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Transatlantic Mining Corp V.TCO

Alternate Symbol(s):  TRRGF

Transatlantic Mining Corp. is a Canada-based precious and base metal explorer. The Company is engaged in the acquisition and exploration of mineral property interests, such as the Golden Jubilee and Miller Mine Gold Property and the Monitor Copper/Gold Property. It has property interests including an 80% joint venture position on the Monitor Copper-Gold project in Montana-Idaho and 100% of the Golden Jubilee Gold Project with its associated mining rights. The Company has an extended lease, right to mine and purchase arrangement for the Miller Gold Mine in Montana. The Golden Jubilee Property is located in Granite County, Montana, about 20 kilometers (km) from the township of Phillipsburg. The property lies on the famous Red Lion corridor. The Miller Mine Gold Property is located in Broadwater County, Montana, about 30 km from the township of Helena. The Monitor Project is located along the eastern extension of North Idaho’s Coeur dAlene Mining District.


TSXV:TCO - Post by User

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Post by JamesRKirkon Sep 27, 2019 12:03pm
231 Views
Post# 30171045

They are still drilling from before - news coming soon...

They are still drilling from before - news coming soon...2019-09-27 11:07 ET - News Release TRANSATLANTIC MINING CORPORATION FOLLOW UP SAMPLING ON LEVEL CONTAINS HIGH GRADE GOLD AT MILLERMINE GOLD PROJECT. Transatlantic Mining Corp. has continued and extended its due diligence period to Oct. 15, 2019, on an exclusive agreement to lease and purchase the Miller mine in the Broadwater county in the state of Montana, United States.Initial grab sampling of vein material has been undertaken on the quartz vein in the Lower Level with visual gold and high grade gold results. The drilling continues to test and confirm the Historical Hole No. 1. This drilling will be completed by October 15th in the initial due diligence period. Transatlantic has an exclusive option to elect on a lease to purchase option with a profit share consideration. Due diligence continues including drilling and entering old mine levels that were historically mined and developed. These claims are approximately 29 miles to the North east of Townsend in Montana and add towards the consolidation strategy of the district that Transatlantic is undertaking. Highlights: Vein grab sample on Lower Level indicate visible gold and 15.5 g/t Au with 26 g/t Ag Lease option Period extended to Oct. 15, 2019 Initial Drill testing to be completed by Oct. 15 Exclusive Due diligence on "Historical Drill holes" DD 1 and DD 2 drilled in 1968/1969. Jericho DD # 1 8 feet at 14.9 oz /ton Au (2.4 metres at 516 g/t Au). Jericho DD #2 5 feet at 0.25 oz/ton Au (1.5 metres at 8.6 g/t Au) and 2 feet at 0.9 oz/ton Au (0.6 m at 31 g/t Au) Key components Due Diligence Phase to date Transatlantic has been granted an exclusive due diligence period with right to all the data and information for the Miller Mine Patented and Unpatented claims in the Broadwater County, Montana USA extended to October 15th, 2019. Transatlantic has commenced further review and compilation of existing reports with the most recent grab samples1 taken from the Lower Level (6300 feet level) and entering the old Level (See Figure 1). Rock samples from the Lower Level (6300) contain gold both visually and in assay form from Sample 1 which contained sulphides that assayed 15.5 g/t Au and 26 g/t Ag. An additional rock specimen from the 6300 Level contained visual gold and was not assayed. The following samples came from the 6300 Feet Level as a rock grab to validate that gold and silver are associated with the observed sulphides in the Miller Mine along with observed vein width in the wall of the drive. The samples may not represent the total strike length of mineralization but are indicative of containing gold and silver that had been previously mined on this level historically. The Company plans to complete its drilling on the existing exploration drill permit and option date of October 15th, 2019. This historical hole was conducted by Jericho Mines Ltd in 1968-69 (** Table 2) as reported by Hemsworth July 2 1969. About the Miller Mine and Claim Group Transatlantic continues the due diligence period with further collection and review of data. The Miller Mine is situated amongst patented and unpatented claims at an elevation of 6,400 feet and accessible by roads 50 miles from Helena, Montana USA. The gold and silver mineralization generally occur on the contacts of sediments and intrusives with native gold and sulphides including pyrite often observed with 4 underground adits located on the property. "The high grades and observations to date including the historic mining reports, historic drilling and the more recent samples from the Lower Level represent a good advanced exploration opportunity with close proximity to the existing mining infrastructure." commented Bernie Sostak CEO of Transatlantic Mining. Key components to the Exclusive Option: Due Diligence option extended to October 15th, 2019 A First Renewal Term of twenty-four (24) months following the expiry of the due diligence period for considerationof $100,000 in cash or share equivalent between 5 and 10 cents CAD at Transatlantic mining election subject toTSX approval. On that election should it occur, Transatlantic to spend $100,000 in the first renewal term. A Second Renewal term of twenty-four (24) months on the expiry of the First Renewal Term for consideration of$100,000 with a minimum $100,000 spend in that period. Should mining occur at any time, there will be an 8.5 % payment royalty on ounces produced until the cumulativelease reaches $4.5 Million USD in payment royalty for change in ownership to 100 % Transatlantic and a perpetual1% gold NSR to the vendor thereafter. Review by Qualified Person Aslam Awan PhD CP MAusIMM (CP Geo) is the Qualified Person pursuant to National Instrument 43-101responsible for having reviewed and approved, the technical information contained in this news release. Mr Awanis the Principal for AAA Geo Consultants with the following comments:"The technical data is based on the written historical reports as stated with no availability of the core/pulps tocurrently validate this historical data. The new samples from the Lower Level (6300 Ft) was analysed and testedfor gold and silver using a 50-gram fire assay charge with a gravimetric finish at IAL (34 Buckingham DriveWangara West Australia independent assay laboratory. A multi element suite has also been sent off for furthermineral analysis."
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