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SUDBURY, ON, Jan. 18, 2018
/CNW/ - Transition Metals Corp. (XTM – TSX.V) ("XTM"
or the "Company") is pleased to report on
key milestones achieved for 2017 and strategic goals for 2018.
"The past year has been transformative for the Company as we
achieved numerous milestones to position ourselves for an even
stronger 2018. Recently completed financings for Transition Metals
and one of our private associated companies, Canadian Gold Miner
("CGM"), will allow us to execute on our ambitious exploration
plans this year. We fully expect the successful execution of
our goals will positively impact shareholder value," stated
Scott McLean, CEO of Transition
Metals.
Key Achievements in 2017
- Closed $1.16 million XTM
financing at $0.15 per unit with
funds to be used for project generation and exploration.
- Private associated company Canadian Gold Miner ("CGM")
announced strategic investment by Osisko Mining Inc ("Osisko").
Osisko invested $1 million at
$0.20 per unit and owns 19.9% of CGM.
Additionally, CGM raised an additional $0.45
million by selling $0.25
common flow through shares in late December. Transition currently
holds a 38% stake in CGM.
- CGM acquired the DeSantis project, a historical gold producer
located in the heart of the Timmins Gold Camp, and an option on the
Catharine Property, a large exploration land package near its focus
area south of Kirkland Lake,
Ontario.
- CGM optioned its 100% interest in the Golden Elk Project to
Explorex Resources Ltd. (C-EX) in exchange for $140,000, the issuance of 1.7 million Explorex
shares and the completion of $1.275
million in work expenditures over a 3-year period.
- XTM signed an option agreement with North American Palladium
("NAP") and Impala Platinum Holdings Limited ("Implats") on the
Sunday Lake Pt-Pd Project. NAP has the right to acquire Implats'
75% stake in the Sunday Lake Project by completing work commitments
totaling $4.5M and making cash
payments of $3.5M over 5 years. The
Company maintains a 25% free carried interest to the completion of
a Feasibility Study and is entitled to 10% of the NAP cash
payments.
- CGM optioned the Jumping Moose and Elephant Head projects,
located close to the Côté Gold deposit near Gogama, Ontario, to Trelawney Mining and
Exploration Inc (a wholly owned subsidiary of IAMGOLD). Under the
terms of the agreement Trelawney can earn up to 80% interest in
each project by providing cash and completing expenditures on any
and each property (see news release, March
6, 2017)
- CGM reported high gold grade of 240 g/t from a 1.23 tonne
sample at Bjorkman. The sample was collected from the 100%-owned
West Matachewan project located 25
kilometres along the Cadillac-Larder break west from Alamos Gold's
Young Davidson Mine. Previous assays
of surface grab samples collected from the vein returned values up
to 12,700 g/t (408 oz/t Au)
- XTM discovered a new platinum-palladium mineralized intrusion
at Saturday Night Property located 25 km north of Thunder Bay, Ontario. The Saturday Night
Intrusion was discovered by a single, 601 metre hole drilled by the
Company that tested an 800 metre diameter magnetic target that
returned 6.25 metres averaging 1.07g/t PGM's including a higher
grade section of 4.0 g/t PGM and 0.56% Cu over a core length of
0.30 metre
2018 Plans
The Company has successfully positioned itself for strong growth
in 2018. With the completion of financings within XTM and CGM
which it operates, the enterprise is cashed up and will now focus
on key goals set for 2018.
The Company will continue to focus on project generative
activities and it is anticipated that partners will
be announced for key projects such as Janice Lake, Dundonald and Saturday Night.
The Company also expects to report results from the Sunday Lake
platinum project where NAP is currently in the first phase of a
$1.5 million work campaign.
With most available projects having been sold or partnered by
the end of 2017, there is now a need to fill the pipeline with new
and high quality projects. The Company is bullish on
sourcing new energy mineral sources and specifically targeting
nickel, copper and cobalt assets to meet expected demand in the
battery technology and electric vehicle markets. The Company
plans to establish 2 to 3 new magmatic sulphide (Ni-Cu-PGM)
projects in 2018. In addition to nickel, copper and cobalt,
the Company views gold as a key staple commodity. A focus on
emerging gold districts outside of the Abitibi will result in the
acquisition of quality, early stage gold projects.
CGM will remain focused on gold in the Abitibi. A key
objective is to complete an Initial Public Offering (IPO) in early
2018. As part of the IPO, CGM plans to raise an additional
$4 million to facilitate an
aggressive drilling program on its key property,
Lincoln-Nipissing. Results from work carried out by IAMGOLD
on Jumping Moose and Elephant Head as well as by Explorex Resources
on the Golden Elk project are also anticipated.
Sudbury Platinum Corporation ("SPC," another associated company
that XTM operates) continues to focus on nickel, copper and cobalt
opportunities within the Sudbury
district. SPC plans to raise a minimum of $2.5M and complete a 10,000 metre drill campaign
on the Aer-Kidd project as well as further develop deep drill
targets on it Lockerby East project.
Exhibiting in Vancouver
Transition Metals will be
exhibiting at the Vancouver Resource Investment Conference 2018
(VRIC), Booth #836, from Sunday 21st to Monday 22nd, 2018 and
at the AME Round Up Project Generators Hub on Monday 22nd. If in
Vancouver, do not miss the
opportunity of visiting our booth and having a chat with the
Company's management team.
About Transition Metals Corp.
Transition Metals
Corp (XTM - TSX.V) is a Canadian-based, multi-commodity project
generator that specializes in converting new exploration ideas into
Canadian discoveries. The award‑winning team of
geoscientists has extensive exploration experience in established,
emerging and historic mining camps and actively develops and tests
new ideas for discovering mineralization in places that others have
not looked, which often allows the Corporation to acquire
properties inexpensively. The team is rigorous in its
fieldwork and combines traditional techniques with newer ones to
help unearth compelling prospects and drill targets.
Transition uses the project generator business model to acquire and
advance multiple exploration projects simultaneously, thereby
maximizing shareholder exposure to discovery and capital
gain. 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. The Corporation has an expanding portfolio
that currently includes more than 25 gold, copper, nickel and
platinum projects primarily in Ontario, Nunavut, British
Columbia, Minnesota and
Saskatchewan.
About Canadian Gold Miner Corp
Canadian Gold Miner Corp. is a private Canadian corporation
focused on exploring for gold in the Larder Lake Mining District
near Kirkland Lake. The Company
was founded by Transition to leverage its data, expertise and
extensive portfolio of high quality gold projects within the
district. CGM has now assembled a dominant land position in excess
of 215 square kilometres around the Cadillac Larder, Lincoln-Nipissing and Ridout structures in the
southwestern part of the prolific Abitibi Greenstone belt in
Ontario. The Abitibi Greenstone
belt is Canada's most prolific
gold district with excellent mining infrastructure in place.
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.
SOURCE Transition Metals Corp.
