Transition Metals (TSX-V:XTM) has vested 100% interest in the Pike Warden Property, a porphyry-epithermal exploration asset located in southern Yukon, Canada.
As part of vesting the property, Transition Metals paid the optioner C$120,000 ($123,730) and issued 1 million shares. The company will also spend C$1 million in exploration expenditure over a four-year period. The optioner retains a 1% net smelter return royalty on the property.
The company intends to seek a partner to more aggressively explore the large mineralised system opportunity.
CEO Scott McLean says this acquisition represents an “important” step in expanding Transition’s portfolio of exploration assets.
“The Pike Warden property has strong exploration potential, and the work carried out by Transition to date has identified over 30 high-grade gold-silver epithermal and copper-molybdenum porphyry showings, which together with the geophysical and mapping data demonstrate a large porphyry and epithermal mineralising system,” McLean says.
Additionally, Transition Metals intends to raise up to C$1 million by way of a non-brokered private placement comprising up to 8.69 million charity flow-through (CFT) units at C$0.115 per CFT units.
Funds will be used to explore and advance critical mineral properties in Ontario and the Northwest Territories, as well as an Ontario precious metals project.
The completion of the offering will be subject to all necessary approvals, including approval of the TSX Venture Exchange.
Transition Metals is a Canadian multi-commodity explorer focused on developing and testing new ideas for discovering mineralisation in places that others have not looked.
Write to Aaliyah Rogan at Mining.com.au
Images: Transition Metals
