SUDBURY, ON, Feb. 15, 2018
SUDBURY, ON, Feb. 15, 2018 /CNW/ - Transition Metals Corp. ("Transition", XTM – TSX.V) and Forum Uranium Corp. ("Forum", FDC-TSX.V) and, collectively ("the Parties") are pleased to announce that the Parties have successfully staked an additional 15,331 hectares of claims to cover over 30 km of the prospective copper trend in the Janice Lake area located 55 kilometres southeast of the Key Lake uranium processing facility. This significantly increases the size of the property to more than 190 square kilometres. (Figure 1). More than 25 zones of copper mineralization have been identified on the property over a 10 km trend. Much of the remaining 20 km trend of prospective copper bearing stratigraphy remains under prospected or covered by thin overburden.
Scott McLean, President & CEO of Transition stated, "the style of mineralization at Janice Lake is similar to other large Proterozoic sedimentary hosted copper deposits around the world. By expanding its land position at Janice, Transition and Forum have secured a camp scale property position that includes approximately 30 kilometres of strike covering the prospective lithological unit hosting numerous copper showings on the property."
The Parties recently signed an agreement whereby Forum has the option to acquire a 100% interest in the Janice Lake Sedimentary Copper Property from Transition (see news release dated February 6, 2018 for details of the acquisition). The arrangement is in line with Transition's project generator business model whereby it seeks partners to fund exploration of its projects thereby minimizing shareholders equity dilution while preserving discovery upside.
In 1993, 20 of 35 holes totaling 5,500m drilled by Noranda intersected near surface chalcocite copper mineralization. The best result at the JS showing near Janice Lake intersected 0.77% Cu over 33.0 m including 1.6% Cu over 6 m, within 35 m of surface. In 2003, Phelps Dodge reprocessed the magnetic and induced polarization (IP) geophysical data and completed 6 diamond drill holes to target mineralization under cover. By targeting modelled IP/Resistivity anomalies, Phelps Dodge discovered new copper mineralization 2 kilometers to the south of JS, named the Phelps-Jansem zone. Two holes drilled 100 m apart returned 0.72% Cu over 20.8m, including 1.3% Cu over 4.8m (JL-03-38) and 0.49% Cu over 19m, including 0.91% Cu over 6m (JL-03-41).
Transition acquired the property in 2012 and completed 700 line km of VTEM airborne magnetic/electromagnetic survey, field mapping and rock/soil sampling.
The style of mineralization at Janice Lake is geologically similar to that of the Rock Creek and Montanore deposits in the Proterozoic Revett Formation in Montana in that they have similar mineralogy, and occur in rocks with similar age and morphology. Hecla Mining reports that the Rock Creek and Montanore deposits contain 2.8 billion pounds copper and 331.5 million ounces of silver with a potential mine life of 20 to 30 years. Hecla reports a NI 43-101 Inferred Resources of 112 million tonnes grading 0.7% copper, 1.6 oz/t silver for its Montanore deposit and 97.6 million tonnes grading 0.7% copper and 1.5 oz/t silver for its Rock Creek deposit in Montana (as reported in the Corporate Update dated December 2017 on the Hecla website).
A video prepared by Transition Metals highlighting the opportunity at Janice Lake can be viewed at: http://www.transitionmetalscorp.com/projects/view-all-projects/janice-lake#janicevideo
Qualified Person / Quality Control Procedures
This press release has been reviewed by Greg Collins, P.Geo., Chief Operating Officer of Transition Metals Corp, a Qualified Person under the National Instrument 43-101 guidelines.
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, which went public in 2011, has an expanding portfolio that currently includes >25 gold, copper, nickel and platinum projects primarily in Ontario, Nunavut and Saskatchewan.
About Forum Uranium
Forum Uranium Corp. is a Canadian-based mineral exploration company with a focus on the acquisition, exploration and development of Canadian uranium and energy metal projects. Forum has assembled a highly experienced team of exploration professionals with a track record of mine discoveries for unconformity-style uranium deposits in Canada. The Company has a strategy to discover near surface uranium deposits in the Athabasca Basin, Saskatchewan by exploring on its 100% owned properties and through strategic partnerships and joint ventures with Cameco, AREVA, Rio Tinto Exploration, NexGen and Uracan. In addition, Forum has entered into an option agreement with Transition Metals Corp. to explore the Janice Lake sedimentary copper deposit in Saskatchewan.
ON BEHALF OF THE BOARD OF DIRECTORS
Scott McLean, P.Geo.
President & CEO
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.
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Scott McLean, President & CEO, Tel: 705-667-6178, Email: firstname.lastname@example.orgCopyright CNW Group 2018