Company has secured exclusive rights to stake mining claims within the >700 km2 Dessert Lake Basin in the NWT, Canada
Area covers hidden Proterozoic basin similar to the Athabasca and Thelon basins
Geophysical signatures indicative of large uranium district
Sudbury, Ontario--(Newsfile Corp. - February 12, 2025) - Transition Metals Corp. (TSXV: XTM) ("Transition", "the Company"), is pleased to announce that it has secured access to a district scale uranium opportunity at Dessert Lake, located approximately 80km west of Yellowknife, NWT. The permits provide the Company with exclusivity to stake mining claims within an approximate 713 square km area for up to four (4) years. Figure 1 depicts the location of the permit area relative to the major uranium districts and deposits of northern Canada.
Fig 1. Location of the Dessert Lake Basin, key Structures and Uranium Deposits of Northern Canada
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2766/240521_c32092ddc42b986c_001full.jpg
Commenting on the Dessert Lake opportunity, CEO Scott McLean stated, "We have long recognized the significant uranium potential of the buried Dessert Lake Mesoproterozoic basin. Dessert Lake's geology is analogous to the Athabasca Basin, and the presence of a major crustal fault (Wopmay Fault), which controls root uranium occurrences along its length, makes this a highly compelling district play. As the world increasingly recognizes uranium as a critical component of the global transition to reliable, low-carbon energy, projects like Dessert Lake, located within Tier-1 jurisdictions, take on even greater importance. We look forward to advancing the project towards evaluating the unconformity-controlled uranium potential.
About Dessert Lake
Dessert Lake is a recently recognized Mesoproterozoic redbed sandstone basin, identical in age and similar geological formation to the Athabasca and Thelon basins, which host world-class uranium deposits. Similar to how the major crustal P2 Fault and related structures control the introduction of uranium-bearing fluids in the Athabasca Basin, the Dessert Lake Basin is intersected by the Wopmay Fault-a major crustal structure associated with numerous root-style uranium vein deposits. Along its 500 km length, this fault hosts historically significant uranium mines, including the Eldorado Mine near Port Radium and the Rayrock Mine north of Yellowknife.
As the Wopmay Fault extends southward into the area secured by the Company, its surface expression becomes obscured beneath a thin veneer of Paleozoic rocks. However, work conducted by the Geological Survey of Canada (GSC), along with fieldwork and core logging by Anglo American in the early 2000s, confirmed the presence of Proterozoic Athabasca-type redbeds at shallow, drill-accessible depths beneath the thin Phanerozoic cover along the fault trend. This geological setting presents strong potential for the formation of basement-hosted uranium deposits similar to those found in the Athabasca and Thelon basins.
The prospecting licences secured by Transition provide the company exclusivity to stake claims within the area of more than 700km2, which has the potential to host a wide range of unconformity and fault-related uranium deposits.
Next Steps
The project requires regional geophysical surveying and drilling. Given the size of the opportunity, the Company will seek a partner to jointly advance the district play.
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/240521
SOURCE: Transition Metals Corp.
