Total Shares Outstanding: 22.1 MM
Fully Diluted: 29.6 MM
SUDBURY, ON, Sept. 8, 2011 /CNW/ - Transition Metals Corp (TSXV: XTM)
("Transition Metals" or the "Company") announced today results from a
recent trenching, mapping and sampling program on its Haultain Gold
Project, in the Abitibi Greenstone belt near Kirkland Lake, Ontario and
provided an update of its exploration plans for the fourth quarter of
Preliminary assay results from sampling conducted on portions of the
first trench have returned numerous elevated gold values. Samples
received from Trench 5, located approximately 400 metres to the west
and along the interpreted strike of the recently exposed Annie's Ladder
Showing (see Map 1) have returned assay values up to 25 g/t gold.
Consecutive channel samples from Trench 5 also returned elevated gold
numbers with the best values coming from a 5.05 metre long channel
sample averaging 2.48 g/t gold taken in the vicinity of an area on the
exposure hosting quartz/carbonate veining containing visible gold.
Results from this channel sample are presented in the table below:
Greg Collins, Chief Operating Officer of Transition Metals commented on
these results, stating, "We're very excited about the preliminary results coming from Trench 5.
This new exposure is located 400 metres to the west along strike from
the Annie's Ladder Showing. It appears that gold mineralization at
surface on the Haultain project may be more widely distributed than
previously recognized. We are eager to drill test new uncovered areas
of outcropping gold mineralization this fall."
Highlight Intervals from Channel 8 - Preliminary Sampling of Trench 5,
*Length weighted average
The "Annie's Ladder Showing" refers to the site of a new gold occurrence
discovered on the Haultain Property and yielding elevated gold values
of up to 19.5 g/t obtained from grab samples and averaging 3.5 g/t over
a 20 metre by 100 metre long outcrop exposed by mechanical stripping in
2010. The discovery was announced earlier this year (please refer to the February 17, 2011 press release for additional
Since the February 17, 2011 release, work including the cutting of a
grid over the central portion of the property to complete Soil Gas
Hydrocarbon (SGH) and Induced Polarization (IP) surveys has been
completed. Company geologists have also completed a detailed map of the
bedrock geology of the property.
As a result of this work, several new areas were identified on the
property with similar geological characteristics to those observed at
the Annie's Ladder Showing. Seven of these areas were investigated by
mechanical stripping, with grab and channel samples collected and
submitted for assay (refer to map, Figure 1). To date, assay results
have been only been received from a portion of the samples submitted
from Trench 5. Assay results from the remainder of Trench 5 and the six
other trenches are pending and are expected over the coming weeks.
With regard to the future, Greg Collins states, "Our main objective during the 3rd quarter of 2011 is to define the scope of the discovery opportunity at
Haultain, while we continue to develop and expand our pipeline of new
quality gold exploration projects."
Exploration plans for the fall include the diamond drilling of 2,500
metres at the Haultain Property. Diamond drilling to determine the
extent and grade distribution of gold mineralization associated with
the Annie's Ladder Showing is planned to commence tomorrow.
Doherty Lake Property
The Doherty Lake Property is located approximately 65 kilometres
northeast of Capreol, Sudbury Mining District. The property hosts an
undrilled Gold-Silver occurrence associated with folded quartz
carbonate veining exposed at surface near the lower contact of a
Nipissing gabbro intrusion located near the eastern shore of Doherty
Lake. Grab samples collected by the Company in 2010 returned values of
up to 9.2 g/t Au and 75 g/t Ag. The size and grade of the
mineralization associated with this well exposed occurrence will be
investigated by 4 to 5 short diamond drill holes this fall.
The Jumping Moose Property is located in Burrows and Kemp townships near
the western margin of the Abitibi Greenstone Belt, south of Timmins
Ontario. The property contains a cluster of extremely high grade (>500
g/t Au) Au-Ag-Te bearing quartz vein boulders located on the east side
of Jumping Moose Lake and "in situ" showings of similar style Au-Ag-Te
bearing quartz veins located on the western side of the lake.
Historical efforts on the property have concentrated on locating the
source of the boulders by attempting to trace the source of dislodged
till. No drilling targeting gold bearing structures and bedrock
showings identified on the property has yet been undertaken.
The Homathko Property consists of 12 claims (5,487 Ha) in the Caribou
Regional District, British Columbia, located approximately 200
kilometres west of Williams Lake. The claims cover a previously
unrecognized gold system associated with exposures of altered
metavolcanic and metasedimentary sequences belonging to the prolific
metallogenic Stikine terrain. Mapping and prospecting work completed by
the Company in 2010 detected numerous elevated gold samples over 1,500
metres of interpreted strike length, with the best grab sample
returning 87 g/t Au. The Company has applied for permits to evaluate
defined targets as seasonal conditions permit.
500 metres of diamond drilling is planned atthe Doherty Lake property
with additional field work is planned at the Jumping Moose and Homathko
projects.Please refer to the company's website at www.transitionmetalscorp.com for more details.
About Transition Metals Corp
Transition Metals is a public mining exploration Company listed on the
Toronto Venture Exchange (TSX) under the trading symbol - XTM.V,
focused on the identification, exploration and development of new gold
opportunities in established and emerging gold districts in Canada. The
Company currently owns or controls an interest in five early stage gold
exploration properties in Ontario and British Columbia. The Company is
committed to building shareholder value through the identification and
development of new low cost, high quality exploration projects while
minimizing shareholder dilution through funding partnerships and
revenue generating opportunities.
Qualified Person/Quality Control Procedures
This press release has been prepared and reviewed by Mr. Greg Collins,
P.Geo (APGO/APEGM), a Qualified Person under the National Instrument
43-101 guidelines. All analytical work performed on grab, channel and
core samples was conducted at ALS-Chemex with sample preparation
completed in Sudbury, Ontario and analyses completed in North
Vancouver, B.C. The quality system used by ALS-Chemex complies with
international standards ISO 9001:2000 and ISO 17025:2005. Standards and
blanks are submitted with each sample batch.
Cautionary Note on Forward-Looking Information
Except for statements of historical fact contained herein, the
information in this press 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.
No securities regulatory authority has either approved or disapproved of
the contents of this news release. The securities being offered have
not been, and will not be, registered under the United States
Securities Act of 1933, as amended , or any state securities laws, and
may not be offered or sold in the United States unless pursuant to an
exemption there from. This press release is for information purposes
only and does not constitute an offer to sell or a solicitation of an
offer to buy any securities of Transition Metals in any jurisdiction.
Image with caption: "Map 1: Trench Location Sketch (CNW Group/Transition Metals Corp.)". Image available at: http://photos.newswire.ca/images/download/20110908_C9621_PHOTO_EN_2979.jpg
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
(416) 815-0700 - extension 267