- Transition Metals (XTM) has signed an option agreement to acquire a 100 per cent interest in the Sawmill copper-gold property in Ontario
- The company will issue to the vendors a total of C$300,000 in cash and 1 million shares, and will assume $1 million in exploration expenses over a four-year period
- The vendors will also retain a two per cent net smelter royalty on the property, three-quarters of which may be acquired by Transition Metals for $2 million
- A program of mapping, sampling, trenching and data compilation has already been planed in preparation for future drilling work
- Transition Metals (XTM) is currently steady at $0.16 per share
Transition Metals (XTM) has signed an option agreement to wholly acquire the Sawmill copper-gold property in Ontario.
Located 40 kilometres northeast of the Sudbury Mining Camp, within the Parkin and Hutton townships, the property consists of 106 contiguous mining claims, two mining leases and five patents over a land package of approximately 825 hectares.
Under the terms of the agreement, Transition will issue to the vendors a total of C$300,000 in cash and 1 million shares, and will assume $1 million in exploration expenses over a four-year period. An allotment of $25,000 in cash and 100,000 shares have already been paid in accordance with an initial instalment.
The vendors will also retain a two per cent net smelter royalty on the Sawmill property, half of which – or one per cent – may be acquired by Transition for a fee of $1 million. A further quarter – or 0.5 per cent – may also be acquired for another $1 million.
Scott McLean, CEO of Transition Metals, noted that the eastern and southern portions of the Sudbury Basin are as-yet largely under-explored.
“Transition has assembled a strategic land position within the area and now controls three properties; the Sawmill, Aylmer and Mongowin that collectively total 7,385 hectares.
“The newly optioned Sawmill gold property hosts numerous high-grade base and precious metal showings associated with zones of intense brecciation and strong carbonate alteration,” he added.
Transition has now put together an initial program of mapping, sampling, trenching and data compilation in preparation for future drilling work.
Transition Metals (XTM) is currently steady at $0.16 per share at 1:49pm EDT.
