Group Ten Metals Inc. (TSX.V: PGE; US OTC: PGEZF; FSE:
5D32) (the “Company” or “Group
Ten”) is pleased to provide an update on
the Black Lake–Drayton gold project, which adjoins the Goldlund and
Goliath gold projects in the Rainy River district of northwest
Ontario, Canada, including:
- acquisition of new ground by direct
staking to incorporate orientation entropy anomalies identified in
recent geophysical modelling work;
- completion of the earn-in on the
last remaining claim block such that the Company now holds a 100%
interest in the entire project, now approximately 13,733 hectares
in size; and
- results of exploration work
completed in 2018, including the identification of pristine gold
grains in surface till samples with a demonstrated correlation
between the density of these grains and geophysical (orientation
entropy) anomalies in a new target area with pervasive shallow
overburden.
Completion of Earn-In, Additional
Staking, and Resultant Land Position
Group Ten reports that it has completed the
final share issuance per an agreement with NWT Copper Mines Ltd.
(“NWT”), as announced March 3, 2014 and subsequently amended. The
Company has now earned a 100% right and title to the NWT claims,
subject to a royalty interest that includes a buy-down
provision.
The NWT claims include the western extension of
the Moretti Zone that, in addition to the Black Lake property now
held by Group Ten, provides the Company with over 2.4 km of strike
on the Moretti system. Historic bulk samples at the Moretti Zone
averaged 14.1 and 18.6 g/t Au, and multiple historical geological
samples ranged up to 1,212 g/t Au (historic data not independently
verified by Group Ten).
The Company also reports that it has expanded
the Black Lake–Drayton claim block by 107 claims through direct
staking, bringing the total project area to approximately 13,733
hectares. The latest ground was acquired to cover new targets
developed through structural complexity modeling of previously
acquired airborne magnetic (geophysical) survey data. Areas were
prioritized for acquisition based on the correlation of known areas
of gold mineralization, such as the Moretti Zone, with the new
orientation entropy targets, and the results of the 2018 till
samples collected from less-explored areas.
Structural complexity modelling is a new image
analysis method for magnetic data that automatically maps
lineaments and identifies geological structural complexity.
Orientation entropy represents deviations of strike of lower order
faults and ductile shear zones, and is visualized using heat maps.
The methodology has been designed to exploit the known association
of Archean gold deposits with zones of complex structure adjacent
to major shear zones.1
As a result of this acquisition and completion
of the final remaining earn-in, Group Ten holds a 100% interest in
the entire Black Lake–Drayton project, subject only to royalty
interests on certain portions, which include buy-down provisions.
Black Lake–Drayton complements Group Ten’s core Stillwater West
project with a large and highly prospective land position which is
strategically located beside advanced-stage projects in a
world-class high-grade gold district.
2018 Exploration Results
Group Ten is pleased to announce the presence of
pristine gold grains in twenty of the sixty till samples collected
during the 2018 field season. Fieldwork focused on surface till
sampling in the central area of the Black Lake–Drayton project. The
program aimed to identify the presence of a proximal gold source
within highly prospective and unexplored orientation entropy
anomalies. As shown in Figure 1, the sample area was approximately
2.5 km long by 750 m wide and tested two orientation entropy
anomalies. A correlation between gold found in till samples and the
geophysical anomalies was observed, with the best samples being
located “down ice” from the anomalies.
Figure 1 – Five primary historic target
areas and the area of 2018 till sampling program, shown with
orientation entropy (OE) anomalies developed in 2018 over regional
geology is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/31ed6ff8-bd87-4d48-8ced-f09108cc2c88
Of the twenty gold-bearing till samples, five
returned three or greater pristine grains and two returned nine
pristine grains. Typically, these gold grains are silt-sized,
visible, and have a mass of approximately 0.065 grams per grain.
Pristine grains have not been transported far from their source,
indicating a close source of mineralization. Gold grain analysis
normalizes samples to gold grains per 10 kg of bulk sample – see
Table 1 for highlights.
These positive results from the Company’s first
till sampling program on the project are very compelling given the
extensive shallow ground cover in the region and the number of
significant high-grade occurrences elsewhere on the property, as
well as in the broader district, including New Gold’s Rainy River
Mine, Treasury Metals’ Goliath project, and First Mining Gold’s
Goldlund project. Till sampling of this type played a significant
role in the discovery of the Rainy River deposit, which in turn
brought attention to the entire district. New discoveries and
expansion of existing resources are now ongoing in the belt, and
the success of Group Ten’s inaugural till sampling program at Black
Lake–Drayton is a strong indication of the potential for high-grade
gold in the immediate area.
The Company is now working to compile and
prioritize targets, including:
- 20 historic showings (see Figure 1
for the five most advanced locations);
- 43 drill targets described in a
property-wide targeting report announced July 27, 2017 (including
three high-priority targets that require only minor ground-truthing
prior to drilling); and
- orientation entropy anomalies
identified during the 2018/2019 geophysics survey, till sampling,
and follow-up data studies.
