Group Ten Metals Inc. (TSX.V: PGE; US OTC: PGEZF; FSE:
5D32) (the “Company” or “Group Ten”) announces results
from the Wild West and Boulder target areas covering the
far-western end of the Stillwater West Project in Montana, USA.
This is the first in a series of planned news releases to report
results of 2018 exploration programs and on-going compilation and
modeling work at the Company’s flagship PGE-Ni-Cu project adjacent
to Sibanye-Stillwater’s high-grade PGE mines in the Stillwater
Igneous Complex. With more than 41 million ounces of past
production and current M&I resources, plus another 49 million
ounces of inferred resources at over 16 g/t palladium and platinum,
the Stillwater Complex is recognized as one of the top regions in
the world for PGE-Ni-Cu mineralization1,2.
Michael Rowley, President and CEO, commented,
"We are pleased to report the results of our compilation and
modelling efforts at Stillwater West alongside results of the 2018
exploration. This first release focuses on the Boulder and Wild
West target areas, which cover the western-most 8 km of the 25 km
long Stillwater West project, where work in 2018 confirmed the
presence of significant PGE+gold along with nickel, copper and
cobalt sulphide mineralization. Mineralization at these two target
areas corresponds with two nearly untested electromagnetic
geophysical conductors that are approximately 4 and 3.8 km in
length, respectively. Surface sampling from these targets show
values up to 10.3 grams-per-tonne (g/t) palladium, 3.8 g/t
platinum and 21.8 g/t gold in rock samples, with 20
samples returning from 2 to 30 g/t platinum equivalent grade
mineralization, including significant nickel, copper, and cobalt
values.”
“Mineralization styles seen at these two target
areas include high-grade PGE “Reef-type” and structurally
controlled PGE+gold, along with bulk-tonnage “Platreef-style”
PGE-Ni-Cu mineralization geologically similar to the Northern
Bushveld, which hosts Anglo American’s world-leading Mogalakwena
mines, as well as Ivanhoe’s Platreef project. These very
encouraging sample results, along with the untested kilometer-scale
electromagnetic conductor anomalies, highlight the potential for
major new PGE-Ni-Cu discoveries at Stillwater West, within the
prolific Stillwater Complex.”
Wild West Target Area
As shown in Figure 1, the Wild West target area
is one of eight major target areas defined by the Company across
the lower portion of the Stillwater Complex based on
multi-kilometer-scale electromagnetic geophysical (conductive high)
anomalies that are coincident with highly elevated metals in soils
and surface rock sampling. The Wild West electromagnetic conductor
target covers an area of approximately 3.8 km by 1.7 km in size
with very encouraging but limited drilling completed on the
southeastern edge of the conductor at the Pine Shear Zone.
Table 1 and Figure 2 present highlight
intercepts from recent compilation work by the Company on 22 holes
drilled at the Pine Shear Zone targeting high-grade gold+PGE
mineralization along with nickel, copper and cobalt. Highlight
results from drilling at the Pine Shear Zone include 31.02
g/t 3E (28.7 g/t Au, 1.06 g/t Pt, 1.27 g/t Pd) over 2.6
meters and 16.94 g/t 3E (16.19 g/t Au, 0.24 g/t
Pt, 0.50 g/t Pd) over 7.98 meters in a gold+PGE-enriched,
structurally-controlled shear zone hosted within the chromite-rich
ultramafic stratigraphy. Mineralization remains open to expansion
in all directions and is one of several priority targets for
additional follow up exploration in the Wild West target area.
Rock sampling by Group Ten in 2018 at the Pine
Shear Zone returned palladium grades of over 10 g/t while also
confirming high-grade gold with the highest grab sample assaying
23.1 g/t 3E (21.8 g/t Au, 0.64 g/t Pt and 0.72 g/t
Pd). Outside of the Pine Shear Zone in the broader Wild
West target area, reconnaissance rock chip samples confirm the
presence of significant PGE, nickel, copper and cobalt
mineralization in the ultramafic series including up to
11.5 g/t 3E (10.5 g/t Pd, 1.2 g/t Pt and 0.23 g/t
Au) with a total of 17 rock samples exceeding 2 g/t 3E see
Figure 1 and Table 2).
