SUDBURY, ON, June 27, 2018 /CNW/ - Canadian Gold Miner ("CGM"
or "the Company") and Transition Metals Corp. ("Transition Metals",
XTM.V) are pleased to provide an update regarding Company
activities.
Company CEO Greg Collins
commented, "Canadian Gold Miner has made real considerable
progress consolidating the 230 square kilometres that it holds in
the prolific Abitibi greenstone belt and refining targets in
preparation for an aggressive program of drilling that we would
like to initiate this fall. With field crews on the ground this
summer we have activity underway that will help better position us
for a robust public listing later this year."
Update of Activities and Accomplishments:
- Compiled historical geological, geochemical and geophysical
data for the South Kirkland Camp
- Camp scale mapping and sampling along a 20 kilometer section of
the Lincoln Nipissing break nearing completion
- Identified 7 mineralized areas with potential to host large
scale gold systems. Some of these areas host sites of historical
underground development sunk to explore and exploit narrow high
grade vein gold occurrences
- Mechanically stripped and sampled 2 of the 7 areas (Lafond and
Cook). This work has outlined targets for approximately 6,000
metres of exploration drilling. Figure 1 depicts the location of
the Lafond and Cook target areas.
-
- At the Lafond target area, a shaft was sunk in the 1930's to
investigate stacked gold mineralized quartz veins which returned up
to 8.1 g/t Au from a 9 foot wide vein and up to 22.6 g/t Au on the
112 foot level1. Work in 2017 exposed the 0.5 to 2.0
metre wide No. 9 vein, the up to 0.5 metre wide No.10 Vein and the
0.5 to 2 metre wide No. 11 Vein hosted by a felsic intrusion.
Historical assay records from ten drill holes at Lafond reported
intersecting values including 9.05 g/t Au over 1.68 metres, 7.54
g/t over 0.30 metres, and 2.07 g/t Au over 3.75
metres1.
- At the Cook target area, trenching exposed an extensive network
of quartz carbonate veining hosting elevated gold mineralization.
Assay results from 32 samples collected in the vicinity of the Cook
showing returned gold values ranging from <0.001 to 8.130 g/t Au
with an average value of 0.978 g/t Au2.
- Completed a 34-hole, 793 metre reverse circulation drill
program in January of 2018 to collect till and bedrock samples
across the central portion of the South
Kirkland camp. This work identified elevated gold in till
down-ice from the Cook and Manor showing areas. Bedrock chip
samples collected from this work identified a new and potentially
prospective syenite bodies south of the Lincoln Nipissing
break.
- Secured a 100% interest in the 4,700 hectare Catharine property
located southwest of the Lincoln Nipissing property, south of
Kirkland Lake by making a final
payment to the optioner in April
2018. The Catharine property hosts a number of mineralized
showings as well as the past producing Ostrom Mine. Drilling
completed by Osisko in 2016 in the vicinity of the Daley showing
1.55 g/t Au over 3.2 metres and 0.44 g/t Au over 11.8 metres about
1 km to the southeast along strike in the Fault
Zone3.
- Research activities supported by the Metal Earth Project are
well advanced in the South Kirkland Camp. "The Metal Earth Project
is a $104 million applied research
and development project led by Laurentian
University with funding from the Canada First Research
Excellence fund and federal, provincial and industry partners.
Metal Earth will undertake collaborative, international research to
determine factors and processes that resulted in differential metal
endowment and metal deposit localization"4. The Company
is supporting research related to this project where possible, with
an expectation that integrating the results from this project will
assist with exploration targeting in the area.
- An initial review of data associated with the Company's past
producing DeSantis Mine in Timmins
has highlighted a number of compelling exploration target
opportunities in the heart of the Timmins Gold camp. The DeSantis
property consists of 6 staked mining claims, 2 mining leases, and
20 patented mining claims (850 hectares) hosting a number of
underexplored gold zones and a past producing underground mine and
mill operation along trend from some of the major producers in the
camp. Mining on the DeSantis property produced 36,000 oz of gold
between 1939 and 1942 to a depth of 380 metres below surface from
two ones that produced an average mill head grade was of 6.5 g/t
gold (0.19 oz per ton)6.
