Business
Transition Acquires New Gold Opportunity in the Thompson Plateau near Vernon, B.C.
Sudbury, Ontario--(Newsfile Corp. - March 29, 2021) - Transition Metals Corp (TSXV: XTM) ("Tra...
About this update from Transition Metals Corp.
[{"type":"text","content":"Transition Acquires New Gold Opportunity in the Thompson Plateau near Vernon, B.C.Sudbury, Ontario--(Newsfile Corp. - March 29, 2021) - Transition Metals Corp (TSXV: XTM) (\"Transition\" or \"XTM\") is pleased to announce that the Company has identified an intriguing underexplored gold opportunity near the eastern margin of the prolific Quesnel Trough, close to Vernon, British Columbia. The Company has executed a binding letter of intent with Underhill Exploration Ltd (\"Underhill\" or \"Optionor\") to option its property and has staked an additional 4,300 hectares of adjacent mineral claims. The Underhill property covers the Blackhawk Prospect which encompasses the historic East Showing (historic channel sample: 11.3 g/t gold and 12.1 g/t silver across 2.2 metres), the West Showing (historic chip sample; 16.0 g/t gold across 1.2 metres) and the Quartz Showing (historic channel sample: 4.6 g/t gold over 2 metres)1.1 - MINFILE Detail Report 082LSW007, BC Geological SurveyCompany COO Greg Collins P.Geo. commented: \"What attracted us to the project was the >1 km long trend of elevated gold in soil developed in the vicinity of a poorly exposed cluster of high-grade gold occurrences. The occurrences are situated on the edge of the Thompson Plateau associated with major northwest-trending magnetic anomalies. The soil and geophysical anomalies which are coincident with the high-grade showings define a 10 kilometre long trend located upstream from areas of significant historic placer gold extraction. Future work will include mapping and sampling, additional soil sampling, and airborne magnetic survey with the intent of identifying drill targets.\"Terms of the Letter of IntentTransition has been granted a period of exclusivity until July 1, 2021 to enter into a definitive option Agreement to earn a 100% interest in the Underhill property. In consideration for this period, XTM has paid the Optionor $7,500. The general business terms of a formal option agreement will include: payments of $100,000 and issuance of 250,000 shares of XTM over 4 years to earn a 100% interest in the property subject to a 1.5% Net Smelter Return royalty to the Optionors. Thompson Gold-Silver ProjectThe Thompson Project, consisting of 330 hectares of staked mining claims held by the Optionors and the 4,300 hectares of adjacent newly staked mining claims staked...