Group Ten Metals Announces Spy Property Acquisition and Provides Corporate Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sep 14, 2015) - Group Ten Metals Inc. (TSX VENTURE:PGE) (the "Company" or "Group Ten") announces that it has signed an agreement by which it may earn a 100% interest in the Spy mineral property in the southwest Yukon territory. The Spy property is highly prospective for copper and nickel sulphide mineralization as well as platinum group metals. The project covers 1,250 hectares located roughly 40 kilometers southeast of the Company's Catalyst Project that adjoins Wellgreen Platinum's advanced Wellgreen PGE-Cu-Ni Project.
Spy PGM-Ni-Cu Project
The Company's Spy, Ultra and Catalyst Projects are all situated in the Kluane Ultramafic Belt, a 600km-long sequence of igneous and sedimentary rocks extending through the Yukon from northern British Columbia into southern Alaska. Mineralization occurs at the contact between ultramafic and sedimentary rocks with the most notable being the Wellgreen deposit. At Spy, the 75-100m thick ultramafic Spy Sill intrudes the Hasen Creek siltstone for six kilometers along a northwest strike. Mineralization along the contact varies from disseminated to massive sulfide lenses, with historic grab samples assaying as high as 75.8 g/t Pt, 7.9 g/t Pd, 7.0 g/t Au, 2.6% Ni and 10.45% Cu (Bell, C. 1996. Report on 1995 geological and geochemical surveys on the Klu property. Yukon Dept. of Energy, Mines and Resources, Assessment Report #093371, 244p.).
CEO Michael Rowley comments: "We are very pleased to be completing our third acquisition in the area as we continue to work to our vision of becoming the lead exploration company and prospect generator in the region. The Spy project offers particularly high grade in the historic results and we are now planning exploration work to further advance the project."
By the terms of the agreement, Group Ten has the option to earn a 100% interest in the Spy project by issuing 1,050,000 shares over three years. The vendors retain a 3% NSR royalty with a buy-down to 1% for $1.5 million at any time before the commencement of production. The issuance of stock per the agreement is subject to regulatory approval.
Corporate Update
The Company also announces that Lawrence Page, QC, has resigned as a Director and Officer of Group Ten Metals. The Company thanks Mr. Page for his guidance and commitment and wishes him the very best in his future endeavours.
The technical contents of this release were reviewed by Tom E. McCandless, Ph.D., P. Geo., Director and Chief Operating Officer for Group Ten Metals and a qualified person as defined by National Instrument 43-101. The property has not been the subject of a National Instrument 43-101 report, and Dr. McCandless has not verified the technical data disclosed in this release.
About Group Ten
Group Ten Metals is focused on exploration for platinum group metals, nickel, copper and gold in emerging districts in Canada. The Company is in the process of acquiring in excess of 262 square kilometers of highly prospective claims on the Kluane belt in the southwest Yukon including the flagship Catalyst project which adjoins Wellgreen Platinum's world-class Wellgreen deposit on three sides. Group Ten also holds the Black Lake/Drayton gold project in northwest Ontario which features multiple high-grade gold showings in historic bulk samples over 79 square kilometers of claims. All projects are road accessible and offer Group Ten potential to acquire a 100% interest in the claim groups.
On behalf of the Board of Directors,
Michael Rowley, President, CEO, Director, Group Ten Metals Inc.
For further information, please visit the Company's website at http://grouptenmetals.com.
This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general economic conditions, interest rates, commodity markets, regulatory and governmental approvals for the company's projects, and the availability of financing for the company's development projects on reasonable terms. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Group Ten Metals Inc. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.
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.
Contact
Group Ten Metals Inc.
Michael Rowley
604.641.2742
mrowley@grouptenmetals.com.
http://grouptenmetals.com
