Transition Metals Reports the Return of the Gowganda Cobalt Property -High Grade Silver Intercepts Returned from Drilling on Transition's Gowganda Property- Highlights from the BMR drill program include: 4.75 metres from hole GE21001 grading 1,475 g/t
Transition Metals Reports the Return of the
Gowganda Cobalt Property
-High Grade Silver Intercepts Returned from Drilling on
Transition's Gowganda Property-
Highlights from the BMR drill program include: 4.75 metres from hole GE21001 grading 1,475 g/t
silver including 0.50 metres grading 13,948 g/t silver and 0.18% cobalt; 4.00 metres from hole
GE21001W1 grading 255.45 g/t silver; 1.10 metres from hole GE21002 grading 430 g/t silver and
0.7 metres from hole GE21001W3 grading 239.00 g/t silver.
Sudbury, Ontario--(Newsfile Corp. - April 26, 2022) - Transition Metals Corp (TSXV: XTM) ("Transition",
the "Company") reports that between June 30th and August 19th, 2021, Battery Minerals Resources
(TSXV: BMR) ("Battery") completed 2,165 metres of diamond drilling on Transition's Gowganda Cobalt
Property located in in the Gowganda Silver camp northeast of Sudbury Ontario.
Two drill holes
(GE21001/002) and 3 wedge cuts (GE21001W1/ 001W2/ 001W3) were completed adjacent to the
Canada Silver Cobalt Works (CCW) claim boundary targeting the projected eastern strike extension of
CCW's Castle East Robinson zone. CCW has reported an Inferred Resource of 7.56 million ounces of
silver contained in 32,900 tonnes with an average grade of 7,149 g/t silver for the Robinson Zone in May
of 2020¹. Following a review of the BMR data, the Transition interprets that the drill holes intersected an
extension to the Castle East Robinson Zone, with both holes and completed wedges intersecting
significant silver mineralization. Figure 1 shows location of drill holes.
Table 1 lists assay results and
Table 2 provides coordinates of drill holes as provided to the Company by BMR.
In March 2022, BMR provided notice to the Company that it had opted to return the Gowganda Cobalt
Property to Transition in accordance with the amended Agreement dated March 1, 2021 (see Company
news release of March 24, 2021).
The reported drill results for the extension of the Castle East Robinson
Zone were contained in a data set received by the Company upon the return of the property.
Transition CEO Scott McLean commented,
"With the return of the Optioned Property, Transition has
regained 100% ownership in more than 86 square kilometers in and around the historic Cobalt Silver
Camp including our Haultain Gold Discovery. The work completed by Battery clearly highlights the
potential for the discovery of new high grade silver mineralization.
Our Company now controls a large
property that host both significant Proterozoic silver mineralization as well as an extensive Archean
gold system.
We will actively be seeking a new partner to develop both very prospective
opportunities."
Table 1: Significant Assays from Diamond Drilling by BMR on the Gowganda Cobalt Property²
Hole
Sample
From (m)
To (m)
Length (m)
Ag (g/t)
Co (%)
GE21001
R3811
441.00
442.00
1.00
3.04
0.00
GE21001
R3814
444.00
444.50
0.50
9.81
0.03
GE21001
R3843
516.25
517.25
1.00
4.25
0.00
GE21001
R3844
517.25
517.75
0.50
4.22
0.00
GE21001
R3845
517.75
518.25
0.50
8.43
0.00
GE21001
R3846
518.25
518.90
0.65
1.28
0.00
GE21001
R3847
518.90
519.40
0.50
13,948.00
0.18
GE21001
R3848
519.40
520.00
0.60
9.25
0.01
GE21001
R3849
520.00
521.00
1.00
17.25
0.00
GE21001
OR
516.25
521.00
4.75
1,475.41
0.02
GE21001
R3852
549.75
550.25
0.50
13.45
0.03
GE21001W1
R3944
429.00
430.00
1.00
5.32
0.01
GE21001W1
R3945
430.00
431.00
1.00
5.52
0.01
GE21001W1
R3949
455.90
456.40
0.50
31.20
0.05
GE21001W1
R3952
468.00
469.00
1.00
2.63
0.00
GE21001W1
R3953
469.00
470.00
1.00
401.00
0.00
GE21001W1
R3955
470.00
470.50
0.50
390.00
0.00
GE21001W1
R3957
470.50
471.00
0.50
550.00
0.00
GE21001W1
R3959
471.00
472.00
1.00
88.40
0.00
GE21001W1
R3962
472.00
473.00
1.00
62.40
0.01
GE21001W1
OR
469.00
473.00
4.00
255.45
0.00
GE21001W1
R3988
564.00
564.60
0.60
8.92
0.08
GE21001W3
19068
424.00
425.00
1.00
3.92
0.01
GE21001W3
19069
425.00
426.00
1.00
4.70
0.01
GE21001W3
19078
441.65
442.15
0.50
15.25
0.37
GE21001W3
19085
458.00
459.00
1.00
3.05
0.01
GE21001W3
19091
554.50
555.50
1.00
25.60
0.01
GE21001W3
19092
555.50
556.20
0.70
2.65
0.01
GE21001W3
19093
556.20
556.90
0.70
239.00
0.03
GE21001W3
OR
554.50
556.90
2.40
81.15
0.02
GE21002
R3867
177.20
178.00
0.80
4.24
0.01
GE21002
R3868
193.00
194.00
1.00
8.25
0.01
GE21002
R3898
474.30
475.40
1.10
430.00
0.01
GE21002
R3924
690.50
691.50
1.00
4.23
0.04
*Samples were collected from half sawn lengths of NQ sized drill core. Lengths represent down hole
sampling intervals and do not imply a relationship with true width.
