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19 October 2021
Sudbury, October 19, 2021 – Transition Metals Corp (XTM – TSX.V) (“Transition”, “the Company”) is pleased to announce its summer prospecting and sampling work continues to support the interpretation that its Jolly Gold property covers the western extension of the prolific Beardmore-Geraldton Greenstone Belt (BGB) (Figure 1). The property covers a sulphide-facies iron formation that caps the northern assemblage of mafic metavolcanic flows overlain by intermediate pyroclastics. Gold deposits elsewhere in the BGB, such as the 4.5 Moz I&I Hardrock deposit¹ under development by Greenstone Gold near Geraldton, are considered classic examples of epigenetic, non-stratiform, banded iron formation-hosted gold deposits. Other notable deposits within the BGB include the Brookbank (0.6 Moz M&I)², the Sand River and Leitch Mine (past production of 0.9 Moz)³, the Northern Empire Mine and Sturgeon River Mine.
In July the Company completed a first pass mapping and prospecting program on Jolly Gold which included cutting and assaying of 114 channel samples on the historical Fat Beagle trench (Figure 2, Table 1) as well as collecting 82 prospecting grab samples across the 45.6 km2 property before work was halted due to local forest fire conditions. This work followed up on the initial property visit conducted in September 2020 (see November 24th, 2020 press release). Much of the property is covered by unconsolidated sediment and Nipigon diabase, limiting the exposure of the targeted Archean host rocks.
Channel sampling within the historic Fat Beagle trench returned very high-grade zones of gold mineralization, with assays of up to 146.5 g/t Au over 0.41 m, and 24.4 g/t Au over 0.61 m (Figure 2, Table 1). The best result from the 82 grab samples collected outside of the showing area returned was 1.35% Zn from an outcrop of sulphide facies iron formation (Figure 3).
CEO Scott McLean commented, “The results of the sampling in the historic trench and identification of prospective sulphide facies iron formation supports the interpretation that our claims cover the western extension of the prolific Geraldton-Beardmore gold belt and have the potential to host significant gold mineralization. This camp scale exploration opportunity has seen only limited exploration despite its’ accessible location. We believe that the application of advanced exploration techniques including, biogeochemical surveys that have proven successful on our Wollaston Cu project will assist in advancing our understanding of the property’s prospectivity and identify major target areas for further exploration including diamond drilling.”
¹ Gignac et al. 2020. NI 43-101 Technical Report Hardrock Project Ontario, Canada - Premier Gold Mines Limited, Sedar Jan. 26, 2021.
²Lewis et al 2013. Premier Gold Mines Limited Technical Report on the Mineral Resource Estimate for the Hardrock, Brookbank and Key Lake Projects- Sedar Feb 1, 2013
³ http://www.geologyontario.mndm.gov.on.ca/mndmfiles/mdi/data/records/MDI52H09SE00004.html
Figure 1. Regional Geological Map Showing Projected Extension of Geraldton-Beardmore Greenstone Belt and Locations of Major Gold Deposits and Transition Jolly Gold Property (MRD 126, 1:250 000 Scale Bedrock Geology of Ontario, OGS)
Table 1. Highlights from sampling on the Jolly Gold Property.
Channel Number | Sample ID | Sample Length (m) | Easting | Northing | Au (g/t) | Ag (g/t) | Bi (ppm) | Cu (ppm) | Zn (ppm) | Te (ppm) |
Fat Beagle Trench Samples | ||||||||||
13.1 | X926030 | 0.41 | 321825.5 | 5448865.9 | 146.50 | 1.68 | 275.00 | 268 | 18.1 | 117.00 |
13.2 | X926031 | 0.54 | 321825.7 | 5448865.5 | 9.99 | 0.63 | 602.00 | 421 | 17.0 | 68.30 |
14.1 | X926032 | 0.61 | 321823.9 | 5448865.9 | 24.40 | 0.47 | 80.30 | 195 | 21.0 | 36.10 |
34.2 | X926071 | 0.69 | 321791.0 | 5448826.0 | 0.81 | 0.18 | 40.30 | 316 | 65.0 | 0.72 |
34.3 | X926072 | 0.53 | 321791.2 | 5448825.5 | 2.38 | 0.61 | 76.80 | 297 | 75.0 | 0.51 |
10.1 | X926027 | 0.70 | 321832.6 | 5448864.5 | 2.10 | 0.19 | 1230.00 | 320 | 73.0 | 16.60 |
16.1 | X926034 | 0.63 | 321826.4 | 5448861.2 | 0.70 | 0.11 | 5.07 | 334 | 68.0 | 0.45 |
16.2 | X926035 | 0.55 | 321826.5 | 5448860.6 | 1.68 | 0.33 | 18.15 | 716 | 47.0 | 7.51 |
32.1 | X926067 | 0.62 | 321794.0 | 5448823.4 | 1.66 | 0.16 | 50.50 | 195 | 73.0 | 2.46 |
9.1 | X926021 | 0.42 | 321833.8 | 5448863.9 | 1.10 | 0.08 | 9.19 | 245 | 21.0 | 4.08 |
9.2 | X926022 | 0.38 | 321833.9 | 5448863.5 | 0.63 | 0.15 | 5.15 | 425 | 73.0 | 1.21 |
36.3 | X926078 | 0.65 | 321785.5 | 5448824.7 | 0.56 | 0.10 | 7.19 | 244 | 79.0 | 0.30 |
31.2 | X926066 | 0.58 | 321796.3 | 5448825.9 | 0.53 | 0.28 | 68.20 | 862 | 71.0 | 1.21 |
Grab Sample | ||||||||||
X926222 | 0.01 | 0.19 | 0.12 | 109 | 1.35% | 0.68 |
Further information is available at www.transitionmetalscorp.com or by contacting:
Scott McLean
President and CEO
Transition Metals Corp.
Tel: (705) 669-1777