VANCOUVER, BC / ACCESSWIRE / January 11, 2022 / Granite Creek Copper Ltd. (TSXV:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce that the Company will join fellow members of the Metallic Group of Companies for a live webinar on January 13, 2022 at 10:00 am PT (1:00 pm ET). The CEOs of Granite Creek Copper, Group Ten Metals and Metallic Minerals will provide a concise review of key milestones achieved in 2021, followed by an update on major catalysts expected in 2022. The event will conclude with a roundtable Q&A session during which participants will be invited to provide questions to Tim Johnson (Granite Creek), Michael Rowley (Group Ten) and Greg Johnson (Metallic Minerals).
To register for the webinar, click here or on the graphic below.
About Granite Creek Copper
Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176 square kilometer Carmacks project in the Minto copper district of Canada’s Yukon Territory. The project is on trend with the high-grade Minto copper-gold mine, operated by Minto Metals Corp., to the north, and features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.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.
VANCOUVER, BC / ACCESSWIRE / December 23, 2021 / Granite Creek Copper Ltd. (TSXV:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce that the board of directors of Granite Creek has approved the settlement of up to CAD$86,162 of debt (the “Debt Settlement“) through the issuance of 344,648 common shares of the Company (the “Shares“) at a deemed price of 0.25 per share, subject to the approval of the TSX Venture Exchange.
All Shares issued will be subject to a statutory hold period of four months plus one day from the date of issuance.
About Granite Creek Copper
Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176 square kilometer Carmacks project in the Minto copper district of Canada’s Yukon Territory. The project is on trend with the high-grade Minto copper-gold mine, operated by Minto Metals Corp., to the north, and features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.
Ms. Debbie James, P.Geo., a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.
Forward-Looking Statements
This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper 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 Granite Creek Copper 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.
VANCOUVER, BC / ACCESSWIRE / December 20, 2021 / Group Ten Metals Inc. (TSX.V:PGE)(OTCQB:PGEZF)(FSE:5D32) (the “Company” or “Group Ten”) today reports partial results from the first two drill holes of the 14-hole resource expansion campaign completed in 2021 at the Company’s flagship Stillwater West PGE-Ni-Cu-Co + Au project in Montana, USA. Results are expected to form the basis of an updated resource estimate in 2022.
2021 Drill Highlights:
CZ2021-01 returned the widest high-grade intercept to date on the project being 63.7 meters of 0.92% Nickel Equivalent (“NiEq”), equal to 2.46 g/t Palladium Equivalent (“PdEq”), with 0.47% Ni, 0.42 g/t Pd, 0.27% Cu, and 0.04% Co as well as significant Pt and Au values, within 367.6 meters of continuous mineralization at 0.31% NiEq (or 0.83 g/t PdEq). See Table 1 for details.
CM2021-01 returned the longest mineralized intercept ever recorded in the Stillwater district with 728 meters of continuous sulphide mineralization at 0.27% NiEq, or 0.73 g/t PdEq, including contained intervals of successively higher grades:
352.9 meters of 0.39% NiEq (or 1.04 g/t PdEq) with 0.52 g/t 3E (Pd, Pt, and Au), and 0.17% Ni, plus significant Cu and Co values;
159.2 meters of 0.48% NiEq (or 1.29 g/t PdEq) with 0.77 g/t 3E, 0.18% Ni, plus significant Cu and Co values;
50.2 meters of 0.54% NiEq (or 1.45 g/t PdEq) with 1.0 g/t 3E, 0.19% Ni, plus significant Cu and Co values; and
Shorter intervals of high-grade mineralization including 7.2 meters of 1.33 g/t Pd, 0.93 g/t Pt, and 0.24% Ni, plus significant Au, Cu, and Co values, for 1.02% NiEq (or 2.72 g/t PdEq).
Both holes are step-outs completed with the objective of expanding deposits delineated by the 2021 Mineral Resource Estimate announced on October 21, 2021:
CM2021-01 was one of six holes drilled in 2021 in the area between the DR and Hybrid deposits to step out from high-grade nickel sulphide-PGE mineralization identified in hole CM2020-04;
CZ2021-01 is one of two holes drilled in 2021 to step-out on the CZ deposit in the area of wide, high-grade mineralization returned in hole CZ2019-01.
Mineralization starts at or near surface in both holes.
Assay results are pending from the lowest portion of CZ2021-01, and from the remaining 12 holes drilled in 2021. Rhodium results are also pending on all holes.
Michael Rowley, President and CEO, commented, “These initial results from the first two holes of our 2021 resource expansion drill campaign provide the strongest demonstration to date of our ability to target highly mineralized zones at Stillwater West, with significant wide intervals reaching more than five times the cut-off grade used in our recent resource estimate. This is very clear evidence that our predictive geologic model, utilizing tools like deep penetrating induced polarization geophysics, is accurately and effectively guiding us to drill wide zones of higher-grade nickel-copper-cobalt sulphide mineralization (battery metals), enriched in palladium, platinum, rhodium (platinum group elements), and gold. In addition to driving increased size and grade in our planned resource update, our ability to target effectively as we step-out from known mineralization in a large magmatic system is delivering incredibly low discovery costs as we advance the project.”
“Our work to date has demonstrated the exceptional scale and potential of the mineralized system in the lower Stillwater Complex. These results confirm and refine that understanding with Chrome Mountain hole CM2021-01 returning nearly three-quarters of a kilometer of continuous mineralization from a site that is over seven kilometers west of the HGR deposit in the Iron Mountain area, where hole IM2019-03 previously held the record for highest grade-thickness. Both areas have additional very high grade-thickness intervals in drill results, as does the CZ deposit located between the two. All of this confirms our observation that the lower Stillwater Complex has an immense endowment of contained metal and yet is surprisingly underexplored, despite its location in a famously productive and well-mineralized American mining district. Our systematic approach to exploration has quickly delineated five resource-stage deposits that are open for expansion across the nine-kilometer core of the Stillwater West project and we will continue to focus on their expansion while also advancing earlier stage targets that continue across the 32 kilometers of prospective magmatic stratigraphy covered by the property. We look forward to announcing results from the remaining drill holes along with results of our 2021 IP expansion survey in the near term as they become available.”
Table 1 – Highlight Results from 2021 Expansion Drill Campaigns at the DR, Hybrid, and CZ Deposit Areas
Assays pending for rhodium and certain intervals denoted by *. Highlighted significant intercepts with grade-thickness values over 20 gram-meter PdEq are presented above. Grade thickness values cover significant mineralized intervals with total palladium and nickel equivalent grade-thickness determined by multiplying the thickness of continuous mineralization (in meters) by the palladium equivalent grade (in grams/tonne) to provide gram-meter values (g-m) or by multiplying the nickel equivalent grade (in percent) to provide percent-meter values as shown. Total nickel and palladium equivalent calculations reflect total gross metal content using metals prices as follows (all USD): $7.00/lb nickel (Ni), $3.50/lb copper (Cu), $20.00/lb cobalt (Co), $1,000/oz platinum (Pt), $1,800/oz palladium (Pd), and $1,600/oz gold (Au). Equivalent values have not been adjusted to reflect metallurgical recoveries. Total metal equivalent values include both base and precious metals. In terms of dollar value, 0.20% nickel equates to a copper value of 0.40%, or a palladium value of 0.53 g/t, using the above metal values. Intervals are reported as drilled widths and are believed to be representative of the actual width of mineralization.
Grade-Thickness
Grade-thickness values of the mineralized intervals continue to demonstrate the remarkable metal endowment of the lower Stillwater Complex, with both holes reported here being well above 100 gram-meter (“g-m”) palladium equivalent grade-thickness. CM2021-01 returned 530 g-m PdEq grade-thickness, which is a record high for the Stillwater Complex. For comparison, this equates to 596 g-m gold equivalent, 954 g-m platinum equivalent, or 199 %-meter nickel equivalent. Grade-thickness values are an exploration tool used for comparing the intensity of mineralization across different mineralized widths. A grade-thickness value of 10 gram-meter Pd is equivalent to 1 g/t Pd over 10 meters, or 10 g/t Pd over 1 meter and is considered economically significant. The adjacent J-M Reef deposit now mined by Sibanye-Stillwater averages approximately 34 gram-meter Pd and Pt1,2. Values over 100 g-m PdEq are considered exceptional, highlighting the strength of the mineralized system, and values of more than 250 g-m PdEq (or 281 g-m AuEq) are rare across the industry. To date, the Stillwater West project has returned 31 drill holes with over 50 g-m PdEq grade-thickness, including five with more than 250 g-m PdEq.
