09/25/2019 | Press release | Distributed by Public on 09/25/2019 10:36
Group Ten Metals Provides Exploration Update Including Drilling Progress at Stillwater West PGE-Ni-Cu Project in Montana, USA
September 25, 2019
Figure 1 - Drilling in progress at the HGR target in the Iron Mountain area of the Stillwater West PGE-Ni-Cu Project
Stillwater West Project
The Company's 2019 exploration campaign at Stillwater West has been designed to confirm the potential for bulk tonnage 'Platreef-style' deposits at priority target areas across the 25-kilometer-wide property, including drill testing and sampling of three priority target areas, as described in detail in a news release dated June 4, 2019. Ground-based geological and soil geochemistry campaigns are also underway to advance less developed target areas towards drill-ready status for future programs.
Three drill holes have been completed at the HGR target in the Iron Mountain target area, where past results returned Platreef-style base metal grades showing potential bulk tonnage scale but with only limited analyses for platinum group metals. As detailed in a news release dated May 7, 2019, known mineralization at the HGR target is defined by a total of 21 holes which delineate an approximate 850 meter strike length to a depth of 200 meters. Mineralized intervals average 94 meters in length across these holes, including 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 in drill hole 355-64. Select assays from that drill hole confirmed PGEs up to 2.7 g/t Pd. A nearby shallow hole intercepted 8.0m @ 3.65 g/t 3E (Pt+Pd+Au), 0.14% Ni, 0.03% Cu, and 0.013% Co.
The three drill holes completed by Group Ten Metals show areas of strongly disseminated to net textured to massive sulphides. These holes are being logged and sampled with assay results expected in coming weeks.
Turning to the Camp Zone, drilling is currently underway where known mineralization is defined by nine historical holes that delineate a continuous zone of nickel-copper sulphide mineralization averaging 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, confirming the potential for Platreef-style deposits in the lower Stillwater Complex (see news release dated April 11, 2019).The first drill hole at the Camp Zone in progress by Group Ten Metals has intercepted areas of strongly disseminated to net textured to massive sulphides (click here for Camp Zone core photos).
Drill testing at both the Camp Zone and HGR target areas is expected to better define PGE content within the significant nickel and copper mineralized zones and to advance these zones towards the delineation of mineral resources.
Work is also underway at the Chrome Mountain target area, which is the third of the three most advanced project areas (see news release February 21, 2019), and also on the less advanced priority target areas at the Stillwater WestProject including the highly prospective western end of the lower Stillwater Complex and the Picket Pin PGE reef-type deposit, which is situated stratigraphically above Sibanye-Stillwater's producing mines on the JM Reef deposit. Results of this work will be detailed in an upcoming news release.
Michael Rowley, President and CEO, commented, 'We are very happy with the progress of our drill testing at the most advanced priority target areas, as well as the geochemical and geological sampling and mapping campaigns which are intended to refine targets at a number of the less-developed target areas across the 54 km2Stillwater WestProject. To date, we have prioritized exploration of the lower Stillwater Complex where we see the potential for much larger mineralized systems than have been previously recognized in the Stillwater Complex, based on geological similarities with the Platreef deposits in the lower part of the northern limb of South Africa's Bushveld Complex.'
'Over the past decade, the Platreef deposits have set a new standard for high-quality production of platinum group elements, nickel and copper. These world-class deposits host several hundred million ounces of platinum and palladium, along with tens of billions of pounds of nickel and copper, and are amenable to bulk mining methods. The resulting mines, including Anglo American's world-leading Mogalakwena Mines, 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 scale to potentially host multiple 'Platreef-style' deposits. We look forward to making further announcements in the near future as we advance the potential we see for the development of bulk tonnage PGE-Ni-Cu-Co deposits at the Stillwater West Project.'
Kluane PGE-Ni-Cu and Black Lake-Drayton Gold Projects
Group Ten is also pleased to report that ground-based geology and geochemical soil sampling programs are underway on the Company's Kluane PGE-Ni-Cu project where the Company holds the largest land position (more than 255 km2) 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, including Nickel Creek Platinum's Wellgreen deposit, as summarized on July 16, 2018.
The Company further reports that it is planning exploration at its 100%-owned Black Lake-Drayton gold project in Ontario to build on the success of the 2018 program (as announced March 25, 2019). Black Lake-Drayton provides Group Ten with more than 137 km2 and over 30 km of under-explored strike length in a highly active greenstone hosted gold belt that is host to a number of well-known deposits including Goliath (Treasury Metals), Goldlund (First Mining Gold), and Rainy River (New Gold), all of which have seen substantial recent expansions.
Greg Johnson, Director, stated, '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. We are continuing discussions with potential partners on these assets and have planned modest exploration programs for 2019 to further demonstrate the high potential of these large land packages and advance them accordingly. The option of our Ultra project to Mount Cairns, as announced July 25, 2019, was the first example of the progress we are making in securing partners for these high potential assets.'
About the Stillwater West Project
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-Ni-Cu type deposits, possibly similar to Platreef in the Bushveld Complex3. Group Ten's Stillwater West Project 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.
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 Kluane PGE-Ni-Cu project on trend with Nickel Creek Platinum's Wellgreen deposit in Canada's Yukon Territory.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Michael Rowley, President, CEO & Director
Email: [email protected]Phone: (604) 357 4790
Web: http://grouptenmetals.comToll Free: (888) 432 0075
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.
Quality Control and Quality Assurance
Mr. Mike Ostenson, P.Geo., is the qualified person for the Stillwater West Project 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, future driling actiivities and the locations of such drilling, 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.