Transition Metals Corp. announced updates regarding ongoing geological studies, as well as provide an update on upcoming exploration plans for the Pike Warden project ("the Property"), Yukon. Petrographic and geochemical studies have further highlighted the prospectivity for porphyry style copper-molybdenum mineralization on the Property.

The Pike Warden Project (Figure 1) is located in the traditional territory of Carcross/Tagish First Nation and is situated on the northern rim of the Bennett Lake Caldera Complex, one of the largest extinct volcanic centers in Canada. Petrographic analysis on a select batch of 26 rock samples is being carried out by Fabrizio Colombo, Ph.D., P.Geo., of Ultra Petrography and Geoscience Inc. ("UPG"), to characterize host lithologies, alteration assemblages, and mineralization which could be proximal to porphyry centers. Preliminary observations from this study highlight that the samples can be categorized into three subsects: Samples which display alteration and veining characteristics of precious metal enriched epithermal alteration and mineralization, Samples which exhibit chlorite-epidote-albite assemblage (propylitic alteration), and Samples which exhibit strong alteration comprising albite-chlorite-biotite-epidote-quartz- chalcopyrite assemblage, representing a much higher temperature of alteration.

Three trace element indices have been reviewed and applied to further highlight and characterize mineralizing systems: A thermal index, used as a vector for heat flow and heat-flux footprints in epithermal-porphyry systems, The Mineral Deposit Research Unit's (MDRU) porphyry indices (MPIx, MPIx-Lateral) are used to map the mineralization footprints both vertically and laterally, and The Na-Ca depletion index, which helps map the intensity of muscovite and advanced argillic alteration. These indices provide tools to compare prospects in a district, assess size, and qualify level of burial, which assists to define and prioritize drill targets. Supported by petrographic evidence, the trace element geochemical indices highlight the potential for multiple mineralized centers.

Some samples collected from high thermal index areas have been observed petrographically as being overprinted by lower temperature phyllic and argillic alteration assemblages. This relationship highlights a spatial overlap in places between an early high temperature porphyry alteration assemblage overprinted by lower temperature epithermal alteration and mineralization. Samples exhibiting higher MPIx values, and Na-Ca depletion index values, imply proximity to a Cu-Mo ± (Au/Ag) porphyry system.

The data highlights multiple sites exhibiting high MPIx values clustered near intersections between strong concentric and radial structures related to the Bennett Lake caldera (Figure 2). The Pike Warden property is located approximately 65 kilometres southwest of Whitehorse, Yukon, and is composed of 203 contiguous mining claims totaling approximately 41 km². The property encompasses a combination of historic and recently discovered high-grade polymetallic gold, copper, and silver epithermal showings that are indicative of a large epithermal-porphyry system in the vicinity of the Bennett Lake Volcanic Complex.

In June 2022, Transition entered into an option agreement to acquire a 100% interest in the property from the Vendor in exchange for cash, shares, and work expenditures over a four-year period.