Group Ten Metals Inc. (TSX.V: PGE; OTC: PGEZF, FSE: 5D32)
(the “Company” or “Group
Ten”) provides an update on the Company’s
flagship Stillwater West PGE-Ni-Cu project (“Stillwater West” or
the “Project”) in the Stillwater district of Montana, USA,
including a summary of 2018 field work which resulted in the
recognition of the new Hybrid Zone PGE-Ni-Cu-Cr target that is one
of 14 multi-kilometer priority target areas identified by field and
data analysis activities to date.
Dr. Craig Bow, Chief Geologist, stated, “We are
excited about the discovery of a fundamentally new type of platinum
and palladium mineralization within the Stillwater Complex. Termed
“Hybrid Zone” due to the complex mixtures of rock types and
textures, this zone within the Chrome Mountain target area is
characterized by broad intervals (10 to 150 meters) of highly
anomalous PGE levels associated with chromite and base metal
sulfide often in pegmatoidal Ultramafic Series lithologies. To
date, mineralization has seen scout drilling only and remains open
in all directions, emphasizing the underexplored nature of the
ultramafic portion of the Stillwater Complex. We are committed to
further exploration of this iconic mining district and believe in
its potential to host significant new deposits.”
Including the new Hybrid Zone in the Chrome
Mountain target area, Group Ten has identified a total of 14
multi-kilometer-scale target areas along the approximate 25-km
strike length of the property (see Figure 1). These 3- to 8-km-long
target areas have been defined by major high-level electro-magnetic
conductors with broad coincident soil geochemical anomalies, and
are further divided into eight ‘Platreef-style’ bulk tonnage
PGE-Ni-Cu sulphide target areas (blue ellipses) and six ‘Reef-type’
higher-grade PGE target areas (red ellipses) including the Picket
Pin PGE reef deposit.
The eight ‘Platreef-style’ bulk tonnage
PGE-Ni-Cu target areas occur within the ultramafic and
basal part of the Stillwater Complex and are highlighted by strong
electro-magnetic conductive signatures that are characteristic of
large bodies of massive to extensively disseminated sulphides.
These geophysical targets have overlapping highly elevated
palladium, platinum, gold, nickel, copper, and chromium values in
soils and rock sampling. Individual target areas have from a few
drill holes to as many as 30 wide-spaced holes that have
intercepted significant levels of platinum, palladium and gold
along with nickel, copper, cobalt, rhodium, vanadium and
chromium.
The higher-grade
‘Reef-type’ PGE target
areas at Stillwater West, occur both above and below
Sibanye-Stillwater’s J-M Reef deposit, which hosts a Measured and
Indicated resource of 31 million ounces at a grade of 17.0 grams
per tonne (g/t) Pt+Pd, plus an additional 49 million ounces at 16.6
g/t Pt+Pd in Inferred resources1, plus past production of 10
million ounces at similar grades2 from three active mines. Less
work has been completed on these Reef-type targets by Group Ten to
date however surface sampling and drilling has reported significant
mineralization that will be assessed in future work.
2018 Exploration Programs
The 2018 exploration program, the Company’s
first at Stillwater West, confirmed the potential of the Project to
host multiple large-scale, disseminated, polymetallic bulk tonnage
deposits across the 25-km length of the claim blocks. Work was
focused on exploration of the lower Stillwater Complex where the
Company sees the potential for much larger mineralized systems than
has been previously recognized in the district based on geological
similarities with the northern limb of South Africa’s Bushveld
Complex, a region which hosts Anglo American’s world-leading
Mogalakwena PGE-Ni-Cu Mine, and Ivanhoe’s Platreef PGE-Ni-Cu
project, which is currently under construction.
Work was conducted in the following key areas at
Stillwater West in 2018:
- Significant mineralized intervals from over 11,000 meters of
core inventory were re-logged for assay and the application of new
geologic models from the Platreef. Re-logging is now complete, with
assays pending;
- Surface prospecting and rock sampling of mineralized outcrops
along approximately 20 km of the 25-km strike of the project was
completed. Assay results are expected shortly;
- Detailed surface mapping of the Basal and Ultramafic Series
covering an approximate 7 km2 area was completed to augment the
historical database and better define the stratigraphy of this
underexplored portion of the Stillwater Complex;
- Physical rock property measurements were completed on
representative core and grab samples including magnetic
susceptibility, conductivity/resistivity, IP (Induced Polarization)
chargeability, and density. Rock property analysis is expected to
be instrumental in developing new geologic and 3-D models for the
different types of mineralization at Stillwater West;
- Entry of all core data into the first property-wide 3D geologic
database for modeling and target refinement. This effort is
ongoing, with results expected in 2019;
- Development of a predictive geologic model to drive future
exploration efforts and follow-up drilling (ongoing); and
prioritization of all targets along the 25-km-long strike length of
the Project (now underway).
Next Steps
Results of the 2018 field program will be
released in the coming weeks, with results of the greater modeling
and mapping efforts expected to be on-going through Q1 of 2019.
Group Ten will attend both the Vancouver Resource Investment
Conference and AME Round Up trade shows in January, including core
display at the latter.
