Transition Metals Strengthens Team and Sets Stage for Promising 2024
Transition Metals Strengthens Team and Sets
Stage for Promising 2024
Sudbury, Ontario--(Newsfile Corp. - January 17, 2024) - Transition Metals Corp. (TSXV: XTM)
("Transition", "the Company") is pleased to provide a summary of accomplishments in 2023 and to
provide guidance regarding plans for the coming year.
Key 2023 Achievements:
Team:
Bill Stormont has joined the team as Manager of Business Development.
With a rich
background in capital markets and investor relations, his addition is anticipated to enhance the
Company's presence and collaborations within the mining industry.
Exploration:
Company efforts returned encouraging results at its Pike Warden Au-Ag-Cu project
in Yukon and the Maude Lake Ni-Cu-PGM property in northwestern Ontario.
Financial:
The successful closure of a $1 million non-brokered financing in June bolstered the
Company's financial standing. At year end, current assets on the Company's balance sheet
included ~$1.2 million in cash and $2.0 million in marketable securities and ownership in
associated companies.
Scott McLean, CEO of Transition Metals, expressed gratitude, stating,
"I would like to thank our team
and shareholders for their support throughout 2023 as we reflect on what was clearly a challenging
year for junior explorers in Canada. In 2023, we advanced our Maude Lake and Pike Warden projects
and continue to maintain a pipeline of 20 projects. We feel that projects like Pike Warden and Maude
Lake have the scale and upside potential to attract such partners and plan to continue to advance
work on these in 2024.
The addition of Bill Stormont to the team will bring a strong focus to our
business development program including the partnering of our many high quality projects."
Pike Warden (Au-Ag-Cu)
The Pike Warden project is situated on the margins of one of the largest collapsed caldera complexes in
the Canadian Cordillera - the Bennett Lake complex, located approximately 65km south of Whitehorse,
Yukon. Sampling of outcrop and scree on the property has led to the discovery of more than 25 new
zones of polymetallic mineralization returning values up to: 48.1 g/t Au, 1,215 g/t Ag, 5.11% Cu, and
>20% Pb providing evidence for the development on the property of both epithermal and porphyry styles
of mineralization.
2023 Highlights:
In January (see release dated January 16, 2023), the Company disclosed results from a program
of shallow reverse-circulation (RC) drilling completed on the property at the ERT Zone including
16.76m grading 88.01 g/t Ag (incl. 9.14m grading 156.81 g/t Ag and 1.52m grading 468 g/t Ag) in
hole 22-PW-01, 21.34m grading 91.43 g/t Ag (incl. 1.52m grading 362 g/t Au, 0.47 g/t Au) in hole
22-PW-02 and 12.19m grading 46.20 g/t Ag (incl. 1.52m grading 211 g/t Ag) in hole 22-PW-03.
Company geologists interpret the mineralization at the ERT Zone to be characteristic of a large
high-sulfidation silver-rich epithermal Au-Ag system.
Over the summer, the Company completed multispectral satellite and high-resolution LIDAR
surveys over the property and mobilized field crews to undertake programs of mapping and
sampling on select targeted areas.
In September, the Company announced that sampling had led to the discovery of 3 new showings
located in the north portion of the property and expanded the footprint of mineralization returning
grab sample assays up to 954 g/t Ag, 0.31 g/t Au, 2.32% Cu, 13.85% Pb, 0.42% Zn, and 0.72%
Mo in zones of outcropping and scree mineralization. On the basis of this work, the Company
staked an additional 376 ha to secure newly identified favourable ground.
In November, the Company reported additional results from sampling conducted in the fall on the
new showing areas (Nemean Lion, Minotaur and Hercules) returning highlight values of 2.91 g/t Au,
6.57 g/t Ag, and >1% Mo.
