Transition Options High-Grade Maude Lake Ni-Cu-Co- PGM Property, Ontario
Transition Options High-Grade Maude Lake Ni-Cu-Co-
PGM Property, Ontario
Sudbury, Ontario--(Newsfile Corp. - January 22, 2019) - Transition Metals Corp (TSXV: XTM) ("Transition", "the Company") is
pleased to announce that it has entered into an option agreement to acquire a 100% interest in the ~14 square kilometre Maude
Lake Ni-Cu-Co-PGM property located near Schreiber, Ontario (Figure 1). The property covers a known high-grade magmatic
Ni-Cu-Co-PGM showing where grab samples collected by Novawest Resources Inc. in 2002 were reported to have returned
values of up to 6.23 % Ni and up to 2.48 % Cu
1
(Table 1). Base metal sulphides occur as massive to vein-like and net-textured
aggregates along the contact between a mafic-ultramafic intrusion to the south and granite to the north.
CEO Scott McLean commented,
"The high-grade nature of the surface mineralization and the potential for a more extensive
mineralized system along the major contact are very attractive. Furthermore, it appears that past exploration has not tested
the property effectively.
A systematic exploration program utilizing modern geophysics is planned to fully evaluate the
property potential and attract a partner for further drilling."
Transition retains the right and option to earn a 100% interest in the property by issuing $25,000 in cash and $25,000 in shares
to the Vendor over a 6-month period. If the Company vests its interest, the Vendor would retain a 2% Net Smelter Return royalty
(NSR) with Transition retaining the right to buy back 1.5% NSR for $2.0 million.
About The Maude Lake Property
The property is located approximately 10 kilometres north of the community of Schreiber, Ontario. It consists of staked mining
claims on crown land that covers approximately 1,398 hectares in Pays Plat Lake area, Lower Aguasabon Lake area and
Priske Township.
The property is located on the southern limb of the Archean Hemlo-Schreiber greenstone belt and covers the contact between
mafic to felsic volcanic lithologies to the south and the Crossman Lake granitic pluton to the north. Late sill-like mafic to
ultramafic bodies are intruded along the contact host the main Ni-Cu-Co-PGM showing (Smyk, 1993).
Base metal sulphides occur as massive to vein-like and net-textured aggregates along the contact between the mafic-ultramafic
intrusion to the south and the granite to the north. The massive sulphide showing is exposed over a distance of approximately 75
m and ranges up to 2 m in width.
It rapidly grades into disseminated mineralization in both the mafic-ultramafic intrusion and the
granite. The sulphide showing consists primarily of anastomosing sulphide veins and massive sulphide hosted in brecciated
granite. Sulphides within the mafic-ultramafic intrusion and away from the main mineralized zone tend to be fine grained
disseminated to blebby sulphides (Smyk. 1993).
Drilling by Zenmac Metal Mines Inc.
3
in 1969-1970 extended the surface mineralization down-dip to a vertical depth of 150 m.
Overall drill results returned values lower than the main showing but hole 7 returned 1.0 % Ni, 0.32 % Cu over 15 feet from 245-
260 feet including a higher grade section of 1.56 % Ni and 0.41 % Cu over 5 feet. In 2001 Novawest Resources Inc.
4
acquired
the property and completed surface sampling, mapping, geophysics and diamond drilling as well as filling a NI43-101 Qualifying
Report on the property in 2004. Highlights from this work include a series of grab samples
1
collected from the main showing
which were release in 2002 (Table 1).
Table 1:
Assay results for grab samples collected by Novawest Resources Inc. on the Maude Lake Property and publicly
released January 2, 2002. The grab samples are selected samples and are not necessarily representative or indicative of the
mineralization hosted on the property.
Sample
Ni %
Cu %
Co %
Pt ppb
Pd ppb
Au ppb
Pd+Pt+Au ppb
P163711
1.72
1.63
0.04
84
492
22
598
P163712
2.59
2.48
0.05
78
292
18
388
P163713
2.54
0.35
0.05
28
166
8
202
P163714
6.23
0.15
0.12
54
342
29
425
P163715
2.32
1.29
0.10
108
256
46
410
P163716
0.14
1.33
0.02
32
66
34
132
P163721
0.52
0.13
0.01
23
76
15
114
P163723
1.63
0.78
0.05
68
258
34
360
P163726
0.18
2.10
0.20
100
72
38
210
P163728
1.36
0.67
0.26
48
34
4
86
P163729
1.88
2.29
0.35
306
70
66
442
P163730
1.55
0.66
0.08
26
66
26
118
P163732
2.00
1.30
0.10
72
360
42
474
P163744
2.72
0.39
0.05
11
97
19
127
P163747
1.00
0.22
0.02
28
84
20
132
P163748
4.98
0.73
0.10
120
560
80
760
P163749
4.76
0.53
0.10
299
509
30
838
P163750
4.26
1.03
0.08
144
500
67
711
¹ Source: Press Release, Nova West Resources Inc., January 2, 2002.
2
Source: Smyk, M.C., (1993) Preliminary Investigation of the Nicopor Copper-Nickel Prospect, Northwestern Ontario, Institute
on Lake Superior Geology, Proceeding Volume 39 Part 1 - Program and Abstracts, p.72.
3
Source: Assessment Report, Ontario Northern Development and Mines, Zenmac Metal Mines Inc., 42D14NW0045
4
Source: Press Release, Nova West Resources Inc., July 6, 2001.
Qualified Person
The technical elements of this press release have been reviewed and approved by Mr. Grant Mourre, P.Geo. (APGO), a
Qualified Person as defined under National Instrument 43-101. The reader is cautioned that historical assay results cited above
have not been verified by the Qualified Person and should not be relied upon.
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 where others have not searched, 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
Figure 1:
Location of the Maude Lake Property and Transition Metals Ni-Cu-PGM Projects
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2766/42358_04c4edf114b6b833_002full.jpg