SUDBURY, ON, Nov. 30, 2016 /CNW/ - (TSXV:XTM) An amended
Mineral Exploration Agreement (MEA) has been signed allowing
Transition Metals and Nunavut Resources to explore the Inuit-owned
Land (IOL) parcel CO-31 or the Arcadia Bay property. The acquired
property hosts Archean lode-gold style mineralization with a
historical resource of 572,067 tonnes grading 9.6 grams/tonne (g/t)
Au(1). This historical resource was completed in
November 25, 1983 and is not
consistent with NI 43-101. While the company considers this
historical estimate to be relevant to investors as it may indicate
the presence of mineralization, a qualified person for Transition
Metals has not done sufficient work to classify the historical
estimates as current mineral resources as defined by NI 43-101, and
the company is not treating this historical estimate as current
mineral resources. This resource is based on only a near surface
680 metre long section of the 4.2 kilometre (km) long North Vein
system, one of a series of north-trending auriferous vein systems
identified on the property. Many of the vein systems have been
traced for great distance at surface with good apparent continuity
including the >1,200 metre (m) long, 1 to 15 m wide
Sidewalk Vein which has returned historical drill hole
intersections of up to 9.40 g/t Au over 12.50 metres including
23.75 g/t Au over 3.96 m(2, 3).
The property is located along the south coast of the Coronation
Gulf, Arctic Ocean, approximately 25 km west of the proposed port
facility in Grays Bay that will be the terminus of the proposed
Izok Road Corridor, and approximately 140 km west of the TMAC's
Hope Bay gold deposits. Transition
Metals Corp. (Transition, XTM.V) and Nunavut Resources Corp. (NRC)
are working under an alliance partnership (the Alliance) which
holds the MEA with Nunavut Tunngavik Inc. The Alliance is a five
year strategic alliance between Transition Metals Corp., and
Nunavut Resources Corp. in 2012 to work together to identify
exploration properties to attract investment and to facilitate work
leading to the discovery of economic ore deposits and the
development of new mines and infrastructure in the Kitikmeot region
of Nunavut, Canada. The MEA grants
the Alliance exclusive rights to explore for minerals within CO-31
and sets out terms to acquire a mineral production lease.
Scott Northey, President of NRC
commented, "We are pleased to consolidate our ownership interest
on the Arcadia Bay project to include the portions of the property
with established historical resources. The Alliance will be
actively seeking partnership funding or investment to help us
initiate programs of work on the property in 2017".
About Arcadia Bay (Inuit-Owned Land CO-31)
The Arcadia Bay property covers an area of 2,653 ha bounded by
the Coronation Gulf coast of the Arctic Ocean to the north and
extends for more than 6 km to the south. The property is
predominantly underlain by rocks of the Anialik River Igneous
Complex (ARIC) and the northwest portion of the Anialik River
Volcanic Belt. Gold mineralization is most extensive within quartz
veins hosted by a 10 km wide, regional system deformation system
with an increase in vein density towards the west towards the
sheared contact between the intrusives and the volcanics.
Historical mapping and outcrop scale information indicate that
within these deformation zones there is an anastomosing array of
vein sets with strike lengths ranging from 500 m to 5 km and widths
of 1 cm to 15 m. Exploration has been completed by various
companies since the discovery of auriferous quartz veins on the
property in 1963, but the majority of the historical drilling to
date has been shallow in depth. The mineralization on CO-31 is
considered to be similar in style to the lode-gold mineralization
in the past producing Renabie, Lady Bountiful, Woodcutters,
Bell-Allarde, and Granny Smith.
Qualified Person
The technical elements of this press release have been reviewed
and approved by Mr. Thomas Hart,
P.Geo. (APGO), a Qualified Person as defined under National
Instrument 43-101.
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 discoveries. The award-winning team of
geoscientists has extensive exploration experience which actively
develops and tests new ideas for discovering mineralization in
places that others have not looked, often allowing the company to
acquire properties inexpensively. Rigorous fieldwork combining
traditional and new techniques helps 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 a portfolio that
currently includes 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 through ownership in a) the development of minerals,
oil and gas opportunities and b) infrastructure essential to
resource development, all for the benefit of Inuit and in a manner
consistent with Inuit values. NRC aims to enter into economic
partnerships with resource companies to advance its mandate. One
such partnership is the Alliance with Transition Metals Corp, which
is advancing 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.
1 - Watts Griffis McOuat, 1983. Report on the Coronation Gulf,
NWT property of Canuc Resources Inc.: Internal company report,
Canuc Resources Inc., December, 1986, 108 p.
2 - Chisholm, E.O., 1974a. Nunavut Geoscience Assessment Report
AR061424, 17 p.
3 - Parker, J.H. and McConnell, G.W., 1965. Nunavut Geoscience
Assessment Report AR017446, 40 p.
SOURCE Transition Metals Corp.