Plans for 2024:
Review and interpretation and modeling of 2023 data
Petrographic work and detailed pathfinder mineral and alteration studies
Program of fieldwork to map geology, alteration and collect additional rock and soil samples
Select areas for resistivity/chargeability geophysical survey coverage
Drilling based on the results of the fieldwork
Maude Lake (Ni-Cu-Co-PGM):
The Maude Lake project is a large, high tenor Ni-Cu-Co-PGM magmatic sulphide system located 10 km
north of Schreiber Ontario.
Sampling of mineralization exposed at surface has returned up to 6.23 % Ni,
0.719 % Cu, 0.085 % Co and 1.042 g/t PGM (Pt+Pd+Au).
In 2022, drilling completed by the Company
intersected a large semi-continuous zone of magmatic sulphides accumulating near base of large
gabbroic intrusion. This drilling intersected a zone of 20.01 metres averaging 0.33% Ni, 0.28% Cu,
including 4.00 metres averaging 0.61% Ni and 0.52% Cu.
2023 Highlights:
In April (see news release dated April 24, 2023), Company disclosed that borehole EM surveys
completed in the November 2022 program had detected a large untested off-hole conductor from
hole ML-22-03 at a depth of 160 metres downhole and that the conductivity of this target appeared
to increase in size and strength with depth.
In July, the Company completed a deeper penetrating fixed loop electromagnetic survey over the
target area confirming the presence of this large target in preparation for drilling.
In the fall of 2023, the Company learned it had been awarded a $200,000 grant from the Ontario
Junior Exploration Program (OJEP).
In late November, the Company completed 2 drill holes to test targets outlined by the borehole EM
surveys downdip from the known mineralization. Assays from this program are pending.
Plans for 2024:
Borehole surveying of the drill holes completed during the late fall of 2023 (in Progress)
Follow up drilling to test borehole targets as merited
Business Development
The Company will continue to advance its business development program.
To this measure it will be
sourcing transactions and partnerships for its various project with a focus on arrangements with mid-tier
to senior companies.
Bill Stormont will lead this effort as the Company's new Business Development
Manager.
Bill is a capital markets executive who has worked within a number of capacities including
institutional equity buy and sell side roles as an equity analyst and institutional equity salesperson with
ABN Amro Bank NV and as a European equity fund manager with Henderson Global Investors (now
Janus Henderson) in London, UK and investor relations roles in Canada. He is a director of QXMC, the
Klahoose First Nation's economic development arm and has worked with indigenous groups to cultivate
stakeholder relationships.
AME Roundup 2024: Connecting at the Industry's Premier Event
Transition Metals Corp. is excited to announce its participation in the AME Roundup Project Generators
Hub on January 24th and 25th in Vancouver. The Roundup conference provides a prime opportunity for
industry professionals to connect, exchange ideas, and explore new projects. Visit
here
for tickets and
additional information.
Government Exploration Grant Programs
Transition Metals Corp. would like to acknowledge financial support from the 2023-24 Yukon Mineral
Exploration Program (YMEP), for financial support on the Pike Warden Project, in Yukon; as well as
acknowledge financial support from the 2023-24 Ontario Junior Exploration Program (OJEP) for the
Maude Lake Project, in Ontario. YMEP is a program which supports placer and hard rock exploration
projects by reimbursing a percentage of approved exploration expenditures, with the intent to support
early-stage projects and stimulate new mineral discoveries within Yukon. While through the OJEP
program, Transition has been selected to receive up to $200,000 to cover 50% of eligible explorations
costs on the project, aimed at facilitating the exploration of Critical Minerals within Ontario. The receipt of
these grants represents a meaningful milestone, leveraging government support towards advancing a
portion of the exploration activities of these projects.
It's important to note that the opinions and views expressed in this announcement are those of Transition
Metals Corp., and do not necessarily reflect those of the Government of Ontario or those of the Yukon
Government.
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.
About 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.
Further information is available at
www.transitionmetalscorp.com
or by contacting:
Scott McLean
President and CEO
Transition Metals Corp.
Tel: (705) 669-1777
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/194581