VANCOUVER, British Columbia, Dec. 17, 2018 (GLOBE NEWSWIRE) -- Group Ten Metals Inc. (TSX.V: PGE; OTC: PGEZF, FSE: 5D32) (the “Company” or “Group Ten”) provides an update on the Company’s flagship Stillwater West PGE-Ni-Cu project (“Stillwater West” or the “Project”) in the Stillwater district of Montana, USA, including a summary of 2018 field work which resulted in the recognition of the new Hybrid Zone PGE-Ni-Cu-Cr target that is one of 14 multi-kilometer priority target areas identified by field and data analysis activities to date.
Dr. Craig Bow, Chief Geologist, stated, “We are excited about the discovery of a fundamentally new type of platinum and palladium mineralization within the Stillwater Complex. Termed “Hybrid Zone” due to the complex mixtures of rock types and textures, this zone within the Chrome Mountain target area is characterized by broad intervals (10 to 150 meters) of highly anomalous PGE levels associated with chromite and base metal sulfide often in pegmatoidal Ultramafic Series lithologies. To date, mineralization has seen scout drilling only and remains open in all directions, emphasizing the underexplored nature of the ultramafic portion of the Stillwater Complex. We are committed to further exploration of this iconic mining district and believe in its potential to host significant new deposits.”
Including the new Hybrid Zone in the Chrome Mountain target area, Group Ten has identified a total of 14 multi-kilometer-scale target areas along the approximate 25-km strike length of the property (see Figure 1). These 3- to 8-km-long target areas have been defined by major high-level electro-magnetic conductors with broad coincident soil geochemical anomalies, and are further divided into eight ‘Platreef-style’ bulk tonnage PGE-Ni-Cu sulphide target areas (blue ellipses) and six ‘Reef-type’ higher-grade PGE target areas (red ellipses) including the Picket Pin PGE reef deposit.
The eight ‘Platreef-style’ bulk tonnage PGE-Ni-Cu target areas occur within the ultramafic and basal part of the Stillwater Complex and are highlighted by strong electro-magnetic conductive signatures that are characteristic of large bodies of massive to extensively disseminated sulphides. These geophysical targets have overlapping highly elevated palladium, platinum, gold, nickel, copper, and chromium values in soils and rock sampling. Individual target areas have from a few drill holes to as many as 30 wide-spaced holes that have intercepted significant levels of platinum, palladium and gold along with nickel, copper, cobalt, rhodium, vanadium and chromium.
The higher-grade ‘Reef-type’ PGE target areas at Stillwater West, occur both above and below Sibanye-Stillwater’s J-M Reef deposit, which hosts a Measured and Indicated resource of 31 million ounces at a grade of 17.0 grams per tonne (g/t) Pt+Pd, plus an additional 49 million ounces at 16.6 g/t Pt+Pd in Inferred resources1, plus past production of 10 million ounces at similar grades2 from three active mines. Less work has been completed on these Reef-type targets by Group Ten to date however surface sampling and drilling has reported significant mineralization that will be assessed in future work.
2018 Exploration Programs
The 2018 exploration program, the Company’s first at Stillwater West, confirmed the potential of the Project to host multiple large-scale, disseminated, polymetallic bulk tonnage deposits across the 25-km length of the claim blocks. Work was focused on exploration of the lower Stillwater Complex where the Company 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 PGE-Ni-Cu Mine, and Ivanhoe’s Platreef PGE-Ni-Cu project, which is currently under construction.
Work was conducted in the following key areas at Stillwater West in 2018:
- Significant mineralized intervals from over 11,000 meters of core inventory were re-logged for assay and the application of new geologic models from the Platreef. Re-logging is now complete, with assays pending;
- Surface prospecting and rock sampling of mineralized outcrops along approximately 20 km of the 25-km strike of the project was completed. Assay results are expected shortly;
- Detailed surface mapping of the Basal and Ultramafic Series covering an approximate 7 km2 area was completed to augment the historical database and better define the stratigraphy of this underexplored portion of the Stillwater Complex;
- Physical rock property measurements were completed on representative core and grab samples including magnetic susceptibility, conductivity/resistivity, IP (Induced Polarization) chargeability, and density. Rock property analysis is expected to be instrumental in developing new geologic and 3-D models for the different types of mineralization at Stillwater West;
- Entry of all core data into the first property-wide 3D geologic database for modeling and target refinement. This effort is ongoing, with results expected in 2019;
- Development of a predictive geologic model to drive future exploration efforts and follow-up drilling (ongoing); and prioritization of all targets along the 25-km-long strike length of the Project (now underway).
Next Steps
Results of the 2018 field program will be released in the coming weeks, with results of the greater modeling and mapping efforts expected to be on-going through Q1 of 2019. Group Ten will attend both the Vancouver Resource Investment Conference and AME Round Up trade shows in January, including core display at the latter.
About Stillwater West
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 production2 and current M&I resources1, plus another 49 million ounces of Inferred resources1, 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-nickel-copper type deposits, possibly similar to Platreef in the Bushveld Complex3. Group Ten’s Stillwater West property 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.
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.
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.
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 highly prospective Kluane PGE-Ni-Cu project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory, and the high-grade Black Lake-Drayton Gold project in the Rainy River district of northwest Ontario.
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 platinum & palladium, silver and copper. Member companies include Group Ten Metals (TSX-V: PGE) in the Stillwater PGM-Ni-Cu district of Montana, Metallic Minerals (TSX-V: MMG) in the Yukon’s Keno Hill silver district, and Granite Creek Copper (TSX-V: GCX.H) in the Yukon’s Carmacks copper district. Highly experienced management and technical teams at the Metallic Group have expertise across the spectrum of resource exploration and project development from initial discoveries to advanced development, including strong project finance and capital markets experience and have demonstrated a commitment to community engagement and environmental best practices. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorer/developers and major producers and are 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.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/62600ad4-0f29-4832-9016-13f5b7e830c1
FOR FURTHER INFORMATION, PLEASE CONTACT:
Michael Rowley, President, CEO & Director
| Email: info@grouptenmetals.com | Phone: (604) 357 4790 |
| Web: http://grouptenmetals.com | 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
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.