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Is Montana Home to a Platreef-Style Deposit?

Michael Rowley of President and CEO of Group Ten Metals (TSX: PGE) sits down with Maurice Jackson of Proven and Probable to discuss the company’s latest press release regarding the High-Grade Palladium, Platinum, and Gold results from the Wild West and Boulder Target Areas, which are the beginning 2 out of 14 Target Area results. Shareholders will be extremely impressed with the company’s findings.

VIDEO

AUDIO

https://soundcloud.com/proven-and-probable/is-montana-home-to-a-platreef-style-deposit

TRANSCRIPT

Source: Maurice Jackson for Streetwise Reports  (2/7/19)

Maurice Jackson

Michael Rowley, president and CEO of Group Ten Metals, sits down with Maurice Jackson of Proven and Probable to discuss his company’s recent drill results at its Montana PGE project that is also showing significant gold mineralization.

Group Ten Stillwater West
Maurice Jackson: Joining Proven and Probable today is Michael Rowley, president and CEO of Group Ten Metals Inc. (PGE:TSX.V; PGEZF:OTC), which is known for platinum, palladium, nickel, copper and cobalt in the prolific Stillwater district of Montana. Mr. Rowley, welcome to the show.
Michael Rowley: Thank you, Maurice, glad to be back.
Maurice Jackson: Glad to have you back, sir. In 2018, Group Ten Metals began its first season on the ground and identified 14 target areas on its flagship project, Stillwater West. Today, we have the results from 2 of the 14 target areas, which are quite impressive. But before we begin, for someone new to the story, who is Group Ten Metals and what is the thesis you are attempting to prove?
Michael Rowley: At the very highest level, we are applying geologic models that were developed at the world’s biggest and most economic platinum, nickel and copper mines. These are the mines of the Northern Bushveld or Platreef District in South Africa. We’re applying those models to the Stillwater Complex in Montana, and this has not been done systematically before. The Bushveld and Stillwater Complexes are both large Igneous Complexes, they’re both magmatic systems, and there are many known parallels between the two. Despite those parallels, we are the first to bring together a large land position with a truly fantastic database and then bring in this Platreef expertise to enable a systematic exploration for these massive deposit types at Stillwater. In discussing that expertise, it’s worth noting that Ivanhoe’s Dr. David Broughton, who is one of the co-discoverers of its Platreef mine, which is now in development, joined our team late last year, which is a pretty good validation that we’re on the right track here in Stillwater.
Maurice Jackson: In our last interview, you shared the next unanswered question for Group Ten Metals would be assay results. On the 25th of January, Group Ten Metals issued a press release entitled “Group Ten reports high-grade palladium, platinum, and gold from the Wild West in Boulder target areas at the Stillwater West project, Montana.” Take us to the Wild West target area and provide us with some in-depth analysis on Group Ten Metals’ results there.

Michael Rowley: To begin, the press release issued on January 25, 2019, will be the first in a planned series and shareholders will see that the road map in the upper left corner of the image above. We’ve divided this 25-km-wide property into a series of target areas, and we’ll basically be releasing results west to east in the areas that you see. It’s the Chrome Mountain and Iron Mountain area that have the most drill results historically, that will be the subject of subsequent news releases here. In terms of the current news, it focused on the Boulder and Wild West, which are highlighted above, and the Wild West target area has the Platreef potential that we see property-wide is well-documented there historically. It also has the reef type, high-grade targets as shown in the red ellipses at the top of the claim block, and then it also has this high-grade gold occurrence, which is the Pine Shear zone, and that may be unexpected for some people, given that Stillwater camp is more generally known for palladium and platinum and nickel and copper, chrome. This is actually a significant area of gold mineralization and it’s got some spectacular hits.
In terms of the Platreef target, this conductive high that’s shown contains some very high level conductance in the rocks as evidenced by the purples and pinks. Historical drilling has shown that it does indeed contain copper and nickel, and that’s an excellent indication of a potential for this Platreef style mineralization. We also have some spectacular palladium hits, such as 10 gram per tonne palladium, very high grade, also with significant platinum that shows not only the level of mineralization in the system but also the potential for these high-grade reef-type deposits that, of course, the area is more known for. It’s worth noting that sitting just above the claim there is the 80 million ounce JM-Reef deposit, which averages a staggering 16 grams per tonne of palladium and platinum, so you know there’s a lot of metal in the system and this lower zone that we’re in continues that trend.
In addition to the high-grade samples summarized in this table, bottom left, we see some very good hits of palladium, platinum, and also some good indications of base metal mineralization, which again ties into that Platreef bulk mineable scenario. These are priorities for follow up in 2019 and we look forward to discussing that in further news releases.

The Pine Shear, which is noted above, has shown to contain gold. These 2004 hits were actually drilled by our current qualified person; they’re not considered historical, and confirm the presence of significant copper and nickel in that system although the conductive highs have not been tested and that’s one of our key items for follow up. These PC series of holes from 1983 show the potential of this Pine Shear zone, which is a later geologic event within the Stillwater layered system. Something has introduced a lot of gold to the system as shown by these fantastic lengths and mineralization, gold mineralization. We see, for example, 11 meters at 12 grams per tonne gold, which is a very high-grade hit and good length within that 8 meters at 16 grams per tonne, and then the hole PC5, 3 meters at a staggering 23 grams per tonne, that’s 2/3 of an ounce, so it’s very high-grade and nice lengths of it. That’s definitely something for follow up in 2019.

In addition, we’ve got grab samples in that area, rock chip samples, and we see not only high-grade gold mineralization as shown in this first sample here, 22 grams per tonne gold, but in addition, we see some high-grade palladium, 10 grams per tonne gold and almost 4 platinum as well. So you’re seeing mineralization throughout this area. Not only the PGE-nickel-copper that you might expect from the district, but also high-grade gold, and that’s very compelling for follow-up in 2019.
Maurice Jackson: Michael, these numbers are quite impressive. But let me ask you this, you’re in the most prolific area with the highest grades, concentration grades of platinum and palladium. You strategically have your assets positioned there, so were you really surprised?
Michael Rowley: No, and we, of course, had seen this data as we got into the project in the early days, it’s nice to prove it up in the compellation effort and make it more formal and we can then discuss it publicly, but the Stillwater district is very well mineralized and you’re right, that is very well known. What’s pleasing now is to be able to reveal the results of the compellation effort and plan our programs for 2019 so we begin to reveal what we think we’ve got.
Maurice Jackson: Well, the results are remarkable. We discussed the Wild West. Let’s move to the Boulder target area. What has Group Ten Metals excited here?
Michael Rowley: The Boulder area has less data than Wild West and then less data still than the Chrome Mountain and Iron Mountain target areas, however, it does have that lovely conductive high as shown in Figure 1. And, once again, the conductive highs have not been systematically tested. We do have the data from a historical drill hole, that’s BR2, shown more or less the middle of the Boulder target area. And that shows nice intercepts of copper-nickel mineralization. We have no PGE data on that, and that’s something that we’d like to remedy. In addition, we’ve got a very nice base metal hit up here including a very nice cobalt of 0.117, which speaks to the technology and battery metal potential of the system. The Bushveld is less known for cobalt, but we’re seeing very nice levels of cobalt here in the Stillwater Complex, which adds a nice co-product to a new potential operation here.
So in terms of 2019, Boulder won’t be a focus as we’ll discuss later, we’re going to have to focus on the more advanced target areas, however, we definitely will go back there and we’ll continue to move it along in our 2019 Program.
Maurice Jackson: Switching gears, we introduced the value proposition of Group Ten Metals on the 2nd of November. Since then, the company has successfully conducted a financing and the share price is up 29%. Please provide us with the company’s current capital structure.

