- Drilling at the Company's Saturday Night PGM Project commences this week.
- Transition Metals to attend both the Vancouver Resource Investment Conference (VRIC), and the AME Roundup Conference (Roundup).
Sudbury, Ontario--(Newsfile Corp. - January 15, 2025) - Transition Metals Corp. (TSXV: XTM) ("Transition", "the Company"), is pleased to announce that it has commenced its 2025 drilling program on its 100% owned Saturday Night Project located 25 kilometres north of Thunder Bay, Ontario. The 2025 drill program was previously announced on January 2, and 50% of the cost ($200,000) is expected to be funded through a matching grant under the Ontario Junior Exploration Program (OJEP) (see news release dated January 2, 2025). Two drill holes will be completed, totalling approximately 1,500 metres, to test the basal contact of the Saturday Night layered intrusion that is known to be mineralized. A hole completed in 2016 at Saturday Night returned 6.25 metres averaging 1.07g/t PGMs, including a higher grade section of 4.0 g/t PGM and 0.56% Cu over a core length of 0.30 metres near the interpreted base of a >200 metre thick sequence of early-rift intrusive rocks (see news release dated January 23, 2017).
Commenting on the Saturday Night project, CEO Scott McLean stated, "The Saturday Night Project is interpreted to be an early Mid-Continental Rift (MCR) intrusion similar to other known mineralized intrusions in the geologic district include Eagle Mine in Michigan (Lundin Mining), the Tamarack development project in Minnesota (Talon Metals & Rio Tinto) and the Thunder Bay North advanced exploration project (Clean Air Metals). The objective of the program is to further evaluate the extent of the mineralization and the overall prospectiveness of the intrusion. To learn more about the project please review the short project showcase video available on the Company's YouTube channel."
Transition to Attend VRIC and Roundup
Company personnel, including CEO Scott McLean, COO Greg Collins, and Corporate Development Manager Bill Stormont will be attending both the Vancouver Resource Investment Conference (VRIC) and the AME Cordilleran Roundup Conference (Roundup). Company attendance at these conferences is for the purpose of developing relationships towards on-going and new business arrangements. The Company has numerous projects available for option, or purchase. Injuries to arrange meetings can be directed to Bill Stormont, Corporate Development Manager, by E-mail: bstormont@transitionmetalscorp.com, or by telephone: 778-868-9571.
Next Steps
The Company is currently drilling on it's Saturday Night project, undertaking approximately 1,500 metres of drilling, in a minimum of two holes. The drilling will test for extensions to the mineralization intersected in the 2016 discovery hole, and to more fully assess the prospectivity of the Saturday Night Intrusion.
About the Saturday Night Project
The Saturday Night Project, wholly owned by Transition Metals, comprises 63 staked mining claims situated in Fowler Township, that is located approximately 30 kilometres northwest of Thunder Bay, Ontario within the Robinson Superior Treaty area. The project has year-round road access to a main highway and is close to infrastructure. The exploration work to date has confirmed that a magnetic anomaly found on the Property is linked to an underlying mafic-ultramafic Saturday Night Intrusion (SNI), which is interpreted to have originated during the Proterozoic era and is associated with the renowned Midcontinental Rift (MCR).
The MCR is a geological feature that extends over 2,000 kilometres across the heart of North America. It formed around 1.1 billion years ago as the North American craton began to rift. Notably, the early stages of this rift (referred to as 'early-rift') are associated with the presence of mafic to ultramafic intrusive rocks that contain significant quantities of platinum group metals (PGMs). Nearby MCR related deposits include the Thunder Bay North and Sunday Lake deposit. The Sunday Lake deposit was discovered by Transition in partnership with Implats Platinum in 2013. Other rift related Ni-Cu and PGM bearing systems include the Eagle deposit located in Michigan, and the Tamarack and Duluth deposits located in Minnesota. The Saturday Night Project is currently in the early exploration phase, with ongoing assessments aimed at determining the potential of the Property to host PGM mineralization of interest. The Property is subject to an underlying 1.0% Net Smelter Return royalty (see company press releases dated September 8, 2020).
Government Exploration Grant Program (OJEP)
Transition Metals Corp. would like to acknowledge financial support from the 2024-25 Ontario Junior Exploration Program (OJEP) for the Saturday Night Project, in Ontario. Through the OJEP program, Transition has been selected to receive up to $200,000 to cover 50% of eligible explorations costs on the project, aimed at facilitating the exploration of Critical Minerals within Ontario. The receipt of these grants represents a meaningful milestone, leveraging government support towards advancing the exploration of this magmatic PGM project.
It's important to note that the opinions and views expressed in this announcement are those of Transition Metals Corp., and do not necessarily reflect those of the Government of Ontario.
Qualified Person
The technical elements of this news release have been approved by Mr. Benjamin Williams, P.Geo. (PGO), Senior Geologist of Transition Metals Corp., and a Qualified Person under National Instrument 43-101.
About Transition Metals Corp.
Transition Metals Corp. (TSXV: XTM) is a Canadian-based, multi-commodity explorer. Its award-winning team of geoscientists has extensive exploration experience which actively develops and tests new ideas for discovering mineralization in places that others have not looked, often allowing the company to acquire properties inexpensively. 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.
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.
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.
Further information is available at www.transitionmetalscorp.com or by contacting:
Scott McLean
President and CEO
Transition Metals Corp.
Tel: (705) 669-1777
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237272
SOURCE: Transition Metals Corp.