Upcoming News and Events
Group Ten is pleased to confirm that it will participate in the upcoming Vancouver Resource Investment, AME Roundup, and Prospectors and Developers Association conferences in Q1 2022.
About Stillwater West
Group Ten is rapidly advancing the Stillwater West PGE-Ni-Cu-Co + Au project towards becoming a world-class source of low-carbon, sulphide-hosted nickel, copper, and cobalt, critical to the electrification movement, as well as key catalytic metals including platinum, palladium and rhodium used in catalytic converters, fuel cells, and the production of green hydrogen. Stillwater West positions Group Ten as the second-largest landholder in the Stillwater Complex, with a 100%-owned position adjoining and adjacent to Sibanye-Stillwater’s PGE mines in south-central Montana, USA1. The Stillwater Complex is recognized as one of the top regions in the world for PGE-Ni-Cu-Co 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. Group Ten’s work in the lower Stillwater Complex has demonstrated the presence of large-scale disseminated and high-sulphide battery metals and PGE mineralization, similar to the Platreef in the Bushveld Complex2. Drill campaigns by the Company, complemented by a substantial historic drill database, have delineated five deposits of Platreef-style mineralization across a core 9.2-kilometer span of the project, all of which are open for expansion into adjacent targets. Multiple earlier-stage Platreef-style and reef-type targets are also being advanced across the remainder of the 32-kilometer length of the project based on strong correlations seen in soil and rock geochemistry, geophysical surveys, geologic mapping, and drilling.
About Group Ten Metals Inc.
Group Ten Metals Inc. is a TSX-V-listed Canadian mineral exploration company focused on the development of high-quality platinum, palladium, nickel, copper, cobalt, and gold exploration assets in top North American mining jurisdictions. The Company’s core asset is the Stillwater West PGE-Ni-Cu-Co + Au project adjacent to Sibanye-Stillwater’s high-grade PGE mines in Montana, USA. Group Ten also holds the high-grade Black Lake-Drayton Gold project adjacent to Treasury Metals’ development-stage Goliath Gold Complex in northwest Ontario, and the Kluane PGE-Ni-Cu-Co project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory.
About the Metallic Group of Companies
The Metallic Group is a collaboration of leading precious and base metals exploration companies, with a portfolio of large, brownfield assets in established mining districts adjacent to some of the industry’s highest-grade producers of silver and gold, platinum and palladium, and copper. Member companies include Metallic Minerals in the Yukon’s high-grade Keno Hill silver district and La Plata silver-gold-copper district of Colorado, Group Ten Metals in the Stillwater PGM-nickel-copper district of Montana, and Granite Creek Copper in the Yukon’s Minto copper district. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorers/developers and major producers. With this expertise, the companies are undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these proven, but under-explored, mining districts. The Metallic Group is headquartered in Vancouver, BC, Canada, and its member companies are listed on the Toronto Venture, US OTC, and Frankfurt stock exchanges.
Note 1: References to adjoining properties are for illustrative purposes only and are not necessarily indicative of the exploration potential, extent or nature of mineralization or potential future results of the Company’s projects.
Note 2: Magmatic Ore Deposits in Layered Intrusions-Descriptive Model for Reef-Type PGE and Contact-Type Cu-Ni-PGE Deposits, Michael Zientek, USGS Open-File Report 2012-1010.
2021 drill core samples were analyzed by ACT Labs in Vancouver, B.C. Sample preparation: crush (< 7 kg) up to 80% passing 2 mm, riffle split (250 g) and pulverize (mild steel) to 95% passing 105 µm included cleaner sand. Gold, platinum, and palladium were analyzed by fire assay (1C-OES) with ICP finish. Selected major and trace elements were analyzed by peroxide fusion with 8-Peroxide ICP-OES finish to insure complete dissolution of resistate minerals. Following industry QA/QC standards, blanks, duplicate samples, and certified standards were also assayed.
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.
Figure 1 – 2021 Resource Expansion Drill Holes with Deposit Outlines over Drill Data and Geophysics (Conductivity)
Figure 2 – 2021 Resource Expansion Drill Holes with Deposit Outlines and Drill Data over Precious and Base Metals in Soils
Figure 3 – 2021 Mineral Resource Estimate over 9 KM Core Project Area with 3d Model of Ip Survey Results
VANCOUVER, BC / ACCESSWIRE / December 17, 2021 / Vancouver, B.C., Granite Creek Copper Ltd. (TSX.V:GCX | OTCQB:GCXXF) (“Granite Creek” or the “Company“) announces the closing of a non-brokered private placement of 8,333,337 flow-through common shares (the “FT Shares”) of the Company at a price of $0.18 per common share for gross proceeds of $1,500,001 (the “Financing”).
Proceeds from the Financing are intended for eligible Canadian Exploration Expenses, within the meaning of the Income Tax Act (Canada), at the Company’s Carmacks project in the Yukon Territory. Shares are subject to a statutory hold period of four months and one day from the date of issuance, under applicable Canadian securities laws.
Two directors and an officer of the Company participated in the private placement for an aggregate of 194,456 FT Shares. The participation by insiders in the private placement is considered to be a related-party transaction as defined under Multilateral Instrument 61-101. The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the securities being issued, nor the consideration being paid exceeds 25% of the Company’s market capitalization
Canaccord Genuity Corp. and Research Capital Corp (the “Finders”) acted as finders in connection with the Offering, Granite Creek paid the Finders aggregate cash fees totalling $91,000 and issued 505,554 non-transferable common share purchase warrants of the Company (the “Finder Warrants”). Each Finder Warrant will entitle the holder to purchase one common share in the capital of the Company at a price of $0.27 per share for a period of two years from the date of closing.
The FT Shares have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws.
About Granite Creek Copper
Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176 square kilometer Carmacks project in the Minto copper district of Canada’s Yukon Territory. The project is on trend with the high-grade Minto copper-gold mine, operated by Minto Metals Corp., and features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.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.
VANCOUVER, BC / ACCESSWIRE / December 15, 2021 / Metallic Minerals (TSX.V:MMG)(OTCQB:MMNGF) (“Metallic Minerals“, or the “Company“) is pleased to announce the successful completion of 2021 exploration activities at the La Plata silver-gold-copper project in the prolific Colorado Mineral Belt of southwest Colorado. The multi-faceted program included 1,980 meters of diamond drilling, resampling of historical drill core, and underground sampling from the Allard Tunnel, along with surface mapping and sampling across the broader property.
In addition, the Company engaged the team at Goldspot Discoveries (“GoldSpot”) to apply their proprietary Artificial Intelligence (“AI”), machine learning technology and specialized geoscience expertise in porphyry and epithermal systems to the La Plata project. GoldSpot completed their first phase analysis work on geological, geochemical, geophysical, and remote sensing data developing 16 new porphyry and high-grade epithermal priority targets for follow up work and future drilling.
2021 La Plata Exploration Program
The 2021 La Plata project work program was designed to achieve a number of important objectives:
Completion of confirmatory drilling and underground sampling within the main Allard porphyry target to confirm historical drill results from Rio Tinto, Freeport and others totaling 14,400 meters (“m”) in 54 drill holes drilled from the 1950s to the 1970s. This confirmatory drilling is an important step towards upgrading of the historical resource to a NI 43-101 compliant mineral resource estimate for the project;
Conduct surface exploration and follow-up sampling to further define the scale of mineralization along multiple identified trends that comprise multi-kilometer-scale soil and geophysical targets;
Undertake field confirmation of deep-penetrating Induced Polarization (“IP”) and airborne electromagnetic (“EM”) geophysical targets developed in the 2020 surveys; and
Initiate work with GoldSpot Discoveries to apply AI technology towards definition of priority targets to potentially accelerate the discovery process on the project.