Michael Rowley: We have 59 million shares outstanding at present and a market cap of about $12 million and that follows a raise of $1.2 million back in November, which we did at 15 cents in rather challenging market conditions, which speaks to the strength of this project in particular to attract investments, even in a rather challenging market.
Maurice Jackson: Sir, what is the next unanswered question for Group Ten Metals, when should we expect results and what determines success?
Michael Rowley: Well, I guess the unanswered question is, how is this possible, is there actually Stillwater in Montana? These districts have a lot of parallels and Stillwater is well known for these three very high-grade palladium-platinum mines. We’re looking forward to revealing why we think it’s there and how it’s been overlooked historically. This district has not been systematically explored for these target types and we’re the first to bring together the land position with the data with a team to do just that, and we’ll be launching a series of news releases to reveal what the past year of compellation work has shown us and what we, including David Boughton, see in the project and the potential.
Again, we’ll move from west to east across the project and the next news releases will detail the Chrome Mountain and Iron Mountain target areas, which include the most of the historical data including the 200 drill holes, and, of course, we have almost 12,000 meters of that core in our possession and have re-logged it now, so there’s some very exciting revelations to be revealed in the coming news releases.
Maurice Jackson: Mr. Rowley, what do you see as the biggest challenge for Group Ten Metals and how do you plan to mitigate that situation?
Michael Rowley: The biggest challenge facing us may just be the size of the project. It’s fantastic in the scale as you’ve seen from our figures, we may have as many as eight Platreef deposits across that, based on the coincidence geophysical anomalies, soil anomalies, and then just the geology and historical drill results. Thankfully, and the way to address that, is the quantity of data, the compilation effort that we’ve done, helps us focus our exploration efforts so prioritizing targets is very much the plan, we’ve done that and we look forward to revealing our 2019 plans. We’re going to focus basically on the Chrome Mountain and Iron Mountain areas where we have the greatest density of historical drilling and go out from there. And I think it will be a very exciting year for us as we reveal what we have and build it out with a 2019 exploration program. We had a terrific reception at the Core Shack at Roundup, we definitely attracted the attention of majors, and that’s the way forward that we see, if we do a couple of rounds here ourselves, and prove up what we think we have, and then look to engage bigger partners down the road as that becomes appropriate.
Maurice Jackson: Sir, we’ve covered the good. What keeps you up at night that we don’t know about?
Michael Rowley: The last time we talked, it was the share price and that has gotten a lot better as you mentioned, thanks to our campaign of news releases and I think also the Core Shack at Roundup did a lot for us. The good news in terms of share prices that we’ve only just begun to reveal what we have on the project, and we have a series of planned news releases and a major promotional push beginning here which will carry us right up through PDAC in March. We’ve had a number of very excellent meetings as well recently, and we’re excited to begin to reveal what we think we’re onto and what 2019 will hold for the company. I think it’ll be a pivotal year.
Maurice Jackson: Michael, today we’ve covered the value proposition of Group Ten Metals but Group Ten Metals is actually one of three companies comprising the Metallic Group of Companies. Please introduce them to us and share their value propositions with us.

Michael Rowley: The Metallic Group is a collaboration of three independent public exploration companies, growth-stage companies. We’ve essentially launched one company each year, Metallic Minerals in 2016, Group Ten in 2017, and then most recently Granite Creek Copper just a few weeks ago. Each one has been put together with the same method that you see at Group Ten, which is to acquire high-quality brownfields assets in a known mining district beside an existing mine, and then make that acquisition strategically in a depressed market at a price that would not otherwise be possible in a more normal market. And then add a substantial database to that and a world-class technical team, a world-class corporate team as well, and bring in geologic models from outside that district. Shareholders have seen us do that at Group Ten, we’re applying this Platreef thinking for the Bushveld, South Africa, to the Stillwater District.
Metallic Minerals, ticker is MMG, is applying geologic models from the multi-billion ounce Coeur d’Alene silver district in Idaho to the Yukon’s Keno High-Grade Silver district. And the parallels are there, there are very good indications of success in that one.
And then similarly at Granite Creek Copper, GCX is the ticker. We’re applying geologic models that are new in the district, this is a billion pound copper district in the Yukon. Models that were developed in the neighboring Minto mine, we’re applying to the Stu high-grade copper project, and that one is shaping up very nicely as well. It’s only been trading for about 10 days at this point and there’s a lot to be released on that one in the coming months.
In all three cases, we expect to add value by de-risking the projects and fast-tracking them to resource to delineation stage.
Maurice Jackson: Michael, for someone listening that wants to get more information on Group Ten Metals, please share the website address with us.
Michael Rowley: The website is http://www.grouptenmetals.com.
Maurice Jackson: And as a reminder, Group Ten Metals trades on the TXS.V:PGE, and on the OTCQB:PGEZF; for direct inquiries please contact Chris Ackerman at 604-357-4790 extension 1, or email info@grouptenmetals.com, as reminder Group Ten Metals is a sponsor of Proven and Probable, and we are proud shareholders for the virtues conveyed into today’s interview.
Last but not least, please visit our website www.provenandprobable.com where we interview the most respected names in the natural resource space. You may reach us at contact@provenandprobable.com.
Michael Rowley of Group Ten Metals, thank you for joining us today on Proven and Probable.
Maurice Jackson is the founder of Proven and Probable, a site that aims to enrich its subscribers through education in precious metals and junior mining companies that will enrich the world.

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Disclosure: 
1) Maurice Jackson: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: Group Ten Metals and Metallic Minerals. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: Group Ten Metals and Metallic Minerals are sponsors of Proven and Probable. Proven and Probable disclosures are listed below.
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Base Metals

URANIUM PARTICIPATION CORPORATION Reports Estimated Net Asset Value at January 31, 2019

TSX Trading symbol: U

TORONTO , Feb. 5, 2019 /CNW/ – Uranium Participation Corporation (“UPC”) (TSX:U) reports its estimated net asset value at January 31, 2019 was CAD$673.5 million or CAD$4.88 per share. As at January 31, 2019 , UPC’s uranium investment portfolio consisted of the following: View PDF

(in thousands of Canadian dollars, except quantity amounts)

Quantity

Fair Value

Investments in Uranium:

Uranium oxide in concentrates (“U3O8“)

14,159,354  lbs

$

537,859

Uranium hexafluoride (“UF6“)

1,117,230  KgU

$

129,227

$

667,086

U3O8 fair value1 per pound:

– In Canadian dollars1

$

37.99

– In United States dollars

$

28.90

UF6 fair value1 per KgU:

– In Canadian dollars1

$

115.67

– In United States dollars

$

88.00

1 Fair values are month-end spot prices published by Ux Consulting Company, LLC, translated at the Bank of Canada’s month-end daily exchange rate of $1.3144

On the last trading day of January 2019 , the common shares of UPC closed on the TSX at a value of CAD$4.78 , which represents a 2.05% discount to the net asset value of CAD$4.88 per share.

About Uranium Participation Corporation

Uranium Participation Corporation is a company that invests substantially all of its assets in uranium oxide in concentrates (“U3O8“) and uranium hexafluoride (“UF6“) (collectively “uranium”), with the primary investment objective of achieving appreciation in the value of its uranium holdings through increases in the uranium price. UPC provides investors with a unique opportunity to gain exposure to the price of uranium without the resource or project risk associated with investing in a traditional mining company.  Additional information about Uranium Participation Corporation is available on SEDAR at www.sedar.com and on UPC’s website at www.uraniumparticipation.com.

Caution Regarding Forward-Looking Information

This press release contains certain forward-looking statements and forward-looking information that are based on UPC’s current internal expectations, estimates, projections, assumptions and beliefs. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intent”, “estimate”, “anticipate”, “plan”, “should”, “believe” or “continue” or the negative thereof or variations thereon or similar terminology and include statements with respect to UPC’s investment objectives.

By their very nature, forward-looking statements involve numerous factors, assumptions and estimates. A variety of factors, many of which are beyond the control of UPC, may cause actual results to differ materially from the expectations expressed in the forward-looking statement. These factors include, but are not limited to, changes in commodity prices and foreign exchange as well as the risk that UPC will not obtain the anticipated benefits of its agreements with third parties. For a description of the principal risks of UPC, see “Risk Factors” in UPC’s Annual Information Form dated May 14, 2018 for the year ended February 28, 2018 , a copy of which is available at www.sedar.com.

