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Group Ten Metals Inc (2)
Symbol PGE
Shares Issued 169,951,141
Close 2022-05-03 C$ 0.355
Recent Sedar Documents

Group Ten drills 13.2 m of 3.33% NiEq at Stillwater

2022-05-03 10:36 ET - News Release

Mr. Michael Rowley reports

GROUP TEN REPORTS 13.2 METERS OF 3.33% NICKEL EQUIVALENT WITHIN 401 METERS CONTINUOUS MINERALIZATION FROM RESOURCE EXPANSION DRILLING AT STILLWATER WEST CRITICAL MINERALS PROJECT IN MONTANA, USA

Group Ten Metals Inc. has drilled wide, high-grade intervals of nickel sulphide with palladium, platinum, rhodium, cobalt, copper and gold in a third tranche of drill results from the 14-hole resource expansion campaign completed flagship Stillwater West platinum group element/nickel/copper/cobalt plus gold project in Montana, United States.

Results continue to support the company's priority objective of expanding the October, 2021, inaugural mineral resource estimates with multiple wide and highly mineralized intervals returned in stepout drilling in the DR-Hybrid deposit area at Chrome Mountain (see attached table). Drilling in 2021 focused on resource expansion in three of the five deposit areas delineated by the 2021 estimates. Similar wide and well-mineralized intervals have now been reported from all three deposit areas as announced Dec. 20, 2021, and March 7, 2022. Mineralization remains open to expansion along trend and at depth in all five deposit areas, which are in the 12-kilometre-long resource area within the broader 32-kilometre-long land package in the lower Stillwater igneous complex.

Live webinar with question-and-answer session

Group Ten president and chief executive officer Michael Rowley will be joined by newly appointed vice-president exploration, Danie Grobler, for a live webinar on Wednesday, May 4, 2022, at 10 a.m. PT (1 p.m. ET).

Highlights:

  • CM2021-05 returned 400.8 metres of continuous battery and precious metal mineralization grading 0.30 per cent nickel equivalent (NiEq), equal to 0.80 gram per tonne palladium equivalent (PdEq), with successive contained higher-grade intervals including 96 metres of 0.60 per cent NiEq (1.56 g/t PdEq) and including 13.2 metres of 3.33 per cent NiEq (8.88 g/t PdEq) as 2.31 per cent Ni, 1.51 g/t palladium plus platinum plus gold plus rhodium (4E), 0.35 per cent Cu and 0.115 per cent Co starting at 37.6 metres. This is one of the widest high-grade intercepts ever recorded in the Stillwater district.
  • The results from CM2021-05 represent an important new discovery with the same distinctive signature of high-grade nickel sulphide, platinum group metals and gold as encountered in CM2020-04, which returned 8.5 metres of 1.74 per cent NiEq (or 4.65 g/t PdEq) within a broad mineralized package located approximately 125 metres to the west. This zone remains open to further expansion with additional drilling.
  • CM2021-06 returned 0.26 per cent NiEq (0.71 g/t PdEq) over 345.0 metres, including 75.4 metres of 0.37 per cent NiEq, or 0.99 gram per tonne PdEq, and a second, lower interval with 148.4 metres of 0.30 per cent NiEq, or 0.79 g/t PdEq.
  • CM2021-04 returned 247.2 metres of 0.21 per cent NiEq (0.57 g/t PdEq) mineralization, including two long intervals at higher grades.
  • Results also continue to highlight the potential for significant co-product rhodium values at Stillwater West, with drill samples in Chrome Mountain holes CM2021-04, CM2021-05 and CM2021-06 up to 0.36 g/t Rh within the mineralized horizons. At recent values, rhodium trades at more than 16 times the value of platinum and eight times the value of palladium on a spot price basis at over $16,000 (U.S.) per ounce. Sibanye-Stillwater, adjacent to Group Ten's Stillwater West project, is the primary U.S. producer. Supply constraints for rhodium have supported rising prices since 2017.
  • Assay results remain pending from five holes in the HGR deposit area at Iron Mountain and portions of holes CZ2021-01 and IM2021-04, in addition to rhodium assay results on a number of mineralized intervals reported to date.

These results, in addition to results released March 7, 2022, and Dec. 20, 2021, demonstrate significant potential to expand the October, 2021, mineral resource estimates with multiple long intervals at grades well above the 0.20-per-cent-nickel-equivalent cut-off grade used in that study (see attached table). Potential is also shown to expand existing resources at higher cut-off grades, such as 0.35 per cent and 0.50 per cent NiEq. Moreover, these results provide important intercepts in stepout drill holes located up to several hundred metres from the resource estimate block models.

