SUDBURY, ON, Feb. 15, 2018 /CNW/ - Transition Metals Corp.
("Transition", XTM – TSX.V) and Forum Uranium
Corp. ("Forum", FDC-TSX.V) and,
collectively ("the Parties") are pleased to
announce that the Parties have successfully staked an additional
15,331 hectares of claims to cover over 30 km of the prospective
copper trend in the Janice Lake area located 55 kilometres
southeast of the Key Lake uranium processing facility. This
significantly increases the size of the property to more than 190
square kilometres. (Figure 1). More than 25 zones of copper
mineralization have been identified on the property over a 10 km
trend. Much of the remaining 20 km trend of prospective copper
bearing stratigraphy remains under prospected or covered by thin
overburden.
Scott McLean, President & CEO
of Transition stated, "the style of mineralization at Janice
Lake is similar to other large Proterozoic sedimentary hosted
copper deposits around the world. By expanding its land
position at Janice, Transition and Forum have secured a camp scale
property position that includes approximately 30 kilometres of
strike covering the prospective lithological unit hosting numerous
copper showings on the property."
The Parties recently signed an agreement whereby Forum has the
option to acquire a 100% interest in the Janice Lake Sedimentary
Copper Property from Transition (see news release dated
February 6, 2018 for details of the
acquisition). The arrangement is in line with Transition's
project generator business model whereby it seeks partners to fund
exploration of its projects thereby minimizing shareholders equity
dilution while preserving discovery upside.
In 1993, 20 of 35 holes totaling 5,500m drilled by Noranda intersected near
surface chalcocite copper mineralization. The best result at the JS
showing near Janice Lake intersected 0.77% Cu over 33.0 m including 1.6% Cu over 6 m, within 35 m of
surface. In 2003, Phelps Dodge
reprocessed the magnetic and induced polarization (IP) geophysical
data and completed 6 diamond drill holes to target mineralization
under cover. By targeting modelled IP/Resistivity anomalies,
Phelps Dodge discovered new
copper mineralization 2 kilometers to the south of JS, named the
Phelps-Jansem zone. Two holes drilled 100 m apart returned 0.72% Cu over 20.8m, including 1.3% Cu over 4.8m (JL-03-38) and 0.49% Cu over 19m, including 0.91% Cu over 6m (JL-03-41).
Transition acquired the property in 2012 and completed 700 line
km of VTEM airborne magnetic/electromagnetic survey, field mapping
and rock/soil sampling.
The style of mineralization at Janice Lake is geologically
similar to that of the Rock Creek
and Montanore deposits in the Proterozoic Revett Formation in
Montana in that they have similar
mineralogy, and occur in rocks with similar age and morphology.
Hecla Mining reports that the Rock
Creek and Montanore deposits contain 2.8 billion pounds
copper and 331.5 million ounces of silver with a potential mine
life of 20 to 30 years. Hecla reports a NI 43-101 Inferred Resources
of 112 million tonnes grading 0.7% copper, 1.6 oz/t silver for its
Montanore deposit and 97.6 million tonnes grading 0.7% copper and
1.5 oz/t silver for its Rock Creek
deposit in Montana (as reported in
the Corporate Update dated December
2017 on the Hecla
website).
A video prepared by Transition Metals highlighting the
opportunity at Janice Lake can be viewed at:
http://www.transitionmetalscorp.com/projects/view-all-projects/janice-lake#janicevideo
Qualified Person / Quality Control Procedures
This press release has been reviewed by Greg Collins, P.Geo., Chief Operating Officer of
Transition Metals Corp, a Qualified Person under the National
Instrument 43-101 guidelines.
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 company
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
company, which went public in 2011, has an expanding portfolio that
currently includes >25 gold, copper, nickel and platinum
projects primarily in Ontario,
Nunavut and Saskatchewan.
About Forum Uranium
Forum Uranium Corp. is a Canadian-based mineral exploration
company with a focus on the acquisition, exploration and
development of Canadian uranium and energy metal projects.
Forum has assembled a highly experienced team of exploration
professionals with a track record of mine discoveries for
unconformity-style uranium deposits in Canada. The Company
has a strategy to discover near surface uranium deposits in the
Athabasca Basin, Saskatchewan by exploring on its 100% owned
properties and through strategic partnerships and joint ventures
with Cameco, AREVA, Rio Tinto Exploration, NexGen and Uracan. In
addition, Forum has entered into an option agreement with
Transition Metals Corp. to explore the Janice Lake sedimentary
copper deposit in Saskatchewan.
ON BEHALF OF THE BOARD OF DIRECTORS
Scott McLean, P.Geo.
President & CEO
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.