These and other factors should be considered carefully, and readers are cautioned not to place undue reliance on these forward-looking statements. Although management reviews the reasonableness of its assumptions and estimates, unusual and unanticipated events may occur which render them inaccurate. Under such circumstances, future performance may differ materially from those expressed or implied by the forward-looking statements. Except where required under applicable securities legislation, UPC does not undertake to update any forward-looking information statement.

SOURCE Uranium Participation Corporation

View original content: http://www.newswire.ca/en/releases/archive/February2019/05/c9193.html

Categories
Base Metals Blog Junior Mining

NEVADA COPPER Pumpkin Hollow Progress and Construction Update


February is now upon us and it’s time to share another construction update and some recent photos. Once again, we remain on schedule to enter production in Q4 of this year.

(The New Headframe for the EN Vent Shaft at Pumpkin Hollow)

East Main Shaft
We have temporarily stopped lateral development on the 2770 and 2850 levels in order to install utilities in the shaft.
The utilities installed to date include two, very impressive, 350 hp ventilation fans and the accompanying ventilation ducting that runs down the entire length of the east main shaft. This provides a strong, constant flow of fresh air to the 2770 and 2850 levels.
We have also installed a 10-inch dewatering line from surface down to the 2850 level for future dewatering pumps.
Up next: The resumption of lateral development mining on both the 2770 and 2850 levels

The new vent fans – fully up and running
Installing the new ventilation ducting
(EN Vent Shaft Headframe)

East-North Vent Shaft
The headframe has been installed along with the jumbo nest. This is used to swing the drill jumbo in and out of the shaft during shaft sinking activities.
All hoist sheave wheels have been installed and all ropes have been wound onto the main hoist as well as the three Galloway winches and the emergency auxiliary hoist. All headframe support backlegs are installed and the electrical and safety systems have been installed

Up next for the East-North Shaft: Installation of the dump chutes, commissioning of the hoist and starting to sink shaft.
Surface Works
We have successfully finished the dry stack tailings test pad. We are continuing to finish off the drainage and surface-water run off ditches and ponds. The power poles and switch gears arrived and we’ve completed the 25 KV power line move. The comminution area (responsible for crushing and grinding ore) and the flotation areas of the process plant are undergoing foundation work.
Up next for the Surface Works: Continuing foundation work for the process plant and continued engineering work for the permanent 120KV power line.

Please get in touch with any questions and be sure to subscribe to our mailing list to receive the latest news releases and updates as they are released.
David Swisher, SVP of Operations

Categories
Base Metals

NEVADA COPPER: U.S. copper projects gain steam thanks to electric vehicle trend

Original Link: https://www.reuters.com/article/us-usa-copper-electric-focus/u-s-copper-projects-gain-steam-thanks-to-electric-vehicle-trend-idUSKCN1PI0GZ
YERINGTON, Nev. (Reuters) – Once seen as a laggard in the global mining industry, U.S. copper deposits have quietly drawn more than $1.1 billion in investments from small and large miners alike as Tesla and other electric carmakers scramble for more of the red metal.

Four U.S. copper projects are set to open by next year – the first to come online in more than a decade – with several mine expansions also underway across the country, home to the world’s fifth-largest copper reserves, according to the U.S. Geological Survey.
The rising popularity of electric vehicles – which use twice as much copper as internal combustion engines – and increasingly pro-mining policies in the U.S. while other nations exert greater control over their mineral deposits are fueling the spending, according to mining executives and investors.

“Fifteen years ago, U.S. mining was thought to be a dead industry, but now it’s a profitable area for us,” said Richard Adkerson, chief executive of Freeport-McMoran Inc (FCX.N).
The Phoenix-based miner, which last month relinquished majority control of the world’s second-largest copper mine under pressure from the Indonesian government even though it will remain the project’s operator, is set to open a $850 million expansion of one of its Arizona copper mines next year.
“The U.S. is really the core for our future growth,” Adkerson said. The U.S. is home to half of Freeport’s reserves.

General view of Nevada Copper’s Pumpkin Hollow copper mine in Yerington, Nevada, U.S., January 10, 2019. REUTERS/Bob Strong

The buildouts are expected to boost U.S. copper production by at least 8 percent in the next four years, according to data from the International Copper Study Group and DBS, with Nevada Copper Corp (NCU.TO), Taseko Mines Ltd (TKO.TO), THEMAC Resources Group Ltd (MAC.V) and Excelsior Mining Corp (MIN.TO) aiming to open copper mines by the end of 2020.
The development trend has gone largely under the radar, with copper industry customers like Tesla Inc (TSLA.O) – rather than miners themselves – grabbing the headlines. But that is slowly changing.
The prospect of a copper boom in the U.S., where the Trump administration is pushing for mining permit approvals to be approved five times faster and where resource nationalism fears are largely absent, is starting to draw major institutional investors.
Industry analysts recommend investors buy shares of companies building new U.S. copper mines, a marked change from just 12 months ago when most recommendations were to hold.

Four analysts, for instance, advise buying Taseko shares; none did a year ago. These analysts also have set price targets for the miners at more than double current trading levels, according to Refinitiv data.
“The copper industry needs areas of good supply with low political risk, and that’s what we get in the United States,” said Stephen Gill of Switzerland-based Pala Investments, Nevada Copper’s largest shareholder.

‘COPPER IS KING’

Nevada Copper’s Pumpkin Hollow copper project in Yerington, Nevada is less than 60 miles (100 km) from Tesla’s massive Gigafactory, a proximity that Gill said was a key factor in Pala’s investment.

Slideshow (13 Images)

Surrounded by onion farms and backed by the Sierra Nevada mountains, the Pumpkin Hollow mine will produce more than 100,000 tons of copper each year once its underground and open-pit portions fully open, which is slated to happen in phases.
“Copper is king for this electrification trend taking over the global economy,” said Matt Gili, Nevada Copper’s chief executive. “We see demand increasing steadily in the years ahead and, so far, supply is not keeping up.”
Majors Freeport, Rio Tinto (RIO.L) and BHP Group Ltd (BHP.AX) also have U.S. copper projects of their own under development. These come just as copper prices are forecast to rise more than 10 percent in the next two years, according to Canaccord Genuity.
Nevada Copper’s project has been largely supported by local residents in a state whose economy is linked to mining. But elsewhere, there has been opposition due to concerns about water rights and native lands.

Categories
Base Metals

FISSION URANIUM Accelerates Towards Feasibility Status with 28 New Hole Winter Program

Six-month program to include 28 holes and advanced engineering studies

TSX SYMBOL: FCU
OTCQX SYMBOL: FCUUF
FRANKFURT SYMBOL: 2FU

KELOWNA, BC , Jan. 30, 2019 /CNW/ – FISSION URANIUM CORP. (“Fission” or “the Company“) is pleased to announce a Winter work program for its’ PLS property in Canada’s Athabasca Basin region. The program will focus on the Resource Development Phase required to progress the Triple R deposit to Feasibility (“FS”) status. Work is expected to commence during the first week of February. It will comprise 3,730m of drilling in 28 geotechnical holes, together with advanced engineering studies that are required to reach feasibility level.

Fission Uranium Corp. (CNW Group/Fission Uranium Corp.)

View photos

Fission Uranium Corp. (CNW Group/Fission Uranium Corp.)

Winter Program Highlights include:

  • Ring Dyke and Cut-Off wall drill holes (13 holes)
  • Geotechnical Rock Mechanic / Resource Expansion drill holes (3 holes)
  • Hydrological pumping / monitoring drill holes (4 holes)
  • Tailings Management Facility “TMF” area shallow depth characterization drill holes (8 holes)
  • Geochemical characterization for waste rock acid drainage studies
  • Air photo interpretation and desk top study for suitable aggregate gravel and clay sources for surface infrastructure construction
  • Environmental data collection / analysis
  • Community and stakeholder relations

Ross McElroy , President, COO, and Chief Geologist for Fission, commented,

“We are continuing to advance the Triple R deposit at PLS. With our pre-feasibility technical report expected in Q1 of this year, it is important to commence work on the next stage of development. This winter program, which includes resource development drilling and engineering studies, will assist with a seamless transition from pre-feasibility to feasibility status. This, in turn, will further de-risk the Triple R deposit and enhance shareholder value.”

