Group Ten Metals Inc. (PGE:TSX.V) (the “Company” or “Group Ten”) announces acquisition of the Duke Island Cu-Ni-PGE Project from Quaterra Alaska Inc., a subsidiary of Quaterra Resources Inc. The property consists of 31 unpatented claims that control the core area of copper-nickel-platinum-palladium (Cu-Ni-PGE) sulfide mineralization discovered in the Duke Island ultramafic complex by Quaterra in 2001. Past exploration expenditures of approximately $2.5 million have defined four large zones of mineralization on the property by geologic mapping, surface geochemistry, surface and airborne geophysics. Only one of these zones has been tested to date with 3,434 meters of drilling in 16 holes. None of the holes are thought to have penetrated the prospective basal contact of the intrusion where the highest grades of Cu-Ni-PGE sulphide mineralization are inferred to occur.
Sulfide mineralization on the property is within an Alaska-type zoned ultramafic intrusion in Alaska’s Alexander Platinum Belt. The Duke Island occurrence is unique in the high percentage of disseminated and net-textured to massive sulfide mineralization within certain phases of the ultramafic complex. Outcrop grab samples have returned values up to 2.8% Cu, 0.25% Ni and over 1 ppm PGE (Freeman, C. and C. Van Treeck, 2006, Summary report for the Duke Island Cu-NI-PGE Property, Ketchikan Mining District, Alaska). Core holes drilled at the Marquis prospect have intercepted from 5 meters to 90 meters of semi-massive to massive sulfide containing anomalous values for Cu (up to 12,500 ppm), Ni (up to 4,694 ppm), Pt (up to 680 ppb), and Pd (up to 548 ppb).
Michael Rowley, CEO of Group Ten stated: “The Duke Island acquisition is a key component of our strategy to create the premier nickel exploration company in the region. The project has the potential for a significant Cu-Ni-PGE discovery.”
Marquis is the only target that has partially been drill tested. Three similar EM and NSAMT geophysical anomalies have been defined in relation to surface mineralization at the Lookout and Scarp targets to the east and the Monte area to the south.
By the terms of the agreement, Group Ten will purchase the property by the issuance of one million shares to each of two vendors, with Quaterra Alaska Inc. retaining a 1% NSR royalty. The issuance of stock per the agreement is subject to regulatory approval.
About Group Ten
Group Ten Metals is focused on exploration for platinum group metals, nickel, copper and gold. The Company is in the process of acquiring highly prospective projects in the ultramafic PGE-copper-nickel belts of Alaska and the Yukon including the flagship Catalyst project which adjoins Wellgreen Platinum’s world-class Wellgreen deposit on three sides. Group Ten also holds the Black Lake/Drayton gold project in northwest Ontario which features multiple high-grade gold showings in historic bulk samples over 79 square kilometers of claims.
On behalf of the Board of Directors,
“Michael Rowley”
Michael Rowley
President, CEO, Director, Group Ten Metals Inc.
For further information, please visit the Company’s website at http://grouptenmetals.com or contact Michael Rowley at 604.641.2742 or by email at mrowley@grouptenmetals.com.
This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general economic conditions, interest rates, commodity markets, regulatory and governmental approvals for the company’s projects, and the availability of financing for the company’s development projects on reasonable terms. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Group Ten Metals Inc. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.
Neither 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.