Transition Metals (TSXV: XTM) acquired a 100% interest in the Fostung property located near the town of Espanola, Ontario.
In a press release, the Sudbury-based company explained that the property hosts a historic tungsten trioxide (WO3) skarn resource that in 2007 was stated to contain an inferred mineral resource of 12.4 million tonnes grading 0.213 wt. % WO3.
Transition purchased a 100% interest in 16 mining claims by issuing $25,000 in cash and $25,000 in shares to the vendor, and in another three claims by paying $5,000 in cash to the vendor
Such a resource estimate was completed by SRK Consulting, whose report also presents a CIM classified inferred mineral resource of 12.4 Mt of mineral material with 0.213 wt.% WO3 using a 0.125 wt.% cut-off based on information from 44 drill holes totalling 9,185 metres completed from 1966 to 1986.
Transition, on the other hand, reported that its field team recently collected grab samples, which returned values of up to 0.63 wt. % WO3, 0.87 wt. % Cu, 0.12 wt. % Zn and 15.9 ppm Ag and demonstrate the polymetallic nature of the mineralization on the property.
“Tungsten has been recognized as a critical metal by various countries including the USA,” Transition Metals’ CEO, Scott McLean, said in the media brief. “With limited to no tungsten production in North America and the vast majority of global production coming from China, the Fostung asset is viewed as being a strategic acquisition.”