Transition Begins Drilling to Test Promising Gold Targets in Nova Scotia on the Highland Gold Property
Sudbury, November 13, 2018 - Transition Metals Corp. (TSXV: XTM) ("Transition", "the Company") has initiated a program of reverse air blast (RAB) drilling in Cape Breton, Nova Scotia. RAB drilling produces a mixture of crushed rock powder and chips when the ground being drilled is extensively weathered and broken.
Transition is testing exploration targets highlighted from mapping, sampling and airborne geophysical surveys completed this fall. Results from the airborne survey show a number of parallel kilometer-scale faults which are associated with known zones of sub-cropping, high-grade gold mineralization.
In addition, till investigations have detected an extensive area of anomalous samples down ice from these structures that host elevated gold grain counts. These grain counts may be sourcing their gold from a number of these large fault structures. Transition intends to complete between 500 and 1000 metres of RAB drilling this fall to evaluate as many target areas as possible while weather conditions permit.
Commenting on progress, Transition CEO Scott McLean stated: "We are very encouraged by results so far. Previous diamond drilling on the property struggled to recover representative samples in the mineralized zones due to problems with excessive fracturing and core loss. The history of glaciation and weathering in the highlands is similar to other regions in the country such as the Klondike. In the Klondike, RAB drilling has proven to be a more successful and cost-effective exploration tool."
Exploration to date has led to the identification of more than 30 mineralized bedrock occurrences within an approximate 50 square kilometre area of which 9 samples returned bedrock assays greater than 8 g/t gold and up to 104 g/t gold, and 23 returning higher than 1.7 g/t gold¹.
About the Highland Gold Property
The Highland Gold property covers an extensive cluster of high-grade gold occurrences in an area that has seen very limited exploration. The property is located approximately 60 kilometres northwest of the city of Sydney, Nova Scotia in the Cape Breton Highlands. It consists of staked mining licenses on crown land that covers approximately 5,408 hectares in an area of active forestry operations. The property can be easily reached by a major road (Highland Road) and a network of logging roads that provide truck access to most of this portion of the Cape Breton Highlands.
The regional geologic framework is similar to that hosting First Mining Gold's Hope Brook deposit in Newfoundland (844,000 ounces of gold grading 4.77 g/t gold in the Indicated Resource category and 110,000 ounces grading 4.11 g/t gold in the Inferred Resource category*) and Oceana Gold's Haile Mine in South Carolina (3.32 million ounces grading 1.77 g/t gold in the Measured and Indicated Resource category and 0.6 million ounces grading 1.4 g/t gold in the Inferred Resource category)**.
¹ Source: Novascan report AR-ME-1987-204, Report of Exploration on the Cape Breton Highlands Project, Scominex.
*Source: First Mining Gold Website - https://firstmininggold.com/projects/newfoundland/hope-brook-project/
**Source: Oceana Gold Media Release dated March 29, 2018
Qualified Person
The technical elements of this press release have been approved by Mr. Greg Collins, P.Geo. (APGO, APGNS), a Qualified Person under National Instrument 43-101. Historical assay results cited above have not been verified by the Qualified Person and should not be relied upon.
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.
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Further information is available at www.transitionmetalscorp.com or by contacting:
Scott McLean
President and CEO
Transition Metals Corp.
Tel: (705) 669-1777