Transition Metals Corp. provided an update regarding field activities on three of the projects it is currently advancing in Ontario. Crews were deployed in late May to the Maude Lake Ni-Cu-Co-PGM project and in June to the Jolly Gold project, both located in northwestern Ontario. Crews are now being mobilized at the Aylmer Cu-Au project near Sudbury, Ontario in preparation for drilling. At Maude Lake, work continues to highlight the very encouraging potential for this property to host high tenor Ni-Cu-Co-PGM mineralization. Initial channel sampling by the Company in 2019 of limited bedrock exposure in the vicinity of the historical Nicopar showing returned values including: 2.09 % Ni, 0.64 % Cu and 0.32 g/t PGM (Pt+Pd+Au) over 4.0 metres, 2.11 % Ni, 1.30 % Cu and 0.45 g/t PGM over 1.4 metres and 1.15 % Ni, 0.93 % Cu and 0.49 g/t PGM over 2.0 metres. A small resource potential was highlighted through programs of shallow exploration drilling completed by Zenmac in the 1960's, then by Novawest Resources in the early 2000's associated with a large regional magnetic and gravitational anomaly. Encouraged by the channel sample results, Transition undertook a modern airborne magnetic - time domain electromagnetic survey (Mag - VTEM) in January, that identified an undrilled, highly conductive feature associated with the surface showing. Over the past weeks, Transition field crews re-established trail access to the site and have completed mechanical stripping, channel sampling, and detailed mapping work, which expanded the known surface mineralization to an area approximately 20 by 80 metres in size. This stripping confirms the presence of zones of semi-massive to massive sulphides occurring near the base of a large gabbroic intrusion that
appears to dip towards the vicinity of the untested EM target. At surface, the EM response associated with the exposed sulphide mineralization is weak, but the gabbro is intruded by and dilated by non-mineralized granitic dykes at surface. The Company interprets that the stronger conductive targets identified along strike defined by the VTEM survey may be associated with a deeper extension of this mineralized contact at depth. Upon receipt of all laboratory results from the sampling, the Company plans to drill a total of 1,000 metres to test the mineralization and this highly attractive conductor. The Jolly Gold project camp scale property (4,560 Ha) covers what Transition interprets to be the western extension of the Beardmore-Geraldton Greenstone Belt (BGGB) that to date has produced approximately 4.1 Moz of gold1, with a new Proven & Probable Mineral Reserve Estimates more than 5.5 Moz Au contained within the Hard Rock Project2. The property hosts similar geology to the BGCB, as well as significant high grade gold showings. The best result collected by the Company during the 2021 program was a channel sample taken from historical bedrock exposure at the Fat Beagle showing, which returned 146 g/t Au over 0.40 metres and 24.4 g/t Au over 0.61 metres. In December of 2021, the Company reported that an orientation Mobile Metal Ion (MMI) survey highlighted a 300 metre long, multi-element geochemical anomalies around this
mineralization. In June, the Company opened 3 bedrock trenches exposing extensions to structures and mineralization observed at the Fat Beagle showing within the 300-metre long MMI target area. Additionally, the Company expanded its MMI coverage on the property over an area of structural interest measuring approximately 9 by 2 kilometers, with the addition 1080 MMI soil samples. Results for the fieldwork are pending and expected later this summer at which time the Company will determine what further work is warranted. Toth, Zsuzanna, 2019, The geology of the Beardmore-Geraldton belt, Ontario, Canada: geochronology, tectonic evolution and gold mineralization, Thesis, Doctor of Philosophy (PhD) in Mineral Deposits and Precambrian Geology, Laurentian University of Sudbury. G Mining Services, 2021. NI 43-101 Technical Report - Hardrock Project, Ontario, Canada. 611 p The Aylmer Cu-Au property, consists of 43 mining claims covering 1,455 hectares, located north of Lake Wanapitei near Sudbury, Ontario. The property hosts a strongly altered breccia occurrence that is approximately 400 m x 1000 m in size. The breccia occurrence lies within a north-trending, regional structural zone interpreted to be 14 to 15 kilometres wide associated with widespread regional soda-altered rocks and occurrence of gold-copper-bearing quartz veins grading up 5.93% Cu. Fieldwork has resulted in the interpretation that the mineralization is coincident with large scale structures, brecciation and a corridor of elevated conductivity identified from the airborne Mobile MT geophysical survey flown in late 2020. The Company is currently mobilizing a drill to the property to commence a 1,500 m drill program to test the conductive features associated with the mineralization. Earlier in 2022, the Company was approved for the Ontario Junior Exploration Program funding whereby the Ontario Government will refund 50% of the exploration cost to a maximum of $200,000. The Company expects to complete a $400,000 program.