Further details of the six-month resource development phase

Ring Dyke & Cut-Off Wall Drilling (13 Holes in 1,040m ):
The goal of this work is to obtain geotechnical properties of the subsurface soil and hydraulic conductivity of the shallow bedrock to support ring dyke and cut-of wall designs for the open pit model. Drill holes will fill in data gaps along the proposed location of the cut-off wall as well as characterize the ring dyke foundation conditions. Thirteen holes drilled with a sonic drill will test a number of areas around the dyke / cut-off wall around its perimeter. Results will be analyzed by geotechnical consultants to be included in mine design parameters.

Geotechnical Rock Mechanic / Resource Expansion Drilling (3 Holes in 1,125m ):
Three dual purpose rock mechanic / resource expansion holes will test portions of the R780E area where additional data is required for geotechnical modeling and where the potential exists to add to the high-grade mineralized core.  From a geotechnical perspective, drill holes aim to identify the location and orientation of large-scale structures that have the potential to affect pit wall and underground excavation stability. Geotechnical data will also be collected for open pit and underground mine design and for crown pillar stability analyses. Drill holes will extend into projected R780E high-grade mineralization where interpretation indicates the potential to expand the high-grade core resource on lines 615E, 735E and 990E.

Hydrogeological Pumping Test / Monitoring Wells (4 Holes in 605m ):
Hydrogeological pumping tests are required to obtain bulk hydraulic properties of the shallow and deep bedrock. The groundwater flow model will be updated using the results of the pumping tests to establish pit wall depressurization requirements and preferred method as well as to estimate pore pressure distribution for pit slope stability assessments.  A mud rotary drill be used to drill 4 large diameter wells.  Two pumping wells will be drilled 5m apart, and two additional holes spaced 40m apart will be drilled as monitoring wells.

Tailings Management Facility Drilling (8 Holes in 960m ):
The objective of the TMF drilling is to collect geotechnical and hydrogeological data by drilling through the soil and weathered bedrock to support the selection of the preferred TMF site. Two potential sites are currently under consideration. The drilling aims to determine which is the favorable location. Future work to follow during the summer program will focus on the selected area.

Geochemical Characterization of Mine Waste:
Mine waste is expected to be stored on surface in a waste rock stockpile and overburden stockpile. The potential impact of production and storage of mine waste will be assessed during the Environmental Impact Assessment submission. The Phase 1 (PFS level), geochemical characterization focused on understanding the static geochemical characteristics of bedrock anticipated to be mined as waste rock.  Phase 2 (FS level) will expand upon the Phase 1 testing to assess short term soluble metal leaching characteristics and will involve long term kinetic test work.  Sample selection from historic drill core will occur during the W2019 program, while geochemical monitoring and reporting will occur in later programs, such as the summer 2019 program.

Aggregate Gravel and Clay Study :
An assessment of for sources to supply aggregate and clay for surface infrastructure construction will be advanced during the winter program. Work will involve air photo interpretation and a geomorphological study for potential sources.

Environmental Baseline
Canada North Environmental Services “CanNorth” will continue to manage the data collection and analysis for the comprehensive baseline environmental study, ultimately required for the Environmental Impact Assessment permitting process for future mine development.  Areas of focus for the winter program will include a tracking survey and the finalization of terrestrial and aquatic report.

Community Relations
Fission continues to engage the services of CanNorth to help develop a proactive strategy with respect to community relations.  In part, this includes recognition and frequent communication with the various major stakeholders in the PLS project area.  Fission remains committed to hiring and training local personnel for field work.

PLS Mineralized Trend & Triple R Deposit Summary

Uranium mineralization of the Triple R deposit at PLS occurs within the Patterson Lake Conductive Corridor and has been traced by core drilling over ~3.18km of east-west strike length in five separated mineralized “zones” which collectively make up the Triple R deposit. From west to east, these zones are: R1515W, R840W, R00E, R780E and R1620E. Through successful exploration programs completed to date, Triple R has evolved into a large, near surface, basement hosted, structurally controlled high-grade uranium deposit.  The discovery hole was announced on November 05, 2012 with drill hole PLS12-022, from what is now referred to as the R00E zone.

The R1515W, R840W and R00E zones make up the western region of the Triple R deposit and are located on land, where overburden thickness is generally between 55m to 100m .  R1515W is the western-most of the zones and is drill defined to ~90m in strike-length, ~68m across strike and ~220m vertical and where mineralization remains open in several directions.  R840W is located ~515m to the east along strike of R1515W and has a drill defined strike length of ~430m.  R00E is located ~485m to the east along strike of R840W and is drill defined to ~115m in strike length.  The R780E zone and R1620E zones make up the eastern region of the Triple R deposit.  Both zones are located beneath Patterson Lake where water depth is generally less than six metres and overburden thickness is generally about 50m .  R780E is located ~225m to the east of R00E and has a drill defined strike length of ~945m.  R1620E is located ~210m along strike to the east of R780E, and is drill defined to ~185m in strike length.

Mineralization along the Patterson Lake Corridor trend remains prospective along strike in both the western and eastern directions. Basement rocks within the mineralized trend are identified primarily as mafic volcanic rocks with varying degrees of alteration.  Mineralization is both located within and associated with mafic volcanic intrusives with varying degrees of silicification, metasomatic mineral assemblages and hydrothermal graphite. The graphitic sequences are associated with the PL-3B basement Electro-Magnetic (EM) conductor.

Patterson Lake South Property

The 31,039 hectare PLS project is 100% owned and operated by Fission Uranium Corp. PLS is accessible by road with primary access from all-weather Highway 955, which runs north to the former Cluff Lake mine and passes through the nearby UEX-Areva Shea Creek discoveries located 50km to the north, currently under active exploration and development.

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Ross McElroy , P.Geol., President and COO for Fission Uranium Corp., a qualified person.

About Fission Uranium Corp.

Fission Uranium Corp. is a Canadian based resource company specializing in the strategic exploration and development of the Patterson Lake South uranium property – host to the class-leading Triple R uranium deposit – and is headquartered in Kelowna , British Columbia.  Fission’s common shares are listed on the TSX Exchange under the symbol “FCU” and trade on the OTCQX marketplace in the U.S. under the symbol “FCUUF.”

ON BEHALF OF THE BOARD

“Ross McElroy”
__________________________
Ross McElroy , President and COO

Cautionary Statement:

Certain information contained in this press release constitutes “forward-looking information”, within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur”, “be achieved” or “has the potential to”.  Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of Fission and Fission Uranium which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and the Company and Fission Uranium disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

SOURCE Fission Uranium Corp.

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Categories
Base Metals Precious Metals Project Generators

MILLROCK Announces Drilling Results From La Navidad Gold Project, Sonora State, Mexico And Corporate Developments

VANCOUVER, BRITISH COLUMBIA, January 29, 2019 – Millrock Resources Inc. (TSX-V: MRO, OTCQX: MLRKF) (“Millrock” or the “Company”) reports that results from a drilling program completed at the La Navidad gold project in Sonora State, Mexico have been received. The program focused on the northwestern portion of the project. Four holes were drilled at El Tigre prospect, where gold had been detected by soil sampling in the vicinity of historic mine workings. The drill holes tested induced polarization geophysical anomalies and northwest-trending high-angle structures that appear to control mineralization observed at surface. Four further holes tested El Chupadero prospect where alteration (decalcification and jasperoid replacement of limestone) pointed to the possibility of an intrusion-related gold deposit. In total, eight holes totaling 1,844 meters were drilled in the program. The exploration work was funded under an option to joint venture agreement by Centerra Gold Inc. (“Centerra”).
The drilling results were generally disappointing. Only a few weakly anomalous gold values were returned. The alteration and mineralization observed at surface appear to weaken in the subsurface. It does not appear that further exploration work on these prospects is warranted.
Millrock has received notification from Centerra that it is terminating the option to joint venture agreements on both La Navidad and El Picacho gold projects.
Millrock President & CEO Gregory Beischer stated “Millrock thanks Centerra for the investment they made in advancing these projects. While Centerra has elected to leave, we strongly believe the projects have excellent technical merit. We think they will be attractive to mid-tier or smaller mining companies. Our intention is to seek out new funding partners, but at the same time we will have to balance the cost to hold to La Navidad and El Picacho concessions in the face of Millrock’s currently limited cash position.” 

