Categories
Base Metals Energy Granite Creek Copper Junior Mining Metallic Group

Granite Creek Copper Closes C$1.5 Million Flow-Through Private Placement

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.

FOR FURTHER INFORMATION PLEASE CONTACT:

Timothy Johnson, President & CEO
Telephone: 1 (604) 235-1982
Toll-Free: 1 (888) 361-3494
E-mail: info@gcxcopper.com
Website: www.gcxcopper.com
Metallic Group: www.metallicgroup.ca
Twitter: @yukoncopper

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

SOURCE: Granite Creek Copper Ltd.



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Categories
Junior Mining Metallic Group Metallic Minerals Precious Metals

Metallic Minerals Announces Completion of Exploration Programs at La Plata Silver-Gold-Copper Project

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.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Website: mmgsilver.com
Phone: 604-629-7800
Email: cackerman@mmgsilver.com
Toll Free: 1-888-570-4420

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 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.

SOURCE: Metallic Minerals Corp.



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Categories
Base Metals Energy Granite Creek Copper Junior Mining Metallic Group

Granite Creek Copper Announces Results of Mine Planning & Mineral Processing Work Conducted on the Carmacks Copper-Gold Project by Sedgman and Mining Plus

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

CategoryTonnes (000)Cu (%)Au (g/t)Ag (g/t)
Oxide & Transition MineralizationMeasured6,4840.860.414.24
Indicated9,2060.970.363.80
M&I15,6900.940.383.97
Inferred9130.450.121.90
Sulphide MineralizationMeasured1,3810.640.192.17
Indicated6,6870.690.172.34
M&I8,0680.680.182.33
Inferred8,4070.630.151.99

[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.

FOR FURTHER INFORMATION PLEASE CONTACT:

Timothy Johnson, President & CEO
Telephone: 1 (604) 235-1982
Toll-Free: 1 (888) 361-3494
E-mail: info@gcxcopper.com
Website: www.gcxcopper.com
Metallic Group: www.metallicgroup.ca
Twitter: @yukoncopper

Qualified Person

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.

SOURCE: Granite Creek Copper Ltd.



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Categories
Base Metals Energy Group Ten Metals Junior Mining Precious Metals

Group Ten Metals Signs Definitive Agreement with Heritage Mining on the Black Lake-Drayton Gold Project in Ontario, Canada

November 29, 2021 – Vancouver, BC – Group Ten Metals Inc. (TSX.V: PGE | OTCQB: PGEZF; FSE: 5D32) (the “Company” or “>Group Ten”) is pleased to announce that it has signed a Definitive Agreement (the “Agreement”) with Heritage Mining Ltd. (“Heritage”) per the binding Letter of Intent (the “LOI”) announced August 26, 2021. By the terms of the Agreement, and subject to the earn-in requirements specified therein, Heritage can acquire up to a 90% interest in Group Ten’s Black Lake-Drayton gold project (the “Property”) in Ontario, Canada.

Group Ten also announces that it has initiated the exploration program required by the Agreement, with a focus on advancing and refining existing targets identified in past campaigns, as well as advancing new targets. To this end, the 2021 program includes re-sampling of core from 1996-2002 drill campaigns programs at the Moretti, Dragfold, and Bonanza targets, focused prospecting in areas of interest identified by the 2017 geophysical modelling and interpretation report, and a basal till sampling program intended to expand upon successful 2018 and 2020 programs.

Group Ten President and CEO, Michael Rowley stated, “We are pleased to announce the successful conclusion of the first in what we expect will ultimately become a series of deals whereby Group Ten begins to realize value for our non-core assets. Black Lake-Drayton, like our Kluane Ni-Cu-PGE project, is a high-quality brownfields project that is district-scale in size and 100%-owned by the Company. The Agreement with Heritage Mining provides Group Ten with significant exposure to the gold market while allowing us to focus on our 100%-owned Stillwater West project in Montana, where we see terrific potential to expand our recent inaugural resource estimates of first-world nickel, copper, palladium, platinum, rhodium, gold and cobalt. Core from 2021 resource expansion drilling at Stillwater West is progressing through the assay lab and we look forward to a series of news releases announcing results starting in the coming weeks, as well as updates on other initiatives including our work in carbon sequestration.”

