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Transition Announces High Grade PGM Drill Results from the 'Big Red' Anomaly on the Sunday Lake Property, Ontario

May 5, 2020

Sudbury, Ontario--(Newsfile Corp. - May 5, 2020) - Transition Metals Corp (TSXV: XTM) ("Transition", "The Company") is pleased to announce it has received assay results from the previously announced drill program (see XTM press release dated January 20, 2020) conducted by Impala Canada Ltd. (Impala Canada) on the Sunday Lake PGM Property located 25 km north of Thunder Bay, Ontario (Figure 1). Impala Platinum Holdings Limited (Implats) and Impala Canada control a 75% interest in the Property and Transition holds a 25% free carried interest through to the completion of a Feasibility Study. 

The 'Big Red' Magnetotellurics (MT) anomaly that measures in excess of 500m by 400m has been tested with four drill holes to-date, all of which have intersected high grade PGM (Pt+Pd+Au) mineralization. The 'Big Red' anomaly appears to be part of a much larger untested northwest-southeast trending MT anomaly measuring 1200m by 400m.

2020 Drilling Highlights:

  • 23.00m @ 2.42 g/t PGM (1.29 g/t Pt, 1.03 g/t Pd and 0.09 g/t Au) including 9.20m @ 4.28 g/t PGM (2.27 g/t Pt, 1.85 g/t Pd and 0.17 g/t Au) in hole SL-20-032-W1.
  • 26.00m @ 2.55 g/t PGM (1.38 g/t Pt, 1.05 g/t Pt and 0.12 g/t Au) including 8.00m @ 3.89 g/t PGM (2.15 g/t Pt, 1.57 g/t Pd and 0.17 g/t Au) in hole SL-20-033.
  • Both SL-20-033 and SL-20-032-W1 intersected the outer edge of the 'Big Red' MT anomaly and still returned a thick interval of PGM mineralization as well as internal high grade sections.

The mineralized zone, as defined by the current drilling, ranges in thickness from 20.0m to 60.0m with PGM grades from 2.2 g/t to 5.51 g/t (1.20-3.22 g/t Pt, 0.80-2.08 g/t Pd and 0.09-0.21 g/t Au) combined Pt+Pd+Au. Importantly, this broader zone also includes a nested high grade section that ranges in thickness from 4.0m to 15.8m with PGM grades greater than 5 g/t combined Pt+Pd+Au

Company CEO and President Scott McLean, P.Geo. commented: "Sunday Lake continues to represent an exciting and important PGM property for Transition Metals. Two holes from the recent drilling program intersected the outer extent of the 'Big Red' anomaly and continue to provide high grade intersections over broad widths. In addition, the completion of a 3rd hole into a separate, high quality MT anomaly demonstrates the widespread nature of the PGM mineralization across the property. Exploration on the property is still at an early stage and with continued drilling there is excellent potential of building a significant mineral resource going forward."

Mr. McLean continued: "In addition to its 25% carried interest at Sunday Lake, Transition owns a 100% interest in the nearby Saturday Night Property where drilling in 2017 intersected mineralization in a similar geological setting to that observed at Sunday Lake (see Transition Press Release dated January 23, 2017). We are actively looking for a partner to advance this very prospective project as soon as possible."

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