- Transition Metals (XTM) plans aggressive exploration of its Jolly Gold Project in an extension of the Beardmore-Geraldton Greenstone Belt
- Transition Metals is planning to follow up survey results this summer with prospecting, geological mapping
- Gold deposits in the BGB include the 4.6 Moz Hardrock deposit¹, under development by Greenstone Gold near Geraldton
- Transition Metals is a Canadian-based, multi-commodity project generator that specializes in converting new exploration ideas into Canadian discoveries
- Transition Metals Corp (XTM) is down 5.56 per cent and is trading at C$0.17 at 11:15 am ET
Transition Metals Corp (XTM) announces exploration activities at its newly acquired Jolly Gold project.
The exploration will begin with a high-resolution airborne magnetic survey of the project, located approximately 75 kilometres north of Thunder Bay, Ontario.
Transition Metals has contracted New-Sense Geophysics Limited to conduct the 1,066 line kilometre survey at 50 metre spacing over the entire 4,560 hectare property.
The close line spacing of the survey will help to delineate geological trends and cross-cutting structural relationships that are pertinent to potential gold and base metal mineralization in preparation for upcoming field programmes.
Transition Metals is planning to follow up survey results this summer with prospecting, geological mapping, geochemical sampling, and trench mapping to highlight targets with potential to host large scale gold systems.
Transition Metals CEO and President Scott McLean, P.Geo. commented, “We think the rocks of Jolly property are a western continuation of the Beardmore-Geraldton belt, and have the same potential to host gold mineralization.”
“This airborne survey will assist in the identification of similar structures on the Jolly Property,” added McLean.
The Jolly Gold project hosts 4 of historic gold (Au), and 7 base metal (Cu, Zn, Fe) occurrences.
Grab samples collected by XTM in September 2020 returned assay values of 14.35 g/t Au with 0.7 g/t Ag at Trench 1, and 3.96 g/t Au, 7.9 g/t Ag and 0.64 per cent Cu at Trench 2.
The two historic trenches lie in the southwest portion of the property along a 1.3 kilometre northeast trend.
The property is underlain by Archean metavolcanic and metasedimentary rocks considered stratigraphically associated with an extension of the Beardmore-Geraldton Greenstone Belt (BGB) Eastern Wabigoon terrane.
Like the Jolly Gold Project, the BGB is composed of a northeast-trending sequence of mafic metavolcanic flows, intermediate pyroclastics, and iron formations.
Gold deposits in the BGB include the 4.6 Moz Hardrock deposit¹, under development by Greenstone Gold near Geraldton, the Brookbank (0.6 Moz M&I)², the Sand River and Leitch Mine (past production of 0.9 Moz)³, the Northern Empire Mine, and Sturgeon River Mine (Figure 1).
Transition Metals is a Canadian-based, multi-commodity project generator that specializes in converting new exploration ideas into Canadian discoveries in Canada.
Transition Metals Corp (XTM) is down 5.56 per cent and is trading at C$0.17 at 11:15 am ET.