SUDBURY, ON, June 14, 2012 /CNW/ - Transition Metals Corp. (XTM - TSX.V) today announced it has acquired by staking a 100% interest in
approximately 6,840 ha (68 km2), covering the Janice Lake, Jansem1, Jansem2, Kaz Lake, Rafuse Lake,
Genie Lake, Juno and Sunshine copper occurrences, located about 190 km
north of La Ronge, and 55 km southeast of Key Lake, in north-central
Saskatchewan (see map below).
"This is an exciting addition to our growing portfolio of projects" said
Scott McLean, CEO of Transition Metals. "While the company's core focus continues to be on gold, this project
provides shareholders with exposure to copper. The geological
environment and mineralization suggests the property is capable of
hosting a sizable sediment-hosted stratiform copper deposit. As a
project generator, our priority is to now find a suitable partner to
help further advance exploration on this project."
Mineralization on the property was initially discovered in the early
1950's. Exploration was sporadic until 1993 when Noranda intersected
significant copper mineralization, consisting of native copper and
chalcopyrite-chalcocite in 10 of the 14 holes with the best
mineralization being 0.54% Cu over 39.2 m and 0.77% Cu over 33.0 m in
two separate holes along the southwest of the Janice occurrence. Work
conducted by the Saskatchewan Geological Survey in 1995 further
confirmed and helped document the presence of sediment-hosted
stratiform copper mineralization in the Janice Lake area. In 2003, a
hole drilled by Phelps Dodge in the Jansem 1 occurrence, located 2.5 km
south of the Janice occurrence, intersected 0.64% Cu and 2.5 g/t Ag
over 24.01 m at 38 m down the hole, including 0.9% Cu and 3.6 g/t Ag
over 15.8 m, and a lower zone of 0.51% Cu and 1.2 g/t Ag over 8.3 m at
78 m. Both intervals are associated with native copper, chalcocite,
chalcopyrite and minor bornite. In 2004, Phelps Dodge proposed
additional work programs to test new mineralized occurrences identified
on the property and to further define the extent of mineralization
intersected by the 2003 diamond drilling program. However, these
programs were never implemented because of a shift in corporate focus.
The Janice property is located near the southeast margin of the
Wollaston Domain, and is underlain by a thick succession of tightly
folded, northeast-trending, variably deformed and metamorphosed clastic
metasediments. This succession has been intruded by, and interfolded
with, remobilized Archean granite, pegmatite and granitoid veins. The
northeast-trending Burbidge Lake Shear Zone passes through the south
portion of the property. The property is situated approximately 55 km
southeast of the Athabasca Basin and also hosts unevaluated uranium
mineralization. The George Lake deposit, which is also within the
Wollaston Domain, about 100 km northeast of the Janice Property,
contains 13 million tons grading 3.86% Zn.
Subsequent to a resolution of the Board of Directors following the
company's annual general meeting held in Toronto on May 1, 2012, the
company has granted incentive stock options to key employees and
consultants to purchase up to a total of 100,000 common shares in the
capital stock of the Company, at an exercise price of 40 cents pursuant
to the company's stock option plan and subject to TSX-V approval.
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 dilution. The company, which was founded in 2011,
has an expanding portfolio that currently includes six early stage gold
projects, and two additional ones that are being explored by partners.
Qualified Person / Quality Control Procedures
This press release has been reviewed by Mr. Thomas Hart, 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.
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.
Image with caption: "Location Map for the Janice Lake Project in Northern Saskatchewan, Canada (CNW Group/Transition Metals Corp.)". Image available at: http://photos.newswire.ca/images/download/20120614_C8842_PHOTO_EN_15150.jpg
SOURCE Transition Metals Corp.
For further information:
Further information is available on the Company's website at: www.transitionmetalscorp.com or by contacting:
President and CEO
Transition Metals Corp.
Tel: (705) 669-0590
VP Investor Relations and Marketing
Transition Metals Corp.
Tel: (705) 669-0590