Corporate Developments:
PolarX Shares and Cash Position

Millrock recently sold 10 million PolarX shares for A$475,000. While Millrock continues to be a strong believer in the Alaska Range Project, given Millrock’s relatively weak cash position it made sense to sell the shares. Millrock continues to be entitled to a production royalty, an advanced minimum royalty, and certain milestone payments.
Gregory Beischer, Millrock President and CEO stated, “Equity markets continue to be very tight. Millrock has to be extremely careful with its remaining funds. Management is cutting costs in all ways possible while the technical team works diligently to secure new funding partners. It is management’s view that securing new partnerships will be the best way for the Company to reduce overhead costs. The Company has an excellent portfolio of gold and copper projects but there is a cost to hold un-partnered projects until new partners are secured. Given the continued weakness of Millrock’s cash position (approximately C$790,000, as of today’s date, net of near-term accounts receivable and payable), the Company is considering all possible alternatives to move forward, including divestiture of Mexico projects and other assets.”
Quality Control – Quality Assurance
Millrock adheres to stringent Quality Assurance – Quality Control (“QA/QC”) standards. For the La Navidad drill program drill core samples were kept in a secure location at all times. Rock samples were assayed at the Bureau Veritas laboratory in Hermosillo, Mexico. Preparation and analysis methods are described in further detail here. The sample preparation method code being utilized for the current rock sampling program was PRP70-250. Analysis methods used include FA430 (30 gr/Fire Assay/ICP) and AQ-200 (Aqua Regia – ICP/MS). For every 20 rock samples a blank sample known to contain less than 3 parts per billion gold or a standard sample (Certified Reference Materials) of known gold concentration, or a duplicate sample was also analyzed. The qualified person is of the opinion that the results received from the laboratory for the samples in collected in this drill program are reliable.
Qualified Person
The scientific and technical information disclosed within this document has been prepared, reviewed and approved by Gregory A. Beischer, President, CEO and a director of Millrock Resources. Mr. Beischer is a qualified person as defined in NI 43-101.
About Millrock Resources Inc.
Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is active in Alaska, the southwest USA and Sonora State, Mexico. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet, Altius, and Riverside. Millrock is a major shareholder of junior explorer Sojourn Exploration Inc.
ON BEHALF OF THE BOARD
“Gregory Beischer”
Gregory Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT:
Melanee Henderson, Investor Relations
(604) 638-3164
(877) 217-8978 (toll-free)
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, the statement thatis management’s view that securing new partnerships will be the best way for the Company to reduce overhead costs. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, the ability of Millrock to negotiate agreements with third parties to fund exploration programs on terms beneficial to the Company.

Copyright © 2019 Millrock Resources, All rights reserved.
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Categories
Base Metals

WESTERN URANIUM & VANADIUM CORP. Ranked 8th on 2019 OTCQX Best 50

TORONTO and NUCLA, Colo., Jan. 28, 2019 (GLOBE NEWSWIRE) — Western Uranium & Vanadium Corp. (CSE:WUC) (WSTRF) (“Western” or the ”Company”) is pleased to announce it finished eighth (8th) on the 2019 OTCQX® Best 50, a ranking of top performing companies traded on the OTCQX Best Market.

George Glasier, Western’s CEO, commented, “We are pleased to be recognized by OTC Markets and our shareholders, who during 2018 confirmed the substantial value of Western’s vanadium/uranium resource and near-term developed mines. Last year’s efforts have enhanced the Company’s opportunity set by positioning Western to re-open the Sunday Mine Complex which will catalyze vanadium and uranium operations. We look forward to a great 2019 and the continued pursuit of enhancing long-term shareholder value.”

The OTCQX Best 50 is an annual ranking of the top 50 U.S. and international companies traded on the OTCQX market.  The ranking is calculated based on an equal weighting of one-year total return and average daily dollar volume growth in the previous calendar year.  Companies in the 2019 OTCQX Best 50 were ranked based on their performance during calendar year 2018. For the complete 2019 OTCQX Best 50, please visit:  https://www.otcmarkets.com/files/2019_OTCQX_Best_50.pdf.

The OTCQX Best Market offers transparent and efficient trading of established, investor-focused U.S. and global companies. To qualify for the OTCQX market, companies must meet high financial standards, follow best practice corporate governance, demonstrate compliance with U.S. securities laws and have a professional third-party sponsor introduction. The companies found on OTCQX are distinguished by the integrity of their operations and diligence with which they convey their qualifications.

About Western Uranium & Vanadium Corp.

Western Uranium & Vanadium Corp. is a Colorado based uranium and vanadium conventional mining company focused on low cost near-term production of uranium and vanadium in the western United States, and development and application of ablation mining technology.

FORWARD LOOKING STATEMENTS AND CAUTIONARY NOTE
This news release may contain forward-looking statements that are based on the Company’s expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made.

FOR ADDITIONAL INFORMATION, PLEASE CONTACT:

George Glasier, President and CEO; 970-864-2125; gglasier@western-uranium.com        
Robert Klein, Chief Financial Officer; 908-872-7686; rklein@western-uranium.com

Categories
Base Metals Junior Mining Precious Metals Project Generators

EMX ROYALTY Congratulates Boreal on New High Grade Zinc-Silver-Lead-Gold Drill Results at the Gumsberg Royalty Property in Sweden

Vancouver, British Columbia–(Newsfile Corp. – January 28, 2019) – EMX Royalty Corporation (TSXV: EMX) (NYSE American: EMX) (the “Company” or “EMX”) is pleased to announce Boreal Metals Corp.’s (“Boreal”) recent diamond drill results and the discovery of a high grade zone of zinc-silver-lead-gold mineralization at EMX’s Gumsberg royalty property. EMX is a royalty holder on the Gumsberg project, and currently owns a 9.4% equity interest in Boreal. Gumsberg is located in the Bergslagen mining district of southern Sweden. The drill results include 11.00 meters averaging 5.90% zinc, 239.0 g/t silver, 2.51% lead, and 0.96 g/t gold in hole GUM-18-003, and 11.01 meters averaging 7.45% zinc, 275.1 g/t silver, 2.65% lead, and 0.77 g/t gold in hole GUM-18-004 (true widths estimated at 50% of reported interval lengths). EMX congratulates Boreal on its new high grade discovery, termed the South Zone, and looks forward to further advancement of the Company’s Gumsberg royalty interests.

Boreal reported results from the first four holes of its recently completed nine hole, 1,620.8 meter winter drill program, including GUM-18-003 and GUM-18-004, which intersected South Zone massive sulfide mineralization east and west of previously reported hole BM-17-005 (10.94 meters averaging 16.97% zinc, 656.7 g/t silver, 8.52% lead, and 0.76 g/t gold; true width estimated at 20-50% of reported interval length). The South Zone occurs near the historic Östra Silvberg mine, and is currently delineated as 130 meters of eastward plunging mineralization that remains open for expansion to the east and at depth. Holes GUM-18-001 and GUM-18-002, drilled west of the South Zone, did not return significant intercepts. GUM-18-001 terminated when it drilled into an unmapped mine working, and GUM-18-002 deviated from plan and failed to intersect the target horizon.

Boreal reported that additional assays pending from the remaining holes of the winter campaign are expected in the coming weeks. Please see Boreal’s news release dated January 28, 2019 for further details, and Appendix 1 of this news release for a table of drill results reported by Boreal.

