SUDBURY, ON, July 6, 2017 /CNW/ - Transition Metals Corp
(XTM – TSX.V) ("Transition", "the Company") is pleased to announce
that it has optioned its Homathko project in British Columbia to Shamrock Enterprises Inc
(SRS – CSE) ("Shamrock"). The property hosts high grade gold
occurrences and consists of staked claims covering 2,986 hectares
which are held by Transition. Under the terms of the option
agreement, Shamrock can earn a 100% interest in the claims by
providing Transition with $5,000
cash, $100,000 worth of Shamrock
stock and completing $500,000 of
exploration expenditures within 3 years. If Shamrock earns
its interest, Transition will hold 2% Net Smelter Return royalty
(NSR), of which Shamrock can purchase half (1% NSR) for
$1,000,000 prior to the commencement
of commercial production.
Commenting on the agreement, company CEO and President
Scott McLean stated "We have
always been encouraged by the potential for a high grade gold
deposit on the Homathko Property. Our work to date has
identified an extensive gold mineralized alteration zone that
remains to be tested with drilling. As a project generative
company, we are very pleased that Shamrock will advance the project
and suitably evaluate its potential."
About the Homathko Property
The Homathko Property consists of 9 claims (2,986 Ha) in the
Caribou Regional District, British
Columbia, located approximately 200 kilometres west of
Williams Lake. The property lies
near the contact of the eastern edge of the coast plutonic suite
and is believed to be largely underlain by Jurassic aged volcanic
and intrusive rocks of the Stikine Terrane.
Mineralization on the property was first identified by
Falconbridge Limited in 1966 where it reported grab and trench
sampling returning up to 384 grams per tonne (g/t
Au)1. Work completed by Transition has identified
a larger, high grade lode gold system traced along 1.5 km of strike
length. The mineralization is hosted within quartz/carbonate
veining developed within and near the margins of a shear bounded,
altered quartz-feldspar porphyry sill. Company assays
returned grab samples up to 87 g/t Au2 (samples
retrieved by Transition Metals are grab samples and not necessarily
representative of the mineralization hosted across the
property). Based on field observations geologists from
Transition have interpreted that the environment for mineralization
on the property appears consistent with that of a traditional
mesothermal lode gold deposit which bears many similarities to
similar deposits occurring elsewhere in the Stikine belt
(Pioneer/Bralorne District, Elk Gold Mine etc.).
1Source: BC Mines Property File, Falconbridge File
184 – Report on Homathko Gold Prospect, 1965, J/J. MacDougall
2Source: Transition Metals news release dated
September 8, 2011
Qualified Person
The technical elements of this press release have been approved
by Mr. Greg Collins, P.Geo. (APGO),
a Qualified Person 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 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 more
than 25 gold, copper, nickel and platinum projects primarily in
Ontario, Nunavut, British
Columbia, Minnesota 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.