Transition Metals Corp. has optioned a 100 per cent interest in five staked claims located 10 km south of Espanola.
The claims, comprising 224 hectares, are located along strike from the past-producing McMillan gold mine in Mongowin Township, which operated from 1934 to 1937. The mine produced 60,000 tons of gold ore at a recovered grade of 0.18 ounces per ton for a total of approximately 10,800 recovered ounces of gold.
In 1985-1986, the mine was dewatered and resampled, and an underground diamond drilling program was recommended but did not go forward due to lack of funds.
"Despite the positive historical indications of mineralization in the area, very little exploration has been conducted in recent times,” Transition CEO Scott McLean said in a news release.
“Much of the House Lake Fault system has never been drill tested, nor have other potentially related structures that host near-surface gold mineralization,” he added. “This is due in part to the formerly fragmented ownership history of the area. In the context of $1,000-plus gold prices, the potential for discovery of large-tonnage, near-surface gold deposits needs to be revisited."
The company has additionally staked seven claims totalling 384 hectares adjacent to the optioned claims.
The release noted that, in 2011, the area was highlighted by the Ontario Geological Survey 1 as one of the top underexplored areas to conduct gold exploration in Ontario.
Transition Metals Corp. is a public company listed on the Toronto Venture Exchange under the trading symbol XTM.V that is focused on exploration for gold in Canada. It has additional properties in Gowganda, Timmins, Temagami and British Columbia.
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