Sudbury, August 21, 2018 – Transition Metals Corp. (XTM – TSX.V) (“Transition”) is pleased to report that recent sampling of the waste rocks at the Big Four showing returned up to 3.04% Co and 31.6 g/t Ag from grab sampling of cobaltite-rich material. The Big Four showing is located within the historic Gowganda silver-cobalt camp approximately 2.0 km southwest of Castle Silver Resources Inc. past producing Castle Mine. The Gowganda Gold project was recently returned to the Company under an option agreement with Aldershot Resources Ltd (see press release dated April 26, 2016).
Transition CEO Scott McLean commented that “Although past work on the property has highlighted the presence of a robust gold system that appears to be getting stronger at depth, the property is adjacent to the past-producing silver deposits of the Gowganda silver-cobalt camp. Many of the structures hosting the gold mineralization correlate with the location of the silver mineralization that was mined in the adjacent Nipissing diabase sills. The company believes that Gowganda Property has excellent potential to host both gold and cobalt mineralization.”
Discussion of Results:
The Big Four showing includes a series of trenches, pits, and a 25 ft (7.6 m) deep shaft located on the north side of the radio tower hill, north of highway 560. McIlwaine (1978) described the showing as a northeast-trending, 5-6 in. (12.7 -15.2 cm) carbonate-quartz vein containing arsenopyrite, cobaltite, pyrites, and galena that cuts Archean sulphide-facies iron formation. The samples collected from the waste dump included cobaltite-rich carbonate material with a texture resembling amygdaloidal basalt with 2-3 mm spherical white calcite in a medium grey brown matrix containing cobaltite. There were also samples of highly fractured oxide facies iron formation with fine-grained pyrite and chalcopyrite fractured fillings. These samples were selectively chosen and are not necessarily representative of the grade of the mineralization hosted on the property.
McIlwaine, W.H. 1978. Geology of the Gowganda Lake – Miller Lake Silver Area; Ontario Geological Survey, Geological Report 175, 185 p.
Table 1:
|
Sample Unit |
Co ppm |
Co % |
Ag ppm |
Au ppm |
As ppm |
Cu ppm |
Cu % |
| S899388 | >10000 | 1.48 | 11.75 | 0.477 | >10000 | 41.1 | |
| S899389 | 6560 | 0.66 | 2.12 | 0.025 | 8870 | 90.1 | |
| S899390 | 4250 | 0.43 | 15.20 | 0.030 | 5480 | 41.5 | |
| S899391 | 221 | 0.02 | 0.48 | 0.001 | 208 | 9.4 | |
| S899392 | 1615 | 0.16 | 12.10 | 0.016 | 2750 | 31.5 | |
| S899393 | >10000 | 1.26 | 4.46 | 0.044 | >10000 | 68.3 | |
| S899394 | >10000 | 1.99 | 20.20 | 0.549 | >10000 | 50.9 | |
| S899395 | >10000 | 2.43 | 26.00 | 0.624 | >10000 | 70.0 | |
| S899396 | 1380 | 0.14 | 2.24 | 0.025 | 1795 | 22.3 | |
| S899397 | 75 | <0.01 | 11.85 | 0.251 | 511 | >10000 | 1.42 |
| S899398 | >10000 | 3.04 | 31.60 | 0.590 | >10000 | 157.5 | |
| S899399 | 3510 | 0.35 | 4.79 | 0.121 | 4700 | 117.5 | |
| S899400 | 3390 | 0.34 | 18.85 | 0.015 | 5920 | 500.0 |
About the Gowganda Gold Project
The project is focused on Archean greenstone overlain by Proterozoic sediments of the Cobalt Embayment located south of the Round-Lake Batholith in the south-western part of the prolific Abitibi greenstone belt. Gold mineralization on the property is in part controlled by the emplacement of Archean syenitic intrusions that are locally altered and mineralized. High grade, nugget like gold mineralization occurs within quartz veining within the altered syenite and host volcanics. Silver-cobalt-bearing five element vein systems hosted primarily in the upper portion of the Proterozoic Nipissing gabbro sill were the focus of the past-producing silver deposits of the Gowganda area. Silver was produced between 1910 and 1989 with the two main past-producers being the Miller-O’Brien and Castle mines which produced 40.7 M oz Ag and 785,700 lb Co and 9.4 M oz Ag and 376,053 lb Co respectively (Duplessis, 2015). Structures hosting gold mineralization appear to correlate with the location of the silver/cobalt mineralization.
Duplessis, C, 2015. Takara Resources Inc. Castle Silver Property Gowganda, Ontario, Canada NI 43-101 Technical Report; dated August 21, 2015.
Qualified Person
The technical elements of this press release have been approved by Mr. Thomas Hart, P.Geo., a Qualified Person under National Instrument 43-101. All analytical work performed on core samples was conducted at ALS-Chemex with sample preparation completed in Sudbury, Ontario and analyses completed in North Vancouver, B.C. The quality system used by ALS-Chemex complies with international standards ISO 9001:2000 and ISO 17025:2005.
Cautionary Note on Forward-Looking Information
Except for statements of historical fact contained herein, the information in this news release constitutes “forward-looking information” within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as “plans”, “proposes”, “estimates”, “intends”, “expects”, “believes”, “may”, “will” and include without limitation, statements regarding estimated capital and operating costs, expected production timeline, benefits of updated development plans, foreign exchange assumptions and regulatory approvals. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, competition, risks inherent in the mining industry, and regulatory risks. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Further information is available at www.transitionmetalscorp.com or by contacting:
Scott McLean
President and CEO
Transition Metals Corp.
Tel: (705) 669-0590