Transition Metals Corp (TSX-V:XTM) has reported impressive channel sampling results from summer field work on its Maude Lake property near Schreiber, Ontario.
The Sudbury, Ontario-based multi-commodity project generator said it will be shortly mobilizing a diamond drill to site to test a major conductivity feature measuring 300 by 500 meters (m) that is associated with the potential extension of the high tenor surface mineralization.
A total of 13 channel samples were taken over a strike length of 45m on the main surface mineralized area. Assay results from the 2022 channel sampling completed over the new exposure returned broad intervals of elevated nickel, copper, cobalt and platinum group elements (PGM).
READ: Transition Metals starts drilling large breccia system on its Aylmer project in Ontario
Transition Metals highlighted the following:
- Channel 4 returned 17.01m grading 0.46% nickel (Ni), 0.35% copper (Cu) and 0.03% Cobalt (Co), including 4.26m grading 1.27% Ni, 0.84% Cu, and 0.08% Co
- Channel 7 returned 8.17m averaging 0.50 % Ni including 1.70m grading 1.61% Ni
- Results from the 13 channel samples have further defined and significantly expanded the known high tenor surface mineralization
- Drilling will commence shortly, targeting an extensive untested, high conductance feature measuring approximately 300 by 500 metres, south along strike to the known surface mineralization.
Investors can read the comprehensive Channel Sampling Results in a table form here.
In a statement, Transition CEO Scott McLean said: "We are excited to get the diamond drill started at our Maude Lake project. The coincident untested Versatile Time Domain Electromagnetic (VTEM) conductor along trend of the known high tenor, surface mineralization is one of the most exciting targets we have generated in recent times.”
He added: “Given the forecasted demand for nickel as a key critical metal needed for the electrification of the world, we believe that there is potential to define a significant nickel deposit on our property."
The initial drill target is an approximately 300m by 500m conductor outlined by a VTEM and Magnetic geophysical survey completed over the property by earlier this year. Modelling has outlined an untested conductive body dipping to the south-southeast at a vertical depth of 150m which may be associated with historical diamond drill intersections of nickel-copper-cobalt mineralization encountered up-dip, or off section from the newly defined conductive target.
The Maude Lake property consists of staked mining claims on crown land that cover around 1,398 hectares in the Pays Plat Lake, Lower Aguasabon Lake and Priske township areas. The property lies within the traditional territory of the Pays Plat First Nation.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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