Group Ten Metals Inc. (TSX.V: PGE; US OTC: PGEZF; FSE:
5D32) (the “Company” or “Group Ten”) is pleased to
announce exploration plans for the 2019 season at the Company’s
flagship Stillwater West PGE-Ni-Cu project in Montana, USA,
including planned drilling at the three most advanced target areas
where the Company sees potential to rapidly expand known
mineralized zones towards resource delineation. In addition,
recently completed advanced 3D modeling of geophysical data
highlights the potential that favorable, mineralized magmatic
stratigraphy may extend several kilometers in depth starting from
surface in these advanced target areas.
The Stillwater West PGE-Ni-Cu Project
stratigraphically brackets Sibanye-Stillwater’s high-grade mines in
the magmatic layers of the Stillwater complex, and includes five
drill-defined mineralized zones plus nine additional target areas
based on surface sampling and geophysical conductors. The Company
has prioritized exploration of the lower Stillwater Complex where
it sees the potential for much larger mineralized systems than have
been previously recognized in the district based on geological
similarities with the Platreef deposits on the northern limb of
South Africa’s Bushveld Complex. Over the past decade the Platreef
deposits have been shown to host several hundred million ounces of
platinum and palladium, along with tens of billions of pounds of
nickel and copper, in a number of world-class scale deposits that
are amenable to bulk mining methods. The resulting mines - Anglo
American’s world-leading Mogalakwena Mine, Ivanhoe’s Platreef mine
(now in construction) and Platinum Group Metals’ development-stage
Waterberg project are distinct from the narrow Reef-type mines
elsewhere in the Bushveld Complex. Results to date at the
Stillwater West project demonstrate a similar geologic setting in
the lower Stillwater Complex with the potential for multiple
Platreef-style deposits, which are the focus of on-going
exploration efforts by Group Ten Metals.
2019 Drill Plan &
Targets
Recent advanced 3D Magnetic Vector Inversion
(MVI) modeling of airborne and ground-based geophysical data
indicates significant thickening of the magmatic package under five
multi-kilometer-scale advanced target areas relative to other parts
of the Stillwater complex. This modeling highlights the
potential that the magmatic horizons that host known mineralization
may also extend to several kilometers in depth, starting from
surface. MVI modeling has been instrumental in a number of large
discoveries in recent years, including the expansion of Ivanhoe’s
Platreef mine in similar geology in South Africa.
Figure 1 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/5fca8864-5391-4a74-a508-5f65cd40e049
President and CEO Michael Rowley commented “The
scale of these targets is truly impressive, and they are made even
more compelling by the fact that they appear to extend from known
mineralization at surface - at grades that are comparable to those
of the Platreef in a number of drill holes - to several kilometers
depth or more in some areas along the magmatic layers of the
Stillwater complex. These thickened magmatic packages may indicate
proximity to magmatic feeder structures for the Stillwater Igneous
Complex, which makes them very compelling targets based on their
potential to host multiple world-class PGE-Ni-Cu deposits. We look
forward to further announcements in the near future.”
Priority Target Areas – Chrome Mountain,
Camp Zone, Iron Mountain
Group Ten’s compilation and modeling work has
identified drill-defined mineralized zones at a total of five
target areas. Drilling planned for summer 2019 will focus on the
three most advanced target areas - Chrome Mountain, Camp
Zone, and Iron Mountain - where the Company sees the
potential to quickly establish preliminary mineral resource
estimates by offsetting higher grade intercepts in areas of
existing, drill-defined mineralization. Data from than 28,000
meters of drill data, plus geochemical, geophysical and geological
mapping data, compiled by Group Ten and reported in detail in a
series of recent news releases, demonstrates the potential to
expand mineralization in each of these areas in terms of both scale
and grade by targeting untested geophysical and geochemical
anomalies, as summarized below and in Figure 2.
As announced on May 7, 2019, results from the
HGR target in the Iron Mountain target
area returned Platreef-style grade and potential bulk
tonnage scale with 21 holes defining an approximate 850 meter
strike length to a depth of 200 meters, with an average mineralized
interval of 94 meters including:
- 33.5 meters of 0.77% Ni and 0.65% Cu, with no
PGE analysis, in drill hole 355-59;
- 26.8 meters of 0.98% Ni and 0.45% Cu within a
broader 259 meter interval of 0.25% Ni and 0.20%
Cu, with selective assays confirming PGEs up to
2.7 g/t Pd in drill hole 355-64; and
- 8.0 meters of 3.65 g/t 3E (Pt+Pd+Au), 0.14% Ni, 0.03%
Cu, and 0.013% Co in drill hole IM2002-07.
Drill-defined mineralization at the HGR target
is open for expansion in all directions, including to the east
towards a geophysical conductor that has never been drill tested,
and to the west following the magmatic layers of the Stillwater
Complex towards the Iron Mountain Central target. Rock samples in
this area range up to 95.8 g/t platinum, palladium, and rhodium
(27.8 g/t Pt, 62.2 g/t Pd, 5.78 g/t Rh).
