Toronto, Ontario--(Newsfile Corp. - March 17, 2025) - Transition Metals Corp (TSXV: XTM) ("Transition Metals") and Aurum Lake Mining Corporation (TSXV: ARL) ("Aurum") are pleased to provide an update on the Homathko Gold Project in British Columbia (the "Project"). Pursuant to the option agreement dated December 19, 2022 between Transition Metals and Aurum (the "Option Agreement"), Transition Metals has granted Aurum the option to acquire 100% interest in the mineral claims comprising the Project. Aurum has subsequently completed successive work programs confirming known gold mineralization potential and identifying new exploration targets.
Scott McLean, P.Geo., Chief Executive Officer of Transition Metals, commented: "We are encouraged by the work completed by our partner, Aurum. Their efforts have validated the high-grade gold potential of the Discovery Creek area and, as a bonus, have identified two new target areas-Morris South and East Copper."
Patrick Sapphire, Chief Executive Officer of Aurum, commented: "We are pleased with the exploration results which have provided insights into the Project's potential. These findings represent an important step in the Project's continued advancement."
New Exploration Targets Identified
Morris South Target
The Morris South target is located directly south of a historically significant high-grade gold (Au) and silver (Ag) occurrence, which also contains high concentrations of stibnite, a primary ore mineral of antimony (Sb). Historical sampling at the Morris Mine returned a 1.1-metre chip sample grading 15.2 g/t Au, 383 g/t Ag, and 13.55% Sb¹. The Morris Mine occurrence is situated on a small block of third-party claims surrounded by Transition Metals-held ground. For additional clarity, results from sampling reported on the adjacent ground do not apply to the current property nor are tied to work associated with this disclosure. Recent work by Transition Metals, under contract to Aurum, has highlighted the potential for widespread high-sulfidation epithermal mineralization in the surrounding area. Strong soil anomalies for Au, Sb, As, and Cu suggest additional mineralized sources upslope of the soil samples in the broader area surrounding the historical showings. Soil sampling is an indirect method of exploration, and the results should not be considered definitive for the presence of economic mineralization without further confirmatory testing and geological interpretation
East Copper Target
The East Copper target, approximately 3 km east of the Morris South area, features newly discovered bedrock exposures of porphyritic intrusions hosting fracture-controlled malachite and disseminated copper mineralization. The highest copper value from grab sampling collected during the recent program was 1.25% Cu, while a separate sample returned 1.64 g/t Au². Grab samples, by their nature are selective samples and may not necessarily represent the true occurrence of underlying mineralization. Soil sampling in the area has revealed elevated concentrations of multiple pathfinder elements, including As, Ag, Sb, and Au, suggesting potential for polymetallic mineralization². Adjacent purple-colored pebble conglomerates exhibit intense epidote, hematite, and magnetite alteration near hornblende-bearing porphyritic dykes, further supporting the area's exploration potential.
Geological Significance and Next Steps
Sampling in both the Morris South and East Copper areas has identified indicators consistent with the presence of a porphyry copper system². Elevated copper associated with epidote-hematite-magnetite alteration suggests proximity to favorable alteration and temperature conditions for porphyry copper mineralization. Additionally, carbonate-sericite/clay-altered rocks with elevated Sb, Au, and Ag are characteristic of high-sulfidation epithermal mineralization, potentially linked to a separate intrusion-driven gold-silver-antimony system similar to that observed at the South Morris target area.
Recommended Next Steps:
Drill testing of the well-defined Discovery Zone gold target to evaluate the subsurface extent of mineralization.
Expanded geochemical soil surveys, geological mapping, and geophysical surveys in the Morris Mine/East Copper Discoveries area to refine drill targets.
Option Agreement Updates
To date, Aurum has paid Transition Metals $120,000 and incurred approximately $150,000 in exploration expenditures in accordance with the terms of the Option Agreement. Aurum has elected to proceed with further exploration work on the Homathko Gold Project. To support the continued exploration the parties have amended the Option Agreement as detailed in Aurum's news release dated March 10, 2025.
Transition Metals and Aurum look forward to continued progress on the Homathko Gold Project and remain optimistic about its potential to host significant mineralization.
About the Property
The property is located, approximately 50 km south of the community of Tatla Lake and 220 km west of Williams Lake, BC and is comprised of 5 contiguous mineral claims, covering 9,788 hectares. Geologically the Property lies near the contact of the eastern edge of the Coast Plutonic Suite and is believed to be largely underlain by Jurassic-aged volcanic and intrusive rocks of the Stikine Terrane. Mineralization on the Property was first identified by Falconbridge Limited in 1966 where prospecting in the Discovery Creek area returned values up to 384 grams gold (Au) per tonne (g/t Au)³. Mineralization in the Discovery Creek area is hosted in quartz-carbonate veins developed within and near the margins of a shear bounded, altered quartz-feldspar porphyry sill that can be traced along with its associated veining where exposed at surface for 1.5km along strike. Geologists from Transition Metals interpret that the environment for mineralization in the Discovery Creek area appears consistent with that of a mesothermal lode gold deposit which bears many similarities to similar deposits occurring elsewhere in the Stikine belt including the Pioneer/Bralorne District and the Elk Gold Mine.
¹ Source: Firestone Ventures - https://firestoneventures.com/i/pdf/2005-01_Morris.pdf
² Source: Assessment Report of Technical Work Completed on the Homathko Property, Feb 21, 2025, BC Department of Mines
³ Source: BC Mines Property File, Falconbridge File 184 - Report on Homathko Gold Prospect, 1965, J/J. MacDougall
Qualified Person
The technical elements of this news release have been reviewed and approved by Mr. Benjamin Williams, P.Geo. (PGO), Senior Geologist of Transition Metals and a Qualified Person as defined under National Instrument 43-101.
About Aurum Lake Mining Corporation.
Aurum Lake Mining Corp. (TSXV: ARL) is a Tier 2 mining issuer pursuant to the policies of the TSXV. The company's current principal business is the development and exploration of the Homathko Property, located in the Cariboo Region of British Columbia, approximately 57km south of the community of Tatla Lake which lies 222km west of Williams Lake. The company expects that it will continue to evaluate and acquire additional resource projects in other jurisdictions with low to moderate local political risk.
About Transition Metals Corp.
Transition Metals Corp. (TSXV: XTM) is a Canadian-based, multi-commodity explorer that specializes in converting new exploration ideas into discoveries. The 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 Metals to conserve capital and minimize shareholder's equity dilution.
Cautionary Note on Forward-Looking Information
Except for statements of historical fact contained herein, certain 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 based on current expectations involving a number of risk and uncertainties. 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 Transition Metals and Aurum. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, Transition Metals and Aurum 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 news release.
For further information regarding this news release, please contact:
Scott McLean
President and CEO
Transition Metals Corp.
Tel: (705) 669-1777
Patrick Sapphire
Chief Executive Officer
Aurum Lake Mining Corporation
Telephone: 647-530-1117
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SOURCE: Aurum Lake Mining Corporation