Table 1 - Highlights of gold grain values
for 2018 surface till samples
Sample Number |
Number of Visible Gold Grains |
Bulk weight (kg) |
Calculated Normalized Gold Grains per 10 kg |
Total |
Reshaped |
Modified |
Pristine |
|
Modified + Pristine |
3217007 |
3 |
0 |
2 |
1 |
13.6 |
2.2 |
3217014 |
15 |
10 |
5 |
0 |
14.3 |
3.5 |
3217017 |
15 |
3 |
3 |
9 |
15.4 |
7.8 |
3217019 |
9 |
4 |
2 |
3 |
14.7 |
3.4 |
3217020 |
4 |
1 |
2 |
1 |
13.2 |
2.3 |
3217029 |
18 |
12 |
5 |
1 |
15.2 |
3.9 |
3217037 |
14 |
10 |
2 |
2 |
12.6 |
3.2 |
3217040 |
27 |
14 |
4 |
9 |
13.7 |
9.5 |
3217041 |
17 |
12 |
1 |
4 |
13.3 |
3.8 |
3217043 |
15 |
9 |
5 |
1 |
14.1 |
4.3 |
3217044 |
8 |
5 |
1 |
2 |
14.6 |
2.1 |
3217049 |
10 |
7 |
1 |
2 |
14.6 |
2.1 |
3217051 |
7 |
4 |
1 |
2 |
13.1 |
2.3 |
3217054 |
3 |
0 |
2 |
1 |
13.9 |
2.2 |
3217057 |
8 |
4 |
1 |
3 |
13.7 |
2.9 |
|
|
|
|
|
|
|
President and CEO Michael Rowley said, “We are
very pleased with the success of our first till sampling program at
Black Lake–Drayton, a method that has proven very successful
historically in similar conditions and in related geology in the
Sioux Lookout Deformation Zone, and in the broader Rainy River gold
belt. Our results show potential for discovery of a high-grade gold
system in a 15-kilometer-long area between the Moretti Zone
high-grade historic bulk samples to the northeast and the Shaft
target to the west that is historically underexplored because of
pervasive shallow ground cover. We have also validated the use of
orientation entropy anomalies in target generation and have
expanded our land position based on these results. We look forward
to further announcements including continued news flow from our
flagship Stillwater West project in the very near term.”
About the Black Lake–Drayton
Project
The Black Lake–Drayton project has been
consolidated by the Company in five parcels as four option deals
plus direct staking. This has provided Group Ten with 100%
ownership on more than 137 km2 and over 30 km of under-explored
strike length in the Abrams–Minnitaki Lake Archean greenstone belt,
along the northern margin of the Wabigoon sub-province. This highly
active gold belt is host to a number of well-known deposits
including Goliath (Treasury Metals), Goldlund (First Mining Gold),
and Rainy River (New Gold), all of which have seen substantial
recent expansions. Since the development of New Gold’s Rainy River
deposit, 10 Moz of gold has been discovered in the belt (Figure
2).
The Black Lake–Drayton project includes a
database with more than 20 historic occurrences, multiple
high-grade bulk samples, and over 127 drill holes, in addition to
geological, geochemical and geophysical data. Although 43% of past
drill holes intercepted gold or copper mineralization, they did not
adequately test the mineralized zones which are now better
understood in the area. Much of the project remains untested,
despite the success of neighbouring deposits with similar
geology.
On a regional scale, the project is located in
the Abrams–Minnitaki Lake greenstone belt which is south of and
parallel to the Birch–Uchi belt, another Archean greenstone belt
that is home to a number of high-grade gold producers including
Goldcorp’s Red Lake mine. Despite its proximity to the Red Lake
area and the Birch–Uchi belt, the Abrams–Minnitaki greenstone belt
remained under-explored into the 1990s due to persistent ground
cover and limited road access. In the past two decades, new roads
and improved exploration techniques have led to the delineation of
multiple multi-million-ounce high-grade gold reserves and resources
on numerous projects in the belt.
Figure 2 - Rainy River Gold District and
the Sioux Lookout Deformation Zone is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/db7a3af5-d342-4b8b-b36f-218bc095323d
Management Change
The Company announces that Mr. Tim Thiessen has
been appointed to the role of Chief Financial Officer (CFO) for an
interim period. Mr. Thiessen was CFO of Group Ten from May 2017 to
September 2018 and the Company is glad to have him return to the
role to replace Mr. Mathew Lee who has stepped down from the
position in order to concentrate on his CFO roles with other listed
companies.
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 Black Lake–Drayton
Gold project in the Rainy River district of northwest Ontario, and
the Kluane PGE-Ni-Cu project on trend with Nickel Creek Platinum‘s
Nickel Shaw (previously Wellgreen) deposit in Canada‘s Yukon
Territory.
FOR FURTHER INFORMATION, PLEASE
CONTACT:
Michael
Rowley, President, CEO & DirectorEmail:
info@grouptenmetals.comWeb: http://grouptenmetals.com |
|
Phone:
(604) 357 4790Toll Free: (888) 432 0075 |
|
|
|
Quality Control and Quality
Assurance
Ms. Debbie James, P.Geo., is the qualified
person for the purposes of National Instrument 43-101, and she has
reviewed and approved the technical disclosure contained in this
news release.
- For more information on structural
complexity modeling see:
http://www.cet.edu.au/research-projects/geophysics-integrated-data-analysis/projects/cet-grid-analysis-extension
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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