Total Shares Outstanding: 22.2 MM
Fully Diluted: 29.1 MM
TORONTO, Nov. 7, 2011 /CNW/ - Transition Metals Corp (TSXV: XTM) ("Transition Metals" or the "Company"), reported today assay results from recent mapping, trenching and bedrock channel sampling activities on its Haultain Gold Project, near Kirkland Lake, Ontario. The assays constitute the remainder of results from sampling work conducted on the property during the summer of 2011. In September of 2011, the Company initiated a 2,500 metre diamond drill program on the property. To date, 12 holes totaling 1,240 metres have been completed. Initial assay results from the drill program are expected within the next couple of weeks.
Scott McLean, Chief Executive Officer of Transition Metals commented on the results from the summer program, "We continue to be encouraged by indications of widespread gold mineralization on the property at such an early stage of exploration. What is really significant is that the lithologies, controls on mineralization and regional framework bear many common features to ore bearing environments observed in Kirkland Lake, Matachewan and other prolific mining camps in the Abitibi Greenstone belt. Of the 7 areas selected for trenching and sampling by our field crews at Haultain this summer, all of them returned elevated gold values and other prospective indications of gold mineralization at surface."
Table 1 presents a summary of elevated gold values obtained from Trenches 7, 8, 9, 10 and 1X (extension). Figure1 depicts the location of these results in relation to previous results and completed and planned drill holes. Please refer to news releases dated September 8th and September 26th, 2011 for a summary of previous results.
Table 1: Summary of Assay Results from Trenches 7, 8, 9, 10 and 1X
|Trench||Sample||Length (m)||Au (g/t)|
*Samples included in table are a subset of samples collected from trenches and are not presented in a consecutive order.
Discussion of Results
Mapping and sampling work completed on the property in 2011 has lead Company geologists to recognize three separate swarms of syenite dykes on the property adjacent to a major deformation zone. These swarms strike roughly sub-parallel to each other in an east-westerly orientation dipping steeply to the north and are accompanied by enriched trends of gold mineralization. Gold mineralization typically occurs in a stockwork of narrow quartz/carbonate veins and disseminated sulphides occurring within and/or close to dyke contacts. Ongoing drilling activities on the property are seeking to determine the extent of mineralization associated with each dyke swarm at surface and at depth.
The Annie's Ladder zone and occurrences previously reported from Trenches 5 and 6 (see news releases issued September 8th and September 26th, 2011) occur within a centrally located swarm of syenite dykes which have been dubbed the "Swain Swarm" by Company geologists in recognition of the initial exploration work undertaken on the property by Gowganda prospector Sherry Swain. Elevated Gold values from the remaining channel sample results from the summer 2011 program including 1.09 g/t gold over 0.53 metres in Trench 10 and 0.62 g/t gold over 0.33 metres from the extension of Trench 1 further confirm the lateral extent of gold mineralization associated with this trend.
Trenches 7 and 9 are separated from each other along strike over a distance of 500 metres and are located approximately 250 metres north of the Swain Swarm. Elevated gold values from the trenches include 1.41 g/t gold over 0.35 metres in Trench 7 and 1.59 g/t gold over 0.41 metres in Trench 9. Assay results from these trenches confirm that this new trend is auriferous. The North Swarm trend remains to be drill tested near surface and at depth along strike.
Trench 8 exposes a third gold enriched swarm of syenite dikes occurring approximately 100 metres south of Trenches 5 and 6 and the central Swain Swarm trend. Gold assays from grab samples at Trench 8 returned values of up to 6.45 g/t gold in a grab sample. Trench 8 is the most south westerly located exposure of gold bearing syenite on the property and remains to be drill tested near surface and at depth along strike.
Ongoing 2011 Drill Program
The Company has completed approximately 1,240 metres of a planned 2,500 metre diamond drill program on the Haultain Property. The remainder of program is expected to be completed during the fall of 2011. The objective of this program is to determine the extent and grade distribution of gold mineralization discovered at surface associated with the Swain Swarm and other mineralized trends and targets identified on the property. Initial assay results from this program are expected to be received over the coming weeks. Figure 1 depicts locations of completed and planned holes.
About The Haultain Property
The Haultain Property is located near Kirkland Lake Ontario, approximately 1 kilometre west of the historical silver producing deposits of Gowganda. The property contains a new gold discovery made by the Company, which it announced in a news release earlier this year (please refer to the February 17, 2011 press release for additional details).
About Transition Metals Corp
Transition Metals is a public mining exploration company listed on the Toronto Venture Exchange (TSX) under the trading symbol - XTM.V, focused on the identification, exploration and development of new gold opportunities in established and emerging gold districts in Canada. The Company currently owns or controls an interest in five early stage gold exploration properties in Ontario and British Columbia. The Company is committed to building shareholder value through the identification and development of new low cost, high quality exploration projects while minimizing shareholder dilution through funding partnerships and revenue generating opportunities.
Qualified Person/Quality Control Procedures
This press release has been prepared and reviewed by Mr. Greg Collins, P.Geo (APGO/APEGM), a Qualified Person under the National Instrument 43-101 guidelines. All analytical work performed on grab, channel and core samples was conducted at ALS-Chemex with sample preparation completed in Sudbury, Ontario and analyses completed in North Vancouver, B.C. The quality system used by ALS-Chemex complies with international standards ISO 9001:2000 and ISO 17025:2005.
Cautionary Note on Forward-Looking Information
Except for statements of historical fact contained herein, the information in this press 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.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended , or any state securities laws, and may not be offered or sold in the United States unless pursuant to an exemption there from. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of Transition Metals in any jurisdiction.
Figure 1: Trench and Drilling Plan Map
PDF with caption: "Figure 1: Trench and Drilling Plan Map". PDF available at: http://stream1.newswire.ca/media/2011/11/07/20111107_C2778_DOC_EN_6181.pdf