Group Ten Metals Inc. (TSX.V: PGE; US OTC: PGEZF; FSE:
5D32) (the “Company” or
“Group
Ten”) announces
completion of the earn-in requirements on the core Black Lake
portion of the Black Lake-Drayton gold project, adjoining the
Goldlund and Goliath gold projects in the Rainy River district of
Northwest Ontario, Canada.
Group Ten has completed the earn-in requirements
for the 24 km2 Black Lake claim block within the Black Lake-Drayton
project by completing all terms of the agreement first announced
November 21, 2012, as amended, such that the Company now owns 100%
right, title and interest to the claims subject only to certain
production royalties, which include buy-down provisions. Together
with the completion of earn-ins announced July 18, 2018, the
Company now owns 100% right and title to over 96% of the 114 km2
Black Lake-Drayton project, with the remaining portion subject to
one earn-in agreement.
A graphic accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/3897dfee-36b4-47f1-acbf-accae9f86c74
President and CEO Michael Rowley said, “With
this most recent milestone, Group Ten is now very close to owning
100% of the Black Lake-Drayton project for a very modest
consideration. We continue to receive expressions of interest from
potential partners on the project arising from its similarity with
and proximity to the Goldlund and Goliath projects held by First
Mining Gold and Treasury Metals, respectively, as well as to New
Gold’s Rainy River project, which first attracted attention to the
district in the 1990s. This asset adds to Group Ten’s commodity
base and complements the Company’s core Stillwater West PGE-Ni-Cu
project with a large and highly-prospective land position
strategically located beside advanced-stage gold projects in a
word-class high-grade mining district. We anticipate further
announcements with respect to advances at Stillwater West as well
as regarding anticipated 2019 field programs at our projects in
Montana, Ontario and Yukon.”
About the Black Lake-Drayton
Project
As shown in Figure 1, 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 km2 and over 30 km of
under-explored 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. Since the development of
New Gold’s Rainy River deposit, 10 Moz of gold has been discovered
in the belt (Figure 1).
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 mine. Despite its proximity to the Red Lake
area and the Birch-Uchi belt, the Abrams-Minnitaki greenstone belt
remained under-explored 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 and resources
on numerous projects in the belt.
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 project
adjacent to Sibanye-Stillwater’s high-grade PGE mines in Montana,
USA. Group Ten also holds the highly prospective Black Lake-Drayton
Gold project in the Rainy River district of northwest Ontario, and
the Kluane PGE-Ni-Cu 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, brownfields assets in established mining districts adjacent
to some of the industry’s highest-grade platinum and palladium,
silver and copper producers. Member companies include Group Ten
Metals (TSX-V: PGE) in the Stillwater PGM-Ni-Cu district of
Montana, Metallic Minerals (TSX-V: MMG) in the Yukon’s Keno Hill
Silver District, and Granite Creek Copper (TSX-V: GCX.H) in the
Yukon’s Carmacks copper district. Highly experienced management and
technical teams at the Metallic Group have expertise across the
spectrum of resource exploration and project development from
initial discoveries to advanced development. In addition, the teams
have strong project finance and capital markets experience and have
demonstrated a commitment to community engagement and environmental
best practices.
FOR FURTHER INFORMATION, PLEASE
CONTACT:
Michael Rowley, President, CEO &
DirectorEmail: info@grouptenmetals.com
Phone: (604) 357 4790Web:
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
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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