Business
Transition Updates Drilling Completed by Rio Tinto Canada at Janice Lake Including 18.0 m grading 0.71% Copper and 4.2 g/t Silver
Sudbury, Ontario--(Newsfile Corp. - November 19, 2019) - Transition Metals Corp (TSXV: XTM) ("Transition", "the Company") is pleased to report that encouraging
About this update from Transition Metals Corp.
[{"type":"text","content":"Sudbury, Ontario--(Newsfile Corp. - November 19, 2019) - Transition Metals Corp (TSXV: XTM) (\"Transition\", \"the Company\") is pleased to report that encouraging assay results are continuing to be received from diamond drilling completed on the Janice Lake property by Rio Tinto Exploration Canada Inc. (\"RTEC\"). To date, assay results from 9 of a total of 21 holes completed by RTEC have been reported for 2 of more than 20 target areas consisting of outcropping zones of copper-bearing mineralization highlighted by exploration work completed to date on the property. Results include 18.0 metres grading 0.71% Cu, 4.2 g/t Ag in hole JANL0002 from the Jansem target area and 57.1 metres grading 0.41% Cu, 4.2 g/t Ag including 13.0 metres grading 0.95% Cu, 9.7 g/t Ag from the Janice target area. Results from drilling at both target areas are discussed more fully below. Forum Energy Metals Corp (\"Forum\") currently holds an option to earn a 100% interest in the property from the Company and has optioned a portion of its potential interest in the property to RTEC. The Company retains excellent exposure to this project benefitting from exploration expenditures on the property, the issuance of Forum shares, receipt of cash payments and retention of a Net Smelter Return royalty, described more fully below. Jansem Target: - In 2018, 4 holes were drilled by Forum to further define the extent and orientation of historic mineralization. Results from this drilling included a 50.5 metre intersection grading 0.45% Cu, 3.6 g/t Ag including 18.5 metres grading 0.94 % Cu, 6.7 g/t Ag and 5.2 metres grading 2.22% Cu, 16.5 g/t Ag in hole FEM-01 (18.0 m true thickness. - To date, Forum has released assays from 5 new diamond drill returning significant widths of elevated copper mineralization such as 44.8 metres grading 0.38% Cu, 2.1 g/t Ag including 18.0 metres grading 0.71% Cu, 4.2 g/t Ag summarized more fully in Table 1. - This new drilling has defined a continuously mineralized, flat-lying zone of near surface copper mineralization that is now a minimum of 400 metres in strike length, 130 metres in width, with an estimated true thickness varying from several metres to more than 55 metres. Janice Target: - The Janice target is located approximately 2.5 kilometres northeast from the Jansem target area - To date, Forum has released assays from 4 new di...