CGM said channel sampling at the Behold zone in late 2018 had returned assays of up to 8.6g/t gold over 0.3m and 5.42g/t over 0.67m, about 800m northwest of previously known mineralisation.

"Our work has highlighted a large exploration target located just south of the heart of the Kirkland Lake gold mining camp," CGM CEO Greg Collins said.

He said Behold occurred near the interpreted northwest end of an IP anomaly about 300m north of the Lincoln Nipissing break, which was recently been highlighted by the Metal Earth research initiative as an underexplored fault system having similar characteristics to other major gold producing structures in the Abitibi.

CGM was founded by Transition in 2016 to pursue gold in the southwest Abitibi and is said to have raised about C$2 million (US$1.5 million) privately.

Meanwhile, Transition raised almost $200,000 (US$150,000) in a December raising at 11.5c per flow-through share.

Transition's shares have slid from 20c in March 2018 to a low of 6c on December 31.

They have recovered slightly but closed down half-a-cent or about 5% yesterday to 9c, to capitalise it at $3.9 million.