Business
Transition Discovers New Gold Showing, and Completes Transfer of the Cryderman Leases, Shining Tree Gold Camp, Ontario
Sudbury, Ontario--(Newsfile Corp. - November 18, 2021) - Transition Metals Corp (TSXV: XTM) ("...
About this update from Transition Metals Corp.
[{"type":"text","content":"Transition Discovers New Gold Showing, and Completes Transfer of the Cryderman Leases, Shining Tree Gold Camp, OntarioSudbury, Ontario--(Newsfile Corp. - November 18, 2021) - Transition Metals Corp (TSXV: XTM) (\"Transition\", \"the Company\") is pleased to announce that sampling completed as part of the summer 2021 prospecting programme has resulted in the discovery of a new gold showing on the Cryderman property. The best value returned was 6.18 g/t Au from a total of 52 grab samples submitted for analysis. The new showing is associated with a 15-20 centimetre wide south-trending crack seal quartz-carbonate vein on the margin of a northwest-trending magnetic feature approximately 500 metres northwest along trend of the south-trending Queen Elizabeth vein where 2019 trenching results returned gold values up to 15.7 g/t Au over 0.49 metres (see press release May 10th 2021)(Figure 1). Transition President and CEO Scott McLean commented, \"The results further highlight a previously unrecognized mineralized gold trend on the property. It is encouraging that even after a long history of exploration in the region, boots on the ground field work can still turn up new zones of mineralization in this exciting and emerging gold camp.\" About the Cryderman PropertyThe Property consists of six mining and surface rights leases and one mining claim, totaling approximately 116 hectares located in the western portion of the Shining Tree gold camp, approximately 55 kilometres east of IAMGOLD's Côté Gold Project and 16 kilometres west of Aris Gold Corporation's Juby Project, Ontario (Figure 2). The Property is underlain by Archean ultramafic, mafic and felsic flows, volcaniclastics, interflow epiclastics and chemical sedimentary rocks of the southwest portion of the Abitibi greenstone belt near an unconformable contact with Timiskaming-type rocks to the north1. These lithologies are cut by late, north-trending, regional faults, such as the Michiwakenda Lake fault. Gold mineralization in the area appears to be hosted by early veins transposed by east-northeast faulting and shearing into sigmoid and z-folded vein sets. A historical 40 foot shaft and underground workings of unknown proportions has been sunk on the property in 1917 seeking to explore the Queen Elizabeth vein, where channel sampling by the Company in 2019 returned up to 9.1...