SUDBURY, ON , Feb. 15, 2018 /CNW/ - Transition Metals Corp. ("Transition", XTM – TSX.V) and Forum Uranium Corp. ("Forum", FDC-TSX.V) and, collectively ("the Parties") are pleased to announce that the Parties have successfully staked an additional 15,331 hectares of claims to cover over 30 km of the prospective copper trend in the Janice Lake area located 55 kilometres southeast of the Key Lake uranium processing facility. This significantly increases the size of the property to more than 190 square kilometres. (Figure 1). More than 25 zones of copper mineralization have been identified on the property over a 10 km trend. Much of the remaining 20 km trend of prospective copper bearing stratigraphy remains under prospected or covered by thin overburden.
Scott McLean , President & CEO of Transition stated, "the style of mineralization at Janice Lake is similar to other large Proterozoic sedimentary hosted copper deposits around the world. By expanding its land position at Janice, Transition and Forum have secured a camp scale property position that includes approximately 30 kilometres of strike covering the prospective lithological unit hosting numerous copper showings on the property."
The Parties recently signed an agreement whereby Forum has the option to acquire a 100% interest in the Janice Lake Sedimentary Copper Property from Transition (see news release dated February 6, 2018 for details of the acquisition). The arrangement is in line with Transition's project generator business model whereby it seeks partners to fund exploration of its projects thereby minimizing shareholders equity dilution while preserving discovery upside.
In 1993, 20 of 35 holes totaling 5,500m drilled by Noranda intersected near surface chalcocite copper mineralization. The best result at the JS showing near Janice Lake intersected 0.77% Cu over 33.0 m including 1.6% Cu over 6 m , within 35 m of surface. In 2003, Phelps Dodge reprocessed the magnetic and induced polarization (IP) geophysical data and completed 6 diamond drill holes to target mineralization under cover. By targeting modelled IP/Resistivity anomalies, Phelps Dodge discovered new copper mineralization 2 kilometers to the south of JS, named the Phelps-Jansem zone. Two holes drilled 100 m apart returned 0.72% Cu over 20.8m , including 1.3% Cu over 4.8m (JL-03-38) and 0.49% Cu over 19m , including 0.91% Cu over 6m (JL-03-41).
Transition acquired the property in 2012 and completed 700 line km of VTEM airborne magnetic/electromagnetic survey, field mapping and rock/soil sampling.
The style of mineralization at Janice Lake is geologically similar to that of the Rock Creek and Montanore deposits in the Proterozoic Revett Formation in Montana in that they have similar mineralogy, and occur in rocks with similar age and morphology. Hecla Mining reports that the Rock Creek and Montanore deposits contain 2.8 billion pounds copper and 331.5 million ounces of silver with a potential mine life of 20 to 30 years. Hecla reports a NI 43-101 Inferred Resources of 112 million tonnes grading 0.7% copper, 1.6 oz/t silver for its Montanore deposit and 97.6 million tonnes grading 0.7% copper and 1.5 oz/t silver for its Rock Creek deposit in Montana (as reported in the Corporate Update dated December 2017 on the Hecla website).
A video prepared by Transition Metals highlighting the opportunity at Janice Lake can be viewed at: http://www.transitionmetalscorp.com/projects/view-all-projects/janice-lake#janicevideo
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