EMX has a significant equity interest in Boreal, as well as its subsidiary company Boreal Energy Metals Corp. (“BEMC”), that resulted from the sale of Gumsberg and other royalty generation properties in Sweden and Norway[1]. EMX retains uncapped 3% net smelter return (NSR) royalty interests on each of the properties sold to Boreal and BEMC[2], including the Gumsberg project, and will receive annual advance royalty (AAR) payments and other considerations from the sale of the projects.

The Boreal agreements are an excellent example of EMX’s execution of the royalty generation aspect of the Company’s business model. EMX leveraged in-country geologic and business development expertise to acquire prospective properties on open ground, built value through low cost work programs and targeting, and partnered the projects for retained royalty interests, equity interests, and AAR payments. This business strategy has provided EMX with substantial share equity in Boreal and BEMC, exposure to exploration and discovery upside at no additional cost, and the potential for future royalty payments upon the commencement of production.

EMX continues to build its portfolio of precious metal, base metal, and cobalt properties in Scandinavia. Many new properties are available for partnership. Please see www.EMXroyalty.com for more information.

Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.

About EMX. EMX leverages asset ownership and exploration insight into partnerships that advance our mineral properties, with EMX receiving pre-production payments and retaining royalty interests. EMX complements its royalty generation initiatives with royalty acquisitions and strategic investments.

-30-

For further information contact:

David M. Cole
President and Chief Executive Officer
Phone: (303) 979-6666
Email: Dave@EMXroyalty.com

Scott Close
Director of Investor Relations
Phone: (303) 973-8585
Email: SClose@EMXroyalty.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merits of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the nine month period that ended on September 30, 2018 (the “MD&A”), and the most recently filed Form 20-F for the year that ended on December 31, 2017, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the 20-F and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.

Appendix 1

Drill results reported in Boreal’s January 28, 2019 news release.

Hole
ID		 From 
Meters		 To 
Meters		 Length
Meters		 Zn
%		 Ag
g/t		 Pb
%		 Au
g/t
GUM-18-001 No significant intercepts; intersected previously unidentified mine stope.
GUM-18-002 No significant intercepts; geological interpretations suggest hole failed to reach the targeted horizon.
GUM-18-003 105.00 116.00 11.00 5.90 239.00 2.51 0.96
Including 105.00 108.00 3.00 5.71 386.00 2.30 2.33
and 109.65 111.10 1.45 23.78 666.48 9.37 1.72
and 113.00 114.00 1.00 4.73 222.00 2.83 0.70
and 114.80 116.00 1.20 6.96 227.00 3.49 0.31
GUM-18-004 162.16 173.17 11.01 7.45 275.12 2.65 0.77
Including 162.16 164.18 2.02 11.09 313.00 3.61 0.76
and 165.28 166.18 0.90 8.93 403.00 3.62 1.17
and 165.28 168.50 3.22 8.57 343.39 3.68 1.52
and 169.45 172.25 2.80 11.05 429.14 3.25 0.70

True widths are estimated to be 50% of reported interval lengths.

Statement of Quality Control, Quality Assurance and Core Handling Protocols reported in Boreal’s January 28, 2019 news release.

Drill core is logged and prepped for sampling before submittal to ALS in Malå, Sweden where it is cut, bagged and prepped for analysis. Accredited control samples (blanks and accredited standards) are inserted into the sample intervals regularly. Samples are dried (if necessary), weighed, crushed (70% < 2mm), and riffle split into two fractions. One is retained (coarse reject) and the other is pulverized to 85% < 75µm. Pulps are analyzed by ultra-trace ICP-MS (ME-MS41) and ICP-AES Au-Pt-Pd (PGM-ICP23). Over detection limit samples are reanalyzed using ore grade ICP-AES by aqua regia (ME-OG46) or by AAS in the case of high grade zinc (Zn-AAORE).

[1] See EMX news releases dated November 22, 2016, January 16, 2018, February 9, 2018 and April 11, 2018.
[2] Boreal and BEMC retain a right to purchase 1% of the NSR royalty on individual projects by paying EMX CDN $2,500,000 in cash and shares within five years of the closing date.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/42487

Categories
Base Metals Energy Junior Mining Precious Metals

GROUP TEN METALS Reports High-Grade Palladium, Platinum and Gold from the Wild West and Boulder Target Areas at the Stillwater West Project, Montana, USA

VANCOUVER, British Columbia, Jan. 25, 2019 (GLOBE NEWSWIRE) — Group Ten Metals Inc. (TSX.V: PGE; US OTC: PGEZF; FSE: 5D32) (the “Company” or “Group Ten”) announces results from the Wild West and Boulder target areas covering the far-western end of the Stillwater West Project in Montana, USA. This is the first in a series of planned news releases to report results of 2018 exploration programs and on-going compilation and modeling work at the Company’s flagship PGE-Ni-Cu project adjacent to Sibanye-Stillwater’s high-grade PGE mines in the Stillwater Igneous Complex. With more than 41 million ounces of past production and current M&I resources, plus another 49 million ounces of inferred resources at over 16 g/t palladium and platinum, the Stillwater Complex is recognized as one of the top regions in the world for PGE-Ni-Cu mineralization1,2.

Michael Rowley, President and CEO, commented, “We are pleased to report the results of our compilation and modelling efforts at Stillwater West alongside results of the 2018 exploration. This first release focuses on the Boulder and Wild West target areas, which cover the western-most 8 km of the 25 km long Stillwater West project, where work in 2018 confirmed the presence of significant PGE+gold along with nickel, copper and cobalt sulphide mineralization. Mineralization at these two target areas corresponds with two nearly untested electromagnetic geophysical conductors that are approximately 4 and 3.8 km in length, respectively. Surface sampling from these targets show values up to 10.3 grams-per-tonne (g/t) palladium, 3.8 g/t platinum and 21.8 g/t gold in rock samples, with 20 samples returning from 2 to 30 g/t platinum equivalent grade mineralization, including significant nickel, copper, and cobalt values.”

“Mineralization styles seen at these two target areas include high-grade PGE “Reef-type” and structurally controlled PGE+gold, along with bulk-tonnage “Platreef-style” PGE-Ni-Cu mineralization geologically similar to the Northern Bushveld, which hosts Anglo American’s world-leading Mogalakwena mines, as well as Ivanhoe’s Platreef project. These very encouraging sample results, along with the untested kilometer-scale electromagnetic conductor anomalies, highlight the potential for major new PGE-Ni-Cu discoveries at Stillwater West, within the prolific Stillwater Complex.”

Wild West Target Area

As shown in Figure 1, the Wild West target area is one of eight major target areas defined by the Company across the lower portion of the Stillwater Complex based on multi-kilometer-scale electromagnetic geophysical (conductive high) anomalies that are coincident with highly elevated metals in soils and surface rock sampling. The Wild West electromagnetic conductor target covers an area of approximately 3.8 km by 1.7 km in size with very encouraging but limited drilling completed on the southeastern edge of the conductor at the Pine Shear Zone.

Table 1 and Figure 2 present highlight intercepts from recent compilation work by the Company on 22 holes drilled at the Pine Shear Zone targeting high-grade gold+PGE mineralization along with nickel, copper and cobalt. Highlight results from drilling at the Pine Shear Zone include 31.02 g/t 3E (28.7 g/t Au, 1.06 g/t Pt, 1.27 g/t Pd) over 2.6 meters and 16.94 g/t 3E (16.19 g/t Au, 0.24 g/t Pt, 0.50 g/t Pd) over 7.98 meters in a gold+PGE-enriched, structurally-controlled shear zone hosted within the chromite-rich ultramafic stratigraphy. Mineralization remains open to expansion in all directions and is one of several priority targets for additional follow up exploration in the Wild West target area.

