Transition Metals and Canadian Gold Miner Discovers New Gold Zone South of Kirkland Lake
TSX VENTURE: XTM
Sudbury, Ontario--(Newsfile Corp. - January 9, 2019) - Canadian Gold Miner ("CGM" or "the Company") and Transition Metals Corp. (TSXV: XTM) ("Transition Metals") are pleased to announce the discovery of a new gold zone dubbed "Behold Zone" located approximately 10 kilometres south of Kirkland Lake, Ontario. The zone is located near the northwest edge of a recently identified 800 metre long, Induced Polarization (IP) chargeability and resistivity anomaly occurring within a favourable structure and alteration corridor that the Company has been able to trace for more than 1.5 kilometres along strike.
Canadian Gold Miner CEO Greg Collins commented, "Our work has highlighted a large exploration target located just south of the heart of the Kirkland Lake gold mining camp (Fig. 1). Trenching has exposed sub-cropping mineralization more than 800 metres northwest from a cluster of strongly mineralized occurrences identified and sampled by the Company in 2017. The newly discovered Behold Zone occurs near the interpreted northwest end of an IP anomaly approximately 300 metres north of the Lincoln Nipissing break. The Lincoln Nipissing Fault has recently been highlighted by the Metal Earth research initiative as an underexplored fault system having similar characteristics to other major gold producing structures in the Abitibi."
Field work completed in 2017 by the Company highlighted an approximate 500 metre wide corridor that hosts extensive alteration associated with favourable structure developed around the Lincoln Nipissing Fault northwest of the Cook and Zenith showing areas reported in 2017 (Fig. 2) (see news release dated Sept 14, 2017 - Canadian Gold Miner Sampling at Cook Showing in South Kirkland Returns of up to 8.13 Grams per Tonne Gold in Selected Grab Samples).
Channel sampling at the Behold Zone in late 2018 has returned assays ranging from nil to 8.6 g/t Au over 0.30 metres and 5.42 g/t Au over 0.67 metres from select channel samples (Table 1). The Behold Zone is situated 800 metres northwest of any previously known mineralization.
In September, the Company engaged geophysicists from Intelligent Exploration services to review historical IP data collected over this area. Intelligent Exploration highlighted an 800 metre long untested coincident chargeability and resistivity anomaly situated at the core of this now 1.5 kilometre long open mineralized trend.
Table 1. Summary of Highlight Assays from the Behold Discovery
|Location||Type||Length (m)||Au (ppm)|
The technical elements of this press release have been approved by Mr. Thomas Hart, P.Geo. (APGO), a Qualified Person as defined under National Instrument 43-101. All samples were collected by Company representatives under the supervision of the Qualified Person and transported directly by the company to the lab. Transition Metals employs in-house QA/QC procedures that conform to industry best practices. All analytical work was conducted at ALS-Chemex with sample preparation completed in Sudbury, Ontario and analyses completed in North Vancouver, B.C. The quality system used by ALS-Chemex complies with international standards ISO 9001:2000 and ISO 17025:2005. All reported historical values have not been independently verified by the Qualified Person and as such do not conform to NI 43-101 standards for disclosure, and should not be relied upon.
About Canadian Gold Miner
Canadian Gold Miner Corp. is 39% owned by Transition Metals Corp (TSXV: XTM) and is a Canadian private 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. CGM has assembled a dominant land position in excess of 229 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 located in a stable political jurisdiction with excellent mining infrastructure in place.
Transition Metals Corp
Transition Metals Corp (TSXV: XTM) is a Canadian-based, multi-commodity project generator 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 to conserve capital and minimize shareholder's equity dilution. The company has a portfolio that currently includes gold, copper, nickel and platinum projects primarily in Ontario, Nunavut 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.
President and CEO
Canadian Gold Miner Corp.
Tel: (705) 669-0590
President and CEO
Transition Metals Corp
Tel: (705) 669-1777