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Transition Metals Options Gowganda Gold and Cobalt Project to Battery Mineral Resources Ltd.
Sudbury, Ontario--(Newsfile Corp. - March 12, 2019) - Transition Metals Corp. (TSXV: XTM ) ("Transition" or "the Company"), is pleased to announce that it has e
About this update from Transition Metals Corp.
[{"type":"text","content":" Sudbury, Ontario--(Newsfile Corp. - March 12, 2019) - Transition Metals Corp. (TSXV: XTM ) (\"Transition\" or \"the Company\"), is pleased to announce that it has executed an Option and Joint Venture Agreement with Battery Minerals Resources Limited (\"Battery\") whereby Battery can earn a up to an 80% interest in the Gowganda Gold project located 75 kilometres southwest of Kirkland Lake. To earn a 60% interest, Battery must provide option payments totalling $600,000 over 3 years that includes a $75,000 payment upon execution of the Agreement and $25,000 that was received earlier by the Company upon execution of a binding term sheet. In addition, Battery must complete $3.4 million of exploration expenditures over 3 years including a commitment of $400,000 during the first year. Upon vesting a 60% interest, Battery may increase its interest to 80% by delivering a Feasibility Study within three years subject to certain time extension provisions. After earning its 60% or 80% interest in the Property as the case may be, a Joint Venture would be formed, with each party funding its proportionate share of future work programs or suffering dilution of interest. Company CEO and President, Scott McLean commented, \"We are pleased to have a new partnership with Battery Mineral Resources. As a project generator, Transition focuses on generating quality exploration projects and developing partnerships to advance them toward production. The Gowganda property is prospective for both Archean lode gold and Proterozoic cobalt deposits, which will be both targeted in the upcoming exploration program.\" About the Gowganda Gold Project The Project is located adjacent to the town of Gowganda, Ontario in Nicol, Haultain, and Van Hise townships, in the Larder Lake Mining District. Geologically, it hosts inliers of Archean greenstone south of the Round-Lake Batholith in the south-western part of the Abitibi greenstone belt but is partly overlain by Proterozoic sediments of the Cobalt Embayment. The claims host widespread visible gold mineralization hosted by stockwork veining in altered syenite ranging from nil to 3.5 g/t over significant widths in channel samples and drilling as well as up to 97 g/t Au over short channel widths (0.4 metres) within quartz veins (see Transition news release of September 8, 2011). Reported drill intercepts include 2...