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19 April 2023
Posted in Pike Warden, Press Release, 2023
Highlights
Sudbury, April 19, 2023 – Transition Metals Corp (XTM – TSX.V) (“Transition”, “the Company”) is pleased to provide an update on its Pike Warden Au-Ag-Cu Property located approximately 65 kilometres southwest of Whitehorse (Figure 1). The Company is in receipt of its approved Quartz Class 1 Notification for the Pike Warden project from the Yukon Government. This will allow the Company to execute exploration programs pursuant to Yukon Quartz Mining Act and Territorial Lands (Yukon) Act, which include prospecting, geological mapping, hand trenching, and percussion reverse circulation (RC) drilling across the property.
Pike Warden boasts 18 historic and recently discovered high-grade polymetallic showings, which are indicative of a large epithermal-porphyry system. Sampling across the property to date has returned up to 11,270 g/t Ag, 44.5 g/t Au, 7.49% Cu, and 59.6% Pb. Furthermore, maiden drilling at the ERT Zone completed by Transition returned up to 104.64 g/t AgEq* over 21.34 metres (see company news releases dated: January 16th, 2023). Note: *AgEq (Silver Equivalent) calculation based on gold and silver content with gold price of $1,800 per Oz Au and silver price of $23 per Oz USD; with lengths reported as drilled length.
In addition, the research work being carried out by Western University (see company news releases dated March 2nd, 2023), has demonstrated that the showings are all related to a single mineralizing event across the 37 km2 property. Final results from the Synchrotron Mineral Studies are expect soon and will be announced once finalized. Transition Metals’ exploration team is eager to get back into the field this summer to continue working on this highly prospective project.
Exploration Plans for Pike Warden in 2023
The Company intends to complete a program of work consisting of systematic prospecting, mapping, and hand trenching across the property to follow up on results acquired in 2022. This work aims to further define and discover additional structural trends, alteration footprints, and zones of mineralization, particularly in the underexplored northern claims which were not worked in 2022. In addition, an RC drill program is also being considered, to further evaluate the extent of mineralization at the ERT Zone and additional high-priority showings on the property.
About the Pike Warden Property
The Pike Warden property is located approximately 65 kilometres southwest of Whitehorse, Yukon, and is composed of 185 contiguous mining claims totaling approximately 37 km². The property encompasses a combination of historic and recently discovered high-grade polymetallic gold, copper, and silver epithermal showings that are potentially indicative of a large epithermal-porphyry system in the vicinity of the Bennett Lake Volcanic Complex. In June 2022, Transition Metals Corp. entered into an option to acquire a 100% interest in the property from the Vendor in exchange for cash, shares and work expenditures over a four-year period (please refer to news release dated June 28, 2022).
Figure 1: Pike Warden Property Position with Polymetallic showings
Investor Relations and Media Service Contract
The Company has engaged Mining Investor Resources Media Ltd., doing business as MiningIR.com ("MIR"), to provide the Company with media services through mining and resource news, lead generation services, social media services, and information company profile page for an initial period of 12 months beginning April 11, 2023, subject to the terms of the service agreement (the "MIR Agreement") executed between the Company and MIR. Pursuant to the terms of the MIR Agreement, MIR will be paid an aggregate cash amount of $39,000 for its services. Neither MIR nor its affiliates currently own any securities of the Company. MIR and the Company are unrelated and unaffiliated entities.
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.
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