Business
Transition Metals Expands Itchen Lake Gold Exploration Program
SUDBURY, ON, Aug. 15, 2013 /CNW/ - Project generator Transition Metals Corp. (XTM - TSX.V...
About this update from Transition Metals Corp.
[{"type":"text","content":"\n\n\nSUDBURY, ON, Aug. 15, 2013 /CNW/ - Project generator Transition Metals\n Corp. (XTM - TSX.V)  (\"Transition\", \"the Company\"), which recently\n announced completion of its business combination with HTX Minerals\n Corp. (\"HTX\") (see press release August 14, 2013) subject to final\n approval of the TSX Venture Exchange, is pleased to provide an\n exploration update on the Itchen Lake gold property. The 198 km2 property is located approximately 365 km northeast of Yellowknife along\n the Nunavut-Northwest Territories border, and 60 km west of the past\n producing Lupin gold deposit (3.36 Moz @ 9.3 g/t)1. HTX, now a wholly-owned subsidiary of Transition, has completed a\n VTEM™ airborne EM and magnetic survey, initiated a remote predictive\n mapping research project, compiled past exploration and drilling\n results, and is following this up with a field mapping, ground\n verification and sampling program in August. Preliminary results are\n expected this fall.\n\n\n\"The large number of high grade gold occurrences in a favourable\n geological environment, in relatively close proximity to a major past\n producer, make this an attractive property,\" said Scott McLean, P.Geo., President and CEO of Transition. \"With new geophysical data, and detailed geological and structural\n mapping, we expect to be able to identify new targets for drilling. The\n prospect of future road access through the property further adds to its\n attractiveness.\" \n\n\nItchen Lake Property Overview\nThe Itchen Lake property (Figure 1 below) is a gold exploration\n opportunity that was staked in 2012 and is 50:50 owned with Nunavut\n Resources Corporation (NRC), HTX's strategic alliance partner for\n mineral exploration and project generation in the Kitikmeot Region of\n western Nunavut. NRC is a private, Inuit-owned resources company that\n strategically invests in major resource and infrastructure projects, in\n Nunavut. The alliance is actively developing and advancing projects in\n Nunavut, and seeks joint venture partners to help further advance these\n projects.\n\n\nHistorical exploration on the Itchen property between 1960 and 1993 by\n previous operators, including Canico and Echo Bay Mines, resulted in\n the identification of 74 gold occurrences within banded iron formation\n (BIF) along about a 40km strike length that is geolo...