SUDBURY, ON, Oct. 24, 2016 /CNW/ - Canadian Gold Miner ("CGM"
or "the Company), a private company 65% owned by Transition Metals
Corp (XTM – TSX.V) ("TMC") is pleased to announce that it has
optioned a 61 square kilometre property within the heart of
Kirkland Lake Mining Camp from Skead Holdings Ltd (Skead). The property covers approximately 23
kilometres of strike along the Lincoln-Nipissing break. The Lincoln-Nipissing break is a deep seated fault
structure located 10 kilometres south and parallel to the
Cadillac-Larder Break.
Company CEO and president, Greg
Collins, P.Geo. commented, "We see this acquisition as a
unique opportunity to secure a camp scale property position in the
heart of one of the world's most prolific gold producing regions.
The Lincoln-Nipissing project covers an under-explored
region of the belt that is comparable in size to the entire
Timmins or Kirkland Lake mining camps. The property hosts
numerous high grade gold occurrences, some of which have been
historically investigated underground and exhibit many
characteristics associated with other well-known gold deposits in
the prolific Abitibi Greenstone Belt."
Under its agreement with Skead,
Canadian Gold Miner can earn a 51% interest by incurring work
expenditures totaling $2.75 million,
issuing 600,000 common shares and providing $200,000 in cash payments over 3 years with an
ability to earn up to a 100% interest by taking a project to
commercial production subject to a $1.0
million commercial production payment. Once commercial
production has been established, the property would be subject to a
2.5% NSR, of which 0.5% could be repurchased by the Company for
$1.5 million.
About the Lincoln-Nipissing Property
The Property (please refer to Figure 1.), consists of
approximately 6,135 hectares of staked and leased mining claims
extending through Boston, McElroy
and Skead townships, approximately
10 kilometres south of Kirkland Lake. The property was
recently explored by Gold Fields Limited which identified numerous
gold showings returning assays from rock samples including, from
west to east, the Mondoux (8.81 g/t Au), the O'Hare (1.8 ppm Au
over 0.9 metres), Zenith (9.0 ppm Au over 1.4 metres), Cook-Tyon
(17.8 g/t Au), Spring (2.32 g/t Au), Webster (1.06 g/t Au), and MacGregor (3.12 g/t Au).
Of particular interest to the Company are the historic Lafond
and Manor deposits that were investigated by underground workings
in the 1920's and 1930's. Unfortunately at these sites there is
little or no record of production. In 2013 Gold Fields
obtained grab samples from the Lafond site returning assay values
ranging from 0.28 to 14.15 g/t Au. Grab sampling of rocks in the
Lafond area by the Company in 2016 returned values from 0.16 to
2.59 g/t Au g/t Au. At Lafond, drilling conducted by
Maple Mountain Mines in 1984
intersected 9.09 g/t Au over 1.68 m including 29.31 g/t Au over
0.46 metres (MM1-84).
The Company has initiated the compilation and interpretation of
historically available exploration data and has sampled a number of
locations on the property. The Company intends to carry out
additional programs of mapping, sampling, and geophysics on the
property and to initiate drilling around the Lafond deposit once
permits have been issued.
Mineralization at the Lafond is hosted by an up to 125 metre
wide altered syentitic dyke hosted in mafic to felsic metavolcanics
and metasediments. The dyke has been traced by surface bedrock
exposure for over 900 metres along strike and exhibits signs of
widespread pervasive alteration and disseminated sulphides
mineralization. Locally, the dyke is cut by a series of transverse
quartz veins carrying higher concentrations of pyrite,
chalcopyrite, molybdenite, tellurides, and gold that can extend
into the surrounding host rocks. Historical channel samples on the
No. 11 vein returned up to 20.6 g/t Au over 1.76 metres. A 152
metre shaft was sunk at the Lafond with drifting and crosscutting
completed on the 100 foot level (30.48 metres) with stations cut at
300 and 500 feet (91.4 and 150 metres) during the 1920's. In 1984,
Maple Mountain Resources Ltd. conducted a program of drilling,
trenching, and geophysics which included the dewatering and
rehabilitating the shaft followed by a program of underground
sampling. To date, only a total 13 drill holes have been reported
for the Lafond area with 11 of those holes completed in the area of
the shaft
Qualified Person
The technical elements of this press release have been approved
by Mr. Tom Hart, P.Geo. (APGO), a
Qualified Person under National Instrument 43-101
About Canadian Gold Miner
Canadian Gold Miner Corp. is 65% owned by Transition Metals Corp
(XTM –TSX-V) and, is a Canadian private corporation focused on
exploring for gold in the Larder Lake Mining District near
Kirkland Lake. The Company was
founded by Transition to leverage its data, expertise and pipeline
of exploration projects towards consolidating an extensive
portfolio of high quality gold projects. CGM has assembled a
dominant exploration land position in excess of 150 square
kilometres around the Cadillac Larder, Lincoln-Nipissing and Ridout Structures in the
southwestern part of the prolific Abitibi Greenstone belt in
Ontario. The Abitibi is
Canada's most prolific gold
district located in a stable political jurisdiction with excellent
mining infrastructure in place.
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, which went public in 2011, has an expanding portfolio that
currently includes more than 25 gold, copper, nickel and platinum
projects primarily in Ontario,
Nunavut and Saskatchewan.
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.