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Transition Metals Announces Rio Tinto Commences 7,000 Metre Drill Program at Janice Lake Copper Project, Saskatchewan
Sudbury, Ontario--(Newsfile Corp. - July 30, 2019) - Transition Metals Corp (TSXV: XTM) ("Transition", "the Company") is pleased to announce that Rio Tinto Expl
About this update from Transition Metals Corp.
[{"type":"text","content":" Sudbury, Ontario--(Newsfile Corp. - July 30, 2019) - Transition Metals Corp (TSXV: XTM) (\"Transition\", \"the Company\") is pleased to announce that Rio Tinto Exploration Canada (\"Rio Tinto\" or \"RTEC\") and Forum Energy Metals (\"Forum\") have commenced a 7,000 metre diamond drill program on the Janice Lake copper project. The program is helicopter supported and will utilize two drill rigs to complete approximately 20 to 30 holes. Drilling will initially concentrate on the areas of known copper mineralization while the data from the recently completed airborne magnetic survey is interpreted by RTEC's geophysical team. It is expected that this survey will yield additional targets for drill-testing. Commenting on the recent developments, President and CEO Scott McLean stated: \"We are very pleased to see a major program of diamond drilling ramping up at Janice Lake and are looking forward to discussing results with our partners.\" RTEC is planning to spend approximately $3 million dollars on the project this year as part of a seven year, $30 million option to earn 80% of the project. The Janice Lake project is under option to Forum Energy Metals Corp. (\"Forum\") from Transition with exploration funding and operatorship being provided by RTEC. Forum and RTEC have prioritized four target areas for drilling (See Figure 1 below): Jansem - one of four holes drilled by Forum's initial program completed in 2018 intersected 18.5m (true thickness 18 m) grading 0.94% Cu and 6.7 g/t Ag including 5.2m grading 2.22% Cu and 16.5 g/t Ag Janice - Noranda drill hole PL-93-11 intersected 33m grading 0.77% Cu (true thickness unknown) Kaz - Noranda drill hole PL-93-05 intersected 15.1m grading 0.32% Cu (true thickness unknown) Genie North (Juno) - An interpreted structural target with nearby grab samples at surface returning up to 1.9% Cu and 32 g/t Ag* *The Company cautions that grab samples are selective by nature and may not be representative of the mineralization being sampled The goals for the program are to determine; 1) The dip and attitude of the copper mineralization 2) The possibility of multiple strata-bound copper bearing mineralized horizons, 3) The association of magnetic signatures and copper mineralization in these rocks 4) The possibility of high-grade zones of mineralization caused by structure (folds, faults) or by mafic-rich...