SUDBURY, ON, June 5, 2018 /CNW/ - Canadian Gold Miner
("CGM" or "the Company) and Transition Metals Corp. ("Transition
Metals", XTM.V) are pleased to report results from channel sampling
completed on the Jumping Moose property by option partner IAMGOLD
Corporation ("IAMGOLD"). Assay results from this work initiated by
IAMGOLD in late 2017 returned gold values from channel samples
ranging from nil to 22.7 g/t gold including 5.50 g/t gold over 3.3
metres from a new trenched bedrock exposure of sheared gabbro
hosting quartz veining and disseminated sulphides.
Table 1 presents a summary of the results of this work.
|
|
|
|
|
|
|
|
|
|
|
Trench
#
|
Channel
|
Easting
|
Northing
|
Rock
Type
|
Length
(cm)
|
Au
(g/t)
|
Ag
(ppm)
|
Te
(ppm)
|
Composite
|
Significant
Intercepts
|
1
|
channel 2
|
469508
|
5293816
|
Gabbro
(sheared)
|
53
|
1.35
|
0.46
|
5.58
|
5.50 g/t Au
over 3.30 m
|
60% qtz+carb vein,
sheared rock; 8% pyrite
|
1
|
channel 2
|
469508
|
5293816
|
Gabbro
(sheared)
|
50
|
1.26
|
0.24
|
3.68
|
60% qtz vein; 6%
pyrite
|
1
|
channel 2
|
469508
|
5293815
|
Gabbro
(sheared)
|
47
|
0.11
|
0.08
|
1.11
|
40% QV
|
1
|
channel 2
|
469509
|
5293815
|
Gabbro
(sheared)
|
40
|
0.38
|
0.12
|
1.26
|
|
1
|
channel 2
|
469509
|
5293814
|
Gabbro
(sheared)
|
75
|
2.48
|
0.35
|
5.67
|
80% QV sample is
oxidized
|
1
|
channel 2
|
469509
|
5293814
|
Gabbro
(sheared)
|
65
|
22.70
|
2.78
|
20.10
|
90% QV; 8%
pyrite
|
1
|
channel 3
|
469507
|
5293817
|
Gabbro
(sheared)
|
40
|
1.27
|
0.18
|
3.44
|
0.98 g/t Au
over 0.82 m
|
50% QV; 6% pyrite
with trace chalcopyrite
|
1
|
channel 3
|
469507
|
5293816
|
Gabbro
(sheared)
|
42
|
0.70
|
0.20
|
2.45
|
|
1
|
channel 7
|
469478
|
5293806
|
Iron
Formation
|
38
|
0.49
|
0.60
|
5.62
|
1.25 g/t Au
over 1.23 m
|
|
1
|
channel 7
|
469478
|
5293806
|
Iron
Formation
|
42
|
0.89
|
0.51
|
2.66
|
|
1
|
channel 7
|
469478
|
5293805
|
Felds
Porph
|
43
|
2.27
|
0.87
|
1.43
|
25% pyrite; massive
sulphides
|
1
|
channel 10
|
469468
|
5293805
|
Felds
Porph
|
35
|
0.13
|
0.29
|
2.01
|
0.83 g/t Au
over 1.25 m
|
|
1
|
channel 10
|
469468
|
5293804
|
altered mafic
volcanics
|
40
|
0.17
|
0.46
|
2.23
|
|
1
|
channel 10
|
469468
|
5293804
|
massive
sulphide
|
50
|
1.86
|
0.31
|
1.74
|
80% pyrite; massive
sulphides
|
Greg Collins, president and CEO
of Canadian Gold Miner states, "We are encouraged by the results
at Jumping Moose. The elevated gold, silver and tellurium values
are consistent with those observed in the nearby boulder field
in a manner that supports a thesis that the high grade boulders
could have been derived from the newly discovered bedrock source.
We look forward to results from additional work on the property
planned by IAMGOLD over the summer."
Discussion of Results
Historical work on the Jumping Moose property has sought to
identify the source of a cluster of large angular and extremely
high grade gold-silver-tellurium bearing quartz vein boulders found
on the east side of Jumping Moose Lake in the 1950's. The bedrock
source of these boulders was presumed to be north based on
conventional assumptions for the region regarding ice transport
directions. Recent glacial geology work completed by the Ontario
Geological Survey in the area now identifies that the last glacial
transport direction at Jumping Moose may have been oriented towards
the west as opposed to the south. This implies that a bedrock
source for the boulders may be to the east of the cluster as
opposed to being located to the north as was previously
thought.
