SUDBURY, ON, April 5, 2012 /CNW/ - Transition Metals Corp. (XTM - TSX.V)
announced it has optioned a 100% interest in six staked claims (336 ha)
in Doon Township, Larder Lake Mining District Ontario from Ashley Gold
Mines Ltd. ("Ashley"). The optioned claims (see map below) are adjacent
to property staked by Transition in Q1 2011 and form a combined land
package approximately 1,472 ha in size. The property covers Archean
metavolcanics and Temiskaming metasediments along the interpreted
extension of the Cadillac-Larder Lake fault zone, approximately 15 km
southwest of AuRico Gold's Young-Davidson mine (3.83 Moz*), near
Matachewan. Previous work conducted on the property by Western Mining
Corp. identified a number of high quality untested gold in till
anomalies and geophysical targets along strike from a bedrock showing
on the Ashley property that returned gold assays between trace and 2.34
g/t gold (MNDM assessment file number 41P15NW0014).
"We're excited to have consolidated such a favourable property position
near the Young-Davidson mine," said Scott McLean, CEO of Transition
Metals. "We've had success exploring greenstone belts along prospective
trends in this area, including our recent discovery on the Haultain
property near Gowganda."
Under the terms of the Option Agreement with Ashley, Transition has the
right to earn a 100% interest in the claims subject to a 2% Net Smelter
Royalty (NSR) by making cash payments of $30,000, issuing 30,000 common
shares to Ashley, and incurring $250,000 in work expenditures by the
third anniversary of the agreement. Transition retains the right to
purchase up to 1% of the NSR for $1.0 million.
Other Recent Transactions
On January 9, 2012, Transition entered into an option agreement with
Marko Moudrak, an individual residing in Toronto, to acquire a 100%
interest in 5 claims (224 ha) located near Espanola in Mongowin
Township, Sudbury Mining District Ontario, subject to a 2% NSR (see press release dated March 26, 2012). To earn its interest, Transition must make cash payments of $15,000
and issue 25,000 common shares to the property vendor and incur $15,000
worth of work expenditures on the property by the second anniversary of
the agreement. Transition retains the right to purchase up to 1% of the
NSR for $1.0 million.
On February 10, 2012, Transition entered into an option agreement with
John and Josiah Payne, registered title holders of patented surface and
mining rights in Tudhope Township, in the district of Timiskaming,
Ontario.