SUDBURY, ON, May 29, 2018 /CNW/ - Transition Metals Corp (XTM
– TSX.V) ("Transition", "the Company") is pleased to provide an
update on the Empire Lake Project, a highly prospective Vanadium
Property located in northwestern Ontario. The Empire Lake Property was acquired
by XTM in April of 2018 as part of a much larger staking program
(see April 23, 2018 – Press Release)
designed at acquiring low-cost exploration assets consistent with
the company's Project Generator Model.
The property comprises 1,986 ha covering a large regional
magnetic anomaly associated with an under-explored mafic intrusion
known to contain widespread vanadium-rich magnetite mineralization.
Historic drilling completed in the 80s identified both disseminated
magnetite and massive veins of magnetite in drill holes over core
lengths up to 42 m, no assays were
reported.
In 2013, the previous owners completed preliminary mapping and
sampling programs to determine the grade and extent of the main
vanadium-bearing magnetite zone. Mapping outlined a zone extending
for up 1.8 km in strike length with a width that varied between 50
to 170 m. Grab and channel samples
returned values of up to 0.63 wt. % V2O5, 5.84 wt. % TiO2 and 65.1
wt. % Fe2O3.
Commenting on the news, Company CEO and President Scott McLean stated "The acquisition of the
Empire Lake Vanadium Project provides Transition Metals with
exposure to the emerging vanadium market. With concerns over
supply, changes to China's
building standards and the development of Vanadium Redox Flow
Batteries, many feel that vanadium market is poised to grow
significantly. As a Project Generator, XTM will look to source a
partner to advance the project further."
Vanadium has several industrial uses, particularly as an alloy
in iron and steel, specifically for its weight-saving benefits in
high-strength steel. Vanadium is also a critical component in
Vanadium Redox Flow batteries (VRB), which have an extremely large
capacity potential, making them well suited for use in large power
variable storage applications, such as with wind or solar
power. The limited self-discharge characteristics of vanadium
redox batteries also make them useful in applications where the
batteries must be stored for long periods of time in a ready state
with little maintenance.
Qualified Person
The technical elements of this press release have been approved
by Mr. Grant Mourre, P.Geo. (APGO),
a Qualified Person under National Instrument 43-101.
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 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.
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.
SOURCE Transition Metals Corp.
