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Transition Metals completes survey and grant for Maude Lake Project near Schreiber

Jul 20, 2023

Transition Metals Corp. has announced the successful completion of a comprehensive ground fixed loop electromagnetic (EM) survey on its Maude Lake Property ("the Property") near Schreiber, Ontario. Furthermore, we are delighted to announce that Transition has received an Ontario Junior Exploration Program (OJEP) grant from the Ontario Government to support our ongoing exploration efforts.

Through the OJEP program, Transition has been selected to receive up to $200,000 to cover 50% of eligible explorations costs on the project, aimed at facilitating the exploration of Critical Minerals within Ontario. The receipt of grant funding represents a meaningful milestone, leveraging government support towards advancing the exploration of this high tenor magmatic nickel project.

The ground fixed loop electromagnetic survey was designed to provide detailed information on the subsurface geology and potential mineralization at the Property. The EM survey covered 174 hectares over portions of a strongly magnetic trend associated with mineralization tested in 2022 (see company press releases dated November 22, 2022), where drilling interested 20.01 metres averaging 0.33% Ni, 0.28% Cu and 0.13 g/t PGM*, including 4.00 metres averaging 0.61% Ni, 0.53% Cu and 0.23 g/t PGM* in hole ML-22-01, and with 1.17 metres averaging 2.16% Ni, 0.52% Cu and 0.27 g/t PGM* in Hole ML-22-02 (*PGM is reported as combined Pt + Pd + Au). The most compelling conductive feature is also coincident with an off-hole borehole electromagnetic anomaly detected in hole ML-22-03 (see Company news release dated April 24, 2023).

CEO of Transition Metals Corp, Scott McLean commented, "Results from the EM survey confirm the presence of a large conductive target situated down dip from the mineralization we intersected at Maude Lake last fall. We are excited to move forward with the next phase of exploration with financial support of the OJEP funding to further define the scale and extent of the mineralization."

About the Maude Lake Property

The Property is located approximately 10 kilometres north of the community of Schreiber, Ontario, within the traditional territory of the Pays Plat First Nation (PPFN). It is composed of 74 contiguous mining claims on crown land, covering an area measuring approximately 1,398 hectares in the Pays Plat Lake, Lower Aguasabon Lake, and Priske township areas. The Property is subject to an underlying combined 3.0% Net Smelter Return royalty (NSR), with Transition retaining the right to buy back 1.5% NSR for $2.0 million (see company press releases dated September 20, 2020, and January 19, 2019).

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