SUDBURY, ON, June 27, 2018 /CNW/ - Canadian Gold Miner ("CGM" or "the Company") and Transition Metals Corp. ("Transition Metals", XTM.V) are pleased to provide an update regarding Company activities.
Company CEO Greg Collins commented, "Canadian Gold Miner has made real considerable progress consolidating the 230 square kilometres that it holds in the prolific Abitibi greenstone belt and refining targets in preparation for an aggressive program of drilling that we would like to initiate this fall. With field crews on the ground this summer we have activity underway that will help better position us for a robust public listing later this year."
Update of Activities and Accomplishments:
Compiled historical geological, geochemical and geophysical data for the South Kirkland Camp
Camp scale mapping and sampling along a 20 kilometer section of the Lincoln Nipissing break nearing completion
Identified 7 mineralized areas with potential to host large scale gold systems. Some of these areas host sites of historical underground development sunk to explore and exploit narrow high grade vein gold occurrences
Mechanically stripped and sampled 2 of the 7 areas (Lafond and Cook). This work has outlined targets for approximately 6,000 metres of exploration drilling. Figure 1 depicts the location of the Lafond and Cook target areas.
At the Lafond target area, a shaft was sunk in the 1930's to investigate stacked gold mineralized quartz veins which returned up to 8.1 g/t Au from a 9 foot wide vein and up to 22.6 g/t Au on the 112 foot level1. Work in 2017 exposed the 0.5 to 2.0 metre wide No. 9 vein, the up to 0.5 metre wide No.10 Vein and the 0.5 to 2 metre wide No. 11 Vein hosted by a felsic intrusion. Historical assay records from ten drill holes at Lafond reported intersecting values including 9.05 g/t Au over 1.68 metres, 7.54 g/t over 0.30 metres, and 2.07 g/t Au over 3.75 metres1.
At the Cook target area, trenching exposed an extensive network of quartz carbonate veining hosting elevated gold mineralization. Assay results from 32 samples collected in the vicinity of the Cook showing returned gold values ranging from <0.001 to 8.130 g/t Au with an average value of 0.978 g/t Au2.
Completed a 34-hole, 793 metre reverse circulation drill program in January of 2018 to collect till and bedrock samples across the central portion of the South Kirkland camp. This work identified elevated gold in till down-ice from the Cook and Manor showing areas. Bedrock chip samples collected from this work identified a new and potentially prospective syenite bodies south of the Lincoln Nipissing break.
Secured a 100% interest in the 4,700 hectare Catharine property located southwest of the Lincoln Nipissing property, south of Kirkland Lake by making a final payment to the optioner in April 2018. The Catharine property hosts a number of mineralized showings as well as the past producing Ostrom Mine. Drilling completed by Osisko in 2016 in the vicinity of the Daley showing 1.55 g/t Au over 3.2 metres and 0.44 g/t Au over 11.8 metres about 1 km to the southeast along strike in the Fault Zone3.
Research activities supported by the Metal Earth Project are well advanced in the South Kirkland Camp. "The Metal Earth Project is a $104 million applied research and development project led by Laurentian University with funding from the Canada First Research Excellence fund and federal, provincial and industry partners. Metal Earth will undertake collaborative, international research to determine factors and processes that resulted in differential metal endowment and metal deposit localization"4. The Company is supporting research related to this project where possible, with an expectation that integrating the results from this project will assist with exploration targeting in the area.
An initial review of data associated with the Company's past producing DeSantis Mine in Timmins has highlighted a number of compelling exploration target opportunities in the heart of the Timmins Gold camp. The DeSantis property consists of 6 staked mining claims, 2 mining leases, and 20 patented mining claims (850 hectares) hosting a number of underexplored gold zones and a past producing underground mine and mill operation along trend from some of the major producers in the camp. Mining on the DeSantis property produced 36,000 oz of gold between 1939 and 1942 to a depth of 380 metres below surface from two ones that produced an average mill head grade was of 6.5 g/t gold (0.19 oz per ton)6.