Drilling and resampling of core in the main Allard porphyry system, along with underground sampling from the Allard Tunnel, has confirmed the tenor of copper, silver and gold mineralization from previous exploration on the property. The 3 kilometer (“km”) by 1 km mineralized system remains open to expansion at depth and along trend. This year’s work has also shown significant potential for palladium, platinum and gold associated with the porphyry system. Highlight historical drill intercepts include 395 m grading 0.57% copper equivalent (0.51% Cu, 6.3 g/t Ag, and 0.017 g/t Au) including 108 m grading 0.75% copper equivalent (0.65% Cu, 7.7 g/t Ag and 0.034 g/t Au) in drill hole LP-03 starting from surface. Final assay results for drill samples are pending.
Surface sampling has also expanded the main mineralized zone to 6 km in length and up to 1.5 km in width with anomalous copper, silver and gold in soils and rock samples. In addition, a second 4 km by 1 km target, which may represent a new porphyry and epithermal center, has been identified based on geophysics, remote sensing, and surface sampling with rock sample values in porphyry related mineralization up to 1.1% copper with 0.9 g/t gold and multi-gram silver. Rock samples of epithermal related mineralization included values up to 95 g/t silver and 10 g/t Au.
Metallic Minerals’ CEO and Chairman, Greg Johnson, stated, “We are pleased to have completed our first drill campaign at La Plata, and the first on the project in nearly 50 years, as we apply new thinking to this historic American high-grade silver, gold and copper district. Our work is confirming the potential for a multi-kilometer-scale mineralized porphyry and epithermal system – a much larger system than previously recognized – with excellent potential to expand known mineralization and to make new discoveries. Drilling, underground and surface sampling, geophysics, and satellite based remote sensing data for La Plata demonstrate real potential to become a strategic, US-based sourced of both precious and base metals, including silver necessary for solar power, and copper necessary for carbon-free energy and broader electrification of the global economy. Our 2021 work program has successfully advanced our understanding of the projects potential and is a major step towards the delineation of an inaugural mineral resource estimate. We look forward to providing additional updates including drill results from both our La Plata and Keno projects, as well as updates from our on-going work on the high-grade alluvial projects in the Klondike Gold district.”
About La Plata Silver-Gold-Copper Project
The road accessible La Plata project covers 33 km2 approximately 26 km northwest of Durango, Colorado within the historic high-grade La Plata mining district located at the southwest end of the prolific Colorado Mineral Belt. Mineralization is related to a large-scale precious-metals-rich porphyry copper system with associated high-grade silver and gold epithermal vein and replacement deposits. Historical production from some of these high-grade structures exceeded 1,000 grams per tonne (“g/t”) silver and over 15 g/t gold with some of the richest deposits delivering true bonanza grades for silver and gold1.
The La Plata district has a long and rich history of mining with the first silver deposits discovered in the 1700s by Spanish explorers. High-grade silver and gold production has been documented from the 1870s through the early 1940s from vein structures, replacement bodies and breccia zones at over 90 individual mines and prospects1. From the 1950s to 1970s, major miners including Rio Tinto (Bear Creek) and Freeport-McMoRan (Phelps Dodge) explored in the La Plata district focusing on the significant potential for bulk-tonnage disseminated and stockwork hosted mineralization2. Freeport-McMoRan retained ownership of claims in the district until 2002 when they sold their holdings to the current underlying vendors during the lows of the last metal price cycle.
A total of 56 drill holes totaling 15,200 m has been drilled on the property since the 1950s which confirm the presence of large-scale, multi-phase porphyry system with significant silver, gold and copper. This large-scale mineralized system is associated with a 10 km2 strongly magnetic signature with intense hydrothermal alteration.
Metallic Minerals is the first company to complete significant exploration on the La Plata project in nearly 50 years, applying modern technologies and deposit modeling techniques. The Company sees the potential to rapidly extend the size of the known mineralized system and to identify and expand the higher-grade zones within the broader porphyry and epithermal mineralized zones.
Foot notes: 1) Eckel, USGS Prof Paper 219, Geology and Ore Deposits of the La Plata Mining District, 1949; 2) Bear Creek Mining (now Rio Tinto), Humble Oil (now Exxon) and Phelps Dodge (now Freeport-McMoRan) company reports; 3) Christoffersen, Geological report on the Allard deposit, La Plata Mining District, Durango, Colorado, 2005.
About Metallic Minerals
Metallic Minerals Corp. is a growth-stage exploration company, focused on high-grade silver and gold projects in underexplored, brownfields mining districts of North America. Our objective is to create shareholder value through a systematic, entrepreneurial approach to exploration in the Keno Hill silver district, La Plata silver-gold-copper district, and Klondike gold district through new discoveries and advancing resources to development. Metallic Minerals has consolidated the second-largest land position in the historic Keno Hill silver district of Canada’s Yukon Territory, directly adjacent to Alexco Resource Corp’s operations, with nearly 300 million ounces of high-grade silver in past-production and current M&I resources. In addition, exploration at the recently acquired La Plata silver-gold-copper project in southwestern Colorado is targeting a silver and gold-enriched copper porphyry and adjacent high-grade silver and gold epithermal systems. The Company also continues to add new production royalty leases on its holdings in the Klondike gold district in the Yukon. All three districts have seen significant mineral production and have existing infrastructure, including power and road access. Metallic Minerals is led by a team with a track record of discovery and exploration success on several major precious and base metal deposits, as well as having large-scale development, permitting and project financing expertise.
About the Metallic Group of Companies
The Metallic Group is a collaboration of leading precious and base metals exploration companies, with a portfolio of large, brownfields assets in established mining districts adjacent to some of the industry’s highest-grade producers of silver and gold, platinum and palladium, and copper. Member companies include Metallic Minerals in the Yukon’s high-grade Keno Hill silver district and La Plata silver-gold-copper district of Colorado, Group Ten Metals in the Stillwater PGM-nickel-copper district of Montana, and Granite Creek Copper in the Yukon’s Minto copper district. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorer/developers and major producers. With this expertise, the companies are undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these proven, but under-explored, mining districts. The Metallic Group is headquartered in Vancouver, BC, Canada, and its member companies are listed on the Toronto Venture, US OTC, and Frankfurt stock exchanges.
The disclosure in this news release of scientific and technical information regarding exploration projects on Metallic Minerals’ mineral properties has been reviewed and approved by Jeff Cary, P.Geo., who is Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”).
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 Metallic Minerals 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 Metallic Minerals 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.
VANCOUVER, BC / ACCESSWIRE / December 1, 2021 / Granite Creek Copper Ltd. (TSXV:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce the results of work completed by Sedgman Canada and Mining Plus on the Company’s Carmacks copper-gold-silver deposit in the Minto Copper Belt located in central Yukon, Canada. The Company has received a final report on studies that include review of alternate leach technologies, mine planning, ore sorting and other key elements which are expected to be highly influential on the updated preliminary economic assessment (“PEA”) planned for H1 2022.
Highlights include:
Excellent results from initial metallurgical testing on sulfide material;
Confirmation of in tank leaching as the preferred method of extraction of both copper and precious metals from oxide ores;
Identification of conventional flotation as the preferred method of producing a copper concentrate from sulfide ores;
Development of a draft underground mine plan, with sub-level block cave as the preferred underground mining method at Carmacks;
Granite Creek President & CEO, Tim Johnson, stated, “We are extraordinarily pleased with the results provided by Sedgman and Mining Plus and the degree of efficiency, expertise and professionalism they have demonstrated since Granite Creek initially engaged them in May of this year. The studies have provided a great deal of new insight and clarity on the best path forward as we continue to advance Carmacks toward updated economics and, ultimately, production. We are very confident that these elements of mine planning and optimization, combined with the updated 43-101 mineral resource estimate we anticipate in Q1, will form the basis of a robust new PEA. The Yukon is an exceptional mining jurisdiction, the Minto belt has excellent infrastructure and robust mineralization currently being mined by Minto Metals Corp. just to the north of us who are now publicly traded on the Venture Exchange. We look forward to additional announcements soon as the pieces continue to fall into place at Carmacks.”
