Transition Metals Options High-Grade Maude Lake Ni-Cu-Co-PGM Property, Ontario

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[{"type":"text","content":" Sudbury, Ontario--(Newsfile Corp. - January 22, 2019) - Transition Metals Corp (TSXV: XTM) (\"Transition\", \"the Company\") is pleased to announce that it has entered into an option agreement to acquire a 100% interest in the ~14 square kilometre Maude Lake Ni-Cu-Co-PGM property located near Schreiber, Ontario (Figure 1). The property covers a known high-grade magmatic Ni-Cu-Co-PGM showing where grab samples collected by Novawest Resources Inc. in 2002 were reported to have returned values of up to 6.23 % Ni and up to 2.48 % Cu1 (Table 1). Base metal sulphides occur as massive to vein-like and net-textured aggregates along the contact between a mafic-ultramafic intrusion to the south and granite to the north. CEO Scott McLean commented, \"The high-grade nature of the surface mineralization and the potential for a more extensive mineralized system along the major contact are very attractive. Furthermore, it appears that past exploration has not tested the property effectively. A systematic exploration program utilizing modern geophysics is planned to fully evaluate the property potential and attract a partner for further drilling.\" Transition retains the right and option to earn a 100% interest in the property by issuing $25,000 in cash and $25,000 in shares to the Vendor over a 6-month period. If the Company vests its interest, the Vendor would retain a 2% Net Smelter Return royalty (NSR) with Transition retaining the right to buy back 1.5% NSR for $2.0 million. About The Maude Lake Property The property is located approximately 10 kilometres north of the community of Schreiber, Ontario. It consists of staked mining claims on crown land that covers approximately 1,398 hectares in Pays Plat Lake area, Lower Aguasabon Lake area and Priske Township. The property is located on the southern limb of the Archean Hemlo-Schreiber greenstone belt and covers the contact between mafic to felsic volcanic lithologies to the south and the Crossman Lake granitic pluton to the north. Late sill-like mafic to ultramafic bodies are intruded along the contact host the main Ni-Cu-Co-PGM showing (Smyk, 1993). Base metal sulphides occur as massive to vein-like and net-textured aggregates along the contact between the mafic-ultramafic intrusion to the south and the granite to the north. The massive sulphide showing is exposed over a distance of appro...

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