SUDBURY, ON, Feb. 8, 2016 /CNW/ - Canadian Gold Miner ("CGM" or "the Company) is pleased to provide results from a 1.23 tonne sample of vein material that returned a head grade of 240 grams gold per tonne (g/t Au) (7.66 troy ounces gold per tonne – oz Au/t). Canadian Gold Miner is a private company owned 65% by project generator Transition Metals Corp (XTM.V). The sample was collected from the Company's 100%-owned West Matachewan project located 25 kilometres along the Cadillac-Larder break west from Alamos Gold's Young Davidson Mine. Previous assays of surface grab samples collected from the vein returned values up to 12,700 g/t (408 oz/t Au)1 and chip sampling completed across the vein in a number of locations returned results ranging from 0.20 g/t Au over 0.90 metres up to 2,060 g/t Au (66.2 oz Au/t) over 0.80 metres2.
Canadian Gold Miner CEO Greg Collins summarized, "We are pleased that a larger and more representative sample than had been previously collected returned such excellent grades at an occurrence situated so close to the Cadillac Larder Break. At this point, I will caution that the economic significance of the results remains poorly understood. Additional work is required to outline the full extent of mineralization associated with this showing and to determine if there is wider spread mineralization or other similar Bonanza-style occurrences elsewhere on the property."
The sample was collected in July of 2016, as part of a program to further investigate the gold occurrence and to collect a more representative sample of vein material to assess overall grade. A mechanical excavator exposed a zone of veining over a strike length of 35 metres with an average true thickness of 1 metre. The zone, consists of quartz-carbonate veining and silicification developed along a faulted contact between serpentinized ultramafic intrusive rocks and dacite, striking northwest and dipping approximately 55 degrees northeast. The quartz-carbonate veining is crosscut by a set of narrower secondary fractures that control a clay and quartz epidote alteration assemblage spatially associated with native gold. Electron microprobe studies of the gold has identified two alloy species; electrum (average content of 60.8% gold, 38% silver), and tetra-auracupride (average content of 77% gold, 22.8% copper)3.
A total of 1.23 tonnes of vein material were collected from 3 sites exposed along the vein 5 metres apart to better test the average grade of a zone that exhibited appreciable but highly variable grades and to conduct preliminary investigations into the effectiveness of simple gravity gold recovery methods. The sample material was processed by SGS Canada Inc. (Lakefield), Ontario who crushed the entire sample to 100% passing 1/2 inch minus using a combination of jaw and Wescone 300 crushers. The crushed material was then transferred to steel drums to be processed using high-pressure grinding rolls (HPGR) until all but a 10 kilogram sample passed through a 582 micron screen. The drums containing the screened material were slurried and fed into a Falcon SB40 gravity concentrator. The feed and tailings stream to and from the concentrator were regularly sampled. The samples were combined to produce a composite assay value per drum.
Highlights from this work include:
- The 10 kg sample of oversize screenings returned an assay of 2,269 g/t Au (72.9 oz Au/t)
- Average feed grade was 240 +/- 62 g/t Au³
- Average grade of the tailings was found to be 98.3 +/- 20.4 g/t Au³
- Estimated head grade of the sample was 256.5 g/t Au (8.25 oz Au/t)
Figure 1 depicts the location of the West Matachewan project area. Figure 2 presents a sketch of the vein exposure and areas sampled. Figure 3 presents some photographs of the vein exposure and hand specimens collected. All three figures can be viewed by downloading an Adobe Acrobat version of this release at http://www.transitionmetalscorp.com/news/2017/item/canadian-gold-miner-reports-high-gold-grade-of-240-g-t-au-from-a-1-23-tonne-sample-at-the-bjorkman-occurrence
The technical elements of this press release have been approved by Mr. Greg Collins, P.Geo. (APGO), a Qualified Person as defined under National Instrument 43-101. The sample was collected by the Qualified Person and directly shipped to SGS Canada Inc. in Lakefield Ontario. Analysis for the feed, tails and oversize was completed by fire assay using SGS's accredited lab procedures which includes the use of internal blanks duplicates and standards. Due to the nature and size of the sample, no external control standards were employed. Estimated head grade was calculated by the Qualified Person using the weighted average of the average feed grade and oversize analysis.
1Sedar disclosure from Kiska Metals news release dated July 23, 2013.Grab samples are selected samples and are not necessarily representative of mineralization hosted on the property
2Sedar disclosure from Kiska Metals news release dated August 7, 2013.
3Report prepared for Transition Metals Corp. by SGS Canada Inc. dated November 17, 2016
About Canadian Gold Miner
Canadian Gold Miner Corp. is 65% 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 pipeline of exploration projects towards consolidating an extensive portfolio of high quality gold projects. CGM has assembled a dominant exploration land position in excess of 165 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 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