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Transition Vests 100% Interest in Cryderman Property Located in the Heart of the Shining Tree Gold Camp, Ontario
Sudbury, Ontario--(Newsfile Corp. - May 11, 2021) - Transition Metals Corp (TSXV: XTM) ("Trans...
About this update from Transition Metals Corp.
[{"type":"text","content":"Transition Vests 100% Interest in Cryderman Property Located in the Heart of the Shining Tree Gold Camp, OntarioSudbury, Ontario--(Newsfile Corp. - May 11, 2021) - Transition Metals Corp (TSXV: XTM) (\"Transition\", \"the Company\") is pleased to announce that it has secured a 100% interest in the Cryderman property located in southwest Macmurchy Township, Larder Lake Mining District, Ontario. The property consists of six mining and surface rights leases, totaling approximately 106 hectares which host a system of quartz veining partially exposed around a 40 foot (12.2m) deep historical shaft sunk in 1917 to explore the Queen Elizabeth vein.Channel sampling by Transition in 2019 included 21 channels totalling 46 samples spaced along the approximately 100 metres of the exposed strike length of the Queen Elizabeth Vein (QEV). The southerly most channel returned 9.15 g/t Au over 1.07 metres including 11.30 g/t Au over 0.47 metres; and the northerly most channel returned 11.55 g/t Au over 0.54 metres. The channels located in between returned from 15.70 g/t Au over 0.49 metres to 0.08 g/t Au over 0.71 metres. Sampling of peripheral alteration and quartz stringers to the QEV returned values between 3.44 g/t Au over 1.63 metres and 0.44 g/t Au over 0.58 metres suggesting potential for a much wider mineralized zone. (Refer to news release dated November 27, 2019).Transition President and CEO Scott McLean commented \"This property is strategically located near the center of a real hot spot for gold mineralization in a part of the Abitibi undergoing a resurgence of exploration and development activity. Investments in the area from major companies such as IAMGOLD who are developing the 6.6 million oz¹ Cote Gold project approximately 55 km to the west, and Caldas Resources who are conducting advanced stage exploration to expand the 2.2 million oz² Juby deposit located approximately 16 km to the east demonstrate the emerging potential of this district to yield significant new gold deposits. The Company intends to complete additional programs of mapping, trenching and sampling to explore for new exposures of mineralized bedrock along the interpreted northwest-southeast trending strike of the Violet Lake structure and peripheral to the QEV to further develop targets in preparation for drilling on the property later this year.\"¹ ...