Group Ten Metals Acquires Additional Claims at Black Lake Adjoining First Mining Finance's Goldlund Project in Ontario, Canad...
April 06 2017 - 11:36AM
Group Ten Metals Inc. (TSX.V:PGE) (FSE:5D32)
(the “Company” or “Group
Ten”) is pleased to announce the
acquisition by direct staking of an undivided 100% interest in five
mining claims at the Black Lake-Drayton project in northwestern
Ontario. This strategic addition connects First Mining Finance’s
(TSX.V: FF) Goldlund project, to the west, with Group Ten’s Black
Lake-Drayton project, to the east. The addition of this 928-hectare
land package increases the Company’s total land position in this
highly prospective and active mining and exploration region to
approximately 8,900 hectares (89 square kilometers or 35 square
miles).
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/a3f606fc-7060-47b4-a4c4-1ba6b4b05939
Group Ten President & CEO, Michael Rowley, commented, “We
are very pleased to have secured such highly-prospective ground
adjacent to the advanced Goldlund project. First Mining Finance has
stated Goldlund will be a core asset and currently have a
27,000-meter drill program underway on the project. Our Black
Lake-Drayton property continues 30 kilometers along strike to the
northeast and, as recent and historic work demonstrates, features
the same Sioux Lookout Deformation Zone geology. Ongoing success by
both First Mining and neighbouring Treasury Metals provides
invaluable insights into geological modelling and exploration
strategies that will enhance our ability to execute an effective
field program at Black Lake-Drayton.”
The new claims include five historic gold
occurrences listed in the Ontario Ministry of Northern Development
and Mines’ database, summarized as follows:
|
|
Mineral Occurrence |
Historic Results |
Hi Grade Vein |
Surface & chip sampling in 1991 returned up to 136.84 g/t
Au |
WW Vein |
Grab samples in 1951 returned up to 22.39 g/t Au |
Island 406 |
Grab samples in 1981 returned up to 3.42 g/t Au and 52.56 g/t
Ag |
Forster Vein |
Grab samples in 1951 returned up to 3.73 g/t Ag |
Diorite Vein |
Grab samples in 1951 returned up to 0.93 g/t Au |
|
|
While these samples represent historic
information that has not been independently verified by the
Company, they demonstrate the presence of mineralization and
provide high-priority target areas for future exploration
activity.
Project Overview
The Black Lake-Drayton project is comprised of a 30+
kilometre-long claim group located 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, among others.
The Abrams‐Minnitaki Lake greenstone belt 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.
The Drayton-Black Lake project includes an archive database with
20 historic occurrences, multiple high-grade bulk samples and over
120 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.
Group Ten conducted a modest 7-hole, 530-metre drill program in
late 2016, as the first phase of a larger 2,000-meter drill
program, in order to test targets generated in modeling work
earlier that year (see March 7, 2016 news release). Results of this
activity, expected to be released in April 2017, will provide
additional guidance for future exploration.
The technical contents of this release with respect to the Black
Lake-Drayton project were reviewed and approved by E. Max Baker,
Ph.D., P.Geo., Project Manager of the Drayton-Black Lake project
and Qualified Person as defined by National Instrument 43-101.
About Group Ten Metals Inc.
Group Ten Metals Inc. is a Canadian mineral
exploration company focused on the acquisition, development and
incubation of platinum group metals (PGM), gold, nickel and copper
deposits in North America. The Company’s core holdings
include a large land position adjacent to, and along trend with,
Wellgreen Platinum’s Wellgreen 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 &
Directorinfo@grouptenmetals.com Tel: (604) 357 4790TF: (888)
432 0075
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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