Transition Metals to acquire Cryderman gold project in Ontario

Transition Metals (TSXV: XTM) announced this week that it has entered into an option agreement to acquire a 100% interest in the Cryderman gold property located near Shining Tree, Ontario.

In order to move forward with the deal, the Sudbury-based firm has to issue $60,000 in cash and $110,000 in shares to the vendor and complete $300,000 in work over a three year period. If the company vests its interest, the vendor would retain a 2% Net Smelter Return royalty with Transition retaining the right to buy back 1% NSR for $1 million.

Geologically, the Cryderman project is underlain by rocks of the southwest part of the Abitibi greenstone belt

In a press release, the miner explained that Cryderman sits in the western portion of the Shining Tree gold camp and consists of six contiguous mining leases that cover a historical high-grade lode gold showing where grab samples collected by the company in 2018 returned values from trace up to 34.5 g Au/t.

“We are very excited to bring another high-grade gold project into the company. There is no record of any exploration on this property since the late 1940s when it saw small scale production,” Transition CEO, Scott McLean, said in the media statement. “Recent discoveries in the area such as IAMGOLD’s 10 million oz and growing Cote Gold project and Pan American Silver’s 3.0 million oz Juby project have highlighted the prospectivity of this underexplored section of the southwest Abitibi greenstone belt. We feel we can advance the project effectively through a systematic, but hands-on approach that we plan to initiate this summer.”

The post Transition Metals to acquire Cryderman gold project in Ontario appeared first on MINING.com.