Business
Transition Metals Stakes New Sediment-Hosted Copper Property on the Bonavista Peninsula in Eastern Newfoundland
Sudbury, Ontario--(Newsfile Corp. - May 28, 2019) - Transition Metals Corp (TSXV: XTM) ("Transition", "the Company") is pleased to announce that it has staked a
About this update from Transition Metals Corp.
[{"type":"text","content":" Sudbury, Ontario--(Newsfile Corp. - May 28, 2019) - Transition Metals Corp (TSXV: XTM) (\"Transition\", \"the Company\") is pleased to announce that it has staked a new copper property know as the Duntara Copper Property covering 2,440 ha along the northwestern tip of the Bonavista Peninsula in Eastern Newfoundland (Figure 1). The new claims were staked to cover a series of known copper showings including the Blue Point Prospect where Noranda Inc. in 2001 drilled 1.98 % Cu and 23.10 g/t Ag over 6.0m7 (See description below). These copper showings occur within the Crown Hill Formation of the Neoproterozoic Musgravetown Group that has been shown to have excellent potential to host sedimentary-hosted copper mineralization. Commenting on the staking, Company CEO and President Scott McLean, P.Geo. stated: \"Given the increased global demand for copper we are excited to add another quality copper property to Transition's robust portfolio of projects. Historic work completed in the area has shown that the rocks and copper mineralization of the Bonavista Peninsula show many similarities to other major sediment-hosted copper producing districts around the world. We look forward to further evaluating our new properties with the perspective of attracting new investment to the area.\" Geology of the Bonavista Peninsula The Bonavista Peninsula, located with the Avalon Zone, eastern Newfoundland, is divided into two sedimentary domains (east and west) characterizing unique depositional basin settings. The eastern domain is predominately deep water turbiditic, marine and fluvial sediments, whereas the western domain is represented by shallow water marine and fluvial sediments1. The Neoproterozoic Musgravetown Group dominates the western domain of the Bonavista Basin and is characterized by a thick, and widespread succession of slightly deformed continental red beds2. The Crown Hill Formation of the Musgravetown Group is host to numerous sedimentary-hosted copper occurrences on the Bonavista Peninsula. The formation is dominated by terrestrial sedimentary successions and localized, stratigraphically extensive lacustrine-type reduced horizons (Blue Point facies) that host most of the copper occurrences3. The Blue Point reducing facies occurs as two, 10-15 m thick distinct horizons, consisting of very finely laminated, grey argillite to sandston...