Transition Metals Corp (TSX-V:XTM) said assays from the drilling completed this fall at its Maude Lake property north of Schreiber, Ontario have shown significant intervals of high tenor nickel-copper-cobalt and PGM mineralization was intersected in three holes.
Hole ML-22-01 had an average of 0.50 % nickel equivalent (Ni Eq), including 4 metres averaging 0.90 % Ni Eq, while hole ML-22-02 averaged 2.54 % Ni Eq at 1.17 metres, according to Sudbury-based Transition.
Transition CEO Scott McLean said the drilling confirms the presence of a continuous looking zone of high tenor nickel and copper sulphide mineralization accumulating near the base of a large mafic intrusion.
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“Given the size of the intrusion and the observed geophysical response, we feel that this mineralized zone has a considerable amount of room to grow," McLean said in a statement.
Mineralization occurs near base of a large mafic intrusion, measuring approximately 1,000 metres wide, up to 500 metre thick, and extends for at least 2.5 kilometres to the southeast, the company said.
An interpretation of the VTEM data suggests that the mineralized zone may extend below the 150 metre observed detection limit of the survey supporting a thesis that the intersected mineralization continues at depth, according to Transition.
The company said it’s working to survey completed holes with a time domain borehole electromagnetic (EM) system which should provide better definition of the extent of the targeted conductive trend below the 150 to 200 metre effective penetration depth of the VTEM system. Additional geophysical inversion models and petrographic studies are ongoing, with the planned inclusion of a targeted ground EM geophysical survey.
The Maude Lake property consists of staked mining claims on crown land that cover approximately 1,398 hectares in the Pays Plat Lake, Lower Aguasabon Lake and Priske township/areas that were optioned to the company in 2019.
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