TABLE 1 - Highlight mineralized drill
intercepts from the Pine Shear Zone at the Wild West Target
Area
|
|
INTERVAL |
|
PRECIOUS METALS |
BASE METALS |
TOTAL METALEQUIVALENTS |
GRADE THICKNESS |
HOLE ID |
From |
To |
Width |
Pt |
Pd |
Au |
3E |
Ni |
Cu |
Co |
NiEq |
TotPtEq |
TotNiEq |
Grade x Width |
|
(m) |
(m) |
(m) |
(g/t) |
(g/t) |
(g/t) |
(g/t) |
(%) |
(%) |
(%) |
(%) |
(Pt g/t) |
(Ni %) |
(gram-meter) |
PC2004-04 |
0.00 |
20.73 |
20.73 |
0.21 |
0.34 |
0.08 |
0.64 |
0.12 |
0.06 |
0.009 |
0.18 |
1.38 |
0.34 |
29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PC2004-07 |
19.20 |
46.63 |
27.43 |
0.25 |
0.76 |
0.09 |
1.10 |
n/a |
n/a |
n/a |
n/a |
1.13 |
0.27 |
31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PC-2 |
11.09 |
22.46 |
11.37 |
0.17 |
0.35 |
11.77 |
12.30 |
n/a |
n/a |
n/a |
n/a |
15.24 |
3.70 |
173 |
including |
14.48 |
22.46 |
7.98 |
0.24 |
0.50 |
16.19 |
16.94 |
n/a |
n/a |
n/a |
n/a |
20.99 |
5.10 |
167 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PC-3 |
0.15 |
9.72 |
9.57 |
0.16 |
0.16 |
3.77 |
4.09 |
n/a |
n/a |
n/a |
n/a |
5.04 |
1.22 |
48 |
including |
5.70 |
9.72 |
4.02 |
0.38 |
0.39 |
7.27 |
8.04 |
n/a |
n/a |
n/a |
n/a |
9.86 |
2.40 |
40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PC-5 |
3.05 |
6.28 |
3.23 |
0.89 |
1.04 |
23.49 |
25.43 |
n/a |
n/a |
n/a |
n/a |
31.30 |
7.61 |
101 |
including |
3.05 |
5.67 |
2.62 |
1.06 |
1.27 |
28.69 |
31.02 |
n/a |
n/a |
n/a |
n/a |
38.19 |
9.28 |
100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PC-6 |
29.87 |
39.84 |
9.97 |
0.12 |
0.12 |
4.36 |
4.60 |
n/a |
n/a |
n/a |
n/a |
5.69 |
1.38 |
57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PC-9 |
4.39 |
5.76 |
1.37 |
0.34 |
0.34 |
15.87 |
16.56 |
n/a |
n/a |
n/a |
n/a |
20.53 |
4.99 |
28 |
Intercepts with grade thickness values over 25 gram-meter
TotPtEq are presented above. Total Platinum Equivalent (TotPtEq
g/t) and Total Nickel Equivalent calculations reflect total gross
metal content using metals prices as follows (all USD):
$6.00/lb nickel (Ni), $3.00/lb copper (Cu), $20.00/lb cobalt
(Co), $1,000/oz platinum (Pt), $1,000/oz palladium (Pd) and
$1,250/oz gold (Au). Values have not been adjusted to reflect
metallurgical recoveries. Total metal equivalent values include
both base and precious metals, where available. Results labelled
‘n/a’ were not assayed for that metal. Total platinum equivalent
grade thickness was determined by multiplying the thickness (in
meters) by the Total Platinum Equivalent grade (in grams/tonne) to
provide gram-meter values (g-m) as shown. PC2004 series holes
were conducted in 2004 by Group Ten’s QP while working for Premium
Exploration. PC series holes were drilled in 1983 and the results
are considered historic and have not been independently verified by
Group Ten.