Option partner IAMGOLD obtained 5.5 g/t gold over 3.3 metres from channel sample results from a new trenched bedrock exposure hosting quartz veining and disseminated sulphides discovered on the Jumping Moose property (see news release dated June 5, 2018). IAMGOLD continues to advance both the Jumping Moose and Elephant Head properties.
Field crews have been mobilized to the South Kirkland camp to continue drill targeting work initiated in 2017.
Detailed programs of mapping, mechanical trenching and sampling are in progress for an additional 2 mineralized areas (of the 7 listed above) in the Webster and Hartford-MacClure target areas. Figure 1 depicts the location of the Webster and Hartford-McClure target areas.
At Webster, syenites host quartz and quartz-carbonate veins which in the 2017 field work returned up to 9.85 g/t Au from a quartz vein in the syenite and 7.13 g/t Au from a vuggy quartz vein cutting mafic volcanic rocks. Historical records indicate that a 5 ton bulk sample taken from this showing averaged 0.50 oz Au/ton6.
At the Hartford-MacClure, a syenite is cut by a carbonatized zone hosting quartz veins ranging up to 1.2 m in width with associated pyrite. Historical assays from outcrop ranged from 0.01 to 8.5 oz of Au per ton (0.34-291.4 g/t Au) and assays of diamond-drill core ranged from 0.01 to 12.2 ounces of Au per ton (0.34-418.2 g/t Au). Historical work includes reference to two adits at this occurrence6. Re-sampling in 2017 of pulps from a 1987 drill hole close to this target returned 7.64 g/t Au over 4.5 feet (1.37 m) confirming a previously reported value of 9.0 g/t Au from the same interval7.
Dr. Greg Stott – retired Ontario Geological Survey structural geologist and adjunct to the Harquail School of Earth Sciences at Laurentian University has been engaged to provide structural geological input over the summer with targeting efforts in the South Kirkland camp.
To date approximately 194 field samples have been collected with assays pending. This includes assays associated with channel sampling on the stripped bedrock trench at the Webster occurrence. Analytical results from these samples as well as those coming from additional samples collected over the summer are anticipated. Where practical, the company is utilizing new technology associated with drones to acquire detailed topographic and high resolution photographic images to identify and map out key structures and alteration in the stripped and washed trenches.
Additional work on the Catharine project is planned for later in the summer. Recent logging in the area has provided new access and exposed additional areas of outcrop in the vicinity of known mineralized occurrences that were not accessible to Osisko during the time that they worked the property.
Moving forward, work proposed at DeSantis includes core re-logging to standardize geological units, alteration and structure to make more effective use of extensive drill data in advance of re-modelling approximately 25,000 metres of diamond drilling to produce an updated 3D digital model of the known deposits. This work would be a low cost first step towards the establishment of an initial 43-101 resource for the project.
The technical elements of this press release have been approved by Mr. Thomas Hart, P.Geo. (APGO), a Qualified Person as defined under National Instrument 43-101. Please note that all reported historical values have not been independently verified by the Qualified Person and as such do not conform to NI 43-101 standards for disclosure. As such, historical values should not be relied upon.
About Canadian Gold Miner
Canadian Gold Miner Corp. is 39% owned by Transition Metals Corp (XTM –TSX-V) and is a Canadian private corporation focused on exploring for gold in the Larder Lake Mining District near Kirkland Lake. The Company was founded by Transition to leverage its data, expertise and extensive portfolio of high quality gold projects. CGM has assembled a dominant land position in excess of 229 square kilometres around the Cadillac Larder, Lincoln-Nipissing and Ridout Structures in the southwestern part of the prolific Abitibi Greenstone belt in Ontario. The Abitibi Greenstone belt is Canada's most prolific gold district located in a stable political jurisdiction with excellent mining infrastructure in place.
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 discoveries. The award-winning team of geoscientists has extensive exploration experience which actively develops and tests new ideas for discovering mineralization in places that others have not looked, often allowing the company to acquire properties inexpensively. Rigorous fieldwork combining traditional and new techniques helps 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 a portfolio that currently includes gold, copper, nickel and platinum 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: Greg Collins, President and CEO, Canadian Gold Miner Corp., Tel: (705) 669-0590; Scott McLean, President and CEO, Transition Metals Corp, Tel: (705) 669-1777