SUDBURY, ON, Dec. 11, 2013 /CNW/ - Transition Metals Corp. (XTM - TSX.V,
"Transition", "the Company"), is pleased to provide an update of
exploration and corporate activities. Transition is a multi-commodity
exploration company that utilizes the project generator business
model. The Company is currently advancing five district scale
exploration opportunities in Canada. Exploration programs carried out
by the Company this year were partially funded by partnerships with
Impala Platinum (Implats), Nunavut Resources Corp (NRC) and Sudbury
Platinum Corp (SPC) - a privately funded 83% owned subsidiary of
Transition. The Company continues to advance exploration work and
solicit partners for its Abitibi gold projects in Ontario and Janice
Lake sedimentary copper project in Saskatchewan.
CEO Scott McLean commented, "Although it has been a difficult year for the exploration sector in
Canada, Transition has managed to continue to advance key projects with
the help of our valued alliances and joint venture partners. To date in
2013 approximately $2.3 million in exploration work has been completed
and we continue to operate programs designed to generate positive
results and drive value for our investors well into 2014."
Transition is also pleased to announce the appointment of Mr. Chris
Chadder, CA to the role of Chief Financial Officer. Effective January
1, 2014, current Chief Financial Officer Anna Ladd will be stepping
down to pursue other opportunities. During the interim period, Ms. Ladd
will continue to work with management to ensure a smooth and effective
transition. Management would like to thank Ms. Ladd for her many
contributions and wish her well in her future endeavors. Since the
combining of business with HTX Minerals Corp. in August, the company
has been aligning corporate activities and streamlining expenditures.
Mr. Chadder is a chartered accountant with extensive experience in
budgeting, cash forecasting, financial reporting, and project/business
valuations and acquisitions. Pursuant to his appointment, Mr. Chadder
has been granted 100,000 options exercisable at $0.20 expiring December
2013 Exploration Highlights:
Thunder Bay PGM's (Implats Alliance)
At the Sunday Lake property, 54 kilometres of grid lines were cut in
order to complete geological mapping, ground magnetic, gravity and time
domain EM surveys. A 2,600 metre diamond drill program to test platinum
group metal (PGM) targets is currently in progress with results pending
and additional drilling and geophysical surveys planned for the New
An iron-vanadium bearing zone extending 1,800 metres of strike length
and 50 to 170 metres in width was identified at Empire Lake. Results
from 100 channel and grab samples collected from 6 hand stripped trench
areas returned calculated V2O5 contents ranging from 0.01 to 0.65%. Composite samples from the
trenches were submitted for preliminary metallurgical testing.
Approximately $1.3 million in funding was provided to Transition in 2013
by Implats. The Implats Strategic Alliance Agreement is scheduled to
expire at the end of January 2014, however discussions for extending
this agreement are ongoing.
Aer Kidd - Ni-Cu-PGM's (Sudbury Platinum Corp)
The property is located on the prolific Worthington offset dike of the
Sudbury Igneous Complex approximately 2.6 kilometres along strike to
the northeast of Vale's Totten mine (10.1 Mt @ 1.5% Ni, 1.97% Cu, 4.8g/t PGM)1 and 4.3 kilometres along trend to the southwest from KGHM's Victoria
mine (14.5 Mt@ 2.5% Ni, 2.5% Cu, 7.6 g/t PGM)2 .
The Company believes that the property has excellent potential to host a
significant Ni-Cu-PGM deposit.
Borehole UTEM IV survey work on 11 selected historic drill holes is
currently in progress.
Results from the borehole geophysical surveys will be combined with the
updated geological model to target areas in preparation for an early
2014 drill campaign.
Itchen Lake - Nunavut Gold (NRC Alliance)
Approximately $1.0 million in funding was provided to Transition in 2013
by strategic alliance partner, Nunavut Resources Corp. (NRC).