Heritage Mining’s CEO, Peter Schloo stated, “It is rare that a project of this size and quality becomes available, and we appreciate Group Ten’s faith in our ability to add significant shareholder value in a timely manner. We are very excited about the Black Lake-Drayton project and look forward to developing the property in a systematic manner. This is a pivotal point in Heritage Mining’s path, and we look forward to the future. We anticipate a go-public listing shortly, pending market conditions.”

Upcoming Events

Live Webinar – Amvest Capital

Group Ten Metals President and CEO, Michael Rowley, will provide an overview and update on the Company and our flagship Stillwater West battery metals and platinum group elements project during a live webinar event hosted by Amvest Capital on Monday, November 29th at 13:05 PT / 16:05 ET. To register, click here.

Virtual Investor Conference – OTC Markets Group

Group Ten has been invited to present at the upcoming Mining & Metals Virtual Investor Conference hosted by OTC Markets Group on Wednesday, December 8th at 12:00 PM PT / 3:00 PM ET. Topics of discussion will include the Company’s recently announced NI 43-101 mineral resource estimate, the 2021 expansion drill campaign, and upcoming, near-term catalysts. To register, click here.

Terms of the Heritage Mining Definitive Agreement

Under the terms of the Agreement, Heritage may acquire a 90% undivided interest in the Property by making payments totaling 7.2 million shares and CAD $300,000 in cash to Group Ten, completing exploration and development work totaling CAD $5 million on the Property, granting Group Ten a 10% carried interest in the Property through completion of a feasibility study, and completing other requirements including potential success-based discovery payments, as detailed below:

  • Heritage shall issue 2,800,000 shares to Group Ten within ten (10) business days of obtaining a public listing on a specified exchange.
  • Heritage may earn a 51% interest (the “First Option”) in the Property by completing the following on or before the third anniversary of the “Agreement:
    • Issuing an additional 3.3 million shares to Group Ten;
    • Completing cash payments totaling CAD $300,000; and
    • Completing exploration work totaling CAD $2.5 million.
  • Upon completion of the First Option, Heritage may earn an additional 39% ownership interest in the Property (the “Second Option”) for a cumulative 90% interest by completion of the following on or before the fourth anniversary of the Agreement:
    • Issuing an additional 1.1 million shares to Group Ten; and
    • Completing additional exploration work totaling CAD $2.5 million.

In addition, the LOI provides the following:

  • A discovery payment of $1.00 per ounce of gold or gold equivalent shall be made on mineral resource estimates as filed from time-to-time on the Property and shall, in Heritage’s discretion, be paid in cash or shares (or a combination thereof), capped at a maximum of $10 million.
  • Upon completion of the Second Option, Group Ten will retain a 10% free carried interest in the Project, with Heritage being responsible for all Property costs until completion by Heritage of a positive feasibility study supported by a technical report prepared in accordance with NI 43-101 on the Property (the “FS”).
  • The Agreement provides for the formation of a Joint Venture (“JV”) based on the then legal and beneficial ownership levels in the Property following completion of the FS. A JV may also be formed in the event Heritage does not complete the requirements of the Second Option.
  • Heritage will be required to maintain minimum exploration and development expenditures of CAD $500,000 per annum until the completion of the FS in order to maintain status as operator of the JV. Group Ten maintains certain back-in rights in the event Heritage does not meet minimum expenditure requirements.
  • Group Ten is required to complete CAD $300,000 of exploration work on the Property within the first year of the Agreement.

Black Lake – Drayton Gold Project Overview

The 100%-owned Black Lake–Drayton project consists of 137 square kilometers in the Abrams‐Minnitaki Lake Archean greenstone belt, along the northern margin of the Wabigoon sub-province in Ontario, Canada. The Property has significant exploration potential with demonstrated high-grade gold in drill results and bulk samples across more than 30 kilometers of underexplored strike in a geologic setting that is shared with Treasury Metals’ development-stage Goliath Gold Complex project in a highly active gold belt that also hosts Rainy River’s New Gold mine and other deposits. The geological models and exploration methods that have successfully proven up over 14 million ounces of gold at Treasury, New Gold, and other projects in the region since the 1990s have yet to be systematically applied at Black Lake – Drayton. Access and infrastructure are excellent on the Property, which features direct road access, and proximity to rail and power.

