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SUDBURY, ON, Jan. 18, 2018 /CNW/ - Transition Metals Corp. (XTM – TSX.V) ("XTM" or the "Company") is pleased to report on key milestones achieved for 2017 and strategic goals for 2018.
"The past year has been transformative for the Company as we achieved numerous milestones to position ourselves for an even stronger 2018. Recently completed financings for Transition Metals and one of our private associated companies, Canadian Gold Miner ("CGM"), will allow us to execute on our ambitious exploration plans this year. We fully expect the successful execution of our goals will positively impact shareholder value," stated Scott McLean, CEO of Transition Metals.
Key Achievements in 2017
- Closed $1.16 million XTM financing at $0.15 per unit with funds to be used for project generation and exploration.
- Private associated company Canadian Gold Miner ("CGM") announced strategic investment by Osisko Mining Inc ("Osisko"). Osisko invested $1 million at $0.20 per unit and owns 19.9% of CGM. Additionally, CGM raised an additional $0.45 million by selling $0.25 common flow through shares in late December. Transition currently holds a 38% stake in CGM.
- CGM acquired the DeSantis project, a historical gold producer located in the heart of the Timmins Gold Camp, and an option on the Catharine Property, a large exploration land package near its focus area south of Kirkland Lake, Ontario.
- CGM optioned its 100% interest in the Golden Elk Project to Explorex Resources Ltd. (C-EX) in exchange for $140,000, the issuance of 1.7 million Explorex shares and the completion of $1.275 million in work expenditures over a 3-year period.
- XTM signed an option agreement with North American Palladium ("NAP") and Impala Platinum Holdings Limited ("Implats") on the Sunday Lake Pt-Pd Project. NAP has the right to acquire Implats' 75% stake in the Sunday Lake Project by completing work commitments totaling $4.5M and making cash payments of $3.5M over 5 years. The Company maintains a 25% free carried interest to the completion of a Feasibility Study and is entitled to 10% of the NAP cash payments.
- CGM optioned the Jumping Moose and Elephant Head projects, located close to the Côté Gold deposit near Gogama, Ontario, to Trelawney Mining and Exploration Inc (a wholly owned subsidiary of IAMGOLD). Under the terms of the agreement Trelawney can earn up to 80% interest in each project by providing cash and completing expenditures on any and each property (see news release, March 6, 2017)
- CGM reported high gold grade of 240 g/t from a 1.23 tonne sample at Bjorkman. The sample was collected from the 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)
- XTM discovered a new platinum-palladium mineralized intrusion at Saturday Night Property located 25 km north of Thunder Bay, Ontario. The Saturday Night Intrusion was discovered by a single, 601 metre hole drilled by the Company that tested an 800 metre diameter magnetic target that returned 6.25 metres averaging 1.07g/t PGM's including a higher grade section of 4.0 g/t PGM and 0.56% Cu over a core length of 0.30 metre
The Company has successfully positioned itself for strong growth in 2018. With the completion of financings within XTM and CGM which it operates, the enterprise is cashed up and will now focus on key goals set for 2018.
The Company will continue to focus on project generative activities and it is anticipated that partners will be announced for key projects such as Janice Lake, Dundonald and Saturday Night. The Company also expects to report results from the Sunday Lake platinum project where NAP is currently in the first phase of a $1.5 million work campaign.
With most available projects having been sold or partnered by the end of 2017, there is now a need to fill the pipeline with new and high quality projects. The Company is bullish on sourcing new energy mineral sources and specifically targeting nickel, copper and cobalt assets to meet expected demand in the battery technology and electric vehicle markets. The Company plans to establish 2 to 3 new magmatic sulphide (Ni-Cu-PGM) projects in 2018. In addition to nickel, copper and cobalt, the Company views gold as a key staple commodity. A focus on emerging gold districts outside of the Abitibi will result in the acquisition of quality, early stage gold projects.
CGM will remain focused on gold in the Abitibi. A key objective is to complete an Initial Public Offering (IPO) in early 2018. As part of the IPO, CGM plans to raise an additional $4 million to facilitate an aggressive drilling program on its key property, Lincoln-Nipissing. Results from work carried out by IAMGOLD on Jumping Moose and Elephant Head as well as by Explorex Resources on the Golden Elk project are also anticipated.
Sudbury Platinum Corporation ("SPC," another associated company that XTM operates) continues to focus on nickel, copper and cobalt opportunities within the Sudbury district. SPC plans to raise a minimum of $2.5M and complete a 10,000 metre drill campaign on the Aer-Kidd project as well as further develop deep drill targets on it Lockerby East project.
Exhibiting in Vancouver
Transition Metals will be exhibiting at the Vancouver Resource Investment Conference 2018 (VRIC), Booth #836, from Sunday 21st to Monday 22nd, 2018 and at the AME Round Up Project Generators Hub on Monday 22nd. If in Vancouver, do not miss the opportunity of visiting our booth and having a chat with the Company's management team.
About 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 Canadian discoveries. The award‑winning team of geoscientists has extensive exploration experience in established, emerging and historic mining camps and actively develops and tests new ideas for discovering mineralization in places that others have not looked, which often allows the Corporation 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 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 Corporation has an expanding portfolio that currently includes more than 25 gold, copper, nickel and platinum projects primarily in Ontario, Nunavut, British Columbia, Minnesota and Saskatchewan.
About Canadian Gold Miner Corp
Canadian Gold Miner Corp. is a private Canadian 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 within the district. CGM has now assembled a dominant land position in excess of 215 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 with excellent mining infrastructure in place.
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: www.transitionmetalscorp.com or by contacting: Scott McLean, President and CEO, Transition Metals Corp., Tel: (705) 669-0590