Transition Metals Corp (TSX-V:XTM) revealed that it would follow up on encouraging preliminary results from a mineral cluster analysis study by completing prospecting, mapping, and hand trenching across its Pike Warden gold-silver-copper property, in Whitehorse, Yukon.
In January, the Sudbury, Ontario-based company reported results from a drilling program which returned significant silver values. Transition said it counts the Pike Warden project as one of its “key value-creating projects” for 2023.
In a statement, Dr Bill Pearson, technical advisor to Transition said: "The initial results for the synchrotron work performed by LISA CAN are very encouraging as they suggest the numerous showings are part of a much larger mineralizing system and that the surface showings are likely nearer the top of the system.”
READ: Transition Metals says it has optioned Homathko Property to Aurum Lake Mining
He added: “This approach was very helpful for the early-stage assessment at Eloro's Iska Iska silver-tin polymetallic project in Bolivia."
Exploration plans
Transition is targeting completing work consisting of systematic prospecting, mapping, and hand trenching across the property to follow up on results acquired in 2022. It aims to “define and discover additional structural trends, alteration footprints, and zones of mineralization,” particularly in the underexplored northern claims which were not worked in 2022.
In addition, an RC drill program is also being considered, to evaluate the extent of mineralization at the ERT Zone and additional high-priority showings.
Synchroton mineral study
Synchrotron mineral cluster analysis was performed on 57 pulp samples by Dr Lisa Van Loon of LISACAN Analytical Solutions (LISACAN) and Dr Neil Banerjee of Western University's Department of Earth Sciences. The rock samples are a representative suite of lithologies proximal to over 18 sites of gold (Au), silver (Ag), copper (Cu), lead (Pb), and zinc (Zn) mineralization identified across the 10-km wide property.
According to the firm, synchrotron radiation powder X-ray diffraction provides a rapid, high-res analytical technique for mineral exploration. Cluster analysis can be used to highlight mineralogical similarities between samples that may be associated with a large mineralizing system.
The study identified seven mineralogical domains. Domain 1 is the largest and includes 47 samples and is associated with the highest gold and silver concentrations, suggesting that the mineralizing system is large and spans the entire sampled area, noted the company.
Domain 1 can be further subdivided into two sub-domains (1A: 30 samples and 1B:17 samples). Samples within Domain 1A span the entire sampled area. The study suggests that samples from Domains 1A and 1B represent the greatest mineralizing potential on the property. Work on the study is ongoing to understand detailed mineralogy.
Magnetic data modeling
Transition has initiated work to account for the topography and complete a detailed 3D magnetic inversion model of the property-scale airborne magnetic data collected by the optionor in 2021. This will help geologists in developing a 3-D geological model.
Option agreement
In June last year, Transition struck an option to acquire a 100% interest in the property from the vendor for cash, shares, and work expenditures over a four-year period. In line with this, Transition has provided notice of its intent to maintain the option by providing a Y1 cash payment of $30,000 and 200,000 common shares to the optionor. Transition has carried out the expenditures and governmental filings to maintain the option in good standing till March 1, 2024.
Significantly, Transition has been approved to get a $50,000 funding grant associated with the Yukon Mineral Exploration Program for work completed in 2022.
Transition executives will be at Booth No. 2126 in the Investors Exchange at the PDAC Mining Convention from March 5-8, 2023, at the Metro Toronto Convention Centre, in Toronto.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive