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Transition Metals Plans Aggressive Exploration of Its Jolly Gold Project in an Extension of the Beardmore-Geraldton Greenstone Belt
Sudbury, Ontario--(Newsfile Corp. - April 8, 2021) - Transition Metals Corp (TSXV: XTM) ("Tran...
About this update from Transition Metals Corp.
[{"type":"text","content":"Transition Metals Plans Aggressive Exploration of Its Jolly Gold Project in an Extension of the Beardmore-Geraldton Greenstone BeltSudbury, Ontario--(Newsfile Corp. - April 8, 2021) - Transition Metals Corp (TSXV: XTM) (\"Transition\", \"XTM\", \"the Company\") is pleased to announce exploration activities commencing with a high-resolution airborne magnetic survey over its newly acquired Jolly Gold project approximately 75 kilometres north of Thunder Bay, Ontario. The Company has contracted New-Sense Geophysics Limited to conduct the 1,066 line kilometre survey at 50 metre spacing over the entire 4,560 hectare property. The close line spacing of the survey will help to delineate geological trends, and cross-cutting structural relationships that are pertinent to potential gold and base metal mineralization in preparation for upcoming field programmes. The Company is planning to follow up survey results this summer with prospecting, geological mapping, geochemical sampling, and trench mapping to highlight targets with potential to host large scale gold systems.Company CEO and President Scott McLean, P.Geo. commented, \"We think the rocks of Jolly property are a western continuation of the Beardmore-Geraldton belt, and have the same potential to host gold mineralization. Gold in the Beardmore-Geraldton Greenstone belt is often found with quartz ± carbonate veining associated with brittle ductile structures interacting with iron rich rocks such as gabbroic/mafic units or iron formations containing sulfur. This airborne survey will assist in the identification of similar structures on the Jolly Property.\" About the Jolly Gold ProjectThe Jolly Gold project hosts 4 of historic gold (Au), and 7 base metal (Cu, Zn, Fe) occurrences. Grab samples collected by XTM in September 2020 returned assay values of 14.35 g/t Au with 0.7 g/t Ag at Trench 1, and 3.96 g/t Au, 7.9 g/t Ag and 0.64 % Cu at Trench 2. The two historic trenches lie in the southwest portion of the property along a 1.3 kilometre northeast trend (see news release dated November 24, 2020).The property is underlain by Archean metavolcanic and metasedimentary rocks considered to be stratigraphically associated with an extension of the Beardmore-Geraldton Greenstone Belt (BGB) of the Eastern Wabigoon terrane. Like the Jolly Gold Project, the BGB is composed of a northeast-tre...