- Option partner IAMGOLD obtained 5.5 g/t gold over 3.3 metres
from channel sample results from a new trenched bedrock exposure
hosting quartz veining and disseminated sulphides discovered on the
Jumping Moose property (see news release dated June 5, 2018). IAMGOLD continues to advance both
the Jumping Moose and Elephant Head properties.
¹ Source: MNDM
1984 Assessment Report 32D04SE0351
|
2 Source: XTM - CGM press release
dated September 14, 2017
|
3 Source: MNDM 2016 Assessment
Report 2.57100
|
4 Source:
http://merc.laurentian.ca/metalearth
|
5
Source :
|
https://www.sedar.com/GetFile.do?lang=EN&docClass=24&issuerNo=00003353&issuerType=03&projectNo=018811
32&docId=3079983
|
Summer 2018 Work Programs Now Underway:
- Field crews have been mobilized to the South Kirkland camp to continue drill
targeting work initiated in 2017.
- Detailed programs of mapping, mechanical trenching and sampling
are in progress for an additional 2 mineralized areas (of the 7
listed above) in the Webster and Hartford-MacClure target areas.
Figure 1 depicts the location of the Webster and Hartford-McClure target areas.
-
- At Webster, syenites host quartz and quartz-carbonate veins
which in the 2017 field work returned up to 9.85 g/t Au from a
quartz vein in the syenite and 7.13 g/t Au from a vuggy quartz vein
cutting mafic volcanic rocks. Historical records indicate that a 5
ton bulk sample taken from this showing averaged 0.50 oz
Au/ton6.
- At the Hartford-MacClure, a syenite is cut by a carbonatized
zone hosting quartz veins ranging up to 1.2
m in width with associated pyrite. Historical assays from
outcrop ranged from 0.01 to 8.5 oz of Au per ton (0.34-291.4 g/t
Au) and assays of diamond-drill core ranged from 0.01 to 12.2
ounces of Au per ton (0.34-418.2 g/t Au). Historical work includes
reference to two adits at this occurrence6. Re-sampling
in 2017 of pulps from a 1987 drill hole close to this target
returned 7.64 g/t Au over 4.5 feet (1.37
m) confirming a previously reported value of 9.0 g/t Au from
the same interval7.
- Dr. Greg Stott – retired Ontario
Geological Survey structural geologist and adjunct to the Harquail
School of Earth Sciences at Laurentian
University has been engaged to provide structural geological
input over the summer with targeting efforts in the South Kirkland camp.
- To date approximately 194 field samples have been collected
with assays pending. This includes assays associated with channel
sampling on the stripped bedrock trench at the Webster occurrence.
Analytical results from these samples as well as those coming from
additional samples collected over the summer are anticipated. Where
practical, the company is utilizing new technology associated with
drones to acquire detailed topographic and high resolution
photographic images to identify and map out key structures and
alteration in the stripped and washed trenches.
- Additional work on the Catharine project is planned for later
in the summer. Recent logging in the area has provided new access
and exposed additional areas of outcrop in the vicinity of known
mineralized occurrences that were not accessible to Osisko during
the time that they worked the property.
- Moving forward, work proposed at DeSantis includes core
re-logging to standardize geological units, alteration and
structure to make more effective use of extensive drill data in
advance of re-modelling approximately 25,000 metres of diamond
drilling to produce an updated 3D digital model of the known
deposits. This work would be a low cost first step towards the
establishment of an initial 43-101 resource for the project.
6
Source: MNSM 1979 Mineral Deposit Circular
|
7Source: MNDM 1984 Assessment
Report 32D04NE2005/32D04SW0162
|
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.
Please note that all reported historical values have not been
independently verified by the Qualified Person and as such do not
conform to NI 43-101 standards for disclosure. As such, historical
values should not be relied upon.
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.