Dr. Danie Grobler, Group Ten's vice-president of exploration, commented: "I am excited to extend my experience obtained over the past two decades at the Platreef in the northern Bushveld complex to Group Ten's Stillwater West project. We see significant comparability with Platreef-style mineralization in the lower Stillwater complex and, in particular, early evidence of higher-grade Flatreef pegmatoidal-style mineralization targets within the project's layered magmatic stratigraphy."

Michael Rowley, president and chief executive officer, commented: "The high-grade intercept in hole CM2021-05 is the latest in a series of exciting discoveries made by our team in the lower Stillwater complex through the development of a new predictive geologic model for this famously metal-rich district. This notable intercept demonstrates the same high-tenor nickel sulphide mineralization as a similar interval in CM2020-04, 125 metres away, and is in an area that is completely outside of the current resource block model. It also represents one of the widest high-grade battery and precious metal intercepts to date in the Stillwater district. Further stepouts on this new target, situated between the existing DR and Hybrid deposit areas, are a priority for the coming season. Over all, we continue to see confirmation of a large mineralized system with an impressive endowment of eight of the commodities listed as critical by the U.S. government. We look forward to reporting additional remaining drill results from the 2021 Iron Mountain drilling, exploration plans for 2022 and other news in the near term."

Upcoming news and events

Geological Survey of Nevada Symposium

Dr. Craig Bow will present recent findings in a technical session at the GSN Symposium May 4th in Reno, Nevada.

OTC Markets Metals and Mining Conference Virtual Conference

Michael Rowley will present on Thursday, May 5 at 10:30am PT (1:30PM ET). To register, click here.

Vancouver Resource Investment Conference

Group Ten will join fellow Metallic Group company members in Booth 111 at the 2022 VRIC event.

About Stillwater West

Group Ten is rapidly advancing the Stillwater West PGE-Ni-Cu-Co + Au project towards becoming a world-class source of low-carbon, sulphide-hosted nickel, copper, and cobalt, critical to the electrification movement, as well as key catalytic metals including platinum, palladium and rhodium used in catalytic converters, fuel cells, and the production of green hydrogen. Stillwater West positions Group Ten as the second-largest landholder in the Stillwater Complex, with a 100%-owned position adjoining and adjacent to Sibanye-Stillwater's PGE mines in south-central Montana, USA1. The Stillwater Complex is recognized as one of the top regions in the world for PGE-Ni-Cu-Co 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. Group Ten's work in the lower Stillwater Complex has demonstrated the presence of large-scale disseminated and high-sulphide battery metals and PGE mineralization, similar to the Platreef in the Bushveld Complex2. Drill campaigns by the Company, complemented by a substantial historic drill database, have delineated five deposits of Platreef-style mineralization across a core 12-kilometre span of the project, all of which are open for expansion into adjacent targets. Multiple earlier-stage Platreef-style and reef-type targets are also being advanced across the remainder of the 32-kilometre length of the project based on strong correlations seen in soil and rock geochemistry, geophysical surveys, geologic mapping, and drilling.

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-Co + Au 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 adjacent to Treasury Metals' development-stage Goliath Gold Complex in northwest Ontario, which is currently under an earn-in agreement with an option to joint venture whereby Heritage Mining may earn up to a 90% interest in the project by completing payments and work on the project. The Company also holds the Kluane PGE-Ni-Cu-Co 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, brownfield assets in established mining districts adjacent to some of the industry's highest-grade producers of silver and gold, platinum and palladium, and copper. Member companies include Metallic Minerals in the Yukon's high-grade Keno Hill silver district and La Plata silver-gold-copper district of Colorado, Granite Creek Copper in the Yukon's Minto copper district, and Group Ten Metals in the Stillwater PGM-nickel-copper district of Montana. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry's leading explorers/developers and major producers. With this expertise, the companies are undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these proven, but under-explored, 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.

Note 1: References to adjoining properties are for illustrative purposes only and are not necessarily indicative of the exploration potential, extent or nature of mineralization or potential future results of the Company's projects.

Note 2: 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.

Quality Control and Quality Assurance

2021 drill core samples were analyzed by ACT Labs in Vancouver, B.C. Sample preparation: crush (< 7 kg) up to 80% passing 2 mm, riffle split (250 g) and pulverize (mild steel) to 95% passing 105 microm included cleaner sand. Gold, platinum, and palladium were analyzed by fire assay (1C-OES) with ICP finish. Selected major and trace elements were analyzed by peroxide fusion with 8-Peroxide ICP-OES finish to insure complete dissolution of resistate minerals. Following industry QA/QC standards, blanks, duplicate samples, and certified standards were also assayed.

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.

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