VANCOUVER, British Columbia, July 18, 2018 (GLOBE NEWSWIRE) -- Group Ten Metals Inc. (TSX-V: PGE ) (US OTC:PGEZF) (FSE:5D32) (the “Company” or “Group Ten”) is pleased to provide an update on the Company’s Black Lake-Drayton gold project, located in the Rainy River district of Northwest Ontario, Canada, including the completion of all outstanding earn-in requirements on two of the claim blocks. The Ontario asset complements Group Ten’s core Stillwater West project with a large and highly prospective land position which is strategically located beside advanced-stage projects in a world-class high-grade gold district.
Group Ten has completed the earn-in requirements for the Drayton claim block within the Black Lake-Drayton project by completing all terms of the agreement announced October 16, 2012, including issuance of the final installment of 142,857 common shares. As a result, Group Ten now owns 100% right and title to these claims, subject only to certain production royalties, which include buy-down provisions.
The Company has also completed the earn-in with a private vendor for six claims under an agreement announced November 14, 2013, as amended. The agreement was further amended to include buy-out of the royalty provision along with completion of the earn-in via one final share issuance of 200,000 commons shares. As a result, the Company owns 100% right and title to this parcel with no remaining obligations to any party.
With the above earn-ins complete, the Company now owns 100% right and title to over 85 square kilometers (km 2 ) of the more than 114 km 2 Black Lake-Drayton project, with the remaining portion subject to two earn-in agreements.
President and CEO Michael Rowley said, “By strategically acquiring the Black Lake-Drayton project during the lows of the recent market cycle, Group Ten was able to secure this large and highly prospective land package for very modest consideration. Recent results and work currently underway on the adjoining Goldlund and Goliath projects held by First Mining Gold and Treasury Metals, respectively, continues to bring new interest to the area, building on New Gold’s Rainy River project which first attracted attention to the district in the 1990s. The Company has received expressions of interest from potential partners on the project and is currently planning field programs for 2018 to further demonstrate the potential of this high-quality, yet under-explored, gold asset.”
About the Black Lake-Drayton Project
The Black Lake-Drayton project has been consolidated by the Company in five parcels as four option deals plus direct staking, providing Group Ten with 100% earn-in or ownership on more than 114 km 2 and over 30 km of underexplored strike length in in the Abrams‐Minnitaki Lake archean greenstone belt, along the northern margin of the Wabigoon sub-province. This highly active gold belt is host to a number of well-known deposits including Goliath (Treasury Metals), Goldlund (First Mining Finance) and Rainy River (New Gold), all of which have seen substantial recent expansions, among others.
The Black Lake-Drayton project includes an archive database with more than 20 historic occurrences, multiple high-grade bulk samples and over 127 drill holes, in addition to geological, geochemical and geophysical data. Although 43% of past drill holes intercepted gold or copper mineralization, they did not adequately test the mineralized zones which are now better understood in the area. Much of the project’s more than 30 km of strike length remains untested, despite the success of neighbouring deposits with similar geology.
On a regional scale, the project is located in the Abrams‐Minnitaki Lake greenstone belt which is south of and parallel to the Birch-Uchi belt, another archean greenstone belt that is home to a number of high-grade gold producers including Goldcorp’s Red Lake mines. Despite its proximity to the Red Lake area and the Birch-Uchi belt, the Abrams-Minnitaki greenstone belt remained underexplored into the 1990s due to persistent ground cover and limited road access. In the past two decades, new roads and improved exploration techniques have led to the delineation of multiple multi-million-ounce high-grade gold reserves on numerous projects in the belt.
Note 1 - Goldlund mineral resource figures based on “Technical Report and Resource Estimation Update on the Goldlund Project” dated February 7, 2017, available under First Mining Gold’s profile at sedar.com
Note 2 - Goliath project mineral resource estimate based on “Technical Report and Updated Resource Estimate for the Goliath Gold Project”, effective August 28, 2015, available under Treasury Metals’ profile at sedar.com.
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 and gold exploration assets in top North American mining jurisdictions. The Company’s core asset is the Stillwater West PGE-Ni-Cu project adjacent to Sibanye-Stillwater’s high-grade PGE mines in Montana, USA. Group Ten also holds the highly prospective Kluane PGE-Ni-Cu project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory, and the high-grade Black Lake-Drayton Gold project in the Rainy River district of northwest Ontario.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Michael Rowley, President, CEO & Director Email: info@grouptenmetals.com Phone: (604) 357 4790 Web: http://grouptenmetals.com Toll Free: (888) 432 0075
Quality Control and Quality Assurance
Ms. Debbie James, P.Geo., is the qualified person for the purposes of National Instrument 43-101, and she has reviewed and approved the technical disclosure contained in this news release.
Forward-Looking Statements
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.
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