Transition Metals Corp (TSX-V:XTM) said surface sampling results from work completed earlier this summer confirmed multiple zones of high-grade silver and gold mineralization at its Pike Warden gold-silver-copper property, 65 kilometers (km) southwest of Whitehorse, Yukon.
The Sudbury, Ontario-based multi-commodity project generator said a broad exposure with elevated silver values was exposed by hand trenching at the ERT Zone that company geologists interpret as having characteristics of a high-level expression of a high sulphidation epithermal silver-gold system.
Epithermal silver-gold deposits are found throughout the Cordilleran and are an important deposit type worldwide because of their typical high grade "bonanza" style mineralization, explained the company. These deposits are typically found with centers of magmatism and volcanism.
In a statement, Transition Metals director Dr Bill Pearson, a geologist who is also an expert on epithermal systems, said: "The mineralization at the ERT Zone occurs within volcanic rocks near the margin of a collapsed caldera associated with the large, Eocene Bennett Lake Volcanic complex.”
“While more work is required by the team to further qualify the significance of the results, the setting at Pike Warden is consistent with an environment capable of generating significant epithermal silver-gold and/or porphyry copper deposits hence warrants much further exploration."
The Pike Warden property is located 10 km to the south and associated with the Bennett Lake volcanic complex (BLVC), which is a 19 by 30 km volcanic center.
In late July this year, assisted by Archer Cathro & Associates of Whitehorse, Transition deployed a crew to sample and characterize mineralized occurrences discovered through prospection efforts. The Pike Warden property is composed of 185 contiguous mining claims and the program resulted in the sampling and preliminary characterization of 10 out of 18 known mineralized areas on the 37-square-kilometer property.
The company highlighted the following:
- A total of 104 rock samples (grabs and length weighted chip samples) were collected as part of an initial sampling program in late July;
- Multiple areas of scree and outcropping mineralization sampled, returning values up to 11.8 grams per ton (g/t) gold (Au), 1,215 g/t silver (Ag), 5.11% copper (Cu), and >20% lead (Pb);
- Chip sampling at ERT Zone returned a length weighted average of 42 metres (m) grading 64.28 g/t Ag equivalent, including 7.80m grading 170.63 g/t Ag equivalent with higher grade intervals of 0.70m grading 539.72 g/t and 0.4m grading 563.97 g/t Ag equivalent;
- Detailed mapping completed at the ERT site as well as prior sampling by the vendor has defined a broad zone of subcropping silver mineralization that appears to be controlled by a series of steeply dipping, east west trending shears that transect a topographic saddle.
Investors can find the comprehensive surface sampling results here.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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