Rock sampling by Group Ten in 2018 at the Pine Shear Zone returned palladium grades of over 10 g/t while also confirming high-grade gold with the highest grab sample assaying 23.1 g/t 3E (21.8 g/t Au, 0.64 g/t Pt and 0.72 g/t Pd). Outside of the Pine Shear Zone in the broader Wild West target area, reconnaissance rock chip samples confirm the presence of significant PGE, nickel, copper and cobalt mineralization in the ultramafic series including up to 11.5 g/t 3E (10.5 g/t Pd, 1.2 g/t Pt and 0.23 g/t Au) with a total of 17 rock samples exceeding 2 g/t 3E see Figure 1 and Table 2).

TABLE 1 – Highlight mineralized drill intercepts from the Pine Shear Zone at the Wild West Target Area

    INTERVAL   PRECIOUS METALS BASE METALS TOTAL METAL
EQUIVALENTS		 GRADE THICKNESS
HOLE ID From To Width Pt Pd Au 3E Ni Cu Co NiEq TotPtEq TotNiEq Grade x Width
  (m) (m) (m) (g/t) (g/t) (g/t) (g/t) (%) (%) (%) (%) (Pt g/t) (Ni %) (gram-meter)
PC2004-04 0.00 20.73 20.73 0.21 0.34 0.08 0.64 0.12 0.06 0.009 0.18 1.38 0.34 29
   
PC2004-07 19.20 46.63 27.43 0.25 0.76 0.09 1.10 n/a n/a n/a n/a 1.13 0.27 31
   
PC-2 11.09 22.46 11.37 0.17 0.35 11.77 12.30 n/a n/a n/a n/a 15.24 3.70 173
including 14.48 22.46 7.98 0.24 0.50 16.19 16.94 n/a n/a n/a n/a 20.99 5.10 167
   
PC-3 0.15 9.72 9.57 0.16 0.16 3.77 4.09 n/a n/a n/a n/a 5.04 1.22 48
including 5.70 9.72 4.02 0.38 0.39 7.27 8.04 n/a n/a n/a n/a 9.86 2.40 40
   
PC-5 3.05 6.28 3.23 0.89 1.04 23.49 25.43 n/a n/a n/a n/a 31.30 7.61 101
including 3.05 5.67 2.62 1.06 1.27 28.69 31.02 n/a n/a n/a n/a 38.19 9.28 100
   
PC-6 29.87 39.84 9.97 0.12 0.12 4.36 4.60 n/a n/a n/a n/a 5.69 1.38 57
   
PC-9 4.39 5.76 1.37 0.34 0.34 15.87 16.56 n/a n/a n/a n/a 20.53 4.99 28

 Intercepts with grade thickness values over 25 gram-meter TotPtEq are presented above. Total Platinum Equivalent (TotPtEq g/t) and Total Nickel Equivalent calculations reflect total gross metal content using metals prices as follows (all USD):  $6.00/lb nickel (Ni), $3.00/lb copper (Cu), $20.00/lb cobalt (Co), $1,000/oz platinum (Pt), $1,000/oz palladium (Pd) and $1,250/oz gold (Au). Values have not been adjusted to reflect metallurgical recoveries. Total metal equivalent values include both base and precious metals, where available. Results labelled ‘n/a’ were not assayed for that metal. Total platinum equivalent grade thickness was determined by multiplying the thickness (in meters) by the Total Platinum Equivalent grade (in grams/tonne) to provide gram-meter values (g-m) as shown.  PC2004 series holes were conducted in 2004 by Group Ten’s QP while working for Premium Exploration. PC series holes were drilled in 1983 and the results are considered historic and have not been independently verified by Group Ten.

TABLE 2 – Highlight 2018 rock sample results from the Wild West target area

    PRECIOUS METALS BASE METALS TOTAL METAL
EQUIVALENTS
SAMPLE ID LOCATION Pt Pd Au 3E Ni Cu Co NiEq TotPtEq TotNiEq
    (g/t) (g/t) (g/t) (g/t) (%) (%) (%) (%) (Pt g/t) (Ni %)
3190318 Wild West (PSZ) 0.64 0.72 21.80 23.16 0.260 0.071 0.018 0.36 30.07 7.31
97809 Wild West (PSZ) 0.37 0.59 11.70 12.66 n/a n/a n/a n/a 15.58 3.79
97805 Wild West (PSZ) 3.77 10.34 0.22 14.32 n/a n/a n/a n/a 14.38 3.49
3190486 Wild West (PSZ) 0.24 0.49 7.93 8.66 0.475 0.313 0.027 0.72 13.61 3.31
3190317 Wild West (PSZ) 0.37 0.31 7.31 7.99 0.551 0.034 0.028 0.66 12.53 3.05
3190498 Wild West 1.24 10.05 0.23 11.53 0.162 0.006 0.013 0.21 12.44 3.02
1409988 Wild West (PSZ) 1.82 6.01 0.20 8.03 0.157 0.029 0.040 0.30 9.33 2.27
3190408 Wild West (PSZ) 0.58 1.35 3.19 5.13 0.119 0.223 0.020 0.30 7.15 1.74
3190497 Wild West 2.11 3.55 0.01 5.67 0.100 0.017 0.017 0.17 6.35 1.54
3190508 Wild West 1.09 3.20 0.27 4.56 0.217 0.067 0.024 0.33 5.99 1.46
3190320 Wild West 1.03 2.95 0.44 4.41 0.138 0.011 0.018 0.20 5.36 1.30
3190509 Wild West 1.12 2.83 0.14 4.08 0.142 0.000 0.026 0.23 5.06 1.23
337315 Wild West 0.76 2.01 0.23 3.00 0.259 0.084 0.030 0.40 4.71 1.15
337389 Wild West (PSZ) 2.80 0.47 0.03 3.30 0.067 0.017 0.023 0.15 3.93 0.96
3190386 Wild West 0.44 1.61 0.19 2.24 0.183 0.245 0.022 0.38 3.84 0.93
1409992 Wild West 0.86 1.83 0.03 2.72 0.090 0.034 0.024 0.19 3.49 0.85
337307 Wild West 1.76 0.67 0.02 2.45 0.114 0.021 0.013 0.17 3.14 0.76
337309 Wild West 0.61 0.83 0.14 1.58 0.250 0.084 0.020 0.36 3.09 0.75
3190422 Wild West 0.32 0.58 0.10 0.99 0.217 0.172 0.024 0.38 2.59 0.63
3190507 Wild West 0.11 0.23 0.11 0.44 0.327 0.182 0.018 0.48 2.44 0.59

 Results over 2 g/t TotPtEq are presented above. Total Platinum Equivalent (TotPtEq g/t) and Total Nickel Equivalent were determined as per Table 1.

Boulder Target Area

The Boulder EM conductor target covers an area approximately 4 km long by 1 km wide with a highly conductive electromagnetic response over the Ultramafic and Basal Series of the Stillwater Complex. While the area is among the least explored at Stillwater West, Group Ten’s work in 2018, together with the available historic data, confirms the presence of significant levels of PGE, Ni, Cu, Co and Cr mineralization coincident with the conductive high anomaly, confirming the potential for large bodies of strongly disseminated sulphides.

Mineralization at the Boulder target area is further confirmed by historic drilling by Anaconda in the 1970s which targeted nickel and copper sulphides and chromites in the Basal and Ultramafic Series. Historic data from drill hole BR-2 at the Boulder Target Area reported three intervals grading between 0.42% to 1.5% combined nickel plus copper but were not assayed for PGE or gold values. Future work at the Boulder Target Area will include detailed mapping and soil and rock sampling to develop and refine drill targets.

Upcoming News and Events, Including Core Display at AMEBC Roundup

Group Ten will be participating in the 2019 AMEBC Mineral Roundup Event in Vancouver. Investors are invited to view core from Stillwater West at display #1018 in the Core Shack area during the AME Round Up tradeshow on January 28 and 29, 2019. Group Ten will also be at booth #1009 in the Exhibit Hall for the duration of the show, and will be at the PDAC convention in March in Toronto, among other upcoming shows.

The Company looks forward to releasing further results from the adjacent and more advanced Chrome Mountain and Iron Mountain target areas in the coming weeks.

