VANCOUVER, British Columbia, Feb. 26, 2018 (GLOBE NEWSWIRE) -- Group Ten Metals Inc. (TSX.V:PGE) (US OTC:PGEZF) (FSE:5D32) (the “Company” or “Group Ten”) is pleased to announce that it has identified an initial 12 major geophysical conductive anomalies from a 1,914 line kilometer Fugro DIGHEM electro-magnetic survey covering its Stillwater West project in south-central Montana. These first targets are located within the Lower Banded, Ultramafic, and Basal Series of the Stillwater Complex within Group Ten’s main claim group. The strongest geophysical conductors show signatures that may be characteristic of large bodies of massive to extensively disseminated sulphides, which correspond with overlapping highly elevated palladium, platinum, gold, nickel, copper and chromium values in soil samples, covering over 18 kilometers in length (see Group Ten news release from January 10, 2018). Together, the strongest conductive geophysical anomalies, along with the scale and magnitude of the geochemical signatures, confirm and reinforce the potential of Group Ten’s Stillwater West project to host major new platinum group element (PGE), nickel, and copper mineralization within the lower Stillwater Complex.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/b89a5df5-f2ef-4c81-b6b9-074bb3c9e775
The Stillwater Complex is a layered mafic-ultramafic intrusion that is recognized, along with the Bushveld Complex in South Africa, as one of the top regions in the world for PGE-nickel-copper mineralization1. Group Ten’s Stillwater West project covers 44 square kilometers of claims adjoining Sibanye-Stillwater’s high-grade Stillwater PGE mines on the J-M Reef deposit. The J-M Reef deposit hosts the highest grade PGE mines in the world, with a Measured and Indicated resource of 31.3 million ounces at a grade of 17.0 grams per tonne (g/t) Pt+Pd, plus an additional 49.4 million ounces at 16.6 g/t Pt+Pd in Inferred resources2, and over 12 million ounces Pt+Pd of historic production to date at similar grades3. Earlier operations in the district also mined high-grade nickel, copper and chromium.
The high-grade J-M Reef deposit, and other PGE-enriched Reef-type 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 shows the potential for much larger scale disseminated and high-sulphide PGE-nickel-copper type deposits, such as the Platreef, Waterberg and Mogalakwena mines, that occur in the northern limb of the lower Bushveld Complex1.
The Group Ten technical team is targeting both higher-grade Reef-type and large-scale magmatic sulphide-hosted targets on the Stillwater West project. Modelling of the detailed DIGHEM survey across the main claim block has identified highly conductive anomalies in two broad stratigraphic packages of the lower Stillwater Complex across more than 18 kilometers of strike each. These geophysical signatures, along with the geology and geochemistry of the Stillwater West project, are shown in Figure 1. The two major bands of conductive geophysical anomalies and their associated targets are described in more detail below:
- Five main Reef-type target areas have been identified as moderate to strong magnetic conductors ranging in length from 1.5 to 5 kilometers and showing potential for multiple higher-grade PGE Reef-type deposit settings within approximately 18 kilometers of Lower Banded and upper Ultramafic stratigraphy (shown as red outlines on Figure 1). These broad conductive areas correspond spatially with highly elevated platinum group metal, nickel, copper, and chromium values in soils and outcrop samples.
- Seven broad magmatic PGE-Ni-Cu +/- Cr sulphide target areas have been identified ranging from 2 to 4 kilometers in length and up to 2 kilometers in width, with strong to very strong conductivity within the lower Ultramafic and Basal sequence stratigraphy (shown as blue outlines on Figure 1). These broad target areas also correspond with highly elevated metal values in surface outcrop and soil samples. Within these seven broad conductive targets, at least 14 additional and exceptionally strong, discrete kilometer-scale conductor signatures have been identified, several of which show massive sulphide occurrences from surface prospecting.
Results from the identified electromagnetic conductors, along with the previously released multi-element geochemical sampling, demonstrate the effectiveness of these exploration tools for identifying prospective new PGE-Ni-Cu targets in the Stillwater district for further exploration.
President and CEO Michael Rowley stated, “We are extremely encouraged by the size, strength and number of conductive targets identified at Stillwater West, particularly given their overlap with the 18 kilometer long footprint of elevated metal values in soils, and our new insights into the geology of the Ultramafic and Basal Series of the complex. We see potential for multiple deposit types and indications of a much larger mineralized system than has been previously recognized in this under-explored part of the Stillwater Complex. We are especially excited about the similarities in the setting and style of mineralization at the Stillwater West Project to those seen in the world-class Platreef deposits of the lower Bushveld Complex. We look forward to providing further technical releases and announcements related to our 2018 exploration program.”
About Group Ten Metals Inc.
Group Ten Metals Inc. is a Canadian mineral exploration company focused on the acquisition and 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.
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: 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 3: Public production records from Stillwater Mining Company 1992 to present.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Michael Rowley, President, CEO & Director
Phone: (604) 357 4790
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.
© 2024 Canjex Publishing Ltd. All rights reserved.