VANCOUVER, British Columbia, June 04, 2019 (GLOBE NEWSWIRE) -- Group Ten Metals Inc. (TSX.V: PGE; US OTC: PGEZF; FSE: 5D32) (the “Company” or “Group Ten”) is pleased to announce exploration plans for the 2019 season at the Company’s flagship Stillwater West PGE-Ni-Cu project in Montana, USA, including planned drilling at the three most advanced target areas where the Company sees potential to rapidly expand known mineralized zones towards resource delineation. In addition, recently completed advanced 3D modeling of geophysical data highlights the potential that favorable, mineralized magmatic stratigraphy may extend several kilometers in depth starting from surface in these advanced target areas.
The Stillwater West PGE-Ni-Cu Project stratigraphically brackets Sibanye-Stillwater’s high-grade mines in the magmatic layers of the Stillwater complex, and includes five drill-defined mineralized zones plus nine additional target areas based on surface sampling and geophysical conductors. The Company has prioritized exploration of the lower Stillwater Complex where it sees the potential for much larger mineralized systems than have been previously recognized in the district based on geological similarities with the Platreef deposits on the northern limb of South Africa’s Bushveld Complex. Over the past decade the Platreef deposits have been shown to host several hundred million ounces of platinum and palladium, along with tens of billions of pounds of nickel and copper, in a number of world-class scale deposits that are amenable to bulk mining methods. The resulting mines - Anglo American’s world-leading Mogalakwena Mine, 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 potential for multiple Platreef-style deposits, which are the focus of on-going exploration efforts by Group Ten Metals.
2019 Drill Plan & Targets
Recent advanced 3D Magnetic Vector Inversion (MVI) modeling of airborne and ground-based geophysical data indicates significant thickening of the magmatic package under five multi-kilometer-scale advanced target areas relative to other parts of the Stillwater complex. This modeling highlights the potential that the magmatic horizons that host known mineralization may also extend to several kilometers in depth, starting from surface. MVI modeling has been instrumental in a number of large discoveries in recent years, including the expansion of Ivanhoe’s Platreef mine in similar geology in South Africa.
Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5fca8864-5391-4a74-a508-5f65cd40e049
President and CEO Michael Rowley commented “The scale of these targets is truly impressive, and they are made even more compelling by the fact that they appear to extend from known mineralization at surface - at grades that are comparable to those of the Platreef in a number of drill holes - to several kilometers depth or more in some areas along the magmatic layers of the Stillwater complex. These thickened magmatic packages may indicate proximity to magmatic feeder structures for the Stillwater Igneous Complex, which makes them very compelling targets based on their potential to host multiple world-class PGE-Ni-Cu deposits. We look forward to further announcements in the near future.”
Priority Target Areas – Chrome Mountain, Camp Zone, Iron Mountain
Group Ten’s compilation and modeling work has identified drill-defined mineralized zones at a total of five target areas. Drilling planned for summer 2019 will focus on the three most advanced target areas - Chrome Mountain, Camp Zone, and Iron Mountain - where the Company sees the potential to quickly establish preliminary mineral resource estimates by offsetting higher grade intercepts in areas of existing, drill-defined mineralization. Data from than 28,000 meters of drill data, plus geochemical, geophysical and geological mapping data, compiled by Group Ten and reported in detail in a series of recent news releases, demonstrates the potential to expand mineralization in each of these areas in terms of both scale and grade by targeting untested geophysical and geochemical anomalies, as summarized below and in Figure 2.
As announced on May 7, 2019, results from the HGR target in the Iron Mountain target area returned Platreef-style grade and potential bulk tonnage scale with 21 holes defining an approximate 850 meter strike length to a depth of 200 meters, with an average mineralized interval of 94 meters including:
- 33.5 meters of 0.77% Ni and 0.65% Cu, with no PGE analysis, in drill hole 355-59;
- 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, with selective assays confirming PGEs up to 2.7 g/t Pd in drill hole 355-64; and
- 8.0 meters of 3.65 g/t 3E (Pt+Pd+Au), 0.14% Ni, 0.03% Cu, and 0.013% Co in drill hole IM2002-07.
Drill-defined mineralization at the HGR target is open for expansion in all directions, including to the east towards a geophysical conductor that has never been drill tested, and to the west following the magmatic layers of the Stillwater Complex towards the Iron Mountain Central target. Rock samples in this area range up to 95.8 g/t platinum, palladium, and rhodium (27.8 g/t Pt, 62.2 g/t Pd, 5.78 g/t Rh).
Known mineralization at the adjacent Camp Zone target area, announced April 11, 2019, is defined by nine holes that delineate a continuous zone of nickel-copper sulphide mineralization in the Basal Series that averages 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 along with nickel and copper grades comparable to those in the Platreef deposits. Limited sampling was completed for these drill holes for platinum and palladium however select intervals were composited with intercepts of up to 1.4 g/t Pt+Pd. Additional drilling will be needed to better define PGE content in this target area.