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 world-leading Stillwater, East Boulder, and Blitz platinum group elements (PGE) mines in south central Montana, USA. With more than 41 million ounces of past production and current M&I resources, plus another 49 million ounces of Inferred resources1,2, 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-nickel-copper type deposits, possibly similar to Platreef in the Bushveld Complex3. 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.

Note 1: Report on Montana Platinum Group Metal Mineral Assets of Sibanye-Stillwater, November 2017, Measured and Indicated Resources of 57.2 million tonnes grading 17.0 g/t Pt+Pd containing 31.3 million ounces and 92.5 million tonnes grading 16.6 g/t containing 49.4 million ounces.
Note 2: Public production records from Stillwater Mining Company from 1992 to present.
Note 3: 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.

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 highly prospective Kluane PGE-Ni-Cu project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory, and the high-grade Black Lake-Drayton Gold project in the Rainy River district of northwest Ontario.

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 platinum & palladium, silver and copper. Member companies include Group Ten Metals (PGE.V) in the Stillwater PGM-Ni-Cu district of Montana, Metallic Minerals (MMG.V) in the Yukon’s Keno Hill silver district, and Granite Creek Copper (GCX-H.V) in the Yukon’s Carmacks copper district. Highly experienced management and technical teams at the Metallic Group have expertise across the spectrum of resource exploration and project development from initial discoveries to advanced development, including strong project finance and capital markets experience and have demonstrated a commitment to community engagement and environmental best practices. 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 and are undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these proven historic 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.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Michael Rowley, President, CEO & Director
Email: info@grouptenmetals.com Phone: (604) 357 4790
Web: http://grouptenmetals.com Toll Free: (888) 432 0075

Quality Control and Quality Assurance

2018 rock chip samples were analyzed by Bureau Veritas Mineral Laboratories in Vancouver, B.C.  Samples were crushed and split, and a 250 g split pulverized with 85% passing 200 mesh.  Gold, platinum, and palladium were analyzed by fire assay (FA350) with ICP finish.  Selected major and trace elements were analyzed by peroxide fusion with ICP-EB finish to insure complete dissolution of resistate minerals.  Following industry QA/QC standards, blanks, duplicate samples, and certified standards were also assayed.  Due to a Pd over-limit of 10 ppm, there is only qualitative Pd data for sample 3190498 from FA350 analysis.

2004 drilling was conducted by Group Ten’s QP while working for Premium Exploration. 1983 drill results are considered historic and have not been independently verified by Group Ten.

1980s assay data was obtained from a 1986 report by geologist R.J. Warchola titled “A Hydrothermal Gold Occurrence on Chrome Mountain, Stillwater Complex, Montana” published in the Montana Geologic Society and Yellowstone Bighorn Research Association Joint Field Conference and Symposium: Geology of the Beartooth Uplift and Adjacent Basin: YBRA 50th Anniversary Edition, 1986; and a 1984 internal report by R.J. Warchola titled “Geologic Report on the Pine Claim, Sweetgrass County, Montana February 1984”

Assay data for drillhole BR-2 was obtained graphically from a 1979 Anaconda Copper Company map by G.F. Willis and J. Bielak.

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

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.

Photos accompanying this announcement are available at:

http://www.globenewswire.com/NewsRoom/AttachmentNg/4892ef65-f505-4efc-92a5-e8e4a2e89b03

http://www.globenewswire.com/NewsRoom/AttachmentNg/67397f95-bf6a-4232-aec3-d0827a765b95

Categories
Base Metals

NEVADA COPPER Focus: U.S. copper projects gain steam thanks to electric vehicle trend

By Ernest Scheyder

YERINGTON, Nev. (Reuters) – Once seen as a laggard in the global mining industry, U.S. copper deposits have quietly drawn more than $1.1 billion in investments from small and large miners alike as Tesla and other electric carmakers scramble for more of the red metal.

Four U.S. copper projects are set to open by next year – the first to come online in more than a decade – with several mine expansions also underway across the country, home to the world’s fifth-largest copper reserves, according to the U.S. Geological Survey.

The rising popularity of electric vehicles – which use twice as much copper as internal combustion engines – and increasingly pro-mining policies in the U.S. while other nations exert greater control over their mineral deposits are fueling the spending, according to mining executives and investors.”Fifteen years ago, U.S. mining was thought to be a dead industry, but now it’s a profitable area for us,” said Richard Adkerson, chief executive of Freeport-McMoran Inc.

The Phoenix-based miner, which last month relinquished majority control of the world’s second-largest copper mine under pressure from the Indonesian government even though it will remain the project’s operator, is set to open a $850 million expansion of one of its Arizona copper mines next year.

“The U.S. is really the core for our future growth,” Adkerson said. The U.S. is home to half of Freeport’s reserves.

The buildouts are expected to boost U.S. copper production by at least 8 percent in the next four years, according to data from the International Copper Study Group and DBS, with Nevada Copper Corp, Taseko Mines Ltd, THEMAC Resources Group Ltd and Excelsior Mining Corp aiming to open copper mines by the end of 2020.

The development trend has gone largely under the radar, with copper industry customers like Tesla Inc – rather than miners themselves – grabbing the headlines. But that is slowly changing.

The prospect of a copper boom in the U.S., where the Trump administration is pushing for mining permit approvals to be approved five times faster and where resource nationalism fears are largely absent, is starting to draw major institutional investors.

Industry analysts recommend investors buy shares of companies building new U.S. copper mines, a marked change from just 12 months ago when most recommendations were to hold. Four analysts, for instance, advise buying Taseko shares; none did a year ago. These analysts also have set price targets for the miners at more than double current trading levels, according to Refinitiv data.

“The copper industry needs areas of good supply with low political risk, and that’s what we get in the United States,” said Stephen Gill of Switzerland-based Pala Investments, Nevada Copper’s largest shareholder.

‘COPPER IS KING’

Nevada Copper’s Pumpkin Hollow copper project in Yerington, Nevada is less than 60 miles (100 km) from Tesla’s massive Gigafactory, a proximity that Gill said was a key factor in Pala’s investment.

Surrounded by onion farms and backed by the Sierra Nevada mountains, the Pumpkin Hollow mine will produce more than 100,000 tonnes of copper each year once its underground and open-pit portions fully open, which is slated to happen in phases.”Copper is king for this electrification trend taking over the global economy,” said Matt Gili, Nevada Copper’s chief executive.

“We see demand increasing steadily in the years ahead and, so far, supply is not keeping up.”

Majors Freeport, Rio Tinto and BHP Group Ltd also have U.S. copper projects of their own under development. These come just as copper prices are forecast to rise more than 10 percent in the next two years, according to Canaccord Genuity.

Nevada Copper’s project has been largely supported by local residents in a state whose economy is linked to mining. But elsewhere, there has been opposition due to concerns about water rights and native lands.

“Green technologies can have a dark side,” said John Hadder of Great Basin Resource Watch, a Nevada-based environmental group.

SMALL VERSUS BIG

Nevada Copper and other junior miners have an advantage over larger peers. Their smaller balance sheets force them to plan small copper mines, making permitting and negotiations with local residents easier.

Rio and BHP, for instance, have been trying since 2001 to open Arizona’s Resolution Copper mine, one of the world’s largest projects of its type.

The two are still waiting for regulatory clearance, having spent more than $1.3 billion since 2001, in a delay brought on partly by a dispute involving local American Indian tribes.

The mine is not slated to open until at least 2030. The U.S. Forest Service is expected to post a draft environmental study on the project by this summer, after which American Indian groups and others will be able to give feedback.

Rio is also studying ways to open the mine sooner – perhaps a year or two – by making engineering changes, but nothing has been finalized, said Arnaud Soirat, head of Rio Tinto’s copper and diamond businesses.

Resolution is on U.S. federal land, complicating the development. Many of the projects that are set to open in the next two years, though, are on private land, fueling an easier path to bring copper to a hungry market.

“I’m convinced over time there will be a global movement toward renewable energy generation and electric vehicles … that means the world will need our U.S. copper,” said Freeport CEO Adkerson.

(Reporting by Ernest Scheyder; Editing by Amran Abocar and Chris Reese)

Maurice