Sudbury, Ontario--(Newsfile Corp. - January 17, 2024) - Transition Metals Corp. (TSXV: XTM) ("Transition", "the Company") is pleased to provide a summary of accomplishments in 2023 and to provide guidance regarding plans for the coming year.
Key 2023 Achievements:
Scott McLean, CEO of Transition Metals, expressed gratitude, stating, "I would like to thank our team and shareholders for their support throughout 2023 as we reflect on what was clearly a challenging year for junior explorers in Canada. In 2023, we advanced our Maude Lake and Pike Warden projects and continue to maintain a pipeline of 20 projects. We feel that projects like Pike Warden and Maude Lake have the scale and upside potential to attract such partners and plan to continue to advance work on these in 2024. The addition of Bill Stormont to the team will bring a strong focus to our business development program including the partnering of our many high quality projects."
Pike Warden (Au-Ag-Cu)
The Pike Warden project is situated on the margins of one of the largest collapsed caldera complexes in the Canadian Cordillera - the Bennett Lake complex, located approximately 65km south of Whitehorse, Yukon. Sampling of outcrop and scree on the property has led to the discovery of more than 25 new zones of polymetallic mineralization returning values up to: 48.1 g/t Au, 1,215 g/t Ag, 5.11% Cu, and >20% Pb providing evidence for the development on the property of both epithermal and porphyry styles of mineralization.
2023 Highlights:
Plans for 2024:
Maude Lake (Ni-Cu-Co-PGM):
The Maude Lake project is a large, high tenor Ni-Cu-Co-PGM magmatic sulphide system located 10 km north of Schreiber Ontario. Sampling of mineralization exposed at surface has returned up to 6.23 % Ni, 0.719 % Cu, 0.085 % Co and 1.042 g/t PGM (Pt+Pd+Au). In 2022, drilling completed by the Company intersected a large semi-continuous zone of magmatic sulphides accumulating near base of large gabbroic intrusion. This drilling intersected a zone of 20.01 metres averaging 0.33% Ni, 0.28% Cu, including 4.00 metres averaging 0.61% Ni and 0.52% Cu.
2023 Highlights:
Plans for 2024:
Business Development
The Company will continue to advance its business development program. To this measure it will be sourcing transactions and partnerships for its various project with a focus on arrangements with mid-tier to senior companies. Bill Stormont will lead this effort as the Company's new Business Development Manager. Bill is a capital markets executive who has worked within a number of capacities including institutional equity buy and sell side roles as an equity analyst and institutional equity salesperson with ABN Amro Bank NV and as a European equity fund manager with Henderson Global Investors (now Janus Henderson) in London, UK and investor relations roles in Canada. He is a director of QXMC, the Klahoose First Nation's economic development arm and has worked with indigenous groups to cultivate stakeholder relationships.
AME Roundup 2024: Connecting at the Industry's Premier Event
Transition Metals Corp. is excited to announce its participation in the AME Roundup Project Generators Hub on January 24th and 25th in Vancouver. The Roundup conference provides a prime opportunity for industry professionals to connect, exchange ideas, and explore new projects. Visit here for tickets and additional information.
Government Exploration Grant Programs
Transition Metals Corp. would like to acknowledge financial support from the 2023-24 Yukon Mineral Exploration Program (YMEP), for financial support on the Pike Warden Project, in Yukon; as well as acknowledge financial support from the 2023-24 Ontario Junior Exploration Program (OJEP) for the Maude Lake Project, in Ontario. YMEP is a program which supports placer and hard rock exploration projects by reimbursing a percentage of approved exploration expenditures, with the intent to support early-stage projects and stimulate new mineral discoveries within Yukon. While 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 a portion of the exploration activities of these projects.
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 or those of the Yukon Government.
Qualified Person
The technical elements of this press release have been approved by Mr. Benjamin Williams, P.Geo. (PGO), who is a Qualified Person as defined 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.
Further information is available at www.transitionmetalscorp.com or by contacting:
Scott McLean
President and CEO
Transition Metals Corp.
Tel: (705) 669-1777
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/194581