Group Ten Reports Multiple High-Grade Rhodium Results from the Stillwater West PGE-Ni-Cu Project in Montana, USA
Thursday, June 11, 2020 8:30 AM
VANCOUVER, BC / ACCESSWIRE / June 11, 2020 / Group Ten Metals Inc. (TSX.V:PGE)(OTCQB:PGEZF)(FSE:5D32) (the "Company" or "Group Ten") is pleased to announce results of rhodium analyses from rock samples and drill core from the Company's flagship Stillwater West platinum group element, nickel, copper, cobalt ("PGE-Ni-Cu-Co") project in Montana, USA.
This is the sixth in a series of planned news releases to report results of exploration programs that focused on the advancement of drill-defined mineralized zones at five multi-kilometer-scale priority target areas. Subsequent news releases will report results from ongoing modelling work, update on work at reef target areas, and announce plans for 2020 field exploration programs.
- A reconnaissance-scale program was conducted on drill and rock samples from target areas up to ten kilometers west of Iron Mountain where Group Ten reported rhodium results of up to 5.78 g/t Rh at the HGR target;
- Multiple rock samples from the 2019 campaign returned high-grade rhodium assays, including 1.07 g/t Rh at the Bald Hills target, 0.541 g/t Rh at the Pine Target, and 0.572 g/t Rh and 0.492 g/t Rh at the Dunite Ridge target, in addition to the high-grade palladium, platinum and gold values reported previously;
- Analysis of drill core from the Iron Mountain and Camp target areas also demonstrated significant co-product potential with intervals ranging up to 0.167 g/t Rh;
- The rhodium results from Dunite Ridge and Bald Hills are considered particularly significant as both targets also yielded multiple samples with high-grade platinum and palladium. These targets have been tested with just one drill hole to date, with hole CM-2008-06 returning highly anomalous palladium, platinum, and gold mineralization of up to 2 g/t 3E over 0.91 meter in a shallow (152-meter total depth) test at Bald Hills. Dunite Ridge has not been drill tested to date;
- Rhodium grade was observed to correlate with platinum and palladium content, and also with chromite content, similar to both the UG2 and Flatreef deposits in South Africa's Bushveld complex;
- Rhodium is a rare platinum group element that is primarily used alongside platinum and palladium in automotive catalytic converters. The total global rhodium market was about 1.1 million ounces in 2019, with 746,000 ounces supplied from mines plus additional metal from recycling operations. Supply was insufficient to end a persistent multi-year supply deficit, and prices rose to more than USD 11,000 per ounce in February and March 2020; and
- Rhodium production from North American mines is small, with South Africa producing about 80% of the world's supply and Russia accounting for much of the remainder. Like palladium, rhodium is produced solely as a co-product from platinum and nickel mines. Mine grades range up to approximately 0.5 g/t Rh at maximum, with many producers at much lower grades.
Michael Rowley, President and CEO, commented, "We are very pleased to confirm potentially significant values of rhodium in multiple target areas at Stillwater West. Our work targeting this rare and very valuable metal in 2019 not only identified grades that are significantly above the majority of current mine grades, but also identified a potential source of the metal in North America at a time when the US is looking to secure domestic supplies of platinum group elements. At current prices, 0.5 g/t of rhodium is equivalent to more than 5 g/t of platinum, so it quickly adds value as a potential co-product. We now have a much better understanding of the occurrence of rhodium in the lower Stillwater complex, and can target it accordingly in future campaigns based on the success of this program. Stillwater West continues to yield exciting results starting with the broad intercepts of exceptional PGE-Ni-Cu-Co grades reported previously and, more recently, high-grade gold and rhodium results. We look forward to providing further news including updates on 3D modelling work at the most advanced target areas in addition to summaries of our work at reef-type targets, and our plans and expectations for the 2020 field season at Stillwater."
Rhodium Assay Program
Group Ten's 2019 reconnaissance-scale analytical program represents the first known evaluation of rhodium in Peridotite Zone rocks in the Stillwater Complex west of Iron Mountain. A total of 51 surface samples were chosen for analyses, with a focus towards chromite-bearing rocks, based on the relative enrichment of rhodium in chromite-rich units observed further to the east at Stillwater West in the A-B chromitite layer, and the similar setting from the UG-2 chromitite reef of the Bushveld Complex, the world's largest source of rhodium.
As shown in Figure 1, samples from outcrops thought to represent the stratigraphically lowermost chromite occurrences in the Chrome Mountain and Wild West target areas consistently returned anomalous rhodium, with 30 samples returning more than 0.10 g/t, ranging to a high of 1.07 g/t Rh in sample 3190467 which also included 4.70 g/t Pd and 3.74 g/t Pt.
In addition, a total of 207 samples selected from 2019 drill cores in the HGR and Camp target areas were also analyzed for rhodium. Results demonstrated significant co-product potential in some intervals with values ranging up to 0.167 g/t Rh at the HGR target, and up to 0.144 g/t Rh at the Camp target. Higher values were noted to occur in chromite-rich intervals, and in sulphide-rich intercepts with highly anomalous platinum and palladium, giving the Company a better understanding of the occurrence of rhodium at Stillwater West and, with that, the means to assess other core intervals for rhodium values.
Dr. Craig Bow, Chief Geologist, commented, "We are encouraged to see significant concentrations of rhodium over a four-kilometer strike length in what remains an underexplored portion of the Stillwater West project. Given that rhodium is the most valuable of the platinum group elements, the observed concentrations provide the potential for a tangible "boost" to the existing precious metal grades, particularly in the Pine, Dunite Ridge, and Bald Hills targets. We are also of the opinion that PGE metal ratios (ie Pd/Rh) may help us fingerprint and correlate individual chromitite occurrences whose stratigraphic position is uncertain."
Outside of the main claim block and the lower Stillwater complex, 2019 rock sample 3191359 returned 0.162 g/t Rh in addition to 5.09 g/t 3E (Pt, Pd, and Au) at the Picket Pin horizon, confirming the potential for rhodium values in Group Ten's Picket Pin target area. The Picket Pin horizon features known reef-type PGE mineralization and is located above Sibanye-Stillwater's J-M Reef deposit in the layered stratigraphy of the Stillwater Igneous Complex, in the northern portion of the Stillwater district. The Picket Pin target area will be the focus of an upcoming news release.
Canadian Mining Symposium
Group Ten Metals is pleased to announce that the Company, along with fellow Metallic Group companies Metallic Minerals and Granite Creek Copper, will be participating in next week's Canadian Mining Symposium with some of the most prominent names in the mining industry. To view details of the event, including registration and presentation schedules for the Metallic Group companies, click here.
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. At the same time, the lower part of the Stillwater Complex also shows the potential for much larger scale disseminated and high-sulphide PGE-Ni-Cu deposits, 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 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 high-grade Black Lake-Drayton Gold project adjacent to Treasury Metals' development-stage Goliath-Goldlund project in 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, 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, 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 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.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Michael Rowley, President, CEO & Director
Email: [email protected] Phone: (604) 357 4790
Web: http://grouptenmetals.com Toll Free: (888) 432 0075
Quality Control and Quality Assurance
Rhodium analyses were conducted by ACT Labs in Vancouver, B.C., on rock and core sample pulps using method 1C-Rhodium, Fire Assay-ICP-OES. Sample preparation: crush (< 7 kg) up to 80% passing 2 mm, riffle split (250 g), and pulverize (mild steel) to 95% passing 105 µm included cleaner sand. Gold, platinum, and palladium were analyzed previously by ACT Labs 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 ensure complete dissolution of resistate minerals.
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.
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.