SUDBURY, ON, Feb. 8, 2016 /CNW/ - Canadian Gold Miner ("CGM"
or "the Company) is pleased to provide results from a 1.23 tonne
sample of vein material that returned a head grade of 240 grams
gold per tonne (g/t Au) (7.66 troy ounces gold per tonne – oz
Au/t). Canadian Gold Miner is a private company owned 65% by
project generator Transition Metals Corp (XTM.V). The sample was
collected from the Company's 100%-owned West Matachewan project located 25 kilometres
along the Cadillac-Larder break west from Alamos Gold's
Young Davidson Mine. Previous assays
of surface grab samples collected from the vein returned values up
to 12,700 g/t (408 oz/t Au)1 and chip sampling completed
across the vein in a number of locations returned results ranging
from 0.20 g/t Au over 0.90 metres up to 2,060 g/t Au (66.2 oz Au/t)
over 0.80 metres2.
Canadian Gold Miner CEO Greg
Collins summarized, "We are pleased that a larger and
more representative sample than had been previously collected
returned such excellent grades at an occurrence situated so close
to the Cadillac Larder Break. At this point, I will caution that
the economic significance of the results remains poorly understood.
Additional work is required to outline the full extent of
mineralization associated with this showing and to determine if
there is wider spread mineralization or other similar Bonanza-style
occurrences elsewhere on the property."
The sample was collected in July of 2016, as part of a program
to further investigate the gold occurrence and to collect a more
representative sample of vein material to assess overall grade. A
mechanical excavator exposed a zone of veining over a strike length
of 35 metres with an average true thickness of 1 metre. The zone,
consists of quartz-carbonate veining and silicification developed
along a faulted contact between serpentinized ultramafic intrusive
rocks and dacite, striking northwest and dipping approximately 55
degrees northeast. The quartz-carbonate veining is crosscut by a
set of narrower secondary fractures that control a clay and quartz
epidote alteration assemblage spatially associated with native
gold. Electron microprobe studies of the gold has identified two
alloy species; electrum (average content of 60.8% gold, 38%
silver), and tetra-auracupride (average content of 77% gold, 22.8%
copper)3.
Sample Description
A total of 1.23 tonnes of vein material were collected from 3
sites exposed along the vein 5 metres apart to better test the
average grade of a zone that exhibited appreciable but highly
variable grades and to conduct preliminary investigations into the
effectiveness of simple gravity gold recovery methods. The sample
material was processed by SGS Canada Inc. (Lakefield), Ontario who crushed the entire sample to 100%
passing 1/2 inch minus using a combination of jaw and Wescone 300
crushers. The crushed material was then transferred to steel drums
to be processed using high-pressure grinding rolls (HPGR) until all
but a 10 kilogram sample passed through a 582 micron screen. The
drums containing the screened material were slurried and fed into a
Falcon SB40 gravity concentrator. The feed and tailings stream to
and from the concentrator were regularly sampled. The samples were
combined to produce a composite assay value per drum.
Highlights from this work include:
- The 10 kg sample of oversize screenings returned an assay of
2,269 g/t Au (72.9 oz Au/t)
- Average feed grade was 240 +/- 62 g/t Au³
- Average grade of the tailings was found to be 98.3 +/- 20.4 g/t
Au³
- Estimated head grade of the sample was 256.5 g/t Au (8.25 oz
Au/t)
Figure 1 depicts the location of the West Matachewan project area. Figure 2
presents a sketch of the vein exposure and areas sampled. Figure 3
presents some photographs of the vein exposure and hand specimens
collected. All three figures can be viewed by downloading an Adobe
Acrobat version of this release at
http://www.transitionmetalscorp.com/news/2017/item/canadian-gold-miner-reports-high-gold-grade-of-240-g-t-au-from-a-1-23-tonne-sample-at-the-bjorkman-occurrence
Qualified Person
The technical elements of this press release have been approved
by Mr. Greg Collins, P.Geo. (APGO),
a Qualified Person as defined under National Instrument 43-101. The
sample was collected by the Qualified Person and directly shipped
to SGS Canada Inc. in Lakefield
Ontario. Analysis for the feed, tails and oversize was
completed by fire assay using SGS's accredited lab procedures which
includes the use of internal blanks duplicates and standards. Due
to the nature and size of the sample, no external control standards
were employed. Estimated head grade was calculated by the
Qualified Person using the weighted average of the average feed
grade and oversize analysis.
1Sedar disclosure from Kiska Metals news
release dated July 23, 2013.Grab
samples are selected samples and are not necessarily representative
of mineralization hosted on the
property
2Sedar disclosure from Kiska
Metals news release dated August 7,
2013.
3Report prepared for
Transition Metals Corp. by SGS Canada Inc. dated November 17, 2016
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 165 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 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.
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.