Latest drilling continues to highlight the widespread occurrence of near-surface gold
SUDBURY, ON, Feb. 22, 2012 /CNW/ - Transition Metals Corp. (TSXV: XTM), a gold-focused project generator, is pleased to report final results from an initial 21 hole, 2,258 metre diamond drilling program on its 100% owned Haultain gold property located half-way between Timmins and Sudbury, in northern Ontario. The latest results from five near-surface holes completed in December 2011 confirm the presence of extensions to the Annie's Ladder discovery, and have identified new zones of elevated mineralization associated with the South Swarm that warrant additional drilling.
In 2010, Transition Metals made a new gold discovery 25 km south of Aurico Gold's Young-Davidson project, and 1 km west of the former Gowganda silver camp (80 Moz), on a property that had no previous history of gold exploration. The company has since outlined a 100x60m surface exposure of syenite hosting anomalous gold values up to 19.5 g/t. Mineralization, which occurs in an inlier of Archean greenstone located immediately adjacent to the Gowganda silver camp, south of the Round Lake Batholith in the south-western part of the Abitibi greenstone belt, consists of native gold and disseminated sulphides associated with quartz/carbonate veining in or adjacent to a series of east-west trending potassic altered syenite dyke swarms. Work in 2011 focused on determining the lithological and structural controls of gold mineralization and has resulted in the discovery of gold in a number of locations and environments on the property.
Highlights of Latest Results
- TMH11-19: 0.49 g/t gold over 25.83 m, from 100.17 to 126.70 m down hole
- TMH11-21: The furthest westerly positioned drill hole yet completed on the property intersected multiple intervals of elevated gold down dip from elevated grab and channel samples exposed Trench 8 (Figure 1, below)
- TMH11-18 and TMH11-20: Intersected elevated gold values associated with feldspar porphyritic monzonite, a new mineralized environment
"The potential for the South Swarm to host a similar style of mineralization to that observed in the Swain Swarm continues to look promising," said Scott McLean, CEO of Transition Metals. "In addition, the intersection of gold mineralization in monzonite opens up a new exploration opportunity in areas that were previously unrecognized. The next phase of exploration will include bulk sampling to better assess grades, and 4,000m of drilling to further assess the resource potential of the Annie's Ladder zone both along strike and at depths above 200 m from surface, and to test a number of geological and geochemical targets. As a project generator, we're naturally evaluating joint venture partnership opportunities that will help further fund and accelerate this exciting work."
Table 1: Average Length-Weighted Assay Intervals From Drilling Completed In December, 2011
|Hole||From (m)||To (m)||Length1 (m)||Gold (g/t)|
1Length intervals are actual core length. The true thickness of mineralized intervals has not yet been estimated.
Highlights of Past Results
In addition to the above latest results, the following highlights were reported from drill hole TMH11-09 on November 7, 2011 with the initial drill results:
- 2.37 g/t gold over 7.06 metres (8.42 to 15.48 m down hole)
- 82.5 g/t gold over 0.36 m (35.00 m down hole)
"These results highlight both the potential of the property, and the geological challenges associated with defining and sampling a vein-type deposit, particularly at the early exploration stages," added McLean.
Drill hole location and collar information have now been finalized for all 21 holes completed to date (Table 3).
Table3: Drill Hole Location and Collar Information For Holes Completed To Date
|Hole||Easting (m)||Northing (m)||Elevation (m)||Length (m)||Azimuth||Dip||Assays|
About The Haultain Property
The 1,296 ha Haultain Property consists of 20 staked and optioned mining claims located in Haultain and Nicol townships, and are subject to the terms of an option agreement dated July 1, 2010. The property is 80 km south west of Kirkland Lake, Ontario, one kilometre west of Gowganda and its historic silver producing mines, and contains a new gold discovery made by the Company in 2010 (see February 17, 2011 news release). Mapping, mechanical stripping and channel sampling during the summer of 2011 led to the discovery of additional zones of gold mineralization at surface (see September 8, September 26 and November 7, 2011 news releases), which were the focus of the recently completed drill program.
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 five early stage gold projects, and two additional ones that are being explored by partners.
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 core samples were half sawn at a controlled location by Company representatives under the supervision of Mr. Thomas Hart, P.Geo (APGO), and transported directly by the company to the lab. Transition Metals employs in-house QA/QC procedures that conform to industry best practices. All analytical work performed on 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.
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.
PDF with caption: "Figure 1: Drill Hole Location Map". PDF available at: http://stream1.newswire.ca/media/2012/02/22/20120222_C6236_DOC_EN_10295.pdf
For further information:
Further information is available on the Company's website at:
www.transitionmetalscorp.com or contact:
(416) 815-0700 - extension 267