In the 1980's and 90's, mineralized bedrock occurrences were
discovered on the property near the western shore of Jumping Moose
Lake and along an east by northeast shear identified 800 metres to
the east, immediately south of the high grade boulders. Diamond
drilling on the east side of the lake targeting this shear
intersected narrow zones of sheared quartz veining with sulphides
returning up to 6.9 g/t gold over 1.1 metres (Argentex 1987) and
more recently 4.76 g/t gold over 0.5 metres (Abalor 2013).
Prospecting during the fall of 2017 by IAMGOLD in an the area
immediately east of this structural trend in the vicinity of an
anomalous induced polarization (IP) chargeability response returned
an anomalous gold grab sample (2.72 g/t Au). This new target area
was observed to occur along the same trend as the historical drill
intersections in a position that could be a prospective source area
for the boulder cluster.
To test this hypothesis, IAMGOLD excavated a trench to expose
bedrock in the vicinity to the elevated grab values and to explain
the associated IP chargeability anomaly. Assay samples this work
returned significant gold values including 5.50 g/t gold over 3.3
metres. The results from the trench channel sampling confirm the
discovery of a new high grade bedrock gold occurrence in a location
that could be the long sought after source area for the cluster of
exceptionally high grade boulders.
Next Steps
IAMGOLD has confirmed its intent to maintain its options on both
the Jumping Moose property as well as another CGM property, the
Elephant Head property into 2019 and is considering additional work
on both properties including additional trenching, focused
geophysical surveys and drilling.
The Jumping Moose project
The Jumping Moose project is one of two projects (Jumping Moose
and Elephant Head) optioned to IAMGOLD by CGM in February of 2017
(see news release dated March 3,
2017) approximately 50 kilometres northeast of IAMGOLD's
Côté Gold deposit near Gogama. The
Jumping Moose property is underlain by volcanic rocks of the
southern part of the Abitibi Belt in an area thought to host a
potential southwest extension of the prolific Cadillac-Larder Lake
Deformation Zone ("CLLDZ"). The stratigraphy includes amphibolite
grade massive and fragmental metavolcanic rocks, with highly
deformed interflow chemical and clastic meta-sediments and intruded
by ultramafic to mafic sills and late NW-trending diabase
dykes.
Under the terms of the option and joint venture agreement,
IAMGOLD can earn an initial 51% interest by incurring $850,000 of expenditures and paying CGM
$80,000 in cash over 3 years, with an
option to increase up to an 80% interest by incurring an additional
$2,000,000 in expenditures and making
additional $250,000 in cash payments
to CGM over 2 years following the initial 51% interest earn in.
Upon earning a 51% or 80% interest, as the case may be, the Option
will convert to a joint venture with each party providing funding
to maintain its proportionate interest or be diluted down. Should a
party be diluted to 10% or less, its interest would be converted to
a 2% NSR. The Jumping Moose property remains subject to an
underlying 2% NSR to the original land holder and a $1,000,000 commercial production payment to
Transition Metals.
QAQC
All channel samples were collected in the field by trained
personnel working for IAMGOLD following standard industry practice
and sent to AGAT Laboratories in Mississauga Ontario, a certified laboratory
that conforms to ISO 17025 standards. Samples were dry crushed
until 90% passing 2 mm, split to 250 g, and pulverized until 85%
passed 75 microns. Material was analyzed for a multi-element four
acid digestion ICP/method. Gold analyses were determined on a 30
gram aliquot by fire assay with an atomic absorption spectrometry
finish. All samples that returned >10 g/t Au were re-analyzed
using a metallic screen that involved the complete analysis of a
500 g aliquot with the gold determined by fire assay with a
gravimetric finish.
Qualified Person
The technical elements of this press release have been approved
by Mr. Thomas Hart, P.Geo. (APGO), a
Qualified Person as defined under National Instrument 43-101.
About Canadian Gold Miner
Canadian Gold Miner Corp. is 39% 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 extensive
portfolio of high quality gold projects. CGM has assembled a
dominant land position in excess of 229 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 Greenstone
belt 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.