VANCOUVER, British Columbia, July 27, 2017 (GLOBE NEWSWIRE) -- Group Ten Metals Inc.(TSX.V:PGE) (OTC:PGEZF) (FSE:5D32) (the “Company” or “Group Ten”) is pleased to announce the results of the first property-wide targeting report conducted on the Black Lake–Drayton project in the Rainy River district of Ontario.
The report identifies a total of 43 drill targets based on a reinterpretation of past geophysical and drill data, and preliminary compilation of 79 historic reports from work on or adjacent to the property. Three of the targets are considered high-priority with only minor ground-truthing recommended prior to drilling, while the remaining drill targets and other areas of interest require varying levels of field investigation prior to drilling.
Work totaling an estimated $2.15 million is recommended in follow-up, including a 5,000m drill program plus supporting field work, prospecting, analysis and modeling. Recommended work also includes further analysis and detailed re-logging of core from the 2016 drill program, along with any available historic core, with a focus on developing a 3D interpretation of the Moretti Deformation Zone and Main Trench to guide future sampling, trenching and drill programs.
Group Ten CEO Michael Rowley said, “We are very encouraged by the breadth and detail of the report and, particularly, by the number of valid drill targets identified. The Black Lake–Drayton project has been explored inconsistently in the past due to shallow ground cover and fractured land-holdings which have now been largely consolidated by Group Ten. The Company is now developing and refining a large number of drill targets across the property by applying new reprocessing and analysis techniques to existing geophysical data in addition to compiling the extensive historic database and applying geological models that have proven successful in neighbouring projects with similar geology. We look forward to providing further updates on our progress at Black Lake–Drayton, as well as at Stillwater West and our Wellgreen area Ni-PGE-Cu projects in the coming weeks.”
Project Overview
The Black Lake-Drayton project has been consolidated by the Company in five parcels as four option deals plus direct staking, providing Group Ten with 100% earn-in or ownership on more than 8,992 contiguous hectares and over 30km of underexplored strike length in 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 Finance) and Rainy River (New Gold), all of which have seen substantial recent expansions, among others.
The Abrams-Minnitaki Lake greenstone belt 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 mines. Despite its proximity to the Red Lake area and the Birch-Uchi belt, the Abrams-Minnitaki greenstone belt remained underexplored 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 on numerous projects in the belt.
The Drayton-Black Lake project includes an archive database with over 20 historic occurrences, multiple high-grade bulk samples and over 127 drill holes, in addition to geological, geochemical and geophysical data. Although 43% of the historic drill holes intercepted gold or copper mineralization, they did not adequately test the mineralized zones which are now better understood in the area.
Quality Control and Quality Assurance
The technical contents of this release with respect to the Black Lake-Drayton project were reviewed and approved by E. Max Baker, Ph.D., P.Geo., Project Manager of the Black Lake-Drayton project and Qualified Person as defined by National Instrument 43-101.
About Group Ten Metals Inc.
Group Ten Metals Inc. is a Canadian mineral exploration company focused on the acquisition and development of high-quality platinum, palladium and gold exploration assets in North America. The Company’s suite of holdings include 100% ownership potential on large land positions adjacent to Sibanye’s Pd-Pt Stillwater mine in Montana on our Stillwater West project and our Catalyst, Spy and Ultra projects near the Wellgreen Ni-PGE deposit in the Yukon Territory, as well as the Black Lake-Drayton gold project in the Rainy River district of northwest Ontario.