Virtual Investor Conference – OTC Markets Group
Granite Creek will be presenting at the upcoming Mining & Metals Virtual Investor Conference hosted by OTC Markets Group on Wednesday, December 8th at 11:30 AM PT / 2:30 PM ET. Topics of discussion will include the Company’s 2021 drilling campaign, the mine planning and mineral processing results described herein, and implications for the expected updates to both the existing 43-101 mineral resource estimate and PEA. To register, click here.
Sedgman / Mining Plus Report Discussion
An initial review of geotechnical studies as referenced in the 2017 PEA1,2, has indicated that a sub-level block cave is likely the most cost-effective method of underground mining of Zone 1 at the Carmacks Deposit. Based on this, Granite Creek will now move to initiate costing studies to support an updated PEA that includes potential underground resources not only in Zone 1 but other adjacent zones. In addition, the Company will launch pit design and optimization efforts on mineralized zones that lie outside of the pit contemplated in the 2017 PEA. Specifically, Zones 2000S and 13 will see pit optimization scenarios that will determine how much material could potentially be mined via open pit and what portion of the resources will be extracted by underground mining methods.
Metallurgical testing of sulfide mineralization to determine recovery of copper minerals using conventional flotation technology to create a copper concentrate was highly successful, achieving copper recoveries of up to 95%. Further testing is planned to confirm these recovery rates and to add gold and silver to a concentrate scenario. This work will be used identify the correct sizing of a copper-gold-silver concentrator circuit and the associated economics.
Previous economic assessments did not consider the potential value from processing of the high-grade sulphide material at Carmacks, despite a defined sulfide resource. In conducting a comprehensive review of the Carmacks deposit and the Carmacks North target area, the presence of significant sulfide mineralization became immediately apparent and Granite Creek felt it prudent to examine its potential inclusion as a means to expand the overall resource, extend mine life and improve economics. The majority of the Company’s 2021 drilling campaign focused on delineating and expanding sulfide resources with both near surface and deeper targets explored. Both oxide and sulphide mineralized zones remain open to expansion, with a significant expansion of the sulphide resource anticipated in the upcoming resource estimate update in Q1 2022. The updated PEA will incorporate this expanded resource and will include review of the mining sequence including an assessment of whether any sulfide resources may be mined via open pit and the optimal sequence for sulfide flotation and oxide leaching.
Table 1. Current Mineral Resource Estimate on the Carmacks Copper Project1,2
Category
Tonnes (000)
Cu (%)
Au (g/t)
Ag (g/t)
Oxide & Transition Mineralization
Measured
6,484
0.86
0.41
4.24
Indicated
9,206
0.97
0.36
3.80
M&I
15,690
0.94
0.38
3.97
Inferred
913
0.45
0.12
1.90
Sulphide Mineralization
Measured
1,381
0.64
0.19
2.17
Indicated
6,687
0.69
0.17
2.34
M&I
8,068
0.68
0.18
2.33
Inferred
8,407
0.63
0.15
1.99
[1] JDS Energy and Mining. Feb 9, 2017. NI 43-101 Preliminary Economic Assessment Technical Report on the Carmacks Project, Yukon, Canada. Contained metal based on 23.76 million tonnes of NI 43-101 compliant resources in the Measured and Indicated categories grading 0.85% Cu, 0.31 g/t Au, 3.14 g/t Ag.
[2] Arseneau Consulting Services, 2016 Independent Technical Report on the Carmacks Copper Project, Yukon, Canada.
About Granite Creek Copper
Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176 square kilometer Carmacks project in the Minto copper district of Canada’s Yukon Territory. The project is on trend with the high-grade Minto copper-gold mine, operated by Minto Metals Corp., to the north, and features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.
Ms. Debbie James, P.Geo., a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.
Forward-Looking Statements
This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper 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 Granite Creek Copper 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.
Joining us for a conversation is Greg Johnson, the CEO of Metallic Minerals. It’s a great time to be speaking with you as Metallic Minerals has some exciting news for shareholders. Before we begin, Mr. Johnson, please introduce us to Metallic Minerals and the opportunity the company presents to shareholders.
Greg Johnson:
Metallic Minerals is a silver-focused, exploration development stage company. The flagship asset is in the Keno silver district, one of the world’s highest-grade producing silver districts. A second asset in the high-grade silver-gold La Plata district, and our last asset, which is our Klondike alluvial gold project. We are headed up by a group of experienced explorer developers with a track record of successful discovery and project advancement.
Maurice:
Mr. Johnson, Metallic Minerals has some great news to provide shareholders on three fronts. First on the flagship Keno silver project, as well as updates from the La Plata and the Klondike alluvial projects. Beginning in the Yukon, sir, take us onsite to the high-grade Keno silver project, which has just announced the completion of what was the most expansive exploration program to date. First off, congratulations, sir.
Greg Johnson:
The Keno silver project is our flagship. We’re a couple of years into the acquisitions and initial development of the targets, and this was one of our biggest programs to date in 2021.
Maurice:
Mr. Johnson, the Keno silver project has three main areas within the west, central, and eastern parts of the high-grade silver producing district. Beginning at the central Keno, Mr. Johnson, walk us through the 2021 exploration program, which is a multiphase program of RC and diamond core drilling. What is Metallic Minerals looking for and what are you seeing?
Greg Johnson:
Allow me to me set the stage here. The district itself is about 35 kilometers wide, and we break it into three sectors or target areas, as you said, the west, central, and eastern parts. And each one of them is about 10 to 12 kilometers long. It’s a really big area, and we see the continuity of similar styles of mineralization from one side of the district to the other. Most of the production historically has been on that western half of the district where we’ve seen over 300 million ounces of past production plus current resources. And it’s one of the world’s highest grade 43-101 resources.
Greg Johnson:
Starting in the central part of the district this year, we kicked off a program looking at our advanced target areas. This is specifically in the Caribou and Homestake areas where we targeted stepping out along the already defined structures there, where we’ve hit ore grades over minable widths. We’re stepping out, we’re building tonnage. The drilling indicates that we’ve had some really good successful hits there, some big step by outs that we’re waiting to see results come back from the assay lab, but we’re quite pleased with the ability to be able to extend those advanced stage targets in the central part district.
Maurice:
Moving on to the west Keno, what can you share with us?
Greg Johnson:
So west Keno is focused in that area of significant historic production. This is nearby Alexco, who’s going back, has just recently gone back into production, and where they’ve got several major discoveries. So our targets there, west Keno, are right on these known very high-production areas. The Formo, Silver Queen are the two main targets here. Core drilling, to again step out along areas of known mineralization that have already been intercepted and being able to continue to build on those towards a first mineral resource, both central and the western parts of the district for Metallic Minerals.
Maurice:
Let’s move on to the emerging heavyweight, which is the east Keno, where it appears to have both the Keno style mineralization of ultra high-grade veins and bulk tonnage silver mineralization, which is now new in the district. To set the stage on this unique value proposition, in 2020 Metallic Minerals previously released significant bulk tonnage style intercepts on the east Keno. Do you mind sharing those numbers with us and how it fits in with your neighbor, Alexco, which has recently gone into full production?
Greg Johnson:
Yeah, this is pretty exciting. Metallic Minerals came into the district recognizing that you’ve got all this production on the western half of the district. The geology doesn’t stop at the claim boundary. It continues onto our ground, the same geologic setting. We started to collect samples, geophysics, and soils, and rocks, and mapping and started putting this together. Last year we’d identified 12 separate multi-kilometer-scale targets. These are big targets, both soil anomalies, and geophysical anomalies. And we put the first reconnaissance holes in 2020. We hit in 26 out of 30 holes. That’s an amazing track record for a first-phase reconnaissance drill program. A big part of this year’s program was coming back in and starting to step off from those hits last year, moving laterally, moving down dip, and we’re starting to put together an understanding of the scale of mineralization in this area.
Greg Johnson:
We also drilled the first core holes in this area this year. Deeper holes targeted at both geophysics and offsetting the reverse circulation drilling. So we’re pretty excited about what’s coming together here. The significance of what we’re seeing in the east is that not only are we seeing classic high-grade Keno style veins, which is what Alexco and most of the historic production has been based on, but we’re seeing zones up to a hundred meters or more of continuous disseminated silver mineralization. And this holds out the potential for bulk tonnage for something that could be much larger than anything that’s been seen in the district before.
