002full.jpg
Figure 2: Plan map with geology, location of surface sampling, trenches and vertically
projected drill hole traces
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/2766/151403_368ed93d34742a44_003full.jpg
Figure 3: Schematic vertical cross section A - A' looking southwest
To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/2766/151403_368ed93d34742a44_004full.jpg
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/151403