Sudbury, Ontario--(Newsfile Corp. - June 5, 2019) - Transition Metals Corp (TSXV: XTM) ("Transition", "the Company") is pleased to announce that it has resumed exploration drilling at its Highland Gold project in Cape Breton, Nova Scotia. In January of this year, the Company reported a 9.14 metre intersection grading 23.22 grams per tonne gold (g/t Au) from a program of percussion Rotary Air Blast (RAB) drilling (see Transition news release dated January 14, 2019). In the fall of 2018, the Company initiated an approximate 1,000 metre program of percussion drilling to test a cluster of high-grade showings within a roughly 5 square kilometer portion of the property highlighted by till sampling. This program however was not completed due to the onset of winter conditions. The Company plans to continue the program this spring by completing an additional 15-20 holes totaling approximately 1,000 metres using an air powered Reverse Circulation (RC) drill. Additional work planned during the summer includes investigating other portions of its more than 100 square kilometer land position in the region.
Transition CEO Scott McLean commented, "The Highland property has returned some of the highest grades of gold the Company has drilled to date and we are excited to resume our exploration efforts on the Property to further evaluate the more than 30 known high-grade showings. In addition, the extensive stream sediment and till gold anomalies identified by our work supports the presence of large-scale mineralized systems with gold interpreted to have been sourced from multiple structures. The work planned for this summer will help us better understand the scale and economic potential of these systems."
The Highland Gold Property
The property consists of approximately 107 square kilometres of staked and optioned mining licenses on crown land approximately 60 kilometres northwest of the city of Sydney, Nova Scotia (Figure 1). It covers a cluster of high-grade gold occurrences in a portion of the Avalon terrain that has seen very limited exploration. Rocks of similar age and formation are known to host significant gold deposits in the Carolinas, Newfoundland and the British Isles. The regional geologic framework in Cape Breton is interpreted by Transition to be similar to that hosting First Mining Gold's Hope Brook deposit in Newfoundland (844,000 ounces of gold grading 4.77 g/t gold in the Indicated Resource category and 110,000 ounces grading 4.11 g/t gold in the Inferred Resource category³) and Oceana Gold's Haile Mine in South Carolina (3.32 million ounces grading 1.77 g/t gold in the Measured and Indicated Resource category and 0.6 million ounces grading 1.4 g/t gold in the Inferred Resource category⁴).
1Source: DP ME 135, Version 2, 2006, Geochemical Analyses of Bulk Stream Sediment and Water Samples by the Nova Scotia Department of Natural Resources over northern Nova Scotia, 1986-1987
² Source: Slauenwhite, D. M. 1986: Exploration Program during 1986 on the Cape Breton Highlands, N.T.S. 11K/7, 11K/8, 11K/10; Inco for Scominex; Nova Scotia Department of Mines and Energy, Assessment Report 86-145.
³ Source: First Mining Gold Website - https://firstmininggold.com/projects/newfoundland/hope-brook-project/
⁴ Source: Oceana Gold Media Release dated March 29, 2018
Figure 1: Property Location
To view an enhanced version of Figure 1, please visit:
The technical elements of this press release have been approved by Mr. Greg Collins, P.Geo. (APGO, APGNS), a Qualified Person under National Instrument 43-101. Historical assay results cited above have not been verified by the Qualified Person.
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:
President and CEO
Transition Metals Corp.
Tel: (705) 669-1777
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/45322