THOUGHT LEADERS

EXPLORATION

New resources through exploration effort, lateral thinking and discovery success

Transition will pursue new resources through exploration designed to lead to discovery success by expanding existing resources, geological footprints and focusing on identifying new resources as suggested by a new‐found geological model for the region. Opportunity includes shallow oxide/sulphide ore (Cu, Au) for near‐term third‐party sale or toll treatment, whilst selectively focusing on larger exploration targets (including Tier One scale) with company making potential (Cu, Co, Au, REE).

Transition’s exploration focus is best described as thought leadership, with a pragmatic focus on merging old‐school theories and methodologies with new geological appraisals and modern exploration methods.

FOCUS: Cu, Co, Au, REE+Y, W, Sc

WEST PROJECT

Duck Creek Area

FOCUS: Cu, Au, Co, REE+Y, W

EAST PROJECT

Toole Creek Area

Transition’s tenements are located in the Mt Isa Inlier, a recognised world class minerals province, and are all within 60km of the major regional hub of Cloncurry, Queensland, Australia. Cloncurry boasts excellent modern infrastructure such as rail and national highways, and facilities such as a regional hospital and a large passenger jet airport.

Numerous operating mines, planned operating mines and mines on care and maintenance are just a short trucking distance from Transition’s tenements, offering several third‐party processing options. Many mines in the area are under‐utilised and looking for additional ore.

Transition’s Cloncurry tenements (~1036km2) include poorly understood and historically overlooked areas of the Cloncurry District and contain some of the highest concentrations of historical workings in the region. Most of these were small‐scale (but high‐grade) Cu and Au mines worked between 1880 to 1940, and also include the Success (cobalt) Mine that produced ore up to 50% Co.

Transition’s focus has been to understand this concentration of activity and where appropriate, redefine accepted geological models that have dominated the area for the last 80 years or so.

The result of Transition’s developing new mineral system model is to have transformed overlooked tenements into fertile new opportunities on three fronts:

1.  High‐value rare and technology metals focus (Au, W, REE+Y, Co, Sc, +/‐ Cu);
2. Hallow, high‐grade mid‐scale copper focus (Cu, Au, Co).; and
3. Deeper large‐scale Tier One exploration focus (Cu, Au, Co, ?).

With respect to point 1, Transition’s new xenotime‐rich, heavy rare earth bearing mineral system discovery with associated gold and technology metals such as tungsten and cobalt, appears to have validated the new mineral system model.

With respect to point 2, Transition’s recently completed high‐resolution geophysics has highlighted hundreds of potential drill sites where anomalies correlate with known historical workings, copper production and/or drilling, particularly under transported cover.

With respect to point 3, 3D inversion modelling of the recently completed high‐resolution geophysics is presenting compelling spatial evidence of possible large‐scale deeper exploration opportunities (~100‐700m depth), including strong correlation with known surface mineralisation.

EXPLORATION PROGRAMMES

Outcrop sampling, geophysics and drilling

Soil and rock-chip (outcrop) samples have been collected for lab analysis or field tested by XRF from numerous locations throughout Transition’s tenements, with the largest programmes undertaken at the following prospect areas:

  • Success (cobalt) Mine (Success, Timberoo, Mt Mindie, Pettit’s Workings).
  • Comet (Comet and surrounding areas, including a newly defined gold-rich zone).
  • Hideaway (no historical records available).
  • Brilliant (Brilliant, Marguerite, Ida, Ida West).
  • Forget-Me-Not (Forget-Me-Not, Ready Rhino, Highland Mary, Scorpion, Micawber).
  • Horseshoe (Dulce, Tulip, New Dollar, Buttercup, Gift, Jones Surprise, Waratah, Cleopatra).
  • Chinaman (Chinaman, Asia, Pioneer, Diagonal, Prospector, Balfour, Mountain Maid, Atlanta, Speculation, Celestial, Eva, Phoenix, Commonwealth).
  • Nuggetty Gully (Mt Dawson, Mt Fate, Glory Hole, Golden Chance, Camp Prospect).
  • Weatherly (adjacent to IOCG drilling activity – no record of historical activity).
  • Ghost Field (no record of historical activity).

Location of soil sampling and prospect reconnaissance for the current field programmes.

PROSPECT IDENTIFICATION USING NEW PROPRIETRY METHOD

In concert with its new mineral system model, Transition is successfully employing a proprietary, rapid first‐pass reconnaissance method to its exploration activities. This is significantly reducing the cost of prospect identification by reducing time consuming and non‐productive field reconnaissance activities.

The method has been particularly successful in highlighting mineral system “hot spots” in remote areas where there is no historical record of mining or exploration activity, and no record of metal enrichment.

SOIL, ROCK AND OUTCROP SAMPLING

Transition’s new mineral system model is regional in scale and because it is targeting metals from a mineral system not previously explored in the area, historical records are often unable to provide meaningful exploration vectors.

