VANCOUVER, British Columbia, Aug. 16, 2017 (GLOBE NEWSWIRE) -- Group Ten Metals Inc. (TSX-V:PGE) (US OTC:PGEZF) (FSE:5D32) (the “Company” or “Group Ten”) is pleased to announce the execution of an amended agreement (the “Agreement”) to acquire a 100% interest in the Catalyst project in the southwest of Canada’s Yukon Territory. The project is highly prospective for nickel-copper-PGE mineralization being adjacent to, and contiguous with, Wellgreen Platinum’s Wellgreen PGM-Ni project which contains a National Instrument Measured and Indicated Mineral Resource1 of 362 million tonnes hosting 2.08 billion pounds of nickel, 6.0 million ounces PGMs+gold, and 1.1 billion pounds of copper; and an Inferred Resource2 of 118.6 million tonnes hosting 0.7 billion pounds nickel, 1.9 million ounces of PGMs + gold, and 0.3 million pounds of copper (as disclosed in a news release dated August 10, 2017 and available under the Wellgreen Platinum profile on Sedar.com).
The Agreement has been amended from the Letter of Intent announced on June 23, 2014, to reflect changes to both the property and the Company since that time. By the terms of the Agreement as executed, Group Ten may earn a 100% interest in the property by issuing one million shares (the “Shares”) over two years to Denali Resources Ltd., paying $10,000 to Ashburton Ventures Inc., and paying $28,062.10 in outstanding invoices for past work on the claims. The issuance of the Shares per the agreement is subject to regulatory approval.
The Catalyst project consists of 126 claims adjoining Wellgreen to the northwest and includes the strike extension of the Wellgreen deposit as shown by geophysical surveys. Past work has documented numerous magmatic Ni-Cu-PGE occurrences in layered intrusives similar to the Wellgreen deposit. The project is 15 kilometers from the Alaska Highway and is accessible by well-maintained, all-weather roads.
The Company’s total land position now exceeds 240 square kilometers in the Kluane Ultramafic Belt, a 600km-long sequence of igneous and sedimentary rocks extending from northern British Columbia through the Yukon and into Alaska which hosts twenty-seven documented magmatic nickel, copper and platinum group element (PGE) ± gold occurrences, including the Wellgreen deposit. Geology in the belt is similar to that of the world's richest Ni-Cu-PGE deposits including the Noril'sk-Talnakh deposits (Russia), the Stillwater complex (Montana, USA), Raglan and Sudbury (Canada).
Group Ten CEO Michael Rowley stated, “We are pleased to have finalized the Catalyst acquisition which further strengthens our Yukon land position and exposure to this emerging and under explored Ni-Cu-PGE belt with proven potential. We are highly encouraged by the recent trends and sentiment shift in base metals and nickel, in particular, which has shown significant strength over the past months. The Company has exceptional assets in world-class mining jurisdictions and is well-positioned for what we expect will be a near-term breakout in platinum group metals and nickel.”
In addition to the exploration efforts in Yukon and Ontario, the Company is currently undertaking a comprehensive and systematic examination of the volumes of historic data that accompanied the recent acquisition of the Stillwater West Project adjacent to Sibanye’s Stillwater Mine in Montana, USA. Over the coming weeks, the Company expects to announce key additions to its technical team, which will guide exploration activities moving forward.
1 - Total Measured + Indicated Resource: 362.0 MMT containing 0.26% Ni, 0.14% Cu, 0.231 g/t Pt, 0.244 g/t Pd, and 0.04 g/t Au
2 - Total Inferred Resource: 118.6 MMT containing 0.28% Ni, 0.12% Cu, 0.217 g/t Pt, 0.253 g/t Pd, and 0.032 g/t Au
Quality Control and Quality Assurance
Garth Kirkham, 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.
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.
On Behalf of the Board of Directors
GROUP TEN METALS INC.
“Michael Rowley”
Michael Rowley, President, CEO & Director
Email: info@grouptenmetals.com
Web: http://grouptenmetals.com
Tel: (604) 357 4790
TF: (888) 432 0075
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 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.