TABLE 2 - Highlight 2018 rock sample
results from the Wild West target area
|
|
PRECIOUS METALS |
BASE METALS |
TOTAL METALEQUIVALENTS |
SAMPLE ID |
LOCATION |
Pt |
Pd |
Au |
3E |
Ni |
Cu |
Co |
NiEq |
TotPtEq |
TotNiEq |
|
|
(g/t) |
(g/t) |
(g/t) |
(g/t) |
(%) |
(%) |
(%) |
(%) |
(Pt g/t) |
(Ni %) |
3190318 |
Wild West (PSZ) |
0.64 |
0.72 |
21.80 |
23.16 |
0.260 |
0.071 |
0.018 |
0.36 |
30.07 |
7.31 |
97809 |
Wild West (PSZ) |
0.37 |
0.59 |
11.70 |
12.66 |
n/a |
n/a |
n/a |
n/a |
15.58 |
3.79 |
97805 |
Wild West (PSZ) |
3.77 |
10.34 |
0.22 |
14.32 |
n/a |
n/a |
n/a |
n/a |
14.38 |
3.49 |
3190486 |
Wild West (PSZ) |
0.24 |
0.49 |
7.93 |
8.66 |
0.475 |
0.313 |
0.027 |
0.72 |
13.61 |
3.31 |
3190317 |
Wild West (PSZ) |
0.37 |
0.31 |
7.31 |
7.99 |
0.551 |
0.034 |
0.028 |
0.66 |
12.53 |
3.05 |
3190498 |
Wild West |
1.24 |
10.05 |
0.23 |
11.53 |
0.162 |
0.006 |
0.013 |
0.21 |
12.44 |
3.02 |
1409988 |
Wild West (PSZ) |
1.82 |
6.01 |
0.20 |
8.03 |
0.157 |
0.029 |
0.040 |
0.30 |
9.33 |
2.27 |
3190408 |
Wild West (PSZ) |
0.58 |
1.35 |
3.19 |
5.13 |
0.119 |
0.223 |
0.020 |
0.30 |
7.15 |
1.74 |
3190497 |
Wild West |
2.11 |
3.55 |
0.01 |
5.67 |
0.100 |
0.017 |
0.017 |
0.17 |
6.35 |
1.54 |
3190508 |
Wild West |
1.09 |
3.20 |
0.27 |
4.56 |
0.217 |
0.067 |
0.024 |
0.33 |
5.99 |
1.46 |
3190320 |
Wild West |
1.03 |
2.95 |
0.44 |
4.41 |
0.138 |
0.011 |
0.018 |
0.20 |
5.36 |
1.30 |
3190509 |
Wild West |
1.12 |
2.83 |
0.14 |
4.08 |
0.142 |
0.000 |
0.026 |
0.23 |
5.06 |
1.23 |
337315 |
Wild West |
0.76 |
2.01 |
0.23 |
3.00 |
0.259 |
0.084 |
0.030 |
0.40 |
4.71 |
1.15 |
337389 |
Wild West (PSZ) |
2.80 |
0.47 |
0.03 |
3.30 |
0.067 |
0.017 |
0.023 |
0.15 |
3.93 |
0.96 |
3190386 |
Wild West |
0.44 |
1.61 |
0.19 |
2.24 |
0.183 |
0.245 |
0.022 |
0.38 |
3.84 |
0.93 |
1409992 |
Wild West |
0.86 |
1.83 |
0.03 |
2.72 |
0.090 |
0.034 |
0.024 |
0.19 |
3.49 |
0.85 |
337307 |
Wild West |
1.76 |
0.67 |
0.02 |
2.45 |
0.114 |
0.021 |
0.013 |
0.17 |
3.14 |
0.76 |
337309 |
Wild West |
0.61 |
0.83 |
0.14 |
1.58 |
0.250 |
0.084 |
0.020 |
0.36 |
3.09 |
0.75 |
3190422 |
Wild West |
0.32 |
0.58 |
0.10 |
0.99 |
0.217 |
0.172 |
0.024 |
0.38 |
2.59 |
0.63 |
3190507 |
Wild West |
0.11 |
0.23 |
0.11 |
0.44 |
0.327 |
0.182 |
0.018 |
0.48 |
2.44 |
0.59 |
Results over 2 g/t TotPtEq are presented
above. Total Platinum Equivalent (TotPtEq g/t) and Total Nickel
Equivalent were determined as per Table 1.
