SUDBURY, ON, July 20, 2015 /CNW/ – Transition Metals Corp. (XTM – TSX.V) (“Transition”, “the Company”), is pleased to announce that it has fulfilled terms under separate option agreements to acquire 100% interests in the Haultain, Jumping Moose and Golden Elk gold properties located near Kirkland Lake Ontario and to provide a general update concerning project activities and plans.
Strategic Alliance partner Nunavut Resources Corp (NRC) has approved a $320,000 budget funded by its sole shareholder; the Kitikmeot Inuit Association, to advance exploration activities on Alliance properties in Nunavut over the summer of 2015. Target generative work including the completion of a ~300 line kilometer helicopter borne VTEM magnetic and conductivity survey have been initiated over portions of CO-20 or the Fire Shear project area.
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VTEMmax survey has identified an untested potential northern extension of the zone which was obscured from historical airborne surveys by a powerline crossing the northern part of the property
The correlation of the preliminary ZTEM and seismic data is very encouraging at Esso West and this combination of surveys will aid in drill targeting.
A 12,000-meter to 14,000-meter diamond-drill program is being planned to test for the feeder zones for the near-surface epithermal gold mineralization and the porphyry system at depth using the three-dimensional geophysics interpretation of the BAM Project.
“The start of our exploration program on the recently acquired Charcoal and Castor uranium projects is an exciting development for Cosa.”