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31 May 2022
Posted in Press Release, 2022, Maude Lake Property
Sudbury, May 31, 2022 – Transition Metals Corp (XTM – TSX.V) (“Transition”, “the Company”) is pleased to announce that it has initiated a field programme to confirm airborne geophysical targets for drill-testing on its Maude Lake Property located near Schreiber, Ontario (Figure 1).
A Versatile Time Domain Electromagnetic (VTEM) and Magnetic (Mag) geophysical survey completed over the property by the Company earlier this year highlighted a large, untested conductive anomaly in close proximity to known zones of mineralization (see Company news release of March 9, 2022). As shown in Figure 2, the newly defined target occurs in close proximity to the Maude Lake Ni-Cu-Co-PGM showing. This target covers an area of approximately 300 metres by 500 metres and is more strongly conductive than the response associated with the known mineralization. Appearing to be strongest at depths greater than 100 metres from surface in an area that has no outcrop, this target has never been drilled.
Two base metal showings have been historically identified on the Property:
The Company has dispatched field crews to complete geological mapping, trenching, and sampling to evaluate ground conditions related to the survey anomalies, and to better understand the relationship between the conductive anomalies and the extent of the known mineralization in preparation for drill testing.
Transition CEO Scott McLean commented, “We are excited about the opportunity at Maude Lake. The sulphide mineralization hosts nickel tenors in excess of 6% Ni in massive sulphides. The new conductive targets have responses consistent with occurrences of semi-massive or massive sulphides in the vicinity of a known high-grade nickel showing. We are proceeding with a trenching and drilling program this summer to further evaluate this highly prospective area.”
About The Maude Lake Property
The property is located approximately 10 kilometres north of the community of Schreiber, Ontario. It consists of staked mining claims on crown land that cover approximately 1,398 hectares in the Pays Plat Lake, Lower Aguasabon Lake and Priske township areas. The property lies within the traditional territory of the Pays Plat First Nation.
Located in the southern limb of the Archean Hemlo-Schreiber greenstone belt, the property covers the contact between mafic to felsic volcanic rocks to the south and the Crossman Lake granitic pluton to the north. A late sill-like mafic to ultramafic body is interpreted to have been intruded along the contact and is the host to the main Ni-Cu-Co-PGM showing (Smyk, 1993²). High tenor, nickel-bearing, base metal sulphides occur as massive to vein-like and net-textured aggregates along the contact between the mafic-ultramafic intrusion to the south and the granite to the north.
Drilling by Zenmac Metal Mines Inc.³ in 1969-1970 extended the surface mineralization down-dip to a vertical depth of 150 metres. Hole 7 returned 1.0 % Ni, 0.32 % Cu over 15 feet (4.6 metres) from 245-260 feet (74.7 – 79.2 metres) including a higher-grade section of 1.56 % Ni and 0.41 % Cu over 5 feet (1.5 metres). Zenmac reported that the deposit was estimated to contain 185,000t @ 0.49% Ni, 0.26% Cu in a zone 300 ft long, 22 ft thick (91.4 metre long, 6.7 metre thick)). This historical estimate is not National Instrument 43-101 (NI-43-101) compliant. In 2001, Novawest Resources Inc. acquired the property and completed surface sampling, mapping, geophysics, and diamond drilling as well as an NI43-101 Technical Report in 20044.
Qualified Person
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: Location of the Transition Metals’ Maude Lake Ni-Cu-Co-PGM Property and Maude Lake / Nicopar showing
Figure 2: The dB/dt Calculated Time Constant (Tau) Anomaly in the vicinity of the Maude Lake / Nicopar Showing