SUDBURY, ON, Sept. 11, 2012 /CNW/ - Transition Metals Corp. (XTM - TSX.V) is pleased to announce it has signed an option agreement with Goldeye
Explorations Limited to acquire a 100% interest in the 850 hectare Van
Hise property, adjacent to and west of Transition's 100% owned Haultain
property. The Haultain property is located near the town of Gowganda in
northeastern Ontario, approximately 25 km south of the Aurico Gold
Young-Davidson Mine1 and 1 km west of the formerly producing Gowganda silver camp (80 Moz
silver). The Haultain property was the site of a gold discovery made by
Transition Metals in 2010 that the company has since been working to
assess more fully. As a project generator, Transition is seeking an
exploration partner for this, and other early-stage gold and copper
projects it has assembled in Canada.
"This option agreement more than doubles Transition's access to the
potential strike extent of favourable geology along the main
mineralized gold trends defined at Haultain," said Scott McLean, CEO of Transition Metals. "We look forward further exploring this trend this fall."
The optioned property, referred to by the Company as Haultain West, is
underlain by a similar west-trending sequence of mafic to intermediate
metavolcanic rocks to that observed on the adjacent Haultain property.
Preliminary work at Haultain West by Transition, has identified
outcrops of syenite having similar geochemistry to those associated
with gold mineralization on the Haultain property. On the optioned
Haultain West property, sampling by Lake Superior Resources Corp in
1997 in the vicinity of an historical silver occurrence returned 2.17
g/t gold, with elevated copper, silver and bismuth. This occurrence is
located approximately 5 km to the west, along strike from the
mineralized gold system associated with the Haultain gold system (see map).
Work on the Haultain property to date includes trenching, detailed
mapping, channel sampling and the completion of 21 drill holes for
2,258 metres. While this work has outlined a widespread gold
mineralized system over a strike length of 1.25 km, the full extent of
this system, and its economic potential, have not fully been
Highlights from previous work on the original Haultain property include:
Numerous visible gold occurrences on surface, at trench 3, over a 100m
strike length of exposed bedrock
97.6 g/t gold over 40 cm (channel sample)
2.37 g/t gold over 7.06 metres (8.42 m down hole), and 82.5 g/t gold
over 0.36 m (35.00 m down hole). Both of these drill intersections were
from TMH11-09 (reported on November 7, 2011).
Transition will complete a similar program of mapping, geochemical
sampling and trenching on the Haultain West property this fall, and
continue to advance exploration in the vicinity of the original
The Haultain West property consists of 6 claims (53 units) totaling
roughly 850 hectares, in Van Hise and Milner Townships, in the Larder
Lake Mining District. Under the terms of the agreement with Goldeye,
Transition can earn a 100% interest in the claims, subject to a 2% net
smelter royalty (NSR) in exchange for option payments of $40,000 over
three years and by incurring cumulative work expenditures of $250,000.
Transition retains the option to purchase up to 1% of the Goldeye NSR
for $1.0 million.
About Transition Metals Corp
Transition Metals Corp (XTM -TSX.V) is a Canadian-based, gold-focused
project generator that specializes in converting new exploration ideas
into Canadian discoveries. The team has over 60 years of collective
exploration experience in the established, emerging and historic mining
camps of northern Ontario, and actively develops and tests new ideas
for discovering gold 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's business model is to acquire
and advance multiple grassroots exploration projects simultaneously,
thereby maximizing shareholder exposure to discovery and capital gain.
Joint venture partners fund a significant portion of higher-risk
drilling and exploration, allowing Transition to conserve capital and
minimize shareholder's equity dilution. The company, which went public
in 2011, has an expanding portfolio that currently includes 11 early
stage gold projects in Ontario and British Columbia, two additional
gold properties that are being explored by partners, and one sediment
hosted copper project in Saskatchewan.
Qualified Person / Quality Control Procedures
This press release has been reviewed by Mr. Greg Collins, P.Geo (APGO),
a Qualified Person under the National Instrument 43-101 guidelines.
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.
1 Mineralization at the Young Davidson mine may not be representative of
mineralization on Transition Metals' Haultain or Haultain West
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.
PDF available at: http://stream1.newswire.ca/media/2012/09/11/20120911_C5482_DOC_EN_17657.pdf
SOURCE: Transition Metals Corp.
For further information:
Further information is available on the Company's website at: www.transitionmetalscorp.com or contact:
President and CEO
Transition Metals Corp.
Tel: (705) 669-0590
VP Investor Relations & Marketing
Transition Metals Corp.
Tel: (705) 669-0590
Tel: (613) 513-5118