Transition Metals Corp (TSX-V:XTM) has provided a salient interpretation of results from fieldwork completed at the company's wholly owned and optioned Jolly Gold property, located north of Thunder Bay, in Ontario.
The Sudbury, Ontario-based multi-commodity explorer noted that work completed in 2021 and 2022 at the 4,560 hectare Jolly Gold property has identified a large gold exploration target, which demonstrates the potential for a camp-scale extension to the highly prospective mineralized region west of Lake Nipigon.
"The data highlights a compelling new gold target at Jolly," said Transition CEO Scott McLean. "The gold values we have exposed in outcrop occur within a 4-kilometer (km) long trend of elevated gold pathfinder elements in soils occurring in favourable geology between two major fault systems.”
McLean noted that this is a “classic setting” for the formation of large gold systems in Archean greenstone settings and is “similar to what is observed in the Beardmore-Geraldton Gold Camp on the east side of Lake Nipigon."
Transition rounded out work in 2021 and 2022, which included the completion of a high-resolution airborne magnetic survey, property-scale orientation mapping and prospecting, the completion of a 1,159 sample MMI soil survey, covering around a third of the property and the mechanical excavation and detailed structural mapping and sampling of four trenches.
Trend of elevated gold pathfinder elements
Transition said the airborne magnetic survey highlighted three major northeast trending fault systems transecting the property, trends of iron formation, as well as a network of east by northeast cross structures parallel to those hosting gold at known showings between the Poshkokagan and Warpula Lake fault systems.
The MMI sampling highlights a 4-km trend of elevated gold pathfinder elements in soil, noted the company. The soil trend appears to follow an underlying cluster of syntectonic intrusions, it added.
Meanwhile, channel sampling in the vicinity of the Fat Beagle showing located within this trend exposed two zones of gold mineralization associated with east-west shearing. The Fat Beagle north showing consists of a 5-meter (m) wide zone of veining exposed along strike in trench for 15 meters.
While reporting on select channel interval results from Fat Beagle and Roadside showings, Transition highlighted that the average of 29 samples cut across this shear zone representing 17.08m of select channel sampling returned an average grade of 5.23 grams per ton (g/t) gold (Au), with the highest interval being 146.7 g/t Au over 0.45 meters.
Meanwhile, at the Roadside showing 1.2 km along strike to the to the east, a much broader zone of elevated gold, copper and tungsten was exposed. Transition said that across a 5-to-10m wide EW shear zone exposed along strike over 40m, 12 samples representing 8.94m of select channel sampling returned an average of 0.28 g/t Au.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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