February 29, 2016 – Group Ten Metals Inc. (PGE:TSX.V and 5D31:FSE) (the “Company” or “Group Ten”) announces the completion of an exploration and staking program on its road accessible Spy mineral property in the southwest Yukon territory. The Spy property is highly prospective for copper and nickel sulphide mineralization as well as platinum group metals (PGM). Based on the results of the exploration program, the project has been expanded from 1,250 hectares to 3,135 hectares. The property is located roughly 40 kilometers southeast of the Company’s Catalyst Project that adjoins Wellgreen Platinum’s advanced Wellgreen PGM-Ni-Cu Project.
The Spy Projects is situated in the Kluane Ultramafic Belt, a 600km-long sequence of igneous and sedimentary rocks extending through the Yukon from northern British Columbia into southern Alaska. PGE-Ni-Cu mineralization occurs within and along the base of the 75-100m thick ultramafic Spy Sill where it intrudes the Hasen Creek siltstone. Mineralization along the contact varies from disseminated to massive sulfide lenses, with historic grab samples assaying as high as 75.8 g/t Pt, 7.9 g/t Pd, 7.0 g/t Au, 2.6% Ni and 10.45% Cu (Bell, C. 1996. Report on 1995 geological and geochemical surveys on the Klu property for Inco Limited. Yukon Dept. of Energy, Mines and Resources, Assessment Report #093371, 244p.).
Silt and rock sampling, prospecting, mapping and geophysical reinterpretation of airborne geophysical data on the property were partially funded by the Yukon Government’s Mining Exploration Program (YMEP). The 2015/2016 program delineated the potential for a significant strike extension of mineralization both to the southwest and to the northeast. The Spy project has been expanded from 60 claims to 146 claims and now covers a total of 11 km of the strike length of the prospective ultramafic Spy sill (see Table 1 and Spy Claim Map). The new claims also include potentially mineralized country rock on the north side of the sill and underexplored areas of the Lewis and Bock’s Brook ultramafic intrusions. When the final assays are received from the sampling program, the results will be integrated with the geophysical reinterpretation to define targets for follow-up trenching and a possible initial program of drilling.
Group Ten thanks the Yukon Government for supporting programs such as the Yukon Mineral Exploration Program, particularly during these difficult times in the industry.
About Group Ten Metals Inc.
Group Ten Metals Inc. is a mineral exploration company focused on exploration for deposits of platinum group metals (PGM), nickel, copper and gold in emerging districts with proven world-class potential. The Company controls the premier land position in the Kluane Ultramafic Belt in the southwest Yukon Territory where it adjoins Wellgreen Platinum Ltd’s Wellgreen deposit, and also has the Drayton-Black Lake high-grade gold project in northwest Ontario.
Highlights of historic Spy property samples from the “Report on geological and geochemical surveys on the Klu property Yukon Dept. of Energy, Mines and Resources, Assessment Report #094164, Tulk 2000.
|Showing||Length(m)||Pt+Pd+Au (g/t)||Cu %||Ni %|
SPY CLAIM MAP
The technical contents of this release were reviewed by Tom E. McCandless, Ph.D., P. Geo., Director and Chief Operating Officer for Group Ten Metals and a qualified person as defined by National Instrument 43-101. The property has not been the subject of a National Instrument 43-101 report, and Dr. McCandless has not verified the technical data disclosed in this release.
On Behalf of the Board of Directors
GROUP TEN METALS INC.
President & Director
Tel: (604) 681 1568
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.
Statements which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future.
It is important to note that actual outcomes and the Company’s actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental and technological factors that may affect the Company’s operations, markets, products and prices. Readers should refer to the risk disclosures outlined in the Company’s Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.