Transition Metals finalizes arrangement for potential 100% interest in Wahnipitae project
Transition Metals Corp reports that the company and partners of the IOCG Joint Venture property have entered into a revised agreement to option the property from the vendors. The original agreement dated November 28, 2019 has been terminated.
Under the revised agreement, Transition has the right to earn a 100% interest in the Aylmer IOCG2 property by making aggregate cash payments of $102,000; issuing an aggregate total of 625,000 common shares; and incurring exploration work expenditures totalling $900,000 by May 4, 2024. If the Company exercises its option the vendors will retain a 2.0% Net Smelter Return Royalty (NSR) from any Commercial Production from the property for which Transition may purchase 1.0% of the NSR for $1,000,000 at any time.
"We appreciate the vendor's patience while we have endeavored to obtain regulatory approvals to allow us to move forward with an agreement on the property," comments Company president and CEO Scott McLean, "Our group in Sudbury are looking forward to advancing this program by completing programs of field work on the property this summer to more fully assess the potential for larger scale polymetallic copper and gold systems on the property as soon as working conditions in light of Covid 19 make sense."
About the Aylmer Property
The Aylmer IOCG2 property, consists of 43 mining claims covering 1,455 hectares, located north of Lake Wanapitei near Sudbury Ontario. The property lies within a north-trending, regional structural zone interpreted to be 14 to 15 kilometres wide associated with widespread soda-altered rocks and occurrence of gold-copper-bearing quartz veins¹. Grab samples collected at outcropping exposures of quartz veining, quartz and or carbonate breccias hosting variable amounts of disseminated sulphides returned copper values ranging from <0.05 ppm Cu to 5.93% Cu representing an average of 0.4% Cu from 19 samples.
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