Maurice:
Now along with the drilling, Metallic Minerals also completed an extensive Induced Polarization survey, and I noticed in the latest press release that Metallic Minerals made the following reference about six times: “Regional thrust vaults and associated epithermal style mineralization”. Now, as a shareholder, I’m keen to find out more. Any nuggets that you can share with us regarding the IP survey?
Greg Johnson:
Yeah, so this is an example of our effort to try to take a known productive district to extrapolate into the areas that have been less explored, and then to bring in new exploration targets, target types, models, and new modern exploration techniques. This is the first time we’ve ever applied what’s called induced polarization geophysics. This is where you put a charge in the ground, these were multi-kilometer-long lines, they allow you to sense as deep as 800 or a 1,000 meters from the surface, and this allows us to be able to start to map the subsurface even before we start drilling.
Greg Johnson:
And what’s exciting about this, is that that work over the east Keno targets was demonstrating that we’re getting conductors in the subsurface rocks that are correlating spatially with these big soil and magnetic features. The significant reason is if we’re hitting silver mineralization in the shallow drilling, and we’ve got a geophysical target that continues to 800 meters or more, and we’ve got multiple targets in the kilometric scale, it’s starting to suggest we’ve got a very strong plumbing system and that this could be a target that could really have the scale to it and potentially build this out to something significant.
Maurice:
Now that the exploration is complete this year at the Keno silver project, when can we expect to see results, and what determines success?
Greg Johnson:
We started in the central part of the district, that’ll be the first area that we’ll start to see numbers. Then on the Eastern side of the district with both RC and Diamon Core. And then last we wrapped up with the western part of the district with core drilling. We’re right now finalizing our interpretation on the IPE geophysics, so that’ll be integrated, and I could see us seeing numbers starting here really any time and continuing early into the new year. It’s going to be an exciting period. We’re starting to see a turnaround in the market and the interest over in gold, again, after more than a year of corrupt consolidation and correction. So this will be a great time in terms of catalyst from the news coming from the Keno silver project.
Maurice:
Let’s move south to Colorado, to the La Plata silver gold-copper project, where the season is just about wrapped up, and this is an emerging asset for Metallic Minerals. It has all the merits and hallmarks of a flagship project in its own right. Now Metallic Minerals just completed its first drilling in decades on the La Plata to bring up the La Plata up to NI 43-101 standards. It’s a project that was recognized and worked on by some of the majors in the past. Please tell us a bit about the project and the 2021 program and when we might expect to see results.
Greg Johnson:
I’m excited about the La Plata Project. This was an opportunity that came in through our network. It’s a project area that, very similar to Keno Hill, had a history of high-grade silver and gold production from these high-grade veins, much like Keno. Located in the Southwestern part of the US, in Southwestern Colorado. That mining on the high-grade veins occurred from the 1800s to the 1940s. Then after World War II, we didn’t see the small miners come back, but we saw first Rio Tinto’s exploration group come into the district, recognizing that not only was there this high-grade production and occurrences, but that there was potential for bulk tonnage silver, gold, and copper. And they drilled several holes that really started to define that there was a porphyry system that sent in the center of this epithermal vein district.
Greg Johnson:
Following on that work, we had Phelps Dodge, which is now Freeport McMoRan coming to the district, and they continued to drill through the early 70s. And then Phelps Dodge sat on the project until 2002. The low in the last commodity price cycle, the group that we opted it from has held it for over 20 years. We’re the first to have an opportunity to take a look at this exciting project. We’re taking a very holistic approach. We’re going to be focused on both the bulk tonnage part of the system that’s related to these porphyries, as well as the high-grade silver and gold component. We’re bringing all the layers of modern geology and techniques for exploration to the table.
Greg Johnson:
This year’s program was focused on continuing to collect geophysics and soils and a very first confirmatory drilling and sampling that’s been done on the project in decades. We are just wrapping up that program now. I would expect to see results starting to come out fairly soon to move this quite rapidly to take the historic resource on the project and advance it with sufficient work to a modern 43-101. Again, this is going to be a project that’s going to have a series of news events in the relatively near future that are quite significant in advancing that into 2022.
Maurice:
Finally, let’s discuss the big year that Metallic Minerals has had on the Klondike alluvial gold royalty portfolio.
Greg Johnson:
This is an interesting one. It’s not the main focus of the company, but we had an opportunity a couple of years ago to pick up a portfolio of unmined Klondike alluvial ground. This is upstream from some of the biggest open-pit operations in the Klondike, in the Yukon, that produce over 50% of the Yukon’s gold from those mines each year. We’ve invited experienced operators on the ground. We’ve got three license areas currently that is fully permitted for production, two operators that have done significant work drilling, bulk sample testing. They are rapidly advancing this towards first production, and Metallic Minerals would take a production royalty. Anywhere from a 10% to a 15% royalty, depending on the stage of those license areas. We’re excited to see this advancement over this year’s work, and we’re anticipating very high potential that we’ll see these move into first production in 2022 for next season, and that’ll move to cash flow for Metallic Minerals on those properties.
Maurice:
Leaving the property bank, let’s look at some numbers. Sir, please provide the capital structure for Metallic Minerals.
Greg Johnson:
Metallic Minerals has about 136 million shares out, roughly a $65 million market cap. So we’re now out of that micro-cap area where we’re starting to get attention from some of the big investors. We’re well funded well into 2022 with the current treasury. We have no debt, so we’re in great shape to have been able to have an aggressive program on all three projects this year and moving into next year to continue our business model, which is one to define resources, grow resources, and advance those and de-risk them, creating value along the way. Very similar to what the team did with Novagold in the last metal price cycle.
Maurice:
Speaking of big investors, you have a great shareholder list. Could you comment on that, and the recent ownership by Eric Sprott?
Greg Johnson:
Yeah, we’re in this period now where the company is moving from a very early stage, exploration stage, to resource stage. And with that, we’re seeing interest from some of the bigger investors. We’ve got US Global, we’ve got Crescat, we’ve got OTP Funds. These are all specialist funds that understand this part of the business for mining exploration and have taken significant stakes. In addition, Eric Sprott is our largest individual shareholder. He’s one of the largest holders in Novagold as well, so we’re really happy to have him in as an investor. And he just increased his ownership by exercising all of his warrants in the company, bringing in over CAD $1.5 million dollars. We’re pleased with that continued support from Eric. He is very bullish long-term on silver, and his investment in the company was focused on our exposure to silver in the Keno silver district, and a potential upside from our other assets.
Maurice:
Now I’m no Eric Sprott, but I am proud to share that I did exercise my warrants as well.
Greg Johnson:
I believe all those that participated in the financing exercised their warrants as well. Metallic Minerals is pleased to see that continued support from shareholders, and I’m pleased to see the market starting to come back alive for silver and gold. It’s been a bit of a painful 14 month plus period here with the market last peaking back in August of 2020. But I think we’ve turned the corner, and I’m quite bullish that we’ve put this consolidation behind us. It’s a great time for investors to be looking at high-quality names and silver in particular. And I think we’ve got real promise with a strong fundamental backing for Metallic Minerals in terms of the work we’re going to be undertaking to create value, and I think with our leverage to silver, gold, and potentially to copper as well here shortly.
Maurice:
I was going to ask you if you have any comments for shareholders, but I think that may just suffice. How about this, sir, any question that I forgot to ask you today, sir?
Greg Johnson:
No, I think we covered the gamut here, Maurice. It was great to be able to speak with you. I think that it’s an exciting time for investors and for those who are new to Metallic Minerals, we would invite people to contact us through our website.
sir. Mr. Johnson, it’s been a pleasure speaking with you. Wishing you and Metallic Minerals the absolute best, sir.
