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Transition Metals Options a High Grade IOCG Copper Target Near Sudbury Ontario
Sudbury, Ontario--(Newsfile Corp. - December 23, 2019) - Transition Metals Corp (TSXV: XTM) ("Transition", "the Company") is pleased to announce the option of t
About this update from Transition Metals Corp.
[{"type":"text","content":" Sudbury, Ontario--(Newsfile Corp. - December 23, 2019) - Transition Metals Corp (TSXV: XTM) (\"Transition\", \"the Company\") is pleased to announce the option of the Aylmer IOCG1 property, consisting of 43 mining claims covering 1,455 hectares, located north of Lake Wanapitei near Sudbury Ontario. The property lies within a north-trending, regional structural zone interpreted to be 14 to 15 kilometres wide associated with widespread soda altered rocks and occurrence of gold-copper-bearing quartz veins¹. Grab samples collected at outcropping exposures of quartz veining, quartz and or carbonate breccias hosting variable amounts of disseminated sulphides returned copper values ranging from <0.05 ppm Cu to 5.93% Cu representing an average of 0.4% Cu from 19 samples. Under the terms of the option agreement, Transition has the right to earn a 100% interest in the Aylmer IOCG property by making aggregate cash payments of $100,000; aggregate share issuances worth $125,000; and incurring exploration work expenditures totalling $900,000 by October 25, 2023. If the Company exercises its option the vendors will retain a 2.0% Net Smelter Return Royalty (NSR) from any Commercial Production from the property for which Transition may purchase 1.0% of the NSR for $1,000,000 at any time. An additional 79 claims have been subsequently staked by the Company to more extensively cover the interpreted mineralized trend. Transition plans to complete a magnetotelluric survey of the property to test for the presence of a buried intrusion capable of producing a large-scale IOCG system. The survey will be followed up by ground programs, including geological mapping and sampling to help delineate targets for diamond drilling. CEO Scott McLean commented, \"This Aylmer IOCG project occurs in an area of increasing exploration activity. MacDonald Mines is currently exploring the Scadding Mine area, south of Lake Wanapitei with a thesis that the Scadding Mine may be associated with an IOCG-style mineralized system. Transition shares this view and believes that the regional structures associated with this system may extend through the Aylmer property.\" 1Ontario Geological Survey Open File Report 5771; Gates (1991). IOCG stands for Iron Oxide Copper Gold2MacDonald Mine National Instrument 43-101 Technical Report for the SPJ Project; dated October 18, 2019 Ab...