- Transition Metals (XTM) has identified a gold opportunity close to Vernon, British Columbia
- According to the company, the “intriguing underexplored gold opportunity” is near the eastern margin of the prolific Quesnel Trough
- The company executed a binding letter of intent with Underhill Exploration to option its property
- It has also staked an additional 4,300 hectares of adjacent mineral claims
- Transition Metals is up 2.70 per cent on the day, with shares trading at C$0.19 at 10:11 am ET
Transition Metals (XTM) has identified a gold opportunity close to Vernon, British Columbia.
According to the company, the “intriguing underexplored gold opportunity” is near the eastern margin of the prolific Quesnel Trough.
The company executed a binding letter of intent with Underhill Exploration to option its property and has staked an additional 4,300 hectares of adjacent mineral claims.
The Underhill property covers the Blackhawk Prospect which encompasses the historic East Showing, the West Showing and the Quartz Showing.
“What attracted us to the project was the >1 kilometre long trend of elevated gold in soil developed in the vicinity of a poorly exposed cluster of high-grade gold occurrences. The occurrences are situated on the edge of the Thompson Plateau associated with major northwest-trending magnetic anomalies. The soil and geophysical anomalies which are coincident with the high-grade showings define a 10 kilometre long trend located upstream from areas of significant historic placer gold extraction. Future work will include mapping and sampling, additional soil sampling, and airborne magnetic survey with the intent of identifying drill targets,” said Transition Metals COO Greg Collins.
Under the terms of the agreement, Transition Metals is paying $7,500 for a period of exclusivity until July 1, 2021 to enter into a definitive option agreement to earn a 100 per cent interest in the Underhill property.
The general business terms of a formal option agreement will include ppayments of $100,000 and issuance of 250,000 shares of Transition Metals over four years to earn a 100 per cent interest in the property subject to a 1.5 per cent Net Smelter Return royalty.
Transition Metals is up 2.70 per cent on the day, with shares trading at C$0.19 at 10:11 am ET.