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VANCOUVER, BC / ACCESSWIRE / November 22, 2021 / Metallic Minerals (TSX.V:MMG | OTCQB:MMNGF) (“Metallic Minerals“, or the “Company“) is pleased to announce the successful completion of its 2021 exploration programs at the Company’s 100%-owned Keno Silver project, adjoining Alexco Resource’s high-grade silver mines in the Keno Hill silver district of Yukon, Canada. The multi-phase program consisted of Reverse Circulation (“RC”) and diamond core drilling, Induced Polarization (“IP”) geophysics, surface sampling, and district-wide stratigraphic and structural mapping across the 35-kilometer-wide district. The program, which began in June, was the Company’s most extensive exploration campaign on the project to date, with 53 holes totalling nearly 6,200 meters (“m”) along with 20.3 line-kilometers of deep-penetrating IP geophysical surveys.
The 2021 Keno Silver work program was designed to achieve a number of important objectives:
Expand the extent of drill-defined mineralization at the advanced target areas in the central and western parts of the Keno Hill silver district, namely Caribou, Homestake, and Formo towards initial resource estimates;
Conduct follow-up drilling at the new discovery areas identified at East Keno in 2020 in order to begin to define the scale of mineralization along trend and to depth within these multi-kilometer-scale soil and geophysical targets;
Complete first-pass reconnaissance drilling on additional untested multi-kilometer-scale targets in the eastern and central parts of the district; and
Use new deep-penetrating IP geophysics, in conjunction with detailed surface mapping, to more accurately determine the potential scale of these newly identified mineralized systems.
Metallic Minerals’ 166 square kilometer Keno Silver project is the second-largest land position in one of the world’s highest-grade silver districts, directly adjoining the operations of Alexco Resource Corp. The Keno Hill silver district has nearly 300 million ounces of silver in past production1 and current M&I resources2, with excellent existing infrastructure, including grid power, road access and nearby community services. The restart of mining operations at Keno Hill was the third mining operation to start producing in the Yukon Territory over the past two years.https://s.yimg.com/rq/darla/4-10-0/html/r-sf-flx.html
Greg Johnson, Chairman and CEO, stated: “We are very pleased with what we were able to achieve from the largest program to date at our flagship Keno Silver project. Our team made significant progress at the advanced-stage target areas in Central and West Keno and completed ground-breaking work that significantly enhanced our understanding of the geologic controls related to the new discovery areas at East Keno. The combination of the new insight that has come from the recognition of the much greater importance of regional-scale thrust faults with epithermal style silver mineralization and the very compelling data from the deep-sensing IP survey demonstrates that we have a highly effective tool kit for exploration in the under-explored parts of this prolific, high-grade silver district.”
“After an extraordinarily active period for the Company, the 2021 field season, which included significant campaigns on three separate projects, has concluded at our flagship Keno Silver Project, and will soon be wrapping up at our La Plata silver-gold-copper and Klondike alluvial gold projects. Significant and substantive news flow is expected to follow, including IP and drill results from Keno Silver, drill results from La Plata and updates with respect to activity on our holdings in the Klondike goldfields. In addition, we are seeing a recognition in the marketplace of the importance of our metals of focus as important for the transition towards non-carbon-based energy and as hard-asset stores of value and natural inflation hedges.”
“We would also like to acknowledge that Mr. Eric Sprott has exercised all of his Metallic Minerals common share purchase warrants from the Company’s October 2019 private placement financing for total proceeds to the Company of $1,562,500 CDN. Following the completion of the warrants exercise, Mr. Sprott (through 2176423 Ontario Ltd., a corporation which is beneficially owned by him) holds and controls 21.5 million shares, representing over 16% of the issued and outstanding shares on a non-diluted basis. We appreciate the continued support of Mr. Sprott, our largest shareholder, and this recent warrant exercise will aid the continued advancement of our exciting projects.”
2021 Exploration Program Overview
The 2021 Keno Silver drill program was designed to follow up on the successes of the 2020 program by building on the discoveries at East Keno and continuing to expand drill-defined mineralization at advanced-stage targets in the central and western parts of the Keno Hill silver district. In 2020, RC drilling intercepted significant silver mineralization in 26 of 30 reconnaissance holes, which effectively expanded the known extent of drill-defined mineralization by 10 kilometers to the east and demonstrated the potential for major new discoveries in this underexplored part of the district.
Drilling in 2021 was comprised of a two-phase program, beginning with a first phase of RC drilling focused on reconnaissance drilling of untested soil and geophysical targets, along with follow-up drilling along strike and down dip on the new East Keno discoveries. The phase one program included 4,300 m of RC drilling in 45 holes focused on the East Keno and Central Keno target areas. This was followed by a second phase of deeper diamond core drilling program totalling 1,900 m in 8 holes in the East Keno and West Keno target areas.
In addition to the focused drill program, Metallic Minerals undertook a comprehensive effort to expand the coverage of its detailed geologic and geophysical data coverage, particularly over the less-explored eastern half of the Keno Hill silver district where the Company has identified 12 separate multi-kilometer-long high-level soil and magnetic anomalies. This effort included district-wide stratigraphic and structural mapping focused in these important target areas for exploration and led to the identification of previously unrecognized regional scale thrust fault structures and associated styles of epithermal mineralization which have major implications for bulk tonnage potential that has not been previously investigated in the Keno Hill silver district.
In conjunction with the detailed geologic mapping program, Metallic Minerals completed the first-ever application of deep-sensing IP geophysics using Simcoe Geoscience’s Alpha IPTM system. This system has been used with great success on other Metallic Group projects and has the capability to image down to more than 800 meters depth from surface. Five separate multi-kilometer IP profiles were collected over the discovery areas at East Keno, as well as other targets in the central part of the Keno district, covering significant soil and magnetic anomalies. The 2021 survey was successful in identifying major conductive features that are spatially associated with areas with kilometer-scale soil and magnetic anomalies and with newly mapped regional thrust faults. The surveys yielded 35 high-priority targets that will be investigated in the upcoming 2022 program. Additional review and interpretation of this data is underway and a detailed discussion of the IP survey results, including relevant structure images, is expected in a subsequent news release.
The following provides a snapshot of the activities completed at each of the major target areas on the Keno Silver project and are presented in the order that assay results are anticipated to be received and reported:
Central Keno
Drilling activity in 2021 began in the Central Keno target area, which covers the central 12 km of the 35 km wide Keno Hill silver district and includes 90 million ounces of past production1 and current M&I resources2 from 8 separate deposits, including the namesake Keno Hill mine. A total of 37 RC holes were completed in the Central Keno target area which focused on expansion of drill defined mineralization at the advanced stage Caribou and Homestake targets, along with step-out drilling along trend and within several newly identified soil anomalies that remain open along trend from historically drilled areas. Two deep IP lines were also completed across the area which identified significant conductive features that spatially correspond with regional scale thrust fault structures and associated epithermal style silver mineralization.
Assay results remain pending, and additional drilling is already planned at Caribou and Homestake in 2022 to advance both areas towards an initial resource estimate.
East Keno
Drilling in the East Keno target area included 12 RC and diamond core holes and focused on step-out drilling along trend and down-dip of the discovery zones intersected in 2020 at Fox, Zone 2 and UKHM, in addition to reconnaissance drilling at the previously untested North Fox and West Cobalt targets. Metallic Minerals’ drilling at East Keno has confirmed the presence of significant high-grade and bulk tonnage silver mineralization in this underexplored part of the Keno Hill silver district.
Two 6-kilometer-long IP lines were completed over East Keno with one survey over the greater Fox target area (Fox to UKHM) and a second over the West Cobalt to Cobalt target area. The IP lines identify a number of major conductive anomalies that are open to depth and that spatially overlap with multi-kilometer soil anomalies, mapped regional scale thrust structures and epithermal style mineralization.
Drilling at East Keno in 2021 has confirmed the presence of significant structural zones with epithermal style mineralization with continuous structural zones exceeding 100 meters in thickness that correspond spatially with conductive anomalies in the IP geophysics. Follow-up 3D modelling will be completed on the 2020 and 2021 drilling at East Keno to better determine the geometries of this major new discovery area and to vector towards areas with the highest silver grades and thickness. Assay results remain pending.