A 750 line kilometre Airborne Mag-EM survey and follow up program of
mapping and sampling was completed resulting in the identification of
17 new high quality gold drill targets with geological and geophysical
characteristics consistent with other well-known banded iron formation
hosted gold deposits in the Slave Province.
Assays from 125 grab samples collected in August returned values ranging
from nil to 8.1 g/t Au.
One of the identified conductive targets has been modelled to have
similar size, geology and geometry to Sabina's Umwelt gold deposit (1.8 Moz of Indicated Resources grading 7.1 g/t Au and 0.6 Moz of
Inferred Resources grading 9.9 g/t Au)3, located approximately 225 kilometres to the northeast.
Abitibi Projects - Gold
The company owns or controls an interest in approximately 187 square
kilometres of gold properties in eight project areas in the prolific
Abitibi Greenstone belt in Ontario.
Work to date on the Haultain property has defined a similar gold
mineralizing environment to that associated with a number of deposits
in the Kirkland Lake camp, outlining widespread gold mineralization and
alteration over a strike length of 1.25 kilometres. Highlights include:
97 g/t gold over 0.40 metres (channel sample); 2.4 g/t over 7.1 metres
and 82.5 g/t over 0.4 metres (drill program, within 35 metres of
Mapping, mechanical trenching and sampling on the Haultain West Property
near Gowganda confirmed the presence of syenite intrusions similar in
chemistry to those hosting gold mineralization discovered by the
company on the central portion of the Haultain Property in 2010.
Bedrock sampling on the Elephant Head property returned values ranging
from 0.2 to 50.6 g/t Au in silicified sheared granodiorite hosting 3 to
5% disseminated pyrite. The company plans to mechanically strip
identified occurrences in the spring of 2014.
Surface sampling on the West Matachewan project in vicinity of a
historical drill hole that intersected 0.6 g/t Au over 15.4 metres
including 2.1 g/t Au over 2.0 metres returned elevated gold values.
This sampling has highlighted the need for additional trenching and
stripping in the vicinity of the identified gold mineralization at
Janice Lake - Copper
Compilation and modelling of historical data has highlighted geophysical
signatures that correlate well with known drill hole intersections of
copper mineralization. Coverage of the property by a higher resolution
airborne magnetic and time domain EM survey is planned for Q1 2014 to
define and further characterize drill targets, and identify new targets
for ground follow-up work after break-up.
1 Resource reported by Inco; January 31, 2001 News Release
2 Resource reported by KGHM; January 16, 2012 News Release
3 From Sabina Gold and Silver Corp news release; February 21, 2013
The technical elements of this press release have been approved by Mr.
Greg Collins, P.Geo (APGO), COO of Transition and a Qualified Person as
defined under National Instrument 43-101.
About Transition Metals Corp
Transition Metals Corp (XTM -TSX.V) is a Canadian-based, multi-commodity
Project Generator that specializes in converting new exploration ideas
into Canadian discoveries. The award-winning team of geoscientists has
extensive exploration experience in established, emerging and historic
mining camps, and actively develops and tests new ideas for discovering
mineralization in places that others have not looked, which often
allows the company to acquire properties inexpensively. The team is
rigorous in its fieldwork, and combines traditional techniques with
newer ones to help unearth compelling prospects and drill targets.
Transition uses the project generator business model to acquire and
advance multiple exploration projects simultaneously, thereby
maximizing shareholder exposure to discovery and capital gain. 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. The
company has developed 5 district scale exploration opportunities
encompassing over 2,000 km² of gold, copper, nickel and PGM projects
primarily in Ontario, Nunavut and Saskatchewan.
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.
For further information:
Further information is available at www.transitionmetalscorp.com or by contacting:
Scott McLean, P.Geo.
President and CEO
Transition Metals Corp.
Tel: (705) 669-0590
Renmark Financial Communications Inc.
Robert Thaemlitz: firstname.lastname@example.org
Farialle Pacha: email@example.com
Tel.: (416) 644-2020 or (514) 939-3989