VANCOUVER, British Columbia, July 09, 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 progress at its flagship Stillwater West PGE-Ni-Cu-Co project, including 2018 exploration plans and the acquisition of new claims which expand the Company’s land position in the Stillwater district by over 23% to approximately 54 square kilometers. Located strategically above and below Sibanye-Stillwater’s high-grade PGE mines in the layered Stillwater Igneous Complex, Group Ten controls the second largest land position in the district. The Company has prioritized exploration of the lower Stillwater Complex where it sees the potential for much larger mineralized systems than has been previously recognized in the district based on geological similarities with the northern limb of South Africa’s Bushveld Complex, a region which hosts Anglo American’s world-leading Mogalakwena Mine, and Ivanhoe’s developing Platreef Mine.
Stillwater West Exploration Plan and Update
Group Ten is focused on identifying and advancing the most prospective targets towards resource definition, and benefits from having an extensive historic database to accelerate this effort. Work to date has consisted of the systematic consolidation of the prospective lower Stillwater Complex stratigraphy and compilation of all available data and physical samples from past work, which includes geological sampling and mapping programs, geophysical and geochemical surveys, and data from more than 215 drill holes totaling over 28,000 meters.
The Company has over 11,000 meters of drill core from past campaigns. These core samples, plus historic drilling data from the 1960s and 1970s, provide valuable confirmation of the presence of significant intervals of platinum group elements (PGE) with nickel and copper sulphides at the Iron Mountain and Chrome Mountain target areas, including 6 of the 15 large-scale geophysical conductor anomalies that are coincident with highly-elevated levels of metals in soils (see January 10, February 26, and May 8, 2018 news releases). Re-logging of this historic core has been a top priority and is now largely complete. Re-assaying for complete multi-element geochemistry and 3D modeling of this historic drilling are a key part of the Phase One exploration plan for 2018.
Drill testing of high-priority targets at Stillwater West will initially focus on areas with coincident geophysical and geochemical signatures which are associated with known PGE-Ni-Cu sulphide mineralization. The program is further expected to build on areas with drill-indicated mineralization, which could potentially fast-track advancement of the project towards resource delineation stage with additional work.
The planned Phase One 2018 exploration program includes:
- Re-logging and re-assaying of all available core for complete multi-element geochemistry (over 11,000 meters)
- Entry of all core data into the first property-wide 3D geologic database for modeling and target refinement
- Development of a predictive geologic model to drive future exploration efforts and follow-up drilling
- Ground-based geological sampling, prospecting and mapping programs
- Ground-based geophysical programs
- Prioritization of all targets across the 25-kilometer-long strike length of the project.
The Phase Two 2018 exploration program is expected to consist of a concise drill hole program designed to test the highest priority targets in the Iron Mountain and Chrome Mountain areas, subject to obtaining a 2018 drill permit (application now in progress). Results from 2018 drilling will be incorporated into the Company’s developing geologic model and will assist in the development of future programs.
President and CEO Michael Rowley stated, “The Stillwater West project continues to advance rapidly, and our work there continues to support the potential for multiple deposits with indications of a much larger mineralized system than has been previously recognized. Our acquisition of additional ground in the lower Stillwater stratigraphy reflects what we interpret as the potential setting to host “Platreef-type” deposits similar to the large-scale high-sulphide PGE-nickel-copper type deposits seen in the lower Bushveld Complex in South Africa. The team has planned a two-phased exploration program for 2018 to refine and prioritize targets in advance of our inaugural drill programs at site, planned for later in 2018. We look forward to providing further technical and exploration updates in the coming weeks.”
About Stillwater West
The Stillwater West project is adjacent to Sibanye-Stillwater’s producing PGE mines in the Stillwater complex of south-central Montana, a district with a rich mining history that is world renowned for the size and grade of its mines. The Stillwater district has produced over 14 million ounces of platinum and palladium to date1 and is host to the largest PGE deposit outside of South Africa and Russia2. As a brownfields district with three operating mines, the area has excellent infrastructure including highway and grid power.
The Company’s exploration focus at Stillwater West includes high-grade PGE reef-type deposits in the upper Stillwater Complex along with the potential for much larger-scale disseminated and high-sulphide PGE-nickel-copper type deposits in the basal series of the complex, similar to the setting for the Platreef deposits of the northern limb of the lower Bushveld Complex. Large-scale targets identified by Group Ten through geophysics and surface sampling present the opportunity for major new discoveries in this iconic mining district guided by a management team with extensive experience in exploration and development of PGE-nickel-copper systems.
Note 1: Public production records from Stillwater Mining Company 1992 to present.
Note 2: 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.
About Group Ten Metals Inc.
Group Ten Metals Inc. is a Canadian mineral exploration company focused on the development of high-quality platinum, palladium, nickel, copper and gold exploration assets in North America. The Company’s holdings include the Stillwater West PGE-Ni-Cu project adjacent to Sibanye-Stillwater’s high-grade Pd-Pt mines in Montana, the Kluane Ni-Cu-PGE project adjacent to Nickel Creek Platinum‘s Wellgreen deposit in the Yukon Territory, and the Black Lake-Drayton Gold project in the Rainy River district of northwest Ontario.
FOR FURTHER INFORMATION, PLEASE CONTACT:
|Michael Rowley, President, CEO & Director
||Phone: (604) 357 4790
||Toll Free: (888) 432 0075
Quality Control and Quality Assurance
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: 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.