At Chrome Mountain, the Hybrid Zone is defined by six drill holes at the Discovery target that delineate a mineralized zone with wide intervals of PGE and base metal enriched mineralization of a type not identified previously in the Stillwater Complex, but known at the Platreef in the Bushveld Complex, South Africa (see December 17, 2018 and February 21, 2019 news releases). These six holes returned composite mineralization of over 200 meters in thickness that has been tested to approximately 250 meters vertical depth and occurs over a strike length of approximately 700 meters. Mineralization remains open in all directions and occurs within a broader approximately two kilometer wide area of highly anomalous metals in soils. Nine separate drill intercept from the Discovery target exceeded 100 meters thickness with continuous highly elevated PGE, Ni, Cu and Co mineralization, starting at surface, including 118 m at 1.73 g/t Total Platinum Equivalent as 0.36 Pt, 0.56 Pd, and 0.09 Au (for 1.0 g/t 3E), along with 0.12% Ni, 0.03% Cu, and 0.01% Co (for 0.17% Nickel Equivalent).
Field work is also planned to advance a number of less developed targets in these areas, including high-grade intrusive dunite targets and others as detailed in the above-referenced news releases.
Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cb156bc0-0096-4ac7-9e25-083890ec7c32
Additional Mineralized Zones – Wild West, Crescent
In addition to drill programs now being finalized for the three most advanced target areas as discussed above, work is planned to advance drill-defined mineralized zones at the Wild West and Crescent target areas.
The Wild West target area includes the Pine Shear Zone, a structurally-controlled shear zone hosted within the chromite-rich ultramafic stratigraphy which returned high-grade gold and PGE mineralization along with nickel, copper and cobalt (see January 25, 2019 news release). Drilling to date defines a mineralized zone across a 150 meter strike with an average width of 15 meters that has been tested to approximately 50 meters vertical depth and is open in all directions. Highlight drill results include 31.02 g/t 3E (28.7 g/t Au, 1.06 g/t Pt, 1.27 g/t Pd) over 2.6 meters, and 16.94 g/t 3E (16.19 g/t Au, 0.24 g/t Pt, 0.50 g/t Pd) over 7.98 meters. Reconnaissance rock chip samples also returned high and very high-grade results with results ranging up to 23.1 g/t 3E (21.8 g/t Au, 0.64 g/t Pt and 0.72 g/t Pd) at the Pine Shear Zone, and up to 11.5 g/t 3E (10.05 g/t Pd, 1.2 g/t Pt, and 0.23 g/t Au) in the ultramafic series in the broader Wild West target area.
As announced May 29, 2019, past shallow drilling in ten holes defines a mineralized body within a 250 meter by 500 meter area at the Crescent target area. Mineralized intercepts range from 25.6 to 194.7 meters in length at base metal grades that are comparable to, or exceed, those of the Platreef, including 8.9 meters of 0.39% nickel and 0.12% copper, with no precious metals analyzed. Shallow, more recent holes include complete assay data reporting up to 4.3 meters of 2.94 g/t platinum, palladium and gold, plus 0.24% combined nickel and copper, starting at 28.3 meters depth.
A historic resource of approximately 260,000 ounces grading 2.39 ppm Pt+Pd4, on a small block of adjacent claims controlled by Sibanye-Stillwater and along trend in the same conductive magmatic target, demonstrates the potential for the Crescent target area to host significant PGE mineralization at grades comparable to Platreef deposits.
Group Ten has received definitive decision memos for drill permits in the priority target areas. Issuance of final permits in these areas is now subject to standard review prior to implementation. The Company has submitted additional permit applications to allow for expanded drill coverage of the broader project area.
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 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-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. 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.|
|Note 4:||Hammarstrom, J.M., Zientek, M.L., Elliott, J.E., USGS Open-File Report 93-207, 1993.|
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 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 platinum and 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) 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 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.
FOR FURTHER INFORMATION, PLEASE CONTACT:
|Michael Rowley, President, CEO & Director|
|Email: Email Contact||Phone: (604) 357 4790|
|Web: http://grouptenmetals.com||Toll Free: (888) 432 0075|
Quality Control and Quality Assurance
2018 rock chip samples were analyzed by Bureau Veritas Mineral Laboratories in Vancouver, B.C. Samples were crushed and split, and a 250 g split pulverized with 85% passing 200 mesh. Gold, platinum, and palladium were analyzed by fire assay (FA350) with ICP finish. Selected major and trace elements were analyzed by peroxide fusion with ICP-EB finish to insure complete dissolution of resistate minerals. Following industry QA/QC standards, blanks, duplicate samples, and certified standards were also assayed.
2002-2008 drilling was conducted by Group Ten’s QP while working for Beartooth Platinum. Pre-2001 drill results are considered historic and have not been independently verified by Group Ten. 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.