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Transition Metals Stakes New Properties in the Emerging Wollaston Basin Copper Belt, Saskatchewan
Sudbury, Ontario--(Newsfile Corp. - May 22, 2019) - Transition Metals Corp (TSXV: XTM) ("Transition", "the Company") is pleased to announce that it has staked t
About this update from Transition Metals Corp.
[{"type":"text","content":" Sudbury, Ontario--(Newsfile Corp. - May 22, 2019) - Transition Metals Corp (TSXV: XTM) (\"Transition\", \"the Company\") is pleased to announce that it has staked two new properties, collectively covering 15,144 ha in the Wollaston Basin Copper Belt, northern Saskatchewan. The Fannon and Tosi properties are located approximately 100 kilometres south of Key Lake (see Fig 1), and about 30 and 85 kilometres, respectively, southwest along trend with the company's Janice Lake Property that is currently under option from the Company to Forum Energy Metals (Forum) and subsequently to Rio Tinto Exploration Canada (RTEC) (see Transition news release dated May 9, 2019). The new claims were staked to cover known copper showings and on-strike equivalents that are interpreted to have potential to host sedimentary-hosted copper mineralization similar to that at Janice Lake. Commenting on the staking, Company CEO and President Scott McLean, P.Geo. stated: \"We view the Wollaston Basin as an important emerging copper district. The good work of the Saskatchewan Government identifying the potential of the belt led Transition to originally stake Janice Lake and initiate exploration in the belt. Recent drill results by Forum (see Transition news release of October 10, 2018) demonstrates the significant discovery opportunity which resulted in RTEC's new investment in the district. We look to further evaluating our new properties with the perspective of attracting new investment to the area.\" About the Fannon and Porcupine Properties The Wollaston Domain includes a thick succession of Lower Proterozoic sedimentary rocks that contain some significant base metal occurrences such as sediment-hosted copper in the Janice Lake area as well as lesser known copper occurrences such as Fannon Lake and Tosi, as well as lead-zinc occurrences at Sito Lake1,2. The Fannon Property is located 30 kilometres southwest of the Janice Property and is underlain by northeast-trending, quartzofeldspathic paragneisses with subordinate amphibolite-bearing pelites, quartzites, and feldspathic quartzites3. The Tosi property is 85 kilometres to the southwest of Janice Lake and is underlain by northeast-trending biotite and garnet-biotite pelitic gneisses with minor intercalated quartzites4. The following analytical results are from select samples and are not necessarily repres...