Known mineralization at the adjacent
Camp Zone target area, announced April 11, 2019,
is defined by nine holes that delineate a continuous zone of
nickel-copper sulphide mineralization in the Basal Series that
averages approximately 50 meters in thickness over approximately
1.5 kilometers strike to a depth of approximately 200 meters, with
average grades of 0.42% nickel and 0.23% copper. Platinum and
palladium assays, completed as composite samples over select
intervals only, demonstrate thick intervals of enrichment along
with nickel and copper grades comparable to those in the Platreef
deposits. Limited sampling was completed for these drill holes for
platinum and palladium however select intervals were composited
with intercepts of up to 1.4 g/t Pt+Pd. Additional drilling will be
needed to better define PGE content in this target area.
At Chrome Mountain, the
Hybrid Zone is defined by six drill holes at the
Discovery target that delineate a mineralized zone
with wide intervals of PGE and base metal enriched mineralization
of a type not identified previously in the Stillwater Complex, but
known at the Platreef in the Bushveld Complex, South Africa (see
December 17, 2018 and February 21, 2019 news releases). These six
holes returned composite mineralization of over 200 meters in
thickness that has been tested to approximately 250 meters vertical
depth and occurs over a strike length of approximately 700 meters.
Mineralization remains open in all directions and occurs within a
broader approximately two kilometer wide area of highly anomalous
metals in soils. Nine separate drill intercept from the Discovery
target exceeded 100 meters thickness with continuous highly
elevated PGE, Ni, Cu and Co mineralization, starting at surface,
including 118 m at 1.73 g/t Total Platinum Equivalent as 0.36 Pt,
0.56 Pd, and 0.09 Au (for 1.0 g/t 3E), along with 0.12% Ni, 0.03%
Cu, and 0.01% Co (for 0.17% Nickel Equivalent).
Field work is also planned to advance a number
of less developed targets in these areas, including high-grade
intrusive dunite targets and others as detailed in the
above-referenced news releases.
Figure 2 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/cb156bc0-0096-4ac7-9e25-083890ec7c32
Additional Mineralized Zones – Wild
West, Crescent
In addition to drill programs now being
finalized for the three most advanced target areas as discussed
above, work is planned to advance drill-defined mineralized zones
at the Wild West and Crescent
target areas.
The Wild West target area
includes the Pine Shear Zone, a
structurally-controlled shear zone hosted within the chromite-rich
ultramafic stratigraphy which returned high-grade gold and PGE
mineralization along with nickel, copper and cobalt (see January
25, 2019 news release). Drilling to date defines a mineralized zone
across a 150 meter strike with an average width of 15 meters that
has been tested to approximately 50 meters vertical depth and is
open in all directions. Highlight drill results 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. Reconnaissance rock chip samples also returned high and
very high-grade results with results ranging up to 23.1 g/t 3E
(21.8 g/t Au, 0.64 g/t Pt and 0.72 g/t Pd) at the Pine Shear Zone,
and up to 11.5 g/t 3E (10.05 g/t Pd, 1.2 g/t Pt, and 0.23 g/t Au)
in the ultramafic series in the broader Wild West target area.
As announced May 29, 2019, past shallow drilling
in ten holes defines a mineralized body within a 250 meter by 500
meter area at the Crescent target area.
Mineralized intercepts range from 25.6 to 194.7 meters in length at
base metal grades that are comparable to, or exceed, those of the
Platreef, including 8.9 meters of 0.39% nickel and 0.12% copper,
with no precious metals analyzed. Shallow, more recent holes
include complete assay data reporting up to 4.3 meters of 2.94 g/t
platinum, palladium and gold, plus 0.24% combined nickel and
copper, starting at 28.3 meters depth.
A historic resource of approximately 260,000
ounces grading 2.39 ppm Pt+Pd4, on a small block of adjacent claims
controlled by Sibanye-Stillwater and along trend in the same
conductive magmatic target, demonstrates the potential for the
Crescent target area to host significant PGE mineralization at
grades comparable to Platreef deposits.
Permit Status
Group Ten has received definitive decision memos
for drill permits in the priority target areas. Issuance of final
permits in these areas is now subject to standard review prior to
implementation. The Company has submitted additional permit
applications to allow for expanded drill coverage of the broader
project area.
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. Grade thickness was determined by applying the
reported minimum mining width of 2.0 meters to the M&I grade of
17 g/t Pt+Pd for an average grade-thickness of approximately 34
gram-meter (g-m). |
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. |
Note 4: |
Hammarstrom, J.M., Zientek, M.L.,
Elliott, J.E., USGS Open-File Report 93-207, 1993. |
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 high-grade Black Lake-Drayton
Gold project in the Rainy River District of northwest Ontario and
the highly prospective Kluane PGE-Ni-Cu Project on trend with
Nickel Creek Platinum’s Wellgreen deposit in Canada‘s Yukon
Territory.
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 and
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) in the
Yukon’s Carmacks Copper District. 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.
2002-2008 drilling was conducted by Group Ten’s
QP while working for Beartooth Platinum. Pre-2001 drill results are
considered historic and have not been independently verified by
Group Ten. 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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