Boulder Target Area
The Boulder EM conductor target covers an area
approximately 4 km long by 1 km wide with a highly conductive
electromagnetic response over the Ultramafic and Basal Series of
the Stillwater Complex. While the area is among the least explored
at Stillwater West, Group Ten’s work in 2018, together with the
available historic data, confirms the presence of significant
levels of PGE, Ni, Cu, Co and Cr mineralization coincident with the
conductive high anomaly, confirming the potential for large bodies
of strongly disseminated sulphides.
Mineralization at the Boulder target area is
further confirmed by historic drilling by Anaconda in the 1970s
which targeted nickel and copper sulphides and chromites in the
Basal and Ultramafic Series. Historic data from drill hole BR-2 at
the Boulder Target Area reported three intervals grading between
0.42% to 1.5% combined nickel plus copper but were not assayed for
PGE or gold values. Future work at the Boulder Target Area will
include detailed mapping and soil and rock sampling to develop and
refine drill targets.
Upcoming News and Events, Including Core
Display at AMEBC Roundup
Group Ten will be participating in the 2019
AMEBC Mineral Roundup Event in Vancouver. Investors are invited to
view core from Stillwater West at display #1018 in the Core Shack
area during the AME Round Up tradeshow on January 28 and 29, 2019.
Group Ten will also be at booth #1009 in the Exhibit Hall for the
duration of the show, and will be at the PDAC convention in March
in Toronto, among other upcoming shows.
The Company looks forward to releasing further
results from the adjacent and more advanced Chrome Mountain and
Iron Mountain target areas in the coming weeks.
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 production and current M&I resources,
plus another 49 million ounces of Inferred resources1,2, 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.
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
2018 rock chip samples were analyzed by Bureau
Veritas Mineral Laboratories in Vancouver, B.C. Samples were
crushed and split, and a 250 g split pulverized with 85% passing
200 mesh. Gold, platinum, and palladium were analyzed by fire
assay (FA350) with ICP finish. Selected major and trace
elements were analyzed by peroxide fusion with ICP-EB finish to
insure complete dissolution of resistate minerals. Following
industry QA/QC standards, blanks, duplicate samples, and certified
standards were also assayed. Due to a Pd over-limit of 10
ppm, there is only qualitative Pd data for sample 3190498 from
FA350 analysis.
2004 drilling was conducted by Group Ten’s QP
while working for Premium Exploration. 1983 drill results are
considered historic and have not been independently verified by
Group Ten.
1980s assay data was obtained from a 1986 report
by geologist R.J. Warchola titled “A Hydrothermal Gold Occurrence
on Chrome Mountain, Stillwater Complex, Montana” published in the
Montana Geologic Society and Yellowstone Bighorn Research
Association Joint Field Conference and Symposium: Geology of the
Beartooth Uplift and Adjacent Basin: YBRA 50th Anniversary Edition,
1986; and a 1984 internal report by R.J. Warchola titled “Geologic
Report on the Pine Claim, Sweetgrass County, Montana February
1984”
Assay data for drillhole BR-2 was obtained
graphically from a 1979 Anaconda Copper Company map by G.F. Willis
and J. Bielak.
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.
Photos accompanying this announcement are available
at:
http://www.globenewswire.com/NewsRoom/AttachmentNg/4892ef65-f505-4efc-92a5-e8e4a2e89b03
http://www.globenewswire.com/NewsRoom/AttachmentNg/67397f95-bf6a-4232-aec3-d0827a765b95
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