- Transition Metals (XTM) has sampled bonanza-grade gold on its Gowganda Property in Ontario
- Standout samples include 18.6-269 g/t gold from one showing and four new copper showings ranging from 0.24-2.3 per cent copper
- The company believes the finding should be of interest to major gold players in the market for new ventures
- Transition Metals is a Canadian multi-commodity project generator that specializes in converting new exploration ideas into discoveries
- Transition Metals (XTM) is down by 3.23 per cent and is currently trading at $0.15 per share
Transition Metals (XTM) has sampled bonanza-grade gold on its Gowganda Property in Ontario.
The results stem from the initial prospecting and sampling program on project claims acquired last March.
Standout samples include 18.6-269 g/t gold from one showing and four new copper showings ranging from 0.24-2.3 per cent copper.
The gold showing may be a sinistrally offset extension of the gold mineralization Transition discovered in Haultain Township to the east, which correlates with the gold mineralization recently discovered by Canada Cobalt Works in Castle East.
Gowganda grab sample highlights
| Sample ID | Easting | Northing | Sample type | Au (g/t) | Ag (g/t) | Co (ppm) | Cu (ppm) | Ni (ppm) |
| X926767 | 512545 | 5277987 | Grab | 269.0 | 94.40 | 13,300 | 61.8 | 4,640 |
| X926768 | 512545 | 5277987 | Grab | 47.3 | 31.20 | 4,320 | 96.3 | 1,420 |
| X926769 | 512545 | 5277987 | Grab | 38.9 | 18.05 | 2,950 | 37.8 | 959 |
| X926770 | 512545 | 5277987 | Grab | 18.6 | 7.15 | 177 | 15.3 | 83.6 |
| X926752 | 513074 | 5279563 | Grab | 0.006 | 9.77 | 17.8 | 23,000 | 52 |
| X926773 | 512610 | 5279401 | Grab | 0.031 | 0.17 | 16.5 | 22,700 | 9.8 |
| X926765 | 513008 | 5278466 | Grab | <0.001 | 1.16 | 43.6 | 4,920 | 31.9 |
| X926763 | 513034 | 5279480 | Grab | <0.001 | 0.87 | 45.0 | 3,770 | 59.5 |
| X926764 | 513034 | 5279480 | Grab | <0.001 | 0.22 | 44.5 | 2,600 | 50.9 |
| X926766 | 513008 | 5278466 | Grab | 0.002 | 2.40 | 55.5 | 2,410 | 28 |
Scott McLean, Transition Metals’ CEO, stated,
“The anomalous copper values from the recent sampling are currently interpreted to be related to the Gowganda veins but additional work is required to better understand the nature of the copper mineralization and if there is a relationship between the veins and the gold mineralization.
However, the identification of high-grade gold mineralization on the west side of the Transition Property, in combination with the recent discovery of gold mineralization to the east of the Transition Haultain gold showing by Canada Cobalt Works, suggests the potential for a more substantial zone of gold mineralization than previously interpreted.
This gold mineralization is located within the southwest portion of the prolific Abitibi Greenstone Belt, which extends through the adjacent Shining Tree gold camp and to the west into the Swayze greenstone belt.
We feel that there is the potential for gold mineralization that should be of interest to major gold producers looking for new opportunities.”
Transition Metals is a Canadian multi-commodity project generator that specializes in converting new exploration ideas into discoveries.
Transition Metals (XTM) is down by 3.23 per cent and is currently trading at $0.15 per share as of 9:36 am ET.