VANCOUVER, BC / ACCESSWIRE / March 3, 2020 / Group Ten Metals Inc. (TSXV:PGE)(OTCQB:PGEZF)(FSE:5D32) (the "Company" or "Group Ten") is pleased to announce that it has received total gross proceeds of $2.38 million, since January 1, 2020, from the exercise of the remaining warrants from its February 27, 2017 financing. Directors, management, and employees of the Company exercised 100% of their warrants, contributing $1.1 million to the proceeds and resulting in a more than 24% ownership in Group Ten on a current issued and outstanding share basis.
Proceeds from exercise of these warrants have, and will be, directed to Group Ten Metals' exploration programs and general corporate purposes.
President & CEO, Michael Rowley, stated, "We very much appreciate the strong, ongoing support from our long-term shareholders who, with these warrant exercises, have demonstrated clear recognition of the potential of our high-quality assets and world-class teams. The Company is now well-positioned for growth with a healthy balance sheet and 100% interest in a portfolio of high-potential, district-scale exploration properties in proven mining districts which were acquired strategically through the low part of the metal price cycle. We look forward to further news releases in the coming weeks as we continue to release results from our 2019 programs and announce our plans for the year ahead, in particular with respect to our flagship Stillwater West PGE-Ni-Cu project in Montana, USA."
Upcoming News and Events
A news release presenting assay results from 2019 exploration work at Chrome Mountain is anticipated soon, along with rhodium assays from select core and rock samples from across the property. Results from other work in 2019, plus also updates on the Company's Yukon PGE-Ni-Cu and Ontario gold projects, will also be featured in forthcoming releases.
Group Ten is attending the 2020 Prospectors and Developers Association Convention (PDAC) in Toronto from March 1st to 4th, based at Booth 3024 with fellow Metallic Group companies, Metallic Minerals Corp. and Granite Creek Copper.
About Stillwater West
The Stillwater West PGE-Ni-Cu project positions Group Ten as the second largest landholder in the Stillwater Complex, adjoining and adjacent to Sibanye-Stillwater's Stillwater, East Boulder, and Blitz platinum group elements ("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 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, while the lower part of the Stillwater Complex also shows the potential for much larger scale disseminated and high-sulphide PGE-Ni-Cu deposits, possibly similar to Platreef in the Bushveld Complex2. Group Ten's Stillwater West property covers the lower part of the Stillwater Complex along with the Picket Pin PGE Reef-type deposit in the upper portion, and includes extensive historic data, including soil and rock geochemistry, geophysical surveys, geologic mapping, and historic drilling.
About Group Ten Metals Inc.
Group Ten Metals Inc. is a growth stage mineral exploration company focused on the development of high-quality platinum, palladium, nickel, copper, cobalt and gold exploration assets in North American brownfields mining districts. 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 high-grade 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 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, Group Ten Metals in the Stillwater PGM-nickel-copper district of Montana, and Granite Creek Copper in the Yukon's Minto copper district. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry's leading explorer/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.
FOR FURTHER INFORMATION, PLEASE CONTACT:
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.
SOURCE: Group Ten Metals Inc.