Transition Provides Update on Highly Prospective Vanadium Asset within Ontario
Date:May 31, 2018
SUDBURY, ON, May 29, 2018 /CNW/ – Transition Metals Corp (XTM – TSX.V) (“Transition”, “the Company”) is pleased to provide an update on the Empire Lake Project, a highly prospective Vanadium Property located in northwestern Ontario. The Empire Lake Property was acquired by XTM in April of 2018 as part of a much larger staking program (see April 23, 2018 – Press Release) designed at acquiring low-cost exploration assets consistent with the company’s Project Generator Model.
The property comprises 1,986 ha covering a large regional magnetic anomaly associated with an under-explored mafic intrusion known to contain widespread vanadium-rich magnetite mineralization. Historic drilling completed in the 80s identified both disseminated magnetite and massive veins of magnetite in drill holes over core lengths up to 42 m, no assays were reported.
In 2013, the previous owners completed preliminary mapping and sampling programs to determine the grade and extent of the main vanadium-bearing magnetite zone. Mapping outlined a zone extending for up 1.8 km in strike length with a width that varied between 50 to 170 m. Grab and channel samples returned values of up to 0.63 wt. % V2O5, 5.84 wt. % TiO2 and 65.1 wt. % Fe2O3.
Commenting on the news, Company CEO and President Scott McLean stated “The acquisition of the Empire Lake Vanadium Project provides Transition Metals with exposure to the emerging vanadium market. With concerns over supply, changes to China’s building standards and the development of Vanadium Redox Flow Batteries, many feel that vanadium market is poised to grow significantly. As a Project Generator, XTM will look to source a partner to advance the project further.”
