Group Ten Metals Completes Earn-In at Kluane PGE-Ni-Cu Project and Acquires Additional Adjacent Properties
VANCOUVER, British Columbia, July 16, 2018 (GLOBE NEWSWIRE) -- 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 Company’s Kluane PGE-Ni-Cu project, including the completion of all outstanding earn-in requirements on the Ultra claim block and the addition of highly prospective new properties to the project which add substantial exploration potential. Group Ten holds the largest land position in the Kluane Ultramafic Belt; a mafic-ultramafic system that extends from northern BC through the Yukon to central Alaska and hosts multiple PGE-Ni-Cu deposits. The Kluane project is located in Canada’s Yukon Territory on trend with Nickel Creek Platinum’s Nickel Shäw project.
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President and CEO Michael Rowley stated, “Results from our work programs confirm the exploration potential for new discoveries of platinum group elements (PGE), nickel and copper within the Kluane Ultramafic Belt. The completion of our earn-in at Ultra, and previously at Spy, coupled with our recent strategic acquisitions in the district, has strengthened our position and brought us to 100% ownership on four key holdings being the Spy, Ultra, and Ellen properties, and also portions of the Catalyst property. The Company has received expressions of interest from potential partners on the project and has planned modest exploration programs for 2018 to further advance and demonstrate the high potential of this large land package accordingly. Our Yukon and Ontario assets complement Group Ten’s core Stillwater West project with two large and highly prospective land positions that are strategically located beside advanced-stage projects in world-class mining districts.”
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/b125255f-db2a-4555-922a-700718df3c41
Ellen Acquisition
Group Ten has acquired a 100% interest in the Ellen property pursuant to a purchase agreement with an arms-length private vendor. The Ellen property consists of 72 claims covering more than 13 square kilometers located approximately 4 kilometers southeast of the Company’s Ultra claim block. Exploration at Ellen has identified significant massive sulphide mineralization from drilling and trenching. Drilling includes 17 drill holes from 1954 to 1995 with 12 holes returning significant sulphide mineralization including 3.15% Cu over 5.2 meters in MC66-1, 1.64% Cu over 10.4 meters in MC66-2, 1.76% Cu over 5.5 meters in hole 95-1, and a 2.13-meter intersection grading 1.96% Cu and 2,098 ppb Au in hole 95-3. Trenching returned values of up to 7.2% Cu with 1 g/t Au and 1 g/t Pd. Strong copper plus gold soil geochemical signatures have been identified on the property that are coincident with a large geophysical conductor nearly 1 kilometer in length (Davidson, 1995)1 and (Pautlier, 2006)2.
In consideration, Group Ten will pay the vendor $3,200 and issue a total of 600,000 common shares of the Company within 10 days of regulatory approval. Issuance of shares per the agreement is subject to regulatory approval.
Outpost and Pacer Acquisition
The Company has also executed an option agreement with an arms-length private vendor, whereby Group Ten can earn a 100% interest in the Outpost and Pacer properties which consist of three claim blocks totaling approximately 25km2.
The Outpost and Pacer properties show significant potential for discovery of new PGE-Ni-Cu deposits with a mineralized 70-meter-wide mafic to ultramafic body that outcrops at Outpost adjoining the main Ultra property package, and elevated Ni and Cu values in soils corresponding with kilometer-scale magnetic anomalies at both Outpost and Pacer. Rock sample results at Pacer show elevated Cu and Ni in an area adjacent to the Ellen property where drilling has intercepted mineralized ultramafic sills.
Group Ten can earn a 100% interest in the properties by:
- making a cash payment of $8,000 and issuing 200,000 common shares of the Company within 10 days of regulatory approval;
- completing $30,000 of work expenditures, making a cash payment of $20,000 and issuing 400,000 common shares of the Company on or before the first anniversary of signing; and
- completing an additional $105,000 of work expenditures and issuing 500,000 common shares of the Company on or before the second anniversary of the acceptance of this agreement.
The vendor will retain a royalty interest on the Outpost and Pacer claims, which includes a buy-down provision. The issuance of shares per the above agreement is subject to regulatory approval.
Ultra Project Update
Group Ten has completed the earn-in on the Ultra property, per the terms of an agreement announced December 4, 2014, and now owns a 100% interest in the 93 square kilometer property, as expanded by direct staking, with the vendor retaining a royalty interest with buy-down provision. The Company has also acquired a 100% interest in 24 claims adjoining the Ultra project pursuant to a purchase agreement with two arms-length private vendors for a one-time payment of 100,000 shares in total (subject to regulatory approval).
About the Kluane PGE-Ni-Cu Project
The Kluane PGE-Ni-Cu project is on trend with the Nickel Shäw project now being advanced by Nickel Creek Platinum Corp. PGE-Ni-Cu mineralization in the Kluane belt typically occurs as magmatic disseminated to massive sulphides associated with mafic to ultramafic intrusive bodies.
The most advanced targets on the Kluane PGE-Ni-Cu project are the Ellen showing, as summarized above, and the Spy Sill, which has been traced for over 8 kilometers with widths of 75 to 100 meters at surface. Massive sulphide mineralization at the Spy target have assayed up to 5.5 g/t 3E (3.1 g/t Pt, 1.4 g/t Pd, 1.0 g/t Au) with 3.1% Ni, 2.8% Cu and 0.2% Co, and historic grab sample results of up to 90.7 g/t 3E (75.8 g/t Pt, 7.9 g/t Pd, 7.0 g/t Au) with 2.6% Ni, 10.5% Cu and 0.09% Co reported from footwall siltstones (Bell, 1996)3.
Trenches from the Ultra block yielded up to 19.5 g/t 3E (5.5 g/t Pt, 13.5 g/t Pd, 0.5 g/t Au), with 4.1% Cu, and 1.7% Ni from an ultramafic sill (Casselman, 2005)4.
Work in 2017 included ground-based geophysics and soil and rock sampling programs, which successfully advanced multiple targets for follow-up work in 2018, as the Company moves several zones to drill-ready status. Work at the Ultra claim block followed-up on the discovery of the UZE Zone and included a soil sampling and UAV MAG survey. Soil sample results showed elevated Ni, Cu, Au, Pt, Pd values associated with magnetic anomalies. Work for 2018 will continue to advance targets towards drill testing with a focus on the Spy and Ultra areas, including the recently acquired land positions.
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 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 the Yukon Territory, Canada and the high-grade Black Lake-Drayton Gold project in the Rainy River district of northwest Ontario.
References
1 - Davidson, G.S., 1995. Assessment report on the Ellen claims NTS A-113. Yukon Assessment Report 093356.
2 – Pautlier, J., 2006. Geological and Geochemical Evaluation Report of the Ellen Project. Yukon Assessment Report 094776.
3 - Bell, C. 1996. Report on 1995 geological and geochemical surveys on the Klu property. Yukon Assessment Report 0933371.
4 – Casselman, S., 2005. Geological mapping and airborne surveying program on the Ultra property, Haines Junction area, Yukon Territory. Yukon Assessment Report 094485.
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
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.
Historic samples were collected by reputable operators, using standard QAQC procedures and practices current at the time of collection. They are considered reliable. Samples are not necessarily representative of all the mineralization hosted in the area.
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 parameter 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.