Table 2: Summary of the drilling and the collar information²
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¹ NI 43-101 Technical Report Mineral Resource Estimate for Castle East, Robinson Zone, Ontario, Canada, May 28, 2020
https://canadasilvercobaltworks.com/wp-content/uploads/2016/11/NI43-101-CCW13JuillMR.pdf
² Data Source: Assessment Report on Diamond Drilling at the Gowganda BMR/ Transition Project, Gowganda East Target, Haultain Township,
Ontario, Canada, November 9, 2021; NDMNRF assessment file 20000020029
About the Gowganda Gold Project
The Project is located adjacent to the village of Gowganda, Ontario in Nicol, Haultain, and Van Hise
townships, in the Larder Lake Mining District. The project hosts numerous gold occurrences associated
with stockwork veins in altered syenite dykes and shears developed in Archean greenstone overlain by
Proterozoic sediments of the Cobalt Embayment located south of the Round-Lake Batholith in the south-
western part of the prolific Abitibi greenstone belt.
Since discovery of the Haultain gold zone by
Transition in 2010, programs of Induced Polarization (IP) surveys, soil geochemical sampling, geological
mapping, mechanical stripping, channel sampling, trenching and 37 diamond drill holes totaling 4,360
metres have been completed. Assay values returned from channel samples ranged from nil to 3.5 g/t
over multi-metre widths up to 97 g/t Au over 0.4 metres. Drill intercepts include 2.37 g/t over 7.06 metres
and up to 82.5 g/t Au over 0.4 metres (see Transition Metals news release of December 1, 2011). BMR
completed 23 holes totaling 2,216 metres testing silver-cobalt mineralization at the Big Four occurrence
in 2020 and 2021
3
. Assay values returned from drill core ranged from nil to 9,270 ppm Co, 15.6 g/t Ag,
and 5,490 ppm Cu over 0.22 metres with hole GBF21021 intersecting a best value of 0.20% Co from
12.4 m to 13.2 m with 1.35 g/t Ag and 0.44% Cu in a calcite fractured zone.
3
Data Source: Report on Continued Diamond Drilling at the Gowganda Transition Gold and Cobalt Project, Big Four Prospect, Haultain Township,
Ontario, Canada;
December 09, 2021; NDMNRF assessment report 20000019504
Qualified Person
The technical elements of this press release have been reviewed and approved by Mr. Thomas Hart,
P.Geo. (PGO), a Qualified Person as defined under National Instrument 43-101. All analytical work
performed by BMR was conducted at ALS Chemex Laboratories with analyses completed in North
Vancouver, B.C The quality system used by ALS-Chemex that meets all requirements of International
Standards ISO/IEC 17025:2005 and ISO 9001:2015. BMR inserted a core duplicate and standard
reference material approximately every 18 samples samples, as well as randomly inserted blank
reference materials as part of their QA/QC program. The core from this drill program has not been
examined all information relating to drill holes GE21001/002 and wedge cuts GE21001W1/ 001W2/
001W3 are from the assessment report authored by the BMR geologists
1
.
About Transition Metals Corp
Transition Metals Corp (TSXV: XTM) is a Canadian-based, multi-commodity project generator that
specializes in converting new exploration ideas into Canadian discoveries in Canada. The award-
winning team of geoscientists has extensive exploration experience in established, emerging and
historic mining camps and actively develops and tests new ideas for discovering mineralization in places
that others have not looked, which often allows the company to acquire properties inexpensively. The
team is rigorous in its fieldwork and combines traditional techniques with newer ones to help unearth
compelling prospects and drill targets. Transition uses the project generator business model to acquire
and advance multiple exploration projects simultaneously, thereby maximizing shareholder exposure to
discovery and capital gain. 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. The Company has an expanding portfolio that currently includes more than 25 gold,
copper, nickel and platinum group element projects across Canada.
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 Property
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