Market Overview

Transition Receives Positive Assay Results from New Exploration Projects located in Northwestern Ontario

Share:

Transition Receives Positive Assay Results from New Exploration Projects located in Northwestern Ontario

Canada NewsWire

SUDBURY, ON, Sept. 5, 2018 /CNW/ - Transition Metals Corp (XTM – TSX.V) ("Transition", "the Company") is pleased to provide assays results from preliminary prospecting completed on the company's Revell and Island Copper Projects located in northwestern Ontario. Both the Revell and Island Copper properties were acquired by XTM in April of 2018 as part of a much larger staking program (see April 23, 2018 – Press Release) designed at acquiring low-cost exploration assets consistent with the company's Project Generator Business Model.

Revell Property

The Revell Property is located 50 km SE of the town of Dryden in Revell and Hyndman townships along the TransCanada Highway. The Property covers a set of underexplored Ni-Cu-PGM showings, called the Tache East and West showings that were discovered in the 1960's. Historic drilling completed in 1967 on the Tache West showing encountered two shallow zones of Ni-Cu mineralization hosted within a marginal gabbroic unit that returned values of 10 ft @ 0.64% Ni, 0.77% Cu and 12 ft @ 0.68% Ni, 0.90% Cu.

Three days were spent prospecting the Revell Property focusing on locating and resampling the historic Tache West and East showings. A total of 24 samples were collected and submitted for analyses. Highlights from that sampling are listed below.

Sample

Showing

Pt (ppm)

Pd (ppm)

Au (ppm)

Pt+Pd+Au (ppm)

Cu (wt.%)

Ni (wt.%)

S899353

Tache West

0.269

0.371

0.361

1.00

0.64

0.11

S899355

Tache West

0.264

0.393

0.259

0.92

0.48

0.07

S899356

Tache West

0.102

0.150

0.081

0.33

0.31

0.07

S899358

Tache West

0.179

0.274

0.117

0.57

0.48

0.09

S899371

Tache East

0.092

0.294

0.057

0.44

0.29

0.14

S899376

Tache East

0.068

0.193

0.051

0.31

0.22

0.23

 

Island Copper Property

The Island Copper Property is located 15 km north of Sault Ste. Marie in Aweres Township and covers an area that is interpreted to have high potential for IOCG-style, Cu-Au-Ag mineralization. Mineralization on the property is hosted in a highly altered granite breccia that is situated at the intersection of major crustal faults thought to represent the terrain boundary between Archean and Proterozoic rocks. Historic drilling completed on the property by Kennco Exploration in 1965 reported 11.59 m @ 3.4% Cu and 0.9g/t Au at the Main Showing.

Prospecting the Island Copper Property focused on locating and resampling the historic Main Showing. A total of nine samples were collected and submitted for analyses. Assay results are listed below.

Sample

Showing

Cu (wt. %)

Ag (ppm)

S (wt. %)

S899379

Main Showing

2.80

<1

3.21

S899380

Main Showing

9.00

7

9.41

S899381

Main Showing

4.21

4

3.97

S899382

Main Showing

4.67

1

5.37

S899383

Main Showing

4.69

2

4.72

S899384

Main Showing

1.61

<1

1.63

S899385

Main Showing

3.72

<1

3.80

S899386

Main Showing

3.14

<1

3.19

S899387

Main Showing

0.63

2

0.90

 

Commenting on the news, Company CEO and President Scott McLean stated "We are encouraged with the assay results from the initial prospecting at both the Revell and Island Copper properties. We feel that the Revell Property has the potential to host a new Ni-Cu-PGM environment that has seen only minimal exploration over the past 50 years and the results from the Island Copper Property demonstrate the high grade potential of this poorly understood property. In the following months we look forward to further exploring and evaluating both of these properties."

Qualified Person

The technical elements of this press release have been approved by Mr. Grant Mourre, P.Geo. (APGO), a Qualified Person under National Instrument 43A-101. All analytical work performed on rock samples was conducted at AGAT Laboratories with sample preparation completed in Thunder Bay and Sudbury, Ontario and analyses completed in Mississauga, ON. The quality system used by AGAT Laboratories complies with international standards ISO 9001:2015 and ISO 17025:2005.

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.

SOURCE Transition Metals Corp.

View original content: http://www.newswire.ca/en/releases/archive/September2018/05/c8178.html

View Comments and Join the Discussion!