West Keno
In April, the Company announced the first results from modern drilling at the advanced-stage Formo target, where diamond drill holes intercepted very high-grade Keno-style silver mineralization, which remains open to expansion in all directions. Formo is the site of an historical high-grade open-pit mine that saw production from the 1920s and 30s. Metallic Minerals drilled four additional diamond core drill holes this fall at Formo to test the extension of drill-defined high-grade mineralization along strike and down dip. Two new targets have been also identified along the same structural corridor within parallel greenstone sills and will be the target of drilling in 2022. Assay results remain pending, and additional drilling is planned at Formo in 2022 to advance this area towards an initial resource estimate.
Detailed mapping at the Silver Queen target has demonstrated a close relationship between regional thrust faults and epithermal-style silver mineralization at West Keno. The adjacent Silver King deposit, which was one of the highest-grade mines in the Keno Hill silver district, is also dominantly epithermal-style mineralization. These findings will be incorporated into new modelling and drill targets for West Keno in 2022.
About the Keno Silver Project
Exploration by Metallic Minerals at the Keno Silver project continues to systematically build on the Company’s 3D geologic database covering the east, central and western portions of the prolific Keno Hill silver district. The project includes eight high-grade, shallow past-producing mines that have yet to be subjected to modern exploration due to previously unconsolidated land ownership. Along the known, historically productive trends in the central and western parts of the district, the Company has advanced three targets to step-out drilling stage and several additional targets to drill-ready status. In addition, recent exploration has defined 12 new priority multi-kilometer-scale early-stage targets for reconnaissance drilling in the under-explored eastern and southern parts of the district where initial drilling has returned significant high-grade Keno-style mineralization as well as identified the potential for bulk-tonnage style silver mineralization.
About Metallic Minerals
Metallic Minerals Corp. is a growth-stage exploration company, focused on high-grade silver and gold projects in underexplored, brownfields mining districts of North America. Our objective is to create shareholder value through a systematic, entrepreneurial approach to exploration in the Keno Hill silver district, La Plata silver-gold-copper district, and Klondike gold district through new discoveries and advancing resources to development. Metallic Minerals has consolidated the second-largest land position in the historic Keno Hill silver district of Canada’s Yukon Territory, directly adjacent to Alexco Resource Corp’s operations, with nearly 300 million ounces of high-grade silver in past production and current M&I resources. In addition, exploration at the recently acquired La Plata silver-gold-copper project in southwestern Colorado is targeting a silver and gold-enriched copper porphyry and adjacent high-grade silver and gold epithermal systems. The Company also continues to add new production royalty leases on its holdings in the Klondike gold district in the Yukon. All three districts have seen significant mineral production and have existing infrastructure, including power and road access. Metallic Minerals is led by a team with a track record of discovery and exploration success on several major precious and base metal deposits, as well as having large-scale development, permitting and project financing expertise.
About the Metallic Group of Companies
The Metallic Group is a collaboration of leading precious and base metals exploration companies, with a portfolio of large, brownfields assets in established mining districts adjacent to some of the industry’s highest-grade producers of silver and gold, platinum and palladium, and copper. Member companies include Metallic Minerals in the Yukon’s high-grade Keno Hill silver district and La Plata silver-gold-copper district of Colorado, Group Ten Metals in the Stillwater PGM-nickel-copper district of Montana, and Granite Creek Copper in the Yukon’s Minto copper district. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorer/developers and major producers. With this expertise, the companies are undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these proven, but under-explored, mining districts. The Metallic Group is headquartered in Vancouver, BC, Canada, and its member companies are listed on the Toronto Venture, US OTC, and Frankfurt stock exchanges.
1) Cathro, R. J., Great Mining Camps of Canada 1. The History and Geology of the Keno Hill Silver Camp, Yukon Territory. Geoscience Canada, Sept. 2006. ISSN 1911-4850. 2) Alexco Resource Corp Technical Report, titled “NI 43-101 Technical Report on Updated Mineral Resource and Reserve Estimate of the Keno Hill Silver District” with an effective date of April 1, 2021 and issue date of May 26, 2021.
References to adjoining properties are for illustrative purposes only and are not necessarily indicative of the exploration potential, extent or nature of mineralization or potential future results of the Company’s projects.
Qualified Person
The disclosure in this news release of scientific and technical information regarding exploration projects on Metallic Minerals’ mineral properties has been reviewed and approved by Scott Petsel, P.Geo., Vice President, Exploration, who is Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
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 timelines, 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 Metallic Minerals 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. 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 Metallic Minerals 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.
VANCOUVER, BC / ACCESSWIRE / November 10, 2021 / Granite Creek Copper Ltd. (TSXV:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce the retention of SGS Geological Services (‘SGS”) to provide an updated National Instrument 43-101 mineral resource estimate on the Company’s Carmacks copper-gold-silver deposit in the Minto Copper Belt located in central Yukon, Canada.
Granite Creek will be incorporating drilling completed in 2017, 2020 and 2021 into an updated resource estimate which will build on the existing NI 43-101 compliant resources last published in 20171,2. Resource expansion drilling completed in 2021 consisted of 22 diamond drill holes primarily targeted at sulfide mineralization in Zones 1, 2000S and 13 and is expected to add to the existing sulfide resource (see news release dated October 28, 2021).
Table 1. Current Mineral Resource Estimate on the Carmacks Copper Project
Category
Tonnes (000)
Cu (%)
Au (g/t)
Ag (g/t)
Oxide & Transition Mineralization
Measured
6,484
0.86
0.41
4.24
Indicated
9,206
0.97
0.36
3.80
M&I
15,690
0.94
0.38
3.97
Inferred
913
0.45
0.12
1.90
Sulphide Mineralization
Measured
1,381
0.64
0.19
2.17
Indicated
6,687
0.69
0.17
2.34
M&I
8,068
0.68
0.18
2.33
Inferred
8,407
0.63
0.15
1.99
About SGS Geological Services
SGS Geological services has a very strong team, with valuable experience, known, renown and respected in the international mining industry. The team has considerable experience in estimation and modeling of deposits of all types and practical and theoretical experience having realized hundreds of assessments for clients. A multidisciplinary group of qualified persons with a strong understanding of the disclosure requirements for Mineral Resources set out in the NI 43-101 Standards of Disclosure for Mineral Projects (2016), CIM Definition Standards – For Mineral Resources and Mineral Reserves (2014) and a strong understanding of the CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines 2019.
Resource Road Update
On November 8th the Yukon government announced the following road construction update that directly effects Granite Creek’s Carmacks Project.
“Whitehorse based company Pelly Construction has been awarded the contract for the Carmacks Bypass Project, a $29.6 million investment to construct a new road and bridge near Carmacks. This project is a key component under the Yukon Resource Gateway Program and a collaborative effort between the Government of Yukon and Little Salmon/Carmacks First Nation.
The project, which is anticipated to be complete in 2024, will allow industrial vehicles to bypass the community of Carmacks, creating an enhanced and safer flow of traffic for residents. It will also improve access to mining activities while enabling the Little Salmon/Carmacks First Nation to benefit from contracting, education and training benefits associated with the project.
The Yukon Resource Gateway Program improves infrastructure to Yukon’s most mineral-rich areas. The Carmacks Bypass project is jointly funded by Canada and the Yukon and is the first project to be awarded under the program.”
Granite Creek President & CEO, Tim Johnson, commented, “We are very pleased to have engaged with a top calibre firm like SGS on this key milestone in the Company’s relatively short history. With the amount of highly targeted new drilling we have completed, we anticipate a robust update to the existing resource estimate and that this, along with the mine planning and trade-off studies being developed by Sedgman and Mining Plus, will have a significant impact on the project economics. In our continuing development of Carmacks, the recent announcement by the Yukon government of the start of construction on the Carmacks Bypass is extremely good news. The incremental improvement in access represented by this road upgrade is welcomed and this, combined with an updated resource estimate, will pave the way for and even more extensive exploration program in 2022.”
[1] JDS Energy and Mining. Feb 9, 2017. NI 43-101 Preliminary Economic Assessment Technical Report on the Carmacks Project, Yukon, Canada. Contained metal based on 23.76 million tonnes of NI 43-101 compliant resources in the Measured and Indicated categories grading 0.85% Cu, 0.31 g/t Au, 3.14 g/t Ag.
