SUDBURY, ON, Oct. 8, 2015 /CNW/ - Transition Metals Corp.
(XTM – TSX.V) ("Transition", "the Company") and Nunavut
Resources Corp. (NRC), in their capacity as partners in an alliance
("the Alliance") are pleased to announce that new airborne
geophysical data and compilation work has highlighted
several high potential gold and base metal target areas within
the north portion of Inuit Owned Land parcel IOL CO-20 otherwise
referred to as the "North Property" depicted in Figure 1. IOL CO-20
is located along the Izok Corridor, an infrastructure initiative
proposed by MMG Ltd. consisting of a 325 kilometre road to a port
facility in Grays Bay. Grays Bay is located on the shore of the
Coronation Gulf approximately 175 kilometres southwest of
Cambridge Bay, Nunavut.
Work completed by the Alliance on the property to date includes
the digital compilation of historical exploration data and the
completion of a 275 line kilometre airborne EM and magnetic survey
over the Fire-Shear area utilizing the Geotech Ltd's VTEM system in
August 2015. The results of this
survey highlighted a number of high priority gold and base metals
targets that are discussed in more detail below.
Commenting on the results of this work, company CEO and
President, Scott McLean said:
"The Alliance with NRC continues to identify excellent
exploration opportunities that continue to demonstrate why
Nunavut is an excellent frontier
region to explore. At a time when exploration activity in the
north is at a low, the Alliance is positioning itself for success
by adding value to its projects with excellent support from the
Kitikmeot Inuit Association (KIA). The Alliance together with the
KIA have a sustained approach and vision for the north that
continues to highlight the mineral potential of the region by
identifying new exploration opportunities with an objective of
attracting new investment to Nunavut"
Charlie Evalik, President &
Chair of NRC commented, "We continue to be pleased with the good
work that the Alliance is executing for the benefit of Inuit. We
are also extremely appreciative of the ongoing support provided by
our shareholder, the Kitikmeot Inuit Association. Their commitment
to the vision of NRC as the only active 100% Inuit-owned
exploration business is exemplary and we are confident that their
assistance will be ultimately rewarded".
2015 Summer Program Highlights
- 275 line kilometres of helicopter borne time domain EM and
magnetic surveys completed over a 25 square kilometer area in the
vicinity of the Fire-Shear area.
- Several high priority drill targets have been identified with
similar magnetic and EM signatures to significant historical
intersections of gold mineralization including up to 26.75 g/t Au
over 5.3 metres in drill hole 94FD-19 at the Fire Zone by BHP
Minerals. 1
- A cluster of moderate to strongly conductive EM anomalies
occurring in stratigraphy considered prospective for hosting
volcanogenic massive sulphide (VMS) deposits were identified
including a new conductive target near the No Lake Gossan where
historical grab samples from chloritic rhyolite have returned up to
2.19% Cu.2
- A digital compilation of historical exploration data including
all historic diamond drill hole information for development of
three-dimension models of known gold mineralization
1 Assessment Report AR083359 - MacMaster, G.
1994; Drilling Report on the PULSE 3, 4, 5, 6, and KINDLE 4, 5, 6
Claims; Northern Mining District, BHP Minerals Canada Ltd.
2 Johnson, W. and Robinson, P. 1975. Report
on Field Work in the Hood River – Kathawachaga Lake Area,
Northwest Territories for the 1975
Field Season; Long Lac Mineral Exploration Ltd. Assessment Report
AR061408, 55p. with maps
About the CO-20 Property
In 2014, the Alliance entered into a Mineral Exploration
Agreement (MEA) WestKit-0001 agreement with Nunavut Tunngavik Inc.
(NTI) covering two areas within IOL CO-20, an Inuit owned mining
rights area covering a number of prominent gold and base metal
showings.
The North Property covers approximately 21,154 ha extending from
the north shore of the Hood River adjacent to the southern boundary
of WPC Resources' Ulu and Hood River properties that host the Ulu
Deposit which has published resources of: 605,000 Oz of Measured
and Indicated Resources grading 7.53 grams per tonne (g/t) gold and
a total of 226,000 Oz of Inferred Resources grading 5.57 g/t
gold. 3 The best mineralization
identified to date on the Alliance property is located at the
Fire-Shear and Contact gold showings areas, and the Chuk
copper-zinc showing areas. Of these areas, only portions of the
Fire-Shear area was covered by the 2015 airborne survey discussed
above.