About Stillwater West
The Stillwater West PGE-Ni-Cu project positions
Group Ten as the second largest landholder in the Stillwater
Complex, adjoining and adjacent to Sibanye-Stillwater’s
world-leading Stillwater, East Boulder, and Blitz platinum group
elements (PGE) mines in south central Montana, USA. With more than
41 million ounces of past production2 and current M&I
resources1, plus another 49 million ounces of Inferred resources1,
the Stillwater Complex is recognized as one of the top regions in
the world for PGE-Ni-Cu mineralization, alongside the Bushveld
Complex and Great Dyke in southern Africa, which are similar
layered intrusions. The J-M Reef, and other PGE-enriched sulphide
horizons in the Stillwater Complex, share many similarities with
the highly prolific Merensky and UG2 Reefs in the Bushveld Complex,
while the lower part of the Stillwater Complex also shows the
potential for much larger scale disseminated and high-sulphide
PGE-nickel-copper type deposits, possibly similar to Platreef in
the Bushveld Complex3. Group Ten’s Stillwater West property covers
the lower part of the Stillwater Complex along with the Picket Pin
PGE Reef-type deposit in the upper portion, and includes extensive
historic data, including soil and rock geochemistry, geophysical
surveys, geologic mapping, and historic drilling. Note 1: Report on
Montana Platinum Group Metal Mineral Assets of Sibanye-Stillwater,
November 2017, Measured and Indicated Resources of 57.2 million
tonnes grading 17.0 g/t Pt+Pd containing 31.3 million ounces and
92.5 million tonnes grading 16.6 g/t containing 49.4 million
ounces.Note 2: Public production records from Stillwater Mining
Company from 1992 to present.Note 3: Magmatic Ore Deposits in
Layered Intrusions—Descriptive Model for Reef-Type PGE and
Contact-Type Cu-Ni-PGE Deposits, Michael Zientek, USGS Open-File
Report 2012–1010.
About Group Ten Metals Inc.
Group Ten Metals Inc. is a TSX-V-listed Canadian
mineral exploration company focused on the development of
high-quality platinum, palladium, nickel, copper, cobalt and gold
exploration assets in top North American mining jurisdictions. The
Company’s core asset is the Stillwater West PGE-Ni-Cu project
adjacent to Sibanye-Stillwater’s high-grade PGE mines in Montana,
USA. Group Ten also holds the highly prospective Kluane
PGE-Ni-Cu project on trend with Nickel Creek Platinum‘s Wellgreen
deposit in Canada‘s Yukon Territory, and the high-grade Black
Lake-Drayton Gold project in the Rainy River district of northwest
Ontario.
About the Metallic Group of
Companies
The Metallic Group is a collaboration of leading
precious and base metals exploration companies, with a portfolio of
large, brownfields assets in established mining districts adjacent
to some of the industry’s highest-grade producers of platinum &
palladium, silver and copper. Member companies include Group Ten
Metals (TSX-V: PGE) in the Stillwater PGM-Ni-Cu district of
Montana, Metallic Minerals (TSX-V: MMG) in the Yukon’s Keno Hill
silver district, and Granite Creek Copper (TSX-V: GCX.H) in the
Yukon’s Carmacks copper district. Highly experienced management and
technical teams at the Metallic Group have expertise across the
spectrum of resource exploration and project development from
initial discoveries to advanced development, including strong
project finance and capital markets experience and have
demonstrated a commitment to community engagement and environmental
best practices. The founders and team members of the Metallic Group
include highly successful explorationists formerly with some of the
industry’s leading explorer/developers and major producers and are
undertaking a systematic approach to exploration using new models
and technologies to facilitate discoveries in these proven historic
mining districts. The Metallic Group is headquartered in Vancouver,
BC, Canada and its member companies are listed on the Toronto
Venture, US OTC, and Frankfurt stock exchanges.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/62600ad4-0f29-4832-9016-13f5b7e830c1
FOR FURTHER INFORMATION, PLEASE
CONTACT:Michael Rowley, President, CEO & Director
Email:
info@grouptenmetals.com |
Phone: (604) 357
4790 |
Web:
http://grouptenmetals.com |
Toll Free: (888) 432
0075 |
Quality Control and Quality
Assurance
Mr. Mike Ostenson, P.Geo., is the qualified
person for the purposes of National Instrument 43-101, and he has
reviewed and approved the technical disclosure contained in this
news release.
Forward-Looking Statements
Forward Looking Statements: This news release
includes certain statements that may be deemed "forward-looking
statements". All statements in this release, other than statements
of historical facts including, without limitation, statements
regarding potential mineralization, historic production, estimation
of mineral resources, the realization of mineral resource
estimates, interpretation of prior exploration and potential
exploration results, the timing and success of exploration
activities generally, the timing and results of future resource
estimates, permitting time lines, metal prices and currency
exchange rates, availability of capital, government regulation of
exploration operations, environmental risks, reclamation, title,
and future plans and objectives of the company are forward-looking
statements that involve various risks and uncertainties. Although
Group Ten believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results or developments may differ materially from those in the
forward-looking statements. Forward-looking statements are based on
a number of material factors and assumptions. Factors that could
cause actual results to differ materially from those in
forward-looking statements include failure to obtain necessary
approvals, unsuccessful exploration results, changes in project
parameters as plans continue to be refined, results of future
resource estimates, future metal prices, availability of capital
and financing on acceptable terms, general economic, market or
business conditions, risks associated with regulatory changes,
defects in title, availability of personnel, materials and
equipment on a timely basis, accidents or equipment breakdowns,
uninsured risks, delays in receiving government approvals,
unanticipated environmental impacts on operations and costs to
remedy same, and other exploration or other risks detailed herein
and from time to time in the filings made by the companies with
securities regulators. Readers are cautioned that mineral resources
that are not mineral reserves do not have demonstrated economic
viability. Mineral exploration and development of mines is an
inherently risky business. Accordingly, the actual events may
differ materially from those projected in the forward-looking
statements. For more information on Group Ten and the risks and
challenges of their businesses, investors should review their
annual filings that are available at www.sedar.com.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
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