[2] Arseneau Consulting Services, 2016 Independent Technical Report on the Carmacks Copper Project, Yukon, Canada.
About Granite Creek Copper
Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176 square kilometer Carmacks project in the Minto copper district of Canada’s Yukon Territory. The project is on trend with the high-grade Minto copper-gold mine, operated by Minto Explorations Ltd, to the north, and features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.
Ms. Debbie James, P.Geo., a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.
Forward-Looking Statements
This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper 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 Granite Creek Copper 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.
VANCOUVER, BC / ACCESSWIRE / September 23, 2021 / Group Ten Metals Inc. (TSX.V:PGE; OTCQB:PGEZF; FSE:5D32) (the “Company” or “Group Ten”) is pleased to provide an update on resource modeling and exploration activities, and further announces that it has engaged researchers at the University of British Columbia to study the potential for large-scale carbon sequestration at its flagship Stillwater West PGE-Ni-Cu-Co + Au project in Montana, USA.
Exploration Update
SGS Geological Services has completed their site visit and is working with Group Ten to deliver inaugural National Instrument 43-101-compliant mineral resource estimates at the most advanced target areas at Stillwater West. Block models consisting of drill-defined nickel and copper sulphide mineralization, enriched in palladium, platinum, rhodium, gold and cobalt, are now being finalized for release in the near term. In addition to the more advanced Chrome Mountain, Camp, and Iron Mountain target areas, the inaugural resource figures will include the Crescent target area following successful expansion of the block models based on the continuity of mineralization observed in all target areas.
Diamond drilling is ongoing, with one rig at the Chrome Mountain target area and a second that completed priority holes at the Camp target area before moving to the Iron Mountain area. A total of twelve holes have been drilled to date. Conditions are favorable and the program is expected to continue into October. Expansion of the inaugural mineral resource estimate is one of the primary objectives of the 2021 drill campaign.
An Induced Polarization geophysical survey is now underway with crews currently working new survey lines to the west of the highly successful 2020 survey in the Chrome Mountain target area. In-fill lines, and additional extension lines off the east end of the previous work at the Crescent target area, are also planned.
Figures 1 and 2 – Group Ten geologists John Bailey, Justin Modroo, and Nate Nelsen examine Stillwater West drill core.
Carbon Sequestration and the Potential for Low-Carbon ‘Green’ Metals at Stillwater West
The Company has engaged Dr. Greg Dipple and his team at the University of British Columbia, Canada, for a second phase of research to assess the capacity to use mineral carbonation to bind carbon dioxide for permanent disposal as part of a potential mining operation at Stillwater West. Preliminary work has shown good potential based on the presence of certain minerals at Stillwater West. This next phase of study is expected to refine and advance that work by identifying specific minerals in rock samples while beginning to look at possible reaction rates, among other items. Contingent upon the success of the current program, subsequent work would then examine reaction rates and other factors in more detail to culminate in large-scale pilot demonstration to provide data necessary for full-scale projections and inclusion in potential broader engineering studies at Stillwater West.
Group Ten President and CEO, Michael Rowley, stated, “We see the potential to reduce atmospheric carbon dioxide while providing needed battery, catalytic, and precious metals at a large scale in a premier US district as a very compelling opportunity to play a significant role in promoting global sustainability initiatives. Stillwater West hosts nickel sulphide mineralization which, compared to the laterite nickel that dominates global production, has been shown to more easily refine to the high-grade nickel sulphate that is required by the battery industry, and with a much lower environmental footprint. This new study paves the way for further reductions in the carbon footprint for all our commodities in a possible production scenario at Stillwater West, offsetting the impact of mining activities and potentially even achieving significant reductions wherein the uptake and disposal of carbon exceeds the emission from operations. In addition to being strongly aligned with Group Ten’s Environmental, Social and Governance (“ESG”) guidelines and principles, the incorporation of carbon uptake may bring financial benefits via initiatives such as the 45Q Tax Credit for Carbon Oxide Sequestration that is now in place in the US. We look forward to further announcements including our inaugural resource estimates in the near term.”
‘Green’ Metals at Stillwater West
The primary metals that are essential to global electrification and improvements in air quality include battery metals, such as nickel, copper, and cobalt, and platinum, which is essential for the low-carbon production of hydrogen via the electrolysis of water, and also for the consumption of hydrogen in fuel cells.
Moreover, platinum – along with palladium and rhodium – is also essential to environmental quality as all three are used in catalytic convertors to reduce exhaust emissions and provide clean air, with demand driven by increasingly stringent emissions requirements globally.
Group Ten has demonstrated world-class potential for both scale and grade of all six of these commodities, plus also gold, in five priority target areas where drill-defined mineralization showing strong correlations with very large geophysical anomalies across 9.2 kilometers in 3D model results, and more broadly in early-stage results across the entire 32-kilometer span of the Stillwater West project.
The Stillwater district is a prolific US mining district that hosts world-class mines and a smelter-refinery complex operated by Sibanye-Stillwater, who are widely recognized for producing palladium and platinum, along with lesser amounts of other commodities including nickel, at the highest environmental and sustainability standards. Group Ten’s location adjacent to Sibanye is very favorable to potential end-users including the domestic auto industry. The Company is focused on advancing Stillwater West as one of only a few projects in North America that may be able to help meet the shortfalls projected by analysts and EV industry leaders for environmentally responsible production of our target commodities.
About Stillwater West
The Stillwater West PGE-Ni-Cu-Co + Au project positions Group Ten as the second-largest landholder in the Stillwater Complex, adjoining and adjacent to Sibanye-Stillwater’s Stillwater, East Boulder, and Blitz PGE mines in south-central Montana, USA1. The Stillwater Complex is recognized as one of the top regions in the world for PGE-Ni-Cu-Co 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. Group Ten’s work in the lower Stillwater Complex has demonstrated the presence of large-scale disseminated and high-sulphide battery metals and PGE mineralization, similar to the Platreef in the Bushveld Complex2. Drill campaigns by the Company, complemented by a substantial historic drill database, are driving 3D models of Platreef-style mineralization in the five most advanced target areas, three of which are expected to become formal mineral resources by mid-2021. Multiple earlier-stage Platreef-style and reef-type targets are being advanced across the rest of the 31-kilometer length of the project based on strong correlations seen in soil and rock geochemistry, geophysical surveys, geologic mapping, and drilling.
About Group Ten Metals Inc.
Group Ten Metals Inc. is a TSX-V-listed Canadian mineral exploration company focused on the development of high-quality platinum, palladium, nickel, copper, cobalt, and gold exploration assets in top North American mining jurisdictions. The Company’s core asset is the Stillwater West PGE-Ni-Cu-Co + Au project adjacent to Sibanye-Stillwater’s high-grade PGE mines in Montana, USA. Group Ten also holds the high-grade Black Lake-Drayton Gold project adjacent to Treasury Metals’ development-stage Goliath Gold Complex in northwest Ontario, and the Kluane PGE-Ni-Cu-Co project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory.
About the Metallic Group of Companies
The Metallic Group is a collaboration of leading precious and base metals exploration companies, with a portfolio of large, brownfield assets in established mining districts adjacent to some of the industry’s highest-grade producers of silver and gold, platinum and palladium, and copper. Member companies include Metallic Minerals in the Yukon’s high-grade Keno Hill silver district and La Plata silver-gold-copper district of Colorado, Group Ten Metals in the Stillwater PGM-nickel-copper district of Montana, and Granite Creek Copper in the Yukon’s Minto copper district. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorers/developers and major producers. With this expertise, the companies are undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these proven, but under-explored, mining districts. The Metallic Group is headquartered in Vancouver, BC, Canada, and its member companies are listed on the Toronto Venture, US OTC, and Frankfurt stock exchanges.
Note 1: References to adjoining properties are for illustrative purposes only and are not necessarily indicative of the exploration potential, extent, or nature of mineralization or potential future results of the Company’s projects.
Note 2: Magmatic Ore Deposits in Layered Intrusions-Descriptive Model for Reef-Type PGE and Contact-Type Cu-Ni-PGE Deposits, Michael Zientek, USGS Open-File Report 2012-1010.
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 of 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, titlefuture driling actiivities and the locations of such drilling, 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.
