Proactive Investors - Transition Metals Corp (TSXV:XTM) has completed a comprehensive ground fixed loop electromagnetic (EM) survey on its Maude Lake property in Ontario, and the company announced the receipt of a federal grant supporting its exploration efforts.
Transition has won an Ontario Junior Exploration Program (OJEP) grant of up to $200,000 from the Ontario Government to cover 50% of eligible explorations costs on the project, which is aimed at facilitating the exploration of critical minerals within Ontario.
The grant funding represents a meaningful milestone, the company said in a statement, leveraging government support towards advancing the exploration of this high-tenor magmatic nickel project.
The ground fixed loop EM survey at Maude Lake was designed to provide detailed information on the subsurface geology and potential mineralization, covering 174 hectares over portions of a strongly magnetic trend.
Drilling in 2022 intersected 20.01 meters averaging 0.33% nickel, 0.28% copper, and 0.13 grams per ton platinum group metals (PGM), including 4 meters averaging 0.61% nickel, 0.53% copper and 0.23 g/t PGM.
"Results from the EM survey confirm the presence of a large conductive target situated down dip from the mineralization we intersected at Maude Lake last fall,” CEO Scott McLean said in a statement. “We are excited to move forward with the next phase of exploration with financial support of the OJEP funding to further define the scale and extent of the mineralization."