Transition Options the Sawmill Au-Cu Property, Sudbury Area Ontario
Transition Options the Sawmill Au-Cu
Property, Sudbury Area Ontario
Sudbury, Ontario--(Newsfile Corp. - October 15, 2020) - 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 Sawmill Au-Cu Property located 40 kilometres northeast of the Sudbury
Mining Camp within Parkin and Hutton townships. The property consists of 106 contiguous mining
claims, two mining leases and five patents totalling approximately 825 hectares. The property
encompasses historic high-grade polymetallic gold (Au), copper (Cu), and silver (Ag) showings (see
Figure 2); where grab samples collected by the Company in 2017 returned high-grade assays of 25.1 g/t
Au and 158 g/t Ag at the A1 zone as well as 3.42 g/t Au, 1,295 g/t Ag and 4.81% Cu at the Galena
showing.
CEO Scott McLean commented, "We consider the Proterozoic rocks to the east and south of the
Sudbury Basin to be an emerging polymetallic gold district that is very underexplored.
Transition has
assembled a strategic land position within the area and now controls three properties; the Sawmill,
Aylmer and Mongowin that collectively total 7,385 hectares (Figure 1). The newly optioned Sawmill
Gold Property hosts numerous high-grade base and precious metal showings associated with zones
of intense brecciation and strong carbonate alteration. Sawmill together with Aylmer and Mongowin
provide the Company three exciting Sudbury Area polymetallic exploration plays each of which is
mineralized and strongly altered."
Figure 1:
Sudbury Area Polymetallic Exploration Properties.
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About the Agreement
Transition retains the option to earn a 100% interest in the property by issuing $300,000 in cash
($25,000 on signing) and 1,000,000 shares (100,000 on signing) to the Vendor and completing an
aggregate of $1,000,000 in work over a 4-year 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%
NSR for $1.0 million and a further 0.5% NSR for an additional $1,000,000.
About the Sawmill Gold Property
The Property is underlain primarily by mafic and felsic volcanics of the eastern Archean Benny
greenstone belt that is unconformably overlain to the northeast by sediments of the Proterozoic Huronian
Supergroup. Mineralization hosted within the Archean rocks is associated with quartz-carbonate veins in
fractures and shears with biotite-chlorite-silica alteration.
Mineralization hosted within the Proterozoic
rocks is associated with stockwork quartz veins, brecciation of the sediments, and intense
carbonatization. The alteration and brecciation of the Proterozoic sediments has similarities to a late
stage IOCG-type mineralization adjacent to an area of Archean lode gold style mineralization.
Both styles of mineralization have seen various exploration programs through time.
In the area of the lode
gold mineralization, the A1 and B1 zones, the historic exploration results include:
34.3 g/t Au over 2.0 metres from a 1979 Midpine Exploration trenching project;
29.8 g/t Au and 55 g/t Ag over 0.69 metres in a 1984 Inco drill hole;
5.05 g/t Au over a core length of 2.04 metres in a 1988 Longold Resource drill hole;
6.89 g Au/t over a core length of 1.37 metres and 6.21 g Au/t over a core length of 0.61 metres
from a 1996 Meridian Resources drill program.
Mineralization in the Proterozoic rocks is divided between the Galena and the Calcite showings. Historic
work in the Galena showing has returned results that include 24 samples of the felsic tuff with samples
averaging 4.05 g/t Au with a high of 32.04 g/t Au from a 2010 Cascadero Resources project. Work at the
Calcite Showing has returned results that include 1.54 g/t Au over 1.0 m and 0.58 g/t Au over 1.16 m
from a 1986 Raretech Minerals drill project, and 1.56-2.43 g/t Au in 1990 grab samples.
A site visit by Transition Metals geologists in November 2017 obtained the following results:
Table 1:
Assay results for grab samples collected by Transition Metals Corp. in November 2017.
Sample
Area
Au
Ag
Cu
g/t
g/t
%
L783259
A 1
25.10
158.00
0.70
L783260
A 1
0.05
1.14
0.03
L783261
A 1
14.80
98.00
0.84
L783262
A 1
0.03
0.31
0.004
L783263
A 1
0.04
0.45
0.04
L783264
A 1
0.09
0.21
0.009
L783265
B 1
4.58
8.93
0.05
L783266
A 1
4.64
1.28
0.01
L783267
Galena
6.63
0.90
0.004
L783268
Galena
3.42
1295.00
4.81
These results support the presence of an Archean high-grade lode gold system as well as a high-grade
gold system hosted within Proterozoic rocks, as reported in the historical results. The Company believes
the property is prospective for a high-grade, lode gold and IOCG-style deposits in an area that has seen
limited to no exploration.
A program of mapping, sampling, trenching, and data compilation is planned in
order to target drilling in the future.
Figure 2:
Sawmill Property Showings.
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Qualified Person
The technical elements of this press release have been approved by Mr. Thomas Hart, P.Geo. (PGO), a
Qualified Person under National Instrument 43-101. All analytical work performed 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.
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 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 CE
Transition Metals Corp.
Tel: (705) 669-1777
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