About Heritage Mining

Heritage Mining Ltd. is a private, well-capitalized company focused on acquiring Tier-1, advanced stage precious and base metal exploration projects and/or the junior/micro-producer project stage. Heritage’s board and management Team have a proven track record of shareholder value creation with over 100 years of combined experience in the mining and exploration sector. For more information, visit the Heritage Mining website.

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 is focused on its 100%-owned, flagship Stillwater West battery metals and platinum group elements project in Montana, USA, adjacent to the high-grade PGE mines operated by Sibanye-Stillwater. In October 2021, the Company announced its inaugural NI 43-101 mineral resource estimate, with an update expected in Q1 2022 subject to results from an expansion drill campaign in 2021 from which assays are pending.

Group Ten also holds two additional district-scale brownfields assets including the high-grade Black Lake-Drayton Gold project adjacent to Treasury Metals’ development-stage Goliath Gold Complex in northwest Ontario (now subject to an earn-in by Heritage Mining), and the Kluane PGE-Ni-Cu-Co project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory.

FOR FURTHER INFORMATION, PLEASE CONTACT:

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

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 the execution of a definitive agreement, the completion of the proposed transaction and the receipt of any cash or share payments therefrom, future exploration and development expenditures, the sale of non-core assets, potential mineralization, the realization of mineral resource estimates, the timing and success of exploration activities generally or the completion of a feasibility study, the timing and results of future resource estimates, future driling activities, 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 (including board and stock exchange approvals), the failure to negotiate and execute the Agreement on the terms currently contemplated or at all, 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.

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Base Metals Energy Exclusive Interviews Junior Mining Metallic Group Metallic Minerals

Metallic Minerals – Advancing the Ultra High-Grade Keno Silver Project in Canada

Maurice:

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.

Maurice:

Please share that website for Metallic Minerals.

Greg Johnson:

The website is MMGsilver.com.  

Maurice:

sir. Mr. Johnson, it’s been a pleasure speaking with you. Wishing you and Metallic Minerals the absolute best, sir.

Before you make your next bullion purchase, contact me at 855.505.1900 or email maurice@milesfranklin.com. I’m a licensed representative for Miles Franklin Precious Metals Investments, where we provide a number of options to expand your precious metals portfolio from physical delivery to offshore depositories and precious metal IRAs. Finally, we invite you to subscribe to www.ProvenandProbable.com, where we provide Mining Insights and Bullion Sales.

The information presented on Proven and Probable is provided for educational and informational purposes only, without any express or implied warranty of any kind, including warranties of accuracy, completeness, or fitness for any particular purpose. The information is not intended to be and does not constitute financial investment or trading advice, or any other advice. You should not make any financial investment or trading decision based on any of the information presented without first undertaking independent due diligence and consultation with a professional broker or competent financial advisor.

Categories
Junior Mining Metallic Group Metallic Minerals Precious Metals

Metallic Minerals Announces Completion of Exploration Programs at Keno Silver Project and $1.56 Million Warrant Exercise by Resource Investor Eric Sprott

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.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Phone: 604-629-7800
Toll-Free: 1-888-570-4420
Website: mmgsilver.com
Email: cackerman@mmgsilver.com

Footnotes

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.

SOURCE: Metallic Minerals Corp.

Categories
Base Metals Energy Granite Creek Copper Junior Mining

Granite Creek Copper Reports Final Results from Phase 1 of 2021 Drill Program, Including 23.30 Meters of 2.27 % Copper Equivalent, at the Carmacks Copper-Gold-Silver Project in Yukon, Canada

VANCOUVER, BC / ACCESSWIRE / October 28, 2021 / Granite Creek Copper Ltd. (TSX.V:GCX | OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce the third and final tranche of assay results from Phase 1 of the Company’s three-phase 2021 drill program at the 100%-owned Carmacks project.

The Phase 1 campaign focused on expansion and upgrade of resources in zones 1, 2000S, and 13 by testing the sulfide potential of these priority areas. In addition to the Phase 1 program, the Company also completed Phase 2 RC drilling at early-stage targets, and a Phase 3 diamond drill program to follow up on the success of Phase 1. All activity has been completed at site for the 2021 field season with assays for Phases 2 and 3 pending.

