SUDBURY, ON, Dec. 11, 2013 /CNW/ - Transition Metals Corp. (XTM - TSX.V, "Transition", "the Company"), is pleased to provide an update of exploration and corporate activities. Transition is a multi-commodity exploration company that utilizes the project generator business model. The Company is currently advancing five district scale exploration opportunities in Canada. Exploration programs carried out by the Company this year were partially funded by partnerships with Impala Platinum (Implats), Nunavut Resources Corp (NRC) and Sudbury Platinum Corp (SPC) - a privately funded 83% owned subsidiary of Transition. The Company continues to advance exploration work and solicit partners for its Abitibi gold projects in Ontario and Janice Lake sedimentary copper project in Saskatchewan.
CEO Scott McLean commented, "Although it has been a difficult year for the exploration sector in Canada, Transition has managed to continue to advance key projects with the help of our valued alliances and joint venture partners. To date in 2013 approximately $2.3 million in exploration work has been completed and we continue to operate programs designed to generate positive results and drive value for our investors well into 2014."
Transition is also pleased to announce the appointment of Mr. Chris Chadder, CA to the role of Chief Financial Officer. Effective January 1, 2014, current Chief Financial Officer Anna Ladd will be stepping down to pursue other opportunities. During the interim period, Ms. Ladd will continue to work with management to ensure a smooth and effective transition. Management would like to thank Ms. Ladd for her many contributions and wish her well in her future endeavors. Since the combining of business with HTX Minerals Corp. in August, the company has been aligning corporate activities and streamlining expenditures. Mr. Chadder is a chartered accountant with extensive experience in budgeting, cash forecasting, financial reporting, and project/business valuations and acquisitions. Pursuant to his appointment, Mr. Chadder has been granted 100,000 options exercisable at $0.20 expiring December 5, 2018.
2013 Exploration Highlights:
Thunder Bay PGM's (Implats Alliance)
- At the Sunday Lake property, 54 kilometres of grid lines were cut in order to complete geological mapping, ground magnetic, gravity and time domain EM surveys. A 2,600 metre diamond drill program to test platinum group metal (PGM) targets is currently in progress with results pending and additional drilling and geophysical surveys planned for the New Year.
- An iron-vanadium bearing zone extending 1,800 metres of strike length and 50 to 170 metres in width was identified at Empire Lake. Results from 100 channel and grab samples collected from 6 hand stripped trench areas returned calculated V2O5 contents ranging from 0.01 to 0.65%. Composite samples from the trenches were submitted for preliminary metallurgical testing.
- Approximately $1.3 million in funding was provided to Transition in 2013 by Implats. The Implats Strategic Alliance Agreement is scheduled to expire at the end of January 2014, however discussions for extending this agreement are ongoing.
Aer Kidd - Ni-Cu-PGM's (Sudbury Platinum Corp)
- The property is located on the prolific Worthington offset dike of the Sudbury Igneous Complex approximately 2.6 kilometres along strike to the northeast of Vale's Totten mine (10.1 Mt @ 1.5% Ni, 1.97% Cu, 4.8g/t PGM)1 and 4.3 kilometres along trend to the southwest from KGHM's Victoria mine (14.5 [email protected] 2.5% Ni, 2.5% Cu, 7.6 g/t PGM)2 .
- The Company believes that the property has excellent potential to host a significant Ni-Cu-PGM deposit.
- Borehole UTEM IV survey work on 11 selected historic drill holes is currently in progress.
- Results from the borehole geophysical surveys will be combined with the updated geological model to target areas in preparation for an early 2014 drill campaign.
Itchen Lake - Nunavut Gold (NRC Alliance)
- Approximately $1.0 million in funding was provided to Transition in 2013 by strategic alliance partner, Nunavut Resources Corp. (NRC).
- A 750 line kilometre Airborne Mag-EM survey and follow up program of mapping and sampling was completed resulting in the identification of 17 new high quality gold drill targets with geological and geophysical characteristics consistent with other well-known banded iron formation hosted gold deposits in the Slave Province.
- Assays from 125 grab samples collected in August returned values ranging from nil to 8.1 g/t Au.
- One of the identified conductive targets has been modelled to have similar size, geology and geometry to Sabina's Umwelt gold deposit (1.8 Moz of Indicated Resources grading 7.1 g/t Au and 0.6 Moz of Inferred Resources grading 9.9 g/t Au)3, located approximately 225 kilometres to the northeast.
Abitibi Projects - Gold
- The company owns or controls an interest in approximately 187 square kilometres of gold properties in eight project areas in the prolific Abitibi Greenstone belt in Ontario.
- Work to date on the Haultain property has defined a similar gold mineralizing environment to that associated with a number of deposits in the Kirkland Lake camp, outlining widespread gold mineralization and alteration over a strike length of 1.25 kilometres. Highlights include: 97 g/t gold over 0.40 metres (channel sample); 2.4 g/t over 7.1 metres and 82.5 g/t over 0.4 metres (drill program, within 35 metres of surface).
- Mapping, mechanical trenching and sampling on the Haultain West Property near Gowganda confirmed the presence of syenite intrusions similar in chemistry to those hosting gold mineralization discovered by the company on the central portion of the Haultain Property in 2010.
- Bedrock sampling on the Elephant Head property returned values ranging from 0.2 to 50.6 g/t Au in silicified sheared granodiorite hosting 3 to 5% disseminated pyrite. The company plans to mechanically strip identified occurrences in the spring of 2014.
- Surface sampling on the West Matachewan project in vicinity of a historical drill hole that intersected 0.6 g/t Au over 15.4 metres including 2.1 g/t Au over 2.0 metres returned elevated gold values. This sampling has highlighted the need for additional trenching and stripping in the vicinity of the identified gold mineralization at surface.
Janice Lake - Copper
- Compilation and modelling of historical data has highlighted geophysical signatures that correlate well with known drill hole intersections of copper mineralization. Coverage of the property by a higher resolution airborne magnetic and time domain EM survey is planned for Q1 2014 to define and further characterize drill targets, and identify new targets for ground follow-up work after break-up.
1 Resource reported by Inco; January 31, 2001 News Release
2 Resource reported by KGHM; January 16, 2012 News Release
3 From Sabina Gold and Silver Corp news release; February 21, 2013
The technical elements of this press release have been approved by Mr. Greg Collins, P.Geo (APGO), COO of Transition and a Qualified Person as defined under National Instrument 43-101.
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 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 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 developed 5 district scale exploration opportunities encompassing over 2,000 km² of gold, copper, nickel and PGM 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:
Scott McLean, P.Geo.
President and CEO
Transition Metals Corp.
Tel: (705) 669-0590