Transition Metals Acquires Two New Gold Projects

Transition Metals Corp (TSXV:XTM) reported the acquision of two new gold projects, Golden Elk and Elephant Head, located in the Abitibi Greenstone belt in Ontario. The addition of these two properties brings the company’s total to seven projects, and an prospective interest in 225 km² of land in the region.

As quoted in the press release:

New Projects:

• Golden Elk:Transition has consolidated − through staking and option agreements with private landholders − approximately 13 km² of property surrounding a past-producing gold deposit near Elk Lake in Tudhope Township, Ontario. The deposit, known historically as the Frontenac Gold Mine, operated on a small scale between 1904 and 1907. Since then, the property that hosts the deposit has remained under private ownership, and there is no record of any subsequent exploration work having been conducted in the vicinity of the deposit.  Samples collected by Transition from a large waste pile located adjacent to the shallow shafts returned assay values ranging from nil up to 7.12 g/t Au. Like Transition’s Haultain deposit, the property encompasses a window of exposed Archean greenstone, in this case located on the eastern margin of the Elk Lake Silver camp. An initial program of prospecting, mapping and sampling is now underway.
• Elephant Head: Transition has also staked the Elephant Head property, which is approximately 25 km² in size, and is located in Connaught Township, approximately 30 kilometres east of Iamgold’s Côté Lake deposit, along the interpreted extension of the Ridout structure. The Elephant Head property was acquired to investigate a number of historic gold showings associated with shear zones developed in granitic rocks located south of the Ridout Fault. The property has similar geological and structural characteristics to those associated with the Chester 1 and 2 deposits, located east of the Côté Lake deposit¹. Grab samples collected by Transition in the vicinity of these historic showings have returned initial values ranging from nil to 13.6 g/t gold. Additional prospecting and sampling is in progress on the property with assay results expected to follow later this summer, once a broader mapping and trenching program has been completed.

Click here to read the full press release.