3 Technical Report on the Ulu Gold Property,
Nunavut Canada; July 10, 2015, Cowley, Singh and Giroux – www.sedar.com
The South Property covers a 5,186 ha area located south of the
Hood River hosting a number of mineralized showings. The Contact
showing located on the South Property hosts six significant gold
showings with showings 1, 2, 3, 5 and 6 covering a 3 km west-
northwest-trend and showing 4 located an additional 3 km to the
northwest. Showing 1 returned up to 19.2 g/t of Iron formation
hosted Au in grab samples while showings 2, 5, and 6 returned up to
2.1 g/t over 1.7 m, up to 1.2 g/t Au, and up to 2.8 g/t gold over a
3 by 3 m area of felsenmeer respectively4. The
Chuk showing in the North Property, is interpreted from limited
diamond drilling to be prospective for hosting volcanogenic
polymetallic base metals sulphides. The Chuk showing area has only
two recorded diamond drill holes totaling 151 m, that intersected
1.56 m of massive sulphide zone which returned 4.0% Cu and 4.34% Zn
and 3.56 metres of stringer sulphide which returned 0.031 Oz/ton
Au, 2.23% Cu and 2.1% Zn.5
4 Osatenko, M.J. 1986. Assessment Report,
Geological Mapping, Rock Sampling and Magnetic/HLEM Surveys on the
Hood Property. Mackenzie M.D., N.W.T. Cominco Ltd., Assessment
Report AR082096 23p., with maps.
5 Anderson R. and Bryan D. 1980. Geological and
Geophysical Surveys and Diamond
Drilling. District of Mackenzie, N.W.T. Noranda Exploration Company
Ltd.Assessment Report AR081532 filed NTI 9p
Qualified Person
The technical elements of this press release have been reviewed
and approved by Mr. Greg Collins,
P.Geo. (APGO), a Qualified Person as defined under National
Instrument 43-101.
About the NRC Alliance
The NRC Alliance is a five year strategic alliance entered into
by Transition Metals Corp., and Nunavut Resources Corp. in 2012 to
conduct project generation and exploration work in the Kitikmeot
region of Nunavut, Canada. The two
companies work together to identify exploration properties with the
objective of forming Joint Venture partnerships to attract
investment and to facilitate work leading to the discovery of
economic ore deposits and ultimately the development of new mines
and infrastructure in the region. The Alliance maintains a highly
prospective exploration portfolio consisting of 123,770 ha of gold,
base metal and diamond properties in Nunavut and NWT which include Itchen
Lake (banded iron formation hosted gold), CO-82 -
Gondor (VMS potential surrounding MMG's Gondor Lake
deposit), CO-31 - Arcadia Bay (high grade lode gold
vein system), C0-30 - Anialik (high potential
greenfield gold and base metals), CO-20 - Fire Shear
(high potential greenfield gold project close to the Ulu
project) and Article 41, a 572 square kilometer diamond
project situated between the Jericho and Lac de Gras diamond
fields.
About Transition Metals Corp
Transition Metals Corp (XTM -TSX.V) is a Canadian-based,
multi-commodity project generator that specializes in converting
new exploration ideas into Canadian discoveries. The award-winning
team of geoscientists has extensive exploration experience in
established, emerging and historic mining camps, and actively
develops and tests new ideas for discovering mineralization in
places that others have not looked, which often allows the company
to acquire properties inexpensively. The team is rigorous in its
fieldwork, and combines traditional techniques with newer ones to
help unearth compelling prospects and drill targets. Transition
uses the project generator business model to acquire and advance
multiple exploration projects simultaneously, thereby maximizing
shareholder exposure to discovery and capital gain. Joint venture
partners earn an interest in the projects by funding a portion of
higher-risk drilling and exploration, allowing Transition to
conserve capital and minimize shareholder's equity dilution. The
company has an expanding portfolio that currently includes 26 gold,
copper, nickel and platinum projects primarily in Ontario, Nunavut and Saskatchewan.
About Nunavut Resources Corp
Nunavut Resources Corporation, a wholly-owned subsidiary of the
Kitikmeot Inuit Association, was established to participate
directly in a) the development of the minerals, oil and gas for the
benefit of Inuit, through ownership of resource projects and b)
infrastructure essential to resource development, all in a
transparent manner consistent with Inuit values. NRC aims to
enter into economic partnerships with resource companies to advance
its mandate. One such partnership is its Strategic Alliance
with HTX Minerals Corp (a wholly owned subsidiary of Transition
Metals Corp), which is serving to advance NRC's regional mineral
exploration programs.
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.
SOURCE Transition Metals Corp.