Transition Metals Provides Corporate Update and Commences Drilling on its Sawmill Property, Sudbury Area, Ontario

Transition Metals Provides Corporate Update

and Commences Drilling on its Sawmill

Property, Sudbury Area, Ontario

Sudbury, Ontario--(Newsfile Corp. - February 22, 2021) - Transition Metals Corp (TSXV: XTM)

("Transition", "the Company") is pleased to announce that the Board of Directors, all of whom were re-

elected at Tuesday's Shareholder Annual General Meeting, recently approved the 2021 budget totalling

$2,500,000. The plan includes exploration on 5 of the Company's priority projects, acquisition and

development of 2 to 3 new quality projects, and continued efforts to negotiate new joint venture

agreements with potential partners to fund advanced exploration on the projects available for option. As

part of the overall program, the Company is also pleased to announce the commencement of drilling on

its Sawmill property located in the Benny Greenstone Belt, 70 km north of Sudbury,

to test gold targets

highlighted by recent bedrock grab and channel sampling announced on

January 14, 2021

.

Commenting on the 2021 plan, CEO Scott McLean stated,

"As a result of successful financing

activities and a significant increase in the value of our investments, Transition Metals is entering 2021

better capitalized than ever before. Given the recent market improvement for mining stocks, the value

of Transition's share holdings in other companies has become an important asset for the Transition.

The budget and plan approved by the Board represents an increase in internal funding for exploration

compared to recent years and will help the Company sustain a more continuous news flow from

developing projects to attract new partners.

Our internal program will be greatly complemented by the

planned progress on the Company's 6 farmed out projects where partners are funding all exploration.

We see great opportunity to create value through accelerating the pace of exploration work on our

projects, especially at a time where market interest in exploration results and levels of investment into

the sector are on the rise."

Next Steps at the Sawmill Property

The Company has mobilized a JKS-300 drill supplied by EDCORE Drilling Services Inc. to the Sawmill

property to undertake a preliminary 500 metres of drilling in a series of short holes to test targets

highlighted in the vicinity of the Galena Vein and Pyrite Hill showing areas. The showing areas to be

tested occur within a 4 kilometre trend of brecciated and altered Proterozoic rock sequences interpreted

to be prospective for hosting high-grade, lode gold and hydrothermal-style gold deposits. Additional

programmes of ground geophysics, trenching and mapping are also planned to further evaluate this

property.

About the Sawmill Gold Property

The southwestern part of the Sawmill property is underlain by Archean rocks of the Benny greenstone

belt where previous work has highlighted zones of gold mineralization associated with quartz-carbonate

veins in fractures and shears with biotite-chlorite-silica alteration such as at the A1 and B1 showings

where historical drilling returned 29.8 g/t Au and 55 g/t Ag over 0.69 metres, 5.05 g/t Au over 2.04

metres and 6.89 g Au/t over 1.37 metres (refer to Transition Metals News release dated

October 15,

2020

).

The northeastern portion of the property is overlain by younger sediments of the Proterozoic Huronian

Supergroup which include a marble formation that has been explored by companies who have

considered the material suitable for use in building construction purposes.

Some of the work focussed

on marble dimension stone resulted in the identification of base and precious metals associated with

brecciated and altered Huronian Rocks. While the presence of minerals such as pyrite, chalcopyrite,

galena and visible gold has been reported by previous workers at the Galena and Calcite showings;

systematic samples for base and precious metals were not collected.

Qualified Person

The technical elements of this press release have been approved by Mr. Greg Collins, P.Geo. (PGO),

Chief Operating Officer of Transition Metals and a Qualified Person 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 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

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

https://www.newsfilecorp.com/release/74953