Transition Metals Receives Class 1 Notification, Permitting Exploration Activities on its Pike Warden Au-Ag-Cu Project in the Yukon and Engages Media Services
Transition Metals Receives Class 1
Notification, Permitting Exploration Activities
on its Pike Warden Au-Ag-Cu Project in the
Yukon and Engages Media Services
Highlights
Class 1 Notification permit granted by Yukon Government
Summer field program to be announced
Sudbury, Ontario--(Newsfile Corp. - April 19, 2023) - Transition Metals Corp (TSXV: XTM) ("Transition",
"the Company") is pleased to provide an update on its Pike Warden Au-Ag-Cu Property located
approximately 65 kilometres southwest of Whitehorse (Figure 1). The Company is in receipt of its
approved Quartz Class 1 Notification for the Pike Warden project from the Yukon Government. This will
allow the Company to execute exploration programs pursuant to Yukon Quartz Mining Act and Territorial
Lands (Yukon) Act, which include prospecting, geological mapping, hand trenching, and percussion
reverse circulation (RC) drilling across the property.
Pike Warden boasts 18 historic and recently discovered high-grade polymetallic showings, which are
indicative of a large epithermal-porphyry system. Sampling across the property to date has returned up
to 11,270 g/t Ag, 44.5 g/t Au, 7.49% Cu, and 59.6% Pb. Furthermore, maiden drilling at the ERT Zone
completed by Transition returned up to 104.64 g/t AgEq* over 21.34 metres
(see company news
releases dated: January 16
th
, 2023
). Note: *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; with lengths
reported as drilled length.
In addition, the research work being carried out by Western University
(see company news releases
dated March 2
nd
, 2023),
has demonstrated that the showings are all related to a single mineralizing
event across the 37 km
2
property. Final results from the Synchrotron Mineral Studies are expect soon
and will be announced once finalized.
Transition Metals' exploration team is eager to get back into the
field this summer to continue working on this highly prospective project.
Exploration Plans for Pike Warden in 2023
The Company intends to complete a program of work consisting of systematic prospecting, mapping,
and hand trenching across the property to follow up on results acquired in 2022. This work aims to further
define and discover additional structural trends, alteration footprints, and zones of mineralization,
particularly in the underexplored northern claims which were not worked in 2022. In addition, an RC drill
program is also being considered, to further evaluate the extent of mineralization at the ERT Zone and
additional high-priority showings on the property.
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 Bennett Lake Volcanic Complex. 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 28, 2022
).
Figure 1: Pike Warden Property Position with Polymetallic showings
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2766/163001_895d8430543a798b_002full.jpg
Investor Relations and Media Service Contract
The Company has engaged Mining Investor Resources Media Ltd., doing business as MiningIR.com
("MIR"), to provide the Company with media services through mining and resource news, lead
generation services, social media services, and information company profile page for an initial period of
12 months beginning April 11, 2023, subject to the terms of the service agreement (the "MIR
Agreement") executed between the Company and MIR. Pursuant to the terms of the MIR Agreement,
MIR will be paid an aggregate cash amount of $39,000 for its services. Neither MIR nor its affiliates
currently own any securities of the Company. MIR and the Company are unrelated and unaffiliated
entities.
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.
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
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/163001