May 8, 2018 – Vancouver, BC - Group Ten Metals Inc. (TSX.V: PGE; US OTC: PGEZF; FSE: 5D32) (the “Company” or “Group Ten”) is pleased to announce the results from compilation and interpretation work focused on the Iron Mountain area of the Company’s Stillwater West project in Montana, including the delineation of a large cobalt target defined by highly elevated cobalt in soils and corresponding rock samples.
Work to date at the Stillwater West project has identified two broad target types – large-scale “Platreef-style” mineralization and higher-grade “Reef-type” deposits – with 12 broad target areas across the more than 20 kilometre (km) long main claim block, plus three satellite blocks which contain additional zones of interest. Compilation and analysis by Group Ten shows the potential for multiple deposits and indications of a much larger mineralized system than has been previously recognized. Of particular focus are those areas that show characteristics of a “Platreef-style” setting in the lower Stillwater Complex stratigraphy that may be similar to the large-scale high-sulphide PGE-nickel-copper type deposits seen in the lower Bushveld Complex in South Africa1.
Three of the five identified zones in the Iron Mountain area are large-scale, high-sulphide PGE-nickel-copper targets that are a priority for additional work based on the magnitude of the coincident geochemical and geophysical conductor anomalies (see news releases from January 10 and February 26, 2018). As shown in Figure 1, these three broad, conductive anomalies overlap with highly elevated platinum group elements, nickel, copper and chromium values in soils across the entire 8km length of the Iron Mountain area. These targets have been further prioritized due to the confirmation of significant PGE-Ni-Cu mineralization in drilling, mostly from the 1970’s, that partially tested these areas for nickel and copper sulphides. The Company is currently completing a systematic re-logging of existing core and reviewing detailed core logging records in order to develop a predictive geologic model to drive future exploration efforts and follow-up drilling.
The Company also reports that it has identified elevated cobalt values in soil and rock samples covering an area of more than 2.7km by 1.1km (see inset, Figure 1) that correlate closely with nickel values, including:
- Consistently high cobalt values in soil of 75 to 220 ppm Co; and
- rock samples with assays up to 0.14% Co in 155 samples with a cut-off of 0.005% (50 ppm).
Large magmatic PGE-Ni-Cu deposits, including the Bushveld, are commonly recognized to contain cobalt2, and generally produce cobalt as a by-product of nickel and copper production. Recognition of potentially significant cobalt grades at Stillwater West may be an important additional element of value as the company continues exploration on these polymetallic targets within the lower Stillwater Complex.
President and CEO Michael Rowley stated, “We are very pleased with the continued progress of our compilation and interpretation work starting with the Iron Mountain area. We believe that our systematic approach to evaluating this under-explored part of the Stillwater Complex can result in substantial new value-creating discoveries, especially in light of the advancements in understanding of similar settings such as the Bushveld in South Africa. The recognition of the potential for significant cobalt at Stillwater West, within the United States, is an exciting development which expands our exposure in the technology and battery materials space at a time when sources from the developed world are increasingly desirable and the US Government has defined cobalt as a ‘critical commodity’. We look forward to providing further technical releases from the Iron Mountain target area and other target areas at Stillwater West, as part of our 2018 exploration program, in the coming weeks.”
The Company will be attending the 121 Mining Investment conferences in London, UK on May 17 and 18, and New York City on June 5 and 6, in addition to hosting guided web tours in the coming weeks. Interested parties are invited to contact the Company for more details.
Note 1: 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 2: A.J. Naldrett, Secular Variation of Magmatic Sulfide Deposits and Their Source Magmas, Economic Geology, v. 105, pp. 669–688, 2010
About Group Ten Metals Inc.
Group Ten Metals Inc. is a Canadian mineral exploration company focused on the development of high-quality platinum, palladium, nickel, copper and gold exploration assets in North America. The Company’s holdings include the Stillwater West PGE-Ni-Cu project adjacent to Sibanye-Stillwater’s high-grade Pd-Pt mines in Montana, the Kluane Ni-Cu-PGE project adjacent to Nickel Creek Platinum‘s Wellgreen deposit in the Yukon Territory, and the Black Lake-Drayton Gold project in the Rainy River district of northwest Ontario.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Michael Rowley, President, CEO & Director
Email: firstname.lastname@example.org 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: 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.