Group Ten Metals Inc. (TSX.V:PGE) (FSE:5D32)
(the “Company” or “Group Ten”) is pleased to
announce results from the first phase of drilling conducted on its
Black Lake-Drayton gold project in the Rainy River district of
northwestern Ontario, and to provide an update on the Company’s
2017 exploration plans.
Group Ten commenced the initial phase of its
planned Black Lake-Drayton exploration activities with a modest,
527-meter diamond drilling program conducted on one 40m long
outcropping section on the north-east end of the Moretti
Deformation Zone in September and October 2016. This preliminary
program, which consisted of seven shallow holes, was designed to
test the area directly underneath the Moretti Main Trench where
historic bulk samples returned 8,062kg at 14.01 g/t Au and 4,087kg
at 18.65 g/t Au, in addition to grab samples up to 1,212 g/t Au and
drill intercepts of 0.24m at 190.7g/t and 0.65m at 19.78g/t Au
(historic results not independently verified by the Company). These
select surface samples are not necessarily representative of the
mineralization on the entire target area.
All seven holes intersected the targeted zone,
with the best intercept being 0.5m at 15.62 g/t Au from 19.2m to
19.7m depth in hole BL_16_01. The remaining six holes intersected
quartz veining with anomalous gold values including intercepts of
+1m at +1g/t Au in holes BL_16_05 and BL_16_06. The core is now
being re-assayed using metallic sieve techniques following the
observation of visible gold in hole BL_16_01.
The Company is currently planning follow-up
activities utilizing exploration strategies developed at
neighbouring First Mining Finance’s Goldlund project and Treasury
Metals’ Goliath project, which share similar geology with Black
Lake-Drayton. The 2017 program is anticipated to include
additional, wider-spaced drilling to test the remainder of the
Moretti Deformation Zone, which is the most advanced of numerous
historic targets on the project with work to date defining a 1,500m
long by 10 to 30m wide zone of quartz-carbonate vein-hosted gold
mineralization.
President and CEO Michael Rowley commented, “We
are pleased to have confirmed the presence of significantly high
gold grades previously identified by historic bulk sampling and the
effectiveness of our modelling in identifying quality targets. The
team is currently finalizing the first technical report
encompassing the entire Black Lake-Drayton property, which is
expected to generate and prioritize multiple additional exploration
targets that will form the basis of our next phase field program.
First Mining’s recent drill results on their adjacent Goldlund
property are very encouraging for the area, as is the start of
production at Rainy River which New Gold anticipates later this
year.”
In addition to the progress on its Ontario gold
project, the Company anticipates announcing further advances with
respect to the Catalyst, Spy and Ultra nickel-platinum group
metals-copper projects adjacent to Wellgreen Platinum in the Yukon
Territory. Results from a sampling program conducted in fall 2016
are expected to be released in May and the 2017 field exploration
program, consisting of sampling, geophysics and drilling, are in
the final stages of design with commencement anticipated in
June.
Michael Rowley further notes, “The Company has
been working diligently on a number of project and corporate
initiatives, including prioritizing our field exploration campaign
efforts and assessing a number of compelling potential acquisitions
in keeping with our business model. We look forward to providing
frequent updates over the coming weeks.”
Black Lake – Drayton Project
Overview
The 8,900 hectare (89 square kilometer or 35
square mile) project includes 30 kilometers of largely untested
strike length contiguous with and along strike from First Mining
Finance’s (TSX.V:FF) Goldlund project. Group Ten has consolidated
this highly prospective land package via property deals and direct
staking from 2012 through present (see April 6, 2017 news release
for most recent acquisition).
The project includes an archive database
with 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.
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, including Rainy River (New Gold), Goliath
(Treasury Metals) and Goldlund (First Mining Finance), among
others.
Yukon Project Overview
Group Ten’s Yukon assets - the Catalyst/CKR, Spy
and Ultra properties – represent the premier land position in the
Kluane Ultramafic Belt; an emerging world-class region that is
highly-prospective for large-scale nickel, platinum group metals
and copper mineralization. The projects are located in the
southwest Yukon Territory adjoining, and on strike with, the
Wellgreen PGM-Ni-Cu deposit, and feature excellent access
infrastructure via all-weather roads and the Alaska Highway.
About Group Ten Metals Inc.
Group Ten Metals Inc. is a Canadian mineral
exploration company focused on the acquisition and development of
high-quality mineral exploration assets in North America. The
Company’s core holdings include a large land position adjacent to,
and along trend with, Wellgreen Platinum’s Ni-Cu-PGM project in the
southwest Yukon Territory and the Black Lake-Drayton gold project
in the Rainy River district of northwest Ontario.
On Behalf of the Board of Directors
GROUP TEN METALS INC.
“Michael Rowley”Michael RowleyPresident, CEO
& Directorinfo@grouptenmetals.comTel: (604) 357 4790TF: (888)
432 0075
Quality Assurance / Quality
Control
The quality assurance/quality control program
for the 2016 drilling program consisted of the submission of
duplicate samples and the insertion of certified reference
materials and blanks at a rate of approximately one blank or
standard for every 10 samples. All gold results were determined
using fire assay fusion and an atomic absorption spectroscopy
finish by ALS Laboratories in Thunder Bay, Ontario. Dr. E. Max
Baker, Ph.D., P.Geo, Project Manager of the Drayton-Black Lake
project, 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
Statements which are not purely historical are
forward-looking statements, including any statements regarding
beliefs, plans, expectations or intentions regarding the future. It
is important to note that actual outcomes and the Company's actual
results could differ materially from those in such forward-looking
statements. Risks and uncertainties include, but are not limited
to, economic, competitive, governmental, environmental and
technological factors that may affect the Company's operations,
markets, products and prices. Readers should refer to the risk
disclosures outlined in the Company's Management Discussion and
Analysis of its audited financial statements filed with the British
Columbia Securities Commission.
Neither 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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