Year in review This is what your selling at a rediculous price to earnings currently
The Company announced several important milestones in 2019.
Highlights for 2019
- In April (see news release dated April 29), option partner North American Palladium (NAP) obtained the thickest and highest grade drill intersection yet on the Sunday Lake PGM property with assays returning 41.20 metres grading 5.51 g/t PGM (3.22 g/t Pt, 2.08 g/t Pd, 0.21 g/t Au) and 0.57% Cu including a high grade section of 15.80 metres grading 9.11 g/t PGM (5.42 g/t Pt, 3.35 g/t Pd, 0.34 g/t Au) and 0.88% Cu. In December, South African platinum mining heavyweight Impala Platinum Holdings Ltd. completed a plan of arrangement with NAP to acquire 100% of the outstanding common shares of NAP for total cash consideration of approximately $1.0 billion (CAD) forming a Canadian wholly owned subsidiary dubbed Impala Canada (“Implats Canada”).
- In Nova Scotia, the Company advanced its Highland Gold Project located 60 km northwest of Sydney, with geochemical, geological and geophysical surveys, as well as reverse circulation (RC) percussion drilling. Drilling intersected significant grades and widths of gold mineralization in three separate zones including 9.0 metres grading 6.14 g/t Au including 2.0 metres grading 25.46 g/t Au at zone 6B located approximately 2 kilometres east of Main Zone where RAB drilling completed by the Company in late 2018 returned a 9.14 metre interval grading 23.22 g/t Au. The drilling results at Highland represent some of the highest grade gold intercepts yet discovered in Cape Breton at a time when exploration interest in the Maritimes is undergoing resurgence.
- Rio Tinto Exploration Canada (RTEC) signed a $30 million Option Agreement with Company partner Forum Energy Metals Corp to earn up to an 80% interest in the Janice Lake Property. Between October and December Forum reported drill results from Rio Tinto’s first phase of drilling (totaling $3M) program at Janice Lake. Drilling successfully confirmed and significantly extended the known extent of near-surface stratabound chalcocite and native copper mineralization at the Jansem and Janice drill targets. Grades as high as 1.09% Cu over 9.1 metres and 1.32% Cu over 5 metres within 51.8 metres grading 0.57% Cu were intersected at Jansem. Deeper drilling further demonstrated the presence of multiple copper mineralized horizons requiring follow-up drilling.
- Through cost-effective staking, the Company added several new properties including the Fannon and Porcupine Properties in the emerging Wollaston copper belt district in Saskatchewan along trend of Janice Lake as well as the Duntara Copper Property on the Bonavista Peninsula in Eastern Newfoundland. The Company was able to acquire the Fostung Tungsten Property near Espanola Ontario which hosts a historic estimate of 12.4 Mt containing 0.213 wt.% WO3 using a 0.125 wt.% cut-off.¹
- ¹ Source: NI 43-101 Technical Report on Resources, Golden Predator Mines Inc., Fostung Project Foster Township, Ontario, Canada. Prepared by SRK Consulting, November 30, 2007. Transition has not done sufficient work to classify this historical estimate as a current mineral resource hence it should not be relied upon.
- Through option agreements, the Company grew its project pipeline by acquiring the high-grade Maude Lake Ni-Cu-Co-PGM property near Schreiber, Ontario (see Company news release of November 19, 2014), the Cryderman Gold property located near Shining Tree, Ontario (see Company news release of May 15, 2019) and the Alymer IOCG copper/gold project located near Sudbury Ontario (see Company news release of December 23, 2018).
- SPC Metals (30% owned by the Company) signed a definitive agreement for a reverse take-over transaction with Edison Cobalt Corp (“Edison”). Following a planned concurrent financing, Transition’s ownership will be approximately 19.7% of the new public company. SPC Metals intends to establish itself as an energy metals exploration company with a specific focus on nickel.
- Canadian Gold Miner (38% owned by the Company) remained active in 2019 advancing its 230 square kilometer portfolio of gold exploration projects in the prolific Abitibi Greenstone belt in Ontario towards a public listing.
- In December the Company closed an over-subscribed non-brokered private placement for gross proceeds of $468,910. Proceeds will be used for exploration and working capital purposes.