VANCOUVER, British Columbia, July 25, 2019 (GLOBE NEWSWIRE) -- Group Ten Metals Inc. (TSX.V: PGE; US OTC: PGEZF; FSE: 5D32) (the “Company” or “Group Ten”) is pleased to announce that it has signed a definitive earn-in agreement (the “Agreement) with Mount Cairnes Resources Corp. (“Mount Cairnes”) under which Mount Cairnes may acquire a 51% interest in Group Ten’s 93-square-kilometer Ultra PGE-Ni-Cu property in Canada’s Yukon Territory by completion of the following requirements over a four-year period:
- Cash payments totaling $750,000 to Group Ten;
- Issuance of three million shares to Group Ten; and
- Completion of $3.75 million in exploration work on the Ultra property, with Group Ten as operator.
The Agreement represents the successful conclusion of the Letter of Intent announced in a news release dated April 25, 2019. The initial cash and share payments made under the Agreement are required within 15 days of completion by Mount Cairns of a listing of its common shares on a Canadian stock exchange, and subsequent obligations are due on the anniversaries of the listing date.
Group Ten’s President and CEO, Michael Rowley stated, “We are very pleased to have executed this Agreement with Mount Cairnes which will see the large and highly prospective Ultra PGE-Ni-Cu property in the Kluane District of Canada’s Yukon Territory advanced to determine its full potential. The property is part of the Company’s larger Kluane PGE-Ni-Cu Project which, in keeping with our broader corporate strategy, was strategically acquired during the lows of the general commodities market. Through such strategy, Group Ten has been able to secure an impressive portfolio of high-quality projects exploration properties in proven mining districts, adjacent to producing mines and advanced stage deposits. The Company continues to receive expressions of interest for our Ontario, Yukon, and Alaska properties, which we are evaluating as part of our focus on advancing our flagship Stillwater West PGE-Ni-Cu-Co Project in Montana. We look forward to providing further announcements with respect to our plans for 2019, including our planned inaugural drilling program at Stillwater West, in the coming days and weeks.”
Mount Cairnes’ Glenn Kerr commented, “Mount Cairnes is very excited and pleased to be working with such an experienced team on the highly prospective Ultra property. We look forward to making further announcements as we move towards commencing work on the project.”
About the Ultra Property and the Kluane PGE-Ni-Cu Project
The 93-square-kilometer Ultra PGE-Ni-Cu property is part of Group Ten’s Kluane Project and is located in the Kluane PGE-Ni-Cu belt that extends through the Yukon from northern British Columbia to central Alaska. Group Ten’s Kluane Project properties are each within 15 km of the Alaska Highway and situated on trend with the Nickel Shaw (formerly Wellgreen) deposit, one of the world’s largest undeveloped PGE-Ni-Cu projects. Among other results, trenches from the Ultra Project yielded up to 19.5 g/t 3E (5.5 g/t Pt, 13.5 g/t Pd, 0.5 g/t Au combined), with 4.1% Cu and 1.7% Ni from an ultramafic sill1. Group Ten owns a 100% interest in the Ultra PGE-Ni-Cu property, subject to a royalty interest with buy-down provision on portions of the claim block.
About Group Ten Metals
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 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 silver, platinum, palladium, and copper. Member companies include Metallic Minerals (TSX.V: MMG) in the Yukon’s Keno Hill Silver District, Group Ten Metals in the Stillwater PGE-Ni-Cu District of Montana, 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 explorers/developers and major producers. Each member company is 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.
1 - 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
|Phone: (604) 357 4790
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: 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.