Transition Provides Update on Pike Warden Au-Ag-Cu Project, Yukon
Transition Provides Update on Pike Warden
Au-Ag-Cu Project, Yukon
Highlights
Preliminary results from mineral cluster analysis study identify a large domain associated
with the highest gold and silver concentrations, suggesting mineralizing system is large
and spans the entire sampled area
Transition renews option agreement and prepares for 2023 work program
Sudbury, Ontario--(Newsfile Corp. - March 2, 2023) - Transition Metals Corp (TSXV:
XTM) ("Transition", "the Company") is pleased to provide an update on its Pike Warden Au-Ag-Cu
Property located approximately 65 kilometres southwest of Whitehorse (Figure 1). In January, the
Company disclosed results from the first ever program of drilling completed on the property which
returned significant silver values (
see Company release
dated January 16
th
, 2023). The Company
considers the Pike Warden project to be one of its key value creating projects for 2023.
Highlights of work currently in progress, and achievements of 2023 thus far, include significant progress
with the initiation of a mineralogical study, data interpretation, magnetic modeling, exploration permitting,
and logistical planning. Company representatives will be on hand at
Booth #2126
in the Investors
Exchange at the 2023 PDAC Mining Convention to be held from March 5-8, 2023 at the Metro Toronto
Convention Centre (MTCC), Toronto, Canada.
Dr.
Bill Pearson P.Geo., technical advisor to the Company, who recommended this approach for an
early-stage assessment of the potential for a large mineralizing system at Pike Warden,
stated that:
"The initial results for the synchrotron work performed by LISA CAN are very encouraging as they
suggest the numerous showings are part of a much larger mineralizing system and that the surface
showings are likely nearer the top of the system. This approach was very helpful for the early-stage
assessment at Eloro's Iska Iska silver-tin polymetallic project in Bolivia."
Exploration Plans for 2023
The Company intends to complete a program of work consisting of systematic prospecting, mapping,
and hand trenching across the property to follow up on results acquired in 2022. This work aims to further
define and discover additional structural trends, alteration footprints, and zones of mineralization,
particularly in the underexplored northern claims which were not worked in 2022. In addition, an RC drill
program is also being considered, to further evaluate the extent of mineralization at the ERT Zone and
additional high-priority showings on the property.
Syncroton Mineral Study
Synchrotron mineral cluster analysis was performed on 57 pulp samples by Dr. Lisa Van Loon of
LISACAN Analytical Solutions (LISACAN) and Dr. Neil Banerjee, P.Geo., of Western University's
Department of Earth Sciences. The selected rock samples are a representative suite of lithologies
proximal to the more than 18 sites of Au, Ag, Cu, Pb, and Zn mineralization identified to date across the
approximately 10 kilometre wide property. The synchrotron is a type of circular particle accelerator that is
an extremely powerful source of broad-spectrum electromagnetic radiation (e.g., visible light, infrared,
UV, & X-rays), approximately 10 billion times brighter than the sun. Synchrotron radiation powder X-ray
diffraction (SR-pXRD) provides a rapid, high-resolution analytical technique for mineral exploration.
Cluster analysis performed on the diffractograms generated by the synchrotron is then can be used to
highlight mineralogical similarities between samples that may be associated with a large mineralizing
system.
The study identified seven (7) mineralogical domains. Domain 1 is the largest and includes 47 samples
(82 %). This domain is associated with the highest gold and silver concentrations, suggesting that the
mineralizing system is large and spans the entire sampled area. Domain 1 can be further sub-divided
into 2 sub-domains (1A: 30 samples & 1B:17 samples ). Samples within Domain 1A span the entire
sampled area. Samples within Domain 1B trend in a NNE-SSW direction. The study suggests that
samples from Domains 1A and 1B represent the greatest mineralizing potential on the property. Work
associated with this study remains ongoing towards better understanding the detailed mineralogy
associated within the identified domains.
Magnetic Data Modeling and Review
The Company has initiated work to account for the topography and complete a detailed 3D magnetic
inversion model of the property-scale, high resolution airborne magnetic data collected by the Optionor
in 2021. The magnetic products and historical data will aid Company geologists in developing a 3-D
geological model.
Option Agreement
In June 2022, Transition Metals Corp. entered into an option to acquire a 100% interest in the property
from the Vendor in exchange for cash, shares, and work expenditures over a four-year period (see
Company press release dated June 28
th
, 2022). Pursuant to the terms
this agreement, the Company
has provided notice of its intent to maintain the option by providing a Y1 cash payment of $30,000 and
200,000 common shares to the Optionor, and has confirmed that it has made the appropriate
expenditures and governmental filings to maintain the option in good standing until March 1, 2024. The
project has qualified for, and the Company has been approved to receive a funding grant of $50,000
associated with the Yukon Mineral Exploration Program (YMEP) for the completion of work completed in
2022. The company would like to thank the Yukon Government for their support through this program.
About the Pike Warden Property
The Pike Warden property is located approximately 65 kilometres southwest of Whitehorse, Yukon, and
is composed of 185 contiguous mining claims totaling approximately 37 km². The property
encompasses a combination of historic and recently discovered high-grade polymetallic gold, copper,
and silver epithermal showings that are potentially indicative of a large epithermal-porphyry system in the
vicinity of the Bennett Lake Volcanic Complex. In June 2022, Transition Metals Corp. entered into an
option to acquire a 100% interest in the property from the Vendor in exchange for cash shares and work
expenditures over a four-year period (please refer to news release dated June 8, 2022).
Qualified Person
The technical elements of this press release have been approved by Mr. Greg Collins, P.Geo. (PGO),
who is a Qualified Person as defined under National Instrument 43-101.
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.
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: Geology and location of the Pike Warden Property and outline of the Bennett Lake
Caldera Complex
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2766/156929_309790d654ac993d_002full.jpg
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/156929