26 September 2011
Posted in Press Release, 2011, Gowganda Gold, Canadian Gold Miner
September 26, 2011 - Transition Metals Corp. (XTM – TSX.V) - (“Transition Metals” or the “Company”), a gold exploration company focused in Northern Ontario and British Columbia, announced today assay results from recent trenching and sampling activities on its Haultain Gold Project, near Kirkland Lake, Ontario. Assay results from Trench 5 and Trench 6 are interpreted to have extended near surface mineralization associated with the Annie’s Ladder discovery zone approximately 500 metres to the west. Results returned values of up to 97.6 g/t gold over 0.4 metres. Diamond drilling to further define the depth extent of this mineralization is in progress.
Scott McLean, Chief Executive Officer of Transition Metals commented on these results, stating, “We are very encouraged by results to date but recognize that additional sampling and drill testing will be required to more fully determine the economic potential of this emerging new discovery. At this point, the discovery has been exposed at surface over a distance of 1.25 kilometres and remains open in all directions for expansion. We are looking forward to obtaining the remaining results from samples collected by our team over the summer and the results from our ongoing drilling program”.
Results from channel samples collected from these trenches are summarized below. Please refer to Map 1 which depicts the location of recent trenching results.
Summary of Assay Results from Channel Sampling – Trenches 5 and 6, Haultain Property
Trench Channel Length (m) Au (g/t)
Trench 5 T5-C08 9.97 1.4
Trench 5 Incl 0.41 25.0
Trench 5 T5-C12 2.16 0.4
Trench 5 T5-C13 4.89 0.6
Trench 5 T5-C14 13.21 1.2
Trench 5 Incl 2.80 2.6
Trench 5 T5-C15 9.87 0.5
Trench 5 T5-C16 1.27 0.1
Trench 5 T5-C17 0.78 1.9
Trench 5 T5-C23 4.16 0.5
Trench 5 T5-C25 2.36 0.9
Trench 5 Average 48.67 0.9
Trench 6 T6-C11 2.40 16.9
Trench 6 Incl 0.40 97.6
Trench 6 T6-C12 0.51 1.7
Trench 6 T6-C13 1.54 0.9
Trench 6 T6-C14 1.60 0.3
Trench 6 T6-C15 1.22 0.5
Trench 6 Average 7.27 6.1
*Length weighted averages of uncut assay sample results
Discussion of Results
At Trench 5, the assay results further expand mineralization confirmed by results received earlier this month (please refer to news release dated September 8, 2011), and have further defined a gold mineralized corridor averaging 0.9 g/t gold based on 48.7 metres of channel samples over an exposed outcropping area approximately 10 metres wide and 25 metres long. This mineralization occurs approximately 400 metres west of the Annie’s Ladder discovery showing.
Results from Trench 6 have confirmed an extension to known mineralization on the property approximately 100 metres to the west of Trench 5 and have returned some of the highest gold values yet obtained from the property. Trench 6 is the most westerly mineralized exposure yet identified and sampled on the property. Sampling at Trench 6 has highlighted a 5 metre thick by 10 metre wide bedrock exposure of mineralized syenite with uncut length weighted average grades of 6.1 g/t gold as determined by 7.3 metres of channel sampling.
Company geologists have observed that gold mineralization on the property is associated with focussed swarms of syenite dykes. The dykes demonstrate good geological continuity and have been traced along strike on surface from the discovery showing for >1.25 kilometres. Gold mineralization occurs in a stockwork of narrow quartz/carbonate veins and disseminated sulphides occurring within and/or close to dyke contacts. Gold mineralization within the stockwork zones exhibits an irregular distribution of grade consistent with syenite hosted gold deposits of the Abitibi Greenstone Belt.
Drill Program
The Company has initiated a 2,500 metre diamond drill program on the Haultain Property which will be completed during the fall of 2011. The objective of this program is to determine the extent and grade distribution of gold mineralization discovered at surface on the property. Figure 1 depicts locations of planned holes.
About The Haultain Property
The Haultain Property is located near Kirkland Lake Ontario, approximately 1 kilometre west the historical silver producing deposits of Gowganda. The property contains a new gold discovery made by the company in 2010 which it announced in a news release earlier this year (please refer to the February 17, 2011 press release for additional details).
About Transition Metals Corp
Transition Metals is a public mining exploration company listed on the Toronto Venture Exchange (TSX) under the trading symbol – XTM.V, focused on the identification, exploration and development of new gold opportunities in established and emerging gold districts in Canada. The Company currently owns or controls an interest in five early stage gold exploration properties in Ontario and British Columbia. The Company is committed to building shareholder value through the identification and development of new low cost, high quality exploration projects while minimizing shareholder dilution through funding partnerships and revenue generating opportunities.
Qualified Person/Quality Control Procedures
This press release has been prepared and reviewed by Mr. Greg Collins, P.Geo (APGO/APEGM), a Qualified Person under the National Instrument 43-101 guidelines. All analytical work performed on grab, channel and core samples was conducted at ALS-Chemex with sample preparation completed in Sudbury, Ontario and analyses completed in North Vancouver, B.C. The quality system used by ALS-Chemex complies with international standards ISO 9001:2000 and ISO 17025:2005.
Cautionary Note on Forward-Looking Information
Except for statements of historical fact contained herein, the information in this press 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.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended , or any state securities laws, and may not be offered or sold in the United States unless pursuant to an exemption there from. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of Transition Metals in any jurisdiction.
Further information contact:
Scott McLean
President and CEO
Transition Metals Corp.
705-669-0590
This email address is being protected from spambots. You need JavaScript enabled to view it.
TMX Equicom
Patrick Piette
Mining Group
(416) 815-0700 – extension 267
www.equicomgroup.com
