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Transition Metals: A $3,000,000 Exploration Program to Be Initiated by Rio Tinto at Janice Lake in the Emerging Wollaston Copper District
Sudbury, Ontario--(Newsfile Corp. - June 19, 2019) - Transition Metals Corp (TSXV: XTM) ("Transition", "the Company") is pleased to announce that operator Rio T
About this update from Transition Metals Corp.
[{"type":"text","content":" Sudbury, Ontario--(Newsfile Corp. - June 19, 2019) - Transition Metals Corp (TSXV: XTM) (\"Transition\", \"the Company\") is pleased to announce that operator Rio Tinto Exploration Canada Inc. (\"RTEC\") will commence its committed, $3,000,000 exploration program at the Janice Lake sedimentary hosted copper project. The initial program will consist of an airborne geophysical survey followed by drilling. Transition has optioned the property to Forum Energy Metals (see news release of February 6, 2018) which subsequently optioned part of its interest to RTEC (see news release of May 9, 2019). Upon the option terms of the Forum agreement being met, Transition will hold a 2% Net Smelter Return royalty (NSR) on the property and be entitled to downstream milestone cash payments. Forum has also issued the Company 8,000,000 shares, which currently represents approximately 7.5% of Forum shares outstanding. Commenting on the planned program, Company CEO and President Scott McLean, P.Geo stated: \"Transition has long recognized the potential of the emerging Wollaston Basion Copper District which is exemplified by results from the Janice Lake project and the significant investment RTEC will be making in the project. RTEC has nearly doubled the size of the property since executing the agreement with Forum, which has greatly expanded the extent of our royalty coverage.\" Planned RTEC Program The initial program commencing in July will consist of a low level, helicopter-borne, high-resolution magnetometer survey flown at 100 metre line spacings over the entire 5 km x 52 km property. This program will be followed up by the mobilization of two drills to the property for a planned 20-30 hole drill program totaling up to 7,000 metres. Initial drill targets continue to be refined with several high priority areas identified including: Jansem Showing Area - Forum drill hole FEM-01 intersected 18.5 metres (true thickness of 18 metres) grading 0.94% copper and 6.7 g/t silver including 5.2 metres grading 2.22% copper and 16.5 g/t silver, including 5.7 metres of 2.18% copper within a 50.5 metre interval grading 0.45% copper1. Janice Showing - Noranda drill hole PL-93-11 intersected 33 metres grading 0.77% copper2. Kaz Showing - Noranda drill hole PL-93-05 intersected 15.1 metres grading 0.32% copper2. Genie Showing - Forum reports 0.76% Cu across 1...