SUDBURY, ON, Jan. 23, 2013 /CNW/ - Transition Metals Corp. (XTM - TSX.V) is pleased to announce it has expanded the size of its 100% owned Janice Lake property, which is located approximately 55 km southeast of Key Lake, in north-central Saskatchewan, to 11,684 ha (117 km2) up from the original 6,880 ha it had staked in March 2012 (Figure 1). The additional land was staked in December after a comprehensive data review indicated the geological environment that hosts the mineral occurrences at Janice Lake extends to the northeast and southwest of the property, and that there is potential to discover additional sedimentary hosted copper/silver mineralization in this underexplored area.
"The land package we've assembled is within an extensive, but relatively unknown sedimentary domain that is drawing interest from major companies looking for large tonnage, near-surface copper deposits in safe, mining-friendly jurisdictions," noted Scott McLean, CEO of Transition Metals. "When you consider the widespread occurrence of copper mineralization at surface and how little drilling has been done, you get the sense that the potential for a significant discovery is high."
The Saskatchewan Geological Survey has highlighted that the mineralization at Janice Lake has many of the characteristics of the sediment-hosted copper deposit model (Delaney, 1995)น. Drill results on the original property by Noranda in 1993 include 0.77% Cu over 33.0m including 1.6% Cu over 6 m, within 35 m of surface. Grab samples collected over a 30 km2 broadly mineralized region by Transition Metals during an August visit to the original property returned values ranging from 0.34 to 9.35% copper and 0.7 to 61.7 g/t silver, confirming previous reports of high-grade mineralization at surface, and highlighting the potential for the discovery of multiple near-surface, sediment-hosted copper deposits.
Collectively, sediment-hosted copper deposits are estimated to account for 25% of worldwide copper production with approximately 100 known deposits containing in excess of 1 million tonnes of contained copper (Kirkham, 1989)ฒ. In contrast to porphyry copper deposits, sediment-hosted copper deposits frequently contain higher concentrations of copper and accessory base and precious metals.
Exploration Plans: Transition has developed a $2 million exploration plan for 2013 that includes additional compilation, mapping, ground geophysics, soil geochemistry and drilling. As a project generator, it is actively seeking a suitable partner to fund this program. The compilation includes digitization of all historical drilling, integration with the historical geophysical data, and re-interpretation of the geology to determine the effectiveness of the past geophysics in delineating the mineralization and the success of historical drilling programs to assist in the planning of the 2013 exploration program.
Transition has applied for permits and plans to initiate a program of winter grid cutting, and ground geophysics in preparation for the summer exploration season. The planned summer program will consist of geological mapping and prospecting of the interpreted extensions of the mineralized stratigraphy, reclamation and sampling of historical drill core, and soil geochemistry.
Additional information on the Janice Lake project is available on Transition's website, and in its June 14, 2012 and October 30, 2012 press release.
1 Delaney, G.D. 1995. Investigations of Sediment-hosted copper and
copper-uranium mineralization, Wollaston Domain; in Investigations completed by the Saskatchewan Geological Survey and the Geological Survey of Canada under the Geoscience Program of the Canada-Saskatchewan Partnership Agreement on Mineral Development (PAMD) (1990-1995), Geological Survey of Canada, Open File 3119; pp. 39-51.
2 Kirkham, R.V., 1989, Distribution, settings, and genesis of sediment-hosted stratiform copper deposits in Boyle, R.W., Brown, A.C., Jefferson, C.W., Jowett, E.C., and Kirkham, R.V. eds., Sediment-hosted Stratiform Copper Deposits: Geological Association of Canada Special Paper 36. p. 3-38.
SOURCE Transition Metals Corp.