Transition Metals reports results from Gowganda Cobalt Property
Transition Metals Corp (TSXV: XTM) ("Transition", the "Company") reports that between June 30th and August 19th, 2021, Battery Minerals Resources (TSXV: BMR) ("Battery") completed 2,165 metres of diamond drilling on Transition's Gowganda Cobalt Property located in in the Gowganda Silver camp northeast of Sudbury Ontario. Two drill holes (GE21001/002) and 3 wedge cuts (GE21001W1/ 001W2/ 001W3) were completed adjacent to the Canada Silver Cobalt Works (CCW) claim boundary targeting the projected eastern strike extension of CCW's Castle East Robinson zone. CCW has reported an Inferred Resource of 7.56 million ounces of silver contained in 32,900 tonnes with an average grade of 7,149 g/t silver for the Robinson Zone in May of 2020¹. Following a review of the BMR data, the Transition interprets that the drill holes intersected an extension to the Castle East Robinson Zone, with both holes and completed wedges intersecting significant silver mineralization. Figure 1 shows location of drill holes. Table 1 lists assay results and Table 2 provides coordinates of drill holes as provided to the Company by BMR.
In March 2022, BMR provided notice to the Company that it had opted to return the Gowganda Cobalt Property to Transition in accordance with the amended Agreement dated March 1, 2021 (see Company news release of March 24, 2021). The reported drill results for the extension of the Castle East Robinson Zone were contained in a data set received by the Company upon the return of the property.
Transition CEO Scott McLean commented, "With the return of the Optioned Property, Transition has regained 100% ownership in more than 86 square kilometers in and around the historic Cobalt Silver Camp including our Haultain Gold Discovery. The work completed by Battery clearly highlights the potential for the discovery of new high grade silver mineralization. Our Company now controls a large property that host both significant Proterozoic silver mineralization as well as an extensive Archean gold system. We will actively be seeking a new partner to develop both very prospective opportunities."
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