New regional and prospect‐scale soil, rock and outcrop sampling for laboratory analysis or testing by rapid field based held‐held pXRF is ongoing throughout Transition’s tenements. This back‐to‐basics approach is driven by Transition’s new mineral system model that requires new information and a paradigm shift in thinking.

Over 10,000 sample analyses have been obtained across Transition’s tenements, with the largest programmes being undertaken at the following key prospect areas:

  • Highway Prospect (new discovery)
    new greenfields quartz‐breccia discovery
    samples collected over 190m x 50m zone (open along strike)
    Au‐W‐REE+Y‐Co‐Sc
  • Highway North Prospect (new discovery)
    quartz‐breccia discovery 1000m north of Highway
    Au‐W‐REE+Y
  • A1 Camp Prospect (new REE discovery)
    samples collected over 400m zone
    Cu‐REE+Y‐Au
  • Comet (new discovery)
    corresponding SAM (MMC/TFEM) geophysical anomaly
    800m long elevated surface enrichment
    Co‐Au‐W (+/‐ Cu)
  • Hideaway Prospect (new discovery)
    SAM (MMC) geophysical anomaly
    corresponding with 1000m long elevated copper‐gold rich zone
    Cu‐Au‐Co
  • Success (cobalt) Mine
    Success, Timberoo, Mt Mindie, Pettit’s Workings
    Co‐Cu‐Au‐W‐REE
  • Brilliant area
    Brilliant, Marguerite, Ida, Ida West
    Cu‐Au‐Co
  • Bunyip
    Bunyip, Boulevard, Courtyard, Corridor
    Cu‐Au‐Co‐W‐REE‐Sc
  • Forget‐Me‐Not
    Forget‐Me‐Not, Ready Rhino, Highland Mary, Scorpion, Micawber, Violet, Coronet,
    Riverbank, White Rose
    Cu‐Au‐Co
  • Horseshoe
    Horseshoe, Dulce, Tulip, New Dollar, Buttercup, Gift, Jones Surprise, Waratah, Woomera,
    Woomera Chief, Cleopatra, Noontide
    Cu‐Au‐Co
  • Diagonal
    Aeris, Asia, Pioneer, Diagonal, Prospector, Balfour, Mountain Maid, Columbiad, Alone Hand,
    Atlanta
    Cu‐Au‐Co
  • Chinaman
    Chinaman, Speculation, Celestial, Eva, Phoenix, Hilda, Commonwealth, Quark
    Cu‐Au‐Co, Easter Gift, Marraba Shear
  • Nuggetty Gully
    Mt Dawson, Mt Fate, Glory Hole, Golden Chance, A1 Camp
    Cu‐Au‐Co‐REE
  • Vista
    Vista North, Vista South
    Cu‐Au
  • IXL
    IXL1, IXL2, Maria Dell, Lady Norman, Toole Creek
    Cu‐Au‐Co
  • Weatherly IOCG
    VTEM conductive anomaly
    adjacent to Canteen IOCG drilling activity by third parties
    Cu‐Au

DRONE DEPLOYMENT IMPROVES FIELD CAPABILITIES

Transition is acquiring high‐resolution aerial photography and digital terrain models (DTMs) of key prospect areas with impressive results. This includes the remote identification of mineralised surface rocks that are identified by post‐processing (desk‐top) assessment of areas of coverage.

Drone flights are conducted at heights between 50-100m above surface, with up to 2,500 photo-tiles obtained per prospect. The photos are taken in both plan-view and tilt, then digitally combined by post-processing in a 3D CAD environment. The left image shows a series of shafts at the IXL prospect and the right image is a close-up of the highlighted area, showing the level of detail obtained (here looking down an estimated 10m deep shaft). Malachite (green copper minerals) can also be seen in the surrounding stockpiles.

First-pass field reconnaissance by drone-acquired photogrammetry. The left image shows the original aerial data, and the right image after it has been post-processed to highlight possible areas of interest. The enlarged area shows what appears to be copper minerals in-situ, associated with a possible quartz breccia located within EPM13336. There is no evidence of historical activity in the area. The site is yet to be investigated by Transition’s geologists and is one of many similar desk-top discoveries that have been flagged for field reconnaissance.

The photogrammetry process generates digital terrain models (DTMs), which facilitate additional capabilities including 3D volume calculations within a CAD environment. This is used in waste pile volume and tonnage analysis, and in identifying important geological boundaries and structures.

Left image shows close-up of a small pothole (~25m field of view) dug at the Success (cobalt) Mine area, and the right image is the 3D digital terrain model of the same image. The smooth hills to the right are historical stockpiles, which in the CAD environment can be located, measured and volumes and tonnes estimated.

GEOPHYSICS

An impressive suite of historical geophysics data is available for the Cloncurry area via open‐file data records, which includes low‐resolution coverage for different types of surveys over all of Transitions tenements.

Hideaway Prospect SAM MMC (conductivity) survey.

Hideaway Prospect soil geochemistry survey (copper)

Diagonal Prospect SAM MMC (conductivity) 3D inversion isosurface.

Hideaway Prospect SAM MMC (conductivity) survey