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Transition Metals Options the High-Grade Cryderman Au Property, Ontario
Sudbury, Ontario--(Newsfile Corp. - May 15, 2019) - Transition Metals Corp (TSXV: XTM) ("Transition", "the Company") is pleased to announce that it has entered
About this update from Transition Metals Corp.
[{"type":"text","content":" Sudbury, Ontario--(Newsfile Corp. - May 15, 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 Cryderman Gold property located near Shining Tree, Ontario. The property consists of 6 contiguous mining leases cover a historical high-grade lode gold showing where grab samples collected by the Company in 2018 returned values from trace up to 34.5 g Au/t. CEO Scott McLean commented, \"We are very excited to bring another high-grade gold project into the company. There is no record of any exploration on this property since the late 1940's when it saw small scale production. Recent discoveries in the area such as IAMGOLD's 10 million oz and growing Cote Gold project1 and Pan American Silver's 3.0 million oz Juby project2 have highlighted the prospectivity of this underexplored section of the southwest Abitibi greenstone belt. We feel we can advance the project effectively through a systematic, but hands on approach that we plan to initiate this summer for the purpose of attracting a partner.\" 1IAMGOLD News Release dated November 1, 2018.2Tahoe Resources News Release dated February 15, 2018Note: mineralization hosted at Cote and Juby properties is not necessarily reflective of the mineralization hosted on the Company's Cryderman Au property. Transition retains the right and option to earn a 100% interest in the property by issuing $60,000 in cash and $110,000 in shares to the Vendor and completing $300,000 in work over a 3 year 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% NSR for $1.0 million. About the Cryderman Property The Property is located in the western portion of the Shining Tree gold camp, approximately 7 kilometres northeast of the town of Shining Tree, Ontario. Geologically, the Property is underlain by rocks of the southwest part of the Abitibi greenstone belt comprised of older Archean ultramafic, mafic and felsic flows, volcaniclastics, interflow epiclastics and chemical sedimentary rocks in unconformable contact with Timiskaming-type sedimentary rocks and volcanic and volcaniclastic rocks to the north3. These rocks have been offset by late, north-trending, regional faults, such as the ...