Transition Metals Stakes New Sediment-Hosted Copper Property on the Bonavista Peninsula in Eastern Newfoundland
Transition Metals Stakes New Sediment-Hosted Copper
Property on the Bonavista Peninsula in Eastern
Newfoundland
Sudbury, Ontario--(Newsfile Corp. - May 28, 2019) - Transition Metals Corp (TSXV: XTM) ("Transition", "the Company") is
pleased to announce that it has staked a new copper property know as the Duntara Copper Property covering 2,440 ha along
the northwestern tip of the Bonavista Peninsula in Eastern Newfoundland (Figure 1). The new claims were staked to cover a
series of known copper showings including the Blue Point Prospect where Noranda Inc. in 2001 drilled
1.98 % Cu and 23.10
g/t Ag over 6.0m
7
(See description below).
These copper showings occur within the Crown Hill Formation of the
Neoproterozoic Musgravetown Group that has been shown to have excellent potential to host sedimentary-hosted copper
mineralization.
Commenting on the staking, Company CEO and President Scott McLean, P.Geo. stated:
"Given the increased global demand
for copper we are excited to add another quality copper property to Transition's robust portfolio of projects. Historic work
completed in the area has shown that the rocks and copper mineralization of the Bonavista Peninsula show many similarities
to other major sediment-hosted copper producing districts around the world. We look forward to further evaluating our new
properties with the perspective of attracting new investment to the area."
Geology of the Bonavista Peninsula
The Bonavista Peninsula, located with the Avalon Zone, eastern Newfoundland, is divided into two sedimentary domains (east
and west) characterizing unique depositional basin settings. The eastern domain is predominately deep water turbiditic, marine
and fluvial sediments, whereas the western domain is represented by shallow water marine and fluvial sediments
1
. The
Neoproterozoic Musgravetown Group dominates the western domain of the Bonavista Basin and is characterized by a thick, and
widespread succession of slightly deformed continental red beds
2
. The Crown Hill Formation of the Musgravetown Group is host
to numerous sedimentary-hosted copper occurrences on the Bonavista Peninsula. The formation is dominated by terrestrial
sedimentary successions and localized, stratigraphically extensive lacustrine-type reduced horizons (Blue Point facies) that host
most of the copper occurrences
3
. The Blue Point reducing facies occurs as two, 10-15 m thick distinct horizons, consisting of
very finely laminated, grey argillite to sandstone, locally with a core containing disseminated, fine-grained framboidal pyrite
4
.
Across the northwestern tip of the Bonavista Peninsula, the Blue Point facies horizons are exposed over a combined strike
length of 20 km in a series of broad northeast plunging folds.
1
. Normore, L.S. 2010. Newfoundland and Labrador Dept. of Natural Resources Geological Survey, Report 10-1, p.281-
301.
2
. O'Brien, S.J and King, A.F. 2002. Newfoundland and Labrador Dept. of Natural Resources Geological Survey, Report
02-1, p.229-244.
3
. Hinchey, J. 2012. Newfoundland and Labrador Dept. of Natural Resources Geological Survey, Report 12-1, p.1-20.
4
. Hinchey, J. 2010. Newfoundland and Labrador Dept. of Natural Resources Geological Survey, Report 10-1, p.1-21.
About the Duntara Copper Property
Copper mineralization was first discovered on the Bonavista Peninsula in 2000 by Cornerstone Resources Inc.
5
who reported
significant chalcocite mineralization from 'reduced horizons' within the red bed succession of the Crown Hill Formation. Chip
sampling completed in 2000
6
by Cornerstone Resources Inc. at the Blue Point Prospect returned 0.54 % Cu and 7.2 g/t Ag over
a true thickness of 25.5 m from a gently dipping reduced 'greybed' horizon termed the Blue Point facies. In 2001, Cornerstone
Resources Inc. optioned the property to Noranda Inc. who undertook exploration across most of the Bonavista Peninsula.
Shallow drilling completed by Noranda Inc. at the Blue Point Prospect returned
1.0 % Cu and 12.1 g/t Ag over 14.25 m
including
1.98 % Cu and 23.10 g/t Ag over 6.0m
7
hosted entirely within the Blue Point Facies.
In 2010, Vale Exploration
Canada Inc. staked most of the Bonavista Peninsula as it was felt that the area had potential for the host sediment hosted
stratiform copper mineralization similar to that of the Zambian Copperbelt in Africa
8
. The above analytical results are from select
samples and are not necessarily representative of the mineralization hosted on the entire property.
5
. Cornerstone Resources - News Release - February 29, 2000.
6
. Cornerstone Resources - News Release - September 27, 2000.
7
. Cornerstone Resources - News Release - August 2, 2001.
8
. Vale Exploration Canada Inc. - Assessment Report (002C_0210) 2011, Newfoundland and Labrador Dept. of Natural
Resources.
Qualified Person
The technical elements of this press release have been approved by Mr. Grant Mourre, P.Geo. (APGO), a Qualified Person
under National Instrument 43-101. Historical trench and drill results reported herein have not been verified by Transition as
seasonal weather conditions prevent a qualified person from accessing any part of the property or obtaining beneficial
information from it.
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. 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 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 the Duntara Property
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