Transition Metals Corp (TSX-V:XTM) said it has detected a large off-hole conductive target using a borehole electromagnetic (BHEM) survey at its Maude Lake nickel-copper-cobalt property near Schreiber, Ontario.
The company's shares moved higher following the announcement, up 6.7% at C$0.08 on Monday afternoon.
The company said the survey follows up on mineralization intersected in three drill holes during the fall of 2022. Highlights from mineralization sampled were 20.01 metres of 0.50% nickel equivalent, including 4 metres (m) of 0.90% nickel equivalent in hole ML-22-01,7.52 m of 0.65% nickel equivalent, including 1.17 m of 2.54% nickel equivalent in Hole ML-22-02, and 4.04 m of 0.27% nickel equivalent in hole ML-22-03.
In-loop BHEM surveys were completed in the three holes with the results defining moderate strength, in-hole and off-hole conductors, generally indicative of sulphide mineralization, according to Transition Metals.
A large, untested off-hole conductor from hole ML-22-03 at a depth of 160 m downhole was detected, the company said. The target appears to increase in both size and strength with depth, it added.
"Results for ML-22-01 and ML-22-02 show in-hole anomalies coincident with intersected mineralization," commented East Coast Consulting geophysicist Warren Hughes, who designed, verified, and modelled the survey.
"Hole ML-22-03 results show an off-hole conductive body to the southeast and down dip of the hole. This conductive body is more conductive than ML-22-01 and ML-22-02 and is larger in size. This could indicate a bigger, thicker package of mineralization at depth which has yet to be tested."
The company intends the test the anomaly in the current weeks. It is also planning to carry out additional summer programs, including line-cutting, a ground electromagnetic geophysical survey, prospecting, mapping, and drilling.
"The results of this survey are encouraging as they highlight that the potential grade and size of this exciting new magmatic nickel-copper-platinum group metals system may be improving at depth,” said Transition Metals CEO Scott McLean in a statement.
“We are looking forward to more drilling on this project as this summer's fieldwork gets underway."
Transition Metals is a Canadian-based, multi-commodity project generator focused on the discovery of ore deposits in Canada.
-- Updated with share price --
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