Business
Transition Metals Corp Provides 2019 Year in Review and Shareholder Update
Sudbury, Ontario--(Newsfile Corp. - January 15, 2020) - Transition Metals Corp (TSXV: XTM) ("Transition", "the Company") is pleased to update shareholders on pr
About this update from Transition Metals Corp.
[{"type":"text","content":" Sudbury, Ontario--(Newsfile Corp. - January 15, 2020) - Transition Metals Corp (TSXV: XTM) (\"Transition\", \"the Company\") is pleased to update shareholders on progress achieved during 2019 as the Company continued to add to its portfolio of multiple projects attracting over $7 million dollars in exploration funding to its projects through non-dilutive investment from its joint-venture partnerships with other companies. The Company announced several important milestones in 2019. Highlights for 2019 In April (see news release dated April 29), option partner North American Palladium (NAP) obtained the thickest and highest grade drill intersection yet on the Sunday Lake PGM property with assays returning 41.20 metres grading 5.51 g/t PGM (3.22 g/t Pt, 2.08 g/t Pd, 0.21 g/t Au) and 0.57% Cu including a high grade section of 15.80 metres grading 9.11 g/t PGM (5.42 g/t Pt, 3.35 g/t Pd, 0.34 g/t Au) and 0.88% Cu. In December, South African platinum mining heavyweight Impala Platinum Holdings Ltd. completed a plan of arrangement with NAP to acquire 100% of the outstanding common shares of NAP for total cash consideration of approximately $1.0 billion (CAD) forming a Canadian wholly owned subsidiary dubbed Impala Canada (\"Implats Canada\"). In Nova Scotia, the Company advanced its Highland Gold Project located 60 km northwest of Sydney, with geochemical, geological and geophysical surveys, as well as reverse circulation (RC) percussion drilling. Drilling intersected significant grades and widths of gold mineralization in three separate zones including 9.0 metres grading 6.14 g/t Au including 2.0 metres grading 25.46 g/t Au at zone 6B located approximately 2 kilometres east of Main Zone where RAB drilling completed by the Company in late 2018 returned a 9.14 metre interval grading 23.22 g/t Au. The drilling results at Highland represent some of the highest grade gold intercepts yet discovered in Cape Breton at a time when exploration interest in the Maritimes is undergoing resurgence. Rio Tinto Exploration Canada (RTEC) signed a $30 million Option Agreement with Company partner Forum Energy Metals Corp to earn up to an 80% interest in the Janice Lake Property. Between October and December Forum reported drill results from Rio Tinto's first phase of drilling (totaling $3M) program at Janice Lake. Drilling successfully confirmed and sig...