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24 April 2023
Posted in Press Release, 2023, Maude Lake Property
Highlights
Sudbury, April 24, 2023 – Transition Metals Corp (XTM – TSX.V) (“Transition”, “the Company”) is pleased to report results from borehole electromagnetic (BHEM) survey work completed on its Maude Lake Property (“the Property”) near Schreiber, Ontario. The survey was undertaken to follow up mineralization intersected in 3 holes completed by the Company in the fall of 2022 (see company press release dated November 28, 2022). Sampling of the mineralized sections returned;
Transition CEO Scott McLean commented, “The results of this survey are encouraging as they highlight that the potential grade and size of this exciting new magmatic Ni-Cu-PGM system may be improving at depth. We are looking forward to more drilling on this project as this summer’s field work gets underway.”
The survey was designed, verified, and modeled by geophysicist Warren Hughes, P.Geo., of East Coast Consulting and completed by Crone Geophysics & Exploration Ltd. utilizing an approximately 500 by 500 metre loop layout.
Discussion of Results
In-loop BHEM surveys were completed in holes ML-22-01, ML-22-02, and ML-22-03. Results define multiple moderate strength, in-hole and off-hole conductors which are generally indicative of sulphide mineralization on the Property. Modeling of the data provides an interpretation of the potential size, depth, strike, dip, and location of conductors relative to the drill hole.
East Coast Consulting geophysicist Warren Hughes commented, “Results for ML-22-01 and ML-22-02 show in-hole anomalies coincident with intersected mineralization. Hole ML-22-03 results show an off-hole conductive body to the southeast and down dip of the hole. This conductive body is more conductive than ML-22-01 and ML-22-02 and is larger in size. This could indicate a bigger, thicker package of mineralization at depth which has yet to be tested.”
Next Steps
Transition Metals plans to test the large off-hole anomaly in the coming weeks and is currently planning additional summer programs including line-cutting, a ground electromagnetic geophysical survey, prospecting, mapping, and drilling.
About the Maude Lake Property
The Property is located approximately 10 kilometres north of the community of Schreiber, Ontario, within the traditional territory of the Pays Plat First Nation (PPFN). It is composed of 74 contiguous mining claims on crown land, which covers an area measuring approximately 1,398 hectares in the Pays Plat Lake, Lower Aguasabon Lake, and Priske township areas. The Property is subject to an underlying combined 3.0% Net Smelter Return royalty (NSR), with Transition retaining the right to buy back 1.5% NSR for $2.0 million (see company press releases dated September 20, 2020, and January 19, 2019).
Qualified Person
The technical elements of this press release have been approved by Mr. Benjamin Williams, P.Geo. (PGO), who is a Qualified Person as defined under National Instrument 43-101.
About Transition Metals Corp.
Further information is available at www.transitionmetalscorp.com or by contacting:
Scott McLean
President and CEO
Transition Metals Corp.
Tel: (705) 669-1777
Figure 1: Plan map of completed holes (red), historic drilling (black), on the calculated VTEM time constant (TauSF) which has a limited 200 metre depth penetration. Borehole conductivity data is modelled as plates (red).
Figure 2: Schematic cross section with trench and drill results, showing borehole conductivity targets (red circles). See Figure 1 for location of section.