20:00:54 EDT Tue 22 Oct 2019
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Transition Metals Corp (2)
Symbol C : XTM
Shares Issued 43,354,906
Close 2019-05-22 C$ 0.205
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Transition stakes Fannon, Tosi properties in Sask.

2019-05-22 09:04 ET - News Release

Mr. Scott McLean reports


Transition Metals Corp. has staked two new properties, collectively covering 15,144 hectares, in the Wollaston basin copper belt in Northern Saskatchewan. The Fannon and Tosi properties are located approximately 100 kilometres south of Key Lake and about 30 kilometres and 85 kilometres, respectively, southwest along trend with the company's Janice Lake property that is currently under option from the company to Forum Energy Metals Corp. and subsequently to Rio Tinto Exploration Canada (RTEC) (see Transition's news release dated May 9, 2019). The new claims were staked to cover known copper showings and on-strike equivalents that are interpreted to have potential to host sedimentary-hosted copper mineralization similar to that at Janice Lake.

Commenting on the staking, Transition Metals chief executive officer and president Scott McLean, PGeo, stated: "We view the Wollaston basin as an important emerging copper district. The good work of the Saskatchewan government identifying the potential of the belt led Transition to originally stake Janice Lake and initiate exploration in the belt. Recent drill results by Forum (see Transition news release of Oct. 10, 2018) demonstrates the significant discovery opportunity which resulted in RTEC's new investment in the district. We look to further evaluating our new properties with the perspective of attracting new investment to the area."

About the Fannon and Porcupine properties

The Wollaston domain includes a thick succession of Lower Proterozoic sedimentary rocks that contain some significant base metal occurrences such as sediment-hosted copper in the Janice Lake area as well as lesser-known copper occurrences such as Fannon Lake and Tosi, as well as lead-zinc occurrences at Sito Lake. The Fannon property is located 30 kilometres southwest of the Janice property and is underlain by northeast-trending quartzofeldspathic paragneisses with subordinate amphibolite-bearing pelites, quartzites and feldspathic quartzites. The Tosi property is 85 kilometres to the southwest of Janice Lake and is underlain by northeast-trending biotite and garnet-biotite pelitic gneisses with minor intercalated quartzites. The following analytical results are from select samples and are not necessarily representative of the mineralization hosted on the entire property.

Located on the north end of Fannon Lake and extending north to Flag Lake, mineralization at the Fannon occurs over widths of 4.6 metres or more as lenses in meta-arkose, which is interbanded with quartzite and biotite schist. Mineralization consists of massive blebs of chalcocite in fractures and parallel to the foliations, minor chalcopyrite in fractures, pyrite and pyrrhotite as minor disseminations, and locally minor molybdenite. Malachite, chalcocite, covellite, chrysocola and azurite are common in fractures. Grab samples collected by the Saskatchewan Geological Survey from trench 2 averaged 0.24 per cent copper over 12.8 metres, and historical drill assays from FN-94-1 returned between 0.33 per cent copper and 0.74 per cent copper over widths of 0.5 metre to 1.5 metres for a weighted average of 0.48 per cent copper over 8.6 metres. The Sommerville Lake occurrence, located about six kilometres to the southwest, is also hosted in meta-arkose and hosts copper values of up to 0.25 per cent copper.

The Tosi copper showing mineralization consists of shear-hosted disseminations, blebs, stringers and veinlets of up to 5 per cent pyrite/chalcopyrite/bornite (or chalcocite) within graphitic quartzite and intercalated garnetiferous graphitic pelitic gneisses. Exposed over one metre to two metres wide by 12 metres long, the northeast-trending shear parallels the regional Porcupine Creek shear zone. Grab samples reported by the Saskatchewan Geological Survey returned 1.73 per cent copper to 4.52 per cent copper, 0.17 ounce per ton to 0.42 ounce per ton silver and 0.01 ounce per ton to 0.03 ounce per ton gold. The showing is located approximately 1.75 kilometres southeast of the Fable Lake zinc-lead occurrence.

Qualified person

The technical elements of this press release have been approved by Thomas Hart, PGeo (APGO), a qualified person under National Instrument 43-101. Historical trench and drill results reported herein have not been verified by Transition as seasonal weather conditions prevent a qualified person from accessing any part of the property or obtaining beneficial information from it and hence have not been verified.

About Transition Metals Corp.

Transition Metals is a Canadian-based, multicommodity project generator that specializes in converting new exploration ideas into Canadian discoveries. 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 financing a portion of higher-risk drilling and exploration, allowing Transition to conserve capital and minimize shareholder equity dilution. The company has an expanding portfolio that currently includes more than 25 gold, copper, nickel and platinum projects across Canada.

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