11:40:46 EDT Thu 18 Jul 2019
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Transition Metals Corp (2)
Symbol C : XTM
Shares Issued 43,354,906
Close 2019-05-28 C$ 0.195
Recent Sedar Documents

Transition Metals stakes Duntara property in Nfld.

2019-05-28 11:46 ET - News Release

Mr. Scott McLean reports

TRANSITION METALS STAKES NEW SEDIMENT-HOSTED COPPER PROPERTY ON THE BONAVISTA PENINSULA IN EASTERN NEWFOUNDLAND

Transition Metals Corp. has staked a new copper property known as the Duntara copper property, covering 2,440 hectares along the northwestern tip of the Bonavista Peninsula in eastern Newfoundland. The new claims were staked to cover a series of known copper showings, including the Blue Point prospect where Noranda Inc. in 2001 drilled 1.98 per cent copper and 23.10 grams per tonne (g/t) silver over six metres. These copper showings occur within the Crown Hill formation of the Neoproterozoic Musgravetown Group that has been shown to have excellent potential to host sedimentary-hosted copper mineralization.

Commenting on the staking, company chief executive officer and president Scott McLean, professional geoscientist, stated: "Given the increased global demand for copper, we are excited to add another quality copper property to Transition's robust portfolio of projects. Historic work completed in the area has shown that the rocks and copper mineralization of the Bonavista Peninsula show many similarities to other major sediment-hosted copper-producing districts around the world. We look forward to further evaluating our new properties with the perspective of attracting new investment to the area."

Geology of the Bonavista Peninsula

The Bonavista Peninsula, located with the Avalon zone, eastern Newfoundland, is divided into two sedimentary domains (east and west) characterizing unique depositional basin settings. The eastern domain is predominately deep water turbiditic, marine and fluvial sediments, whereas the western domain is represented by shallow water marine and fluvial sediments. The Neoproterozoic Musgravetown Group dominates the western domain of the Bonavista basin and is characterized by a thick and widespread succession of slightly deformed continental red beds. The Crown Hill formation of the Musgravetown Group is host to numerous sedimentary-hosted copper occurrences on the Bonavista Peninsula. The formation is dominated by terrestrial sedimentary successions and localized, stratigraphically extensive lacustrine-type reduced horizons (Blue Point facies) that host most of the copper occurrences. The Blue Point reducing facies occur as two, 10-metre-thick to 15-metre-thick distinct horizons, comprising very finely laminated, grey argillite to sandstone, locally with a core containing disseminated, fine-grained framboidal pyrite. Across the northwestern tip of the Bonavista Peninsula, the Blue Point facies horizons are exposed over a combined strike length of 20 kilometres in a series of broad northeast-plunging folds.

About the Duntara copper property

Copper mineralization was first discovered on the Bonavista Peninsula in 2000 by Cornerstone Resources Inc., which reported significant chalcocite mineralization from reduced horizons within the red-bed succession of the Crown Hill formation. Chip sampling completed in 2006 by Cornerstone Resources at the Blue Point prospect returned 0.54 per cent copper and 7.2 g/t silver over a true thickness of 25.5 metres from a gently dipping reduced grey-bed horizon termed the Blue Point facies. In 2001, Cornerstone Resources optioned the property to Noranda, which undertook exploration across most of the Bonavista Peninsula. Shallow drilling completed by Noranda at the Blue Point prospect returned 1 per cent copper and 12.1 g/t silver over 14.25 metres, including 1.98 per cent copper and 23.10 g/t silver over six metres hosted entirely within the Blue Point facies. In 2010, Vale Exploration Canada Inc. staked most of the Bonavista Peninsula as it was felt that the area had potential for the host sediment-hosted stratiform copper mineralization similar to that of the Zambian copperbelt in Africa. The above analytical results are from select samples and are not necessarily representative of the mineralization hosted on the entire property.

Qualified person

The technical elements of this press release have been approved by Grant Mourre, professional geoscientist (Association of Professional Geoscientists of Ontario), 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.

About Transition Metals Corp.

Transition is a Canadian-based, multicommodity 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.

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