Granite Creek President & CEO, Tim Johnson, commented, “We are extremely pleased with the results of our 2021 exploration program which achieved many of our objectives and exceeded our expectations in several important respects. We expanded sulfide mineralization in three of the main zones at Carmacks which will be reflected in an updated NI 43-101 resource estimate followed by a new mine plan which is being developed to incorporate both oxide and sulfide material. We anticipate the sulfide resources could make a significant difference to the mine life and economics of the Carmacks deposit and we look forward to further defining that potential.”

Highlights

  • In Zone 1, diamond drill hole CRM21-019 intersected 67.35m of 1.23% Copper Equivalent (“CuEq”) mineralization including 23.30m of 2.27 CuEq.
  • In Zone 1, diamond drill hole CRM21-013 intersected 67.90m of 0.90% CuEq including 22.88m of 1.14% CuEq and 12.91m of 1.73% CuEq.
  • In Zone 13, diamond drill hole CRM21-021 intersected 96.85m of 0.84% CuEq including 35.85m of 1.04 CuEq and 21.35m of 1.21 CuEq.
  • Granite Creek believes these intercepts, plus others listed in the table below, have the potential to increase the grade and confidence of the resource model in Zone 1 and increase the grade and total size of Zones 2000S and 13.
  • Updated resource model being developed.

Table 1 – Highlights from of 2021 Phase 1 Diamond Drill Assays at the Carmacks Project

Drillhole
From(m)To(m)Length*(m)Cu(%)Mo(%)Au(g/t)Ag(g/t)CuEq** (%)
CRM21-012400.65415.7515.100.340.0060.112.130.47Zone 1ThisRelease
Including405.85411.205.350.550.0160.153.010.75
CRM21-013311.00378.9067.900.730.0050.182.690.90
Including324.75343.6322.880.920.0060.233.761.14
and including355.09368.0012.911.390.0060.375.291.73
CRM21-014355.70423.4567.750.930.0090.265.161.20
Including398.00423.4524.451.530.0090.416.211.91
CRM21-017317.42363.2045.780.420.0010.152.410.55
Including323.50335.8512.350.670.0020.283.900.92
CRM21-019277.95345.3067.350.930.0110.314.231.23
Including322.00345.3023.301.70.0160.577.512.27
CRM21-004323.50367.0043.501.120.0280.203.411.40Zone 1PreviousRelease
Including338.50367.0028.501.570.0420.294.531.96
and including352.00†367.0015.001.800.0660.334.812.31
CRM21-007222.52226.604.080.910.0060.196.321.13
CRM21-010450.00513.4063.400.270.0030.081.310.35
Including450.00482.2532.250.300.0040.081.410.39
Including488.90513.4024.500.300.0030.091.470.39
CRM21-01892.40110.4018.000.910.0080.176.791.12Zone 2000SThisRelease
and158.80170.0011.200.720.0130.144.270.91
and233.60249.0015.400.390.0240.092.090.56
and263298.9035.900.350.0080.102.620.48
including287.00298.9011.900.670.0170.193.530.90
CRM21-003146.35†214.5068.150.590.0280.143.690.83Zone 2000SPreviousRelease
Including161.40179.8018.040.810.0330.214.801.13
CRM21-005137.05179.8043.240.740.0470.163.821.06
Including142.05158.4016.351.200.0360.266.111.58
CRM21-006194.40278.2083.800.640.0120.133.230.81
Including229.20278.2049.000.870.0180.173.881.10
Including248.76266.2017.441.210.0330.225.111.53
CRM21-008195.80228.4032.600.800.0190.173.881.02
Including201.55215.5514.001.100.0230.244.861.40
CRM21-009190.50243.8553.350.590.0120.142.710.75
Including191.30201.7010.400.870.0040.253.701.09
and including209.00225.9516.950.620.0090.132.760.77
and including229.90235.255.351.210.0640.284.881.68
CRM21-011223.98329.50105.520.960.0130.184.061.18
Including223.98245.2021.222.170.0100.369.132.56
and including260.32260.820.5018.970.0080.4638.319.72
CRM21-01536.6949.3812.690.230.0030.040.960.27Zone 13 ThisRelease
CRM21-01691.30238.50147.200.380.0250.102.280.56
CRM21-021132.15229.0096.850.620.0140.203.040.84
Including132.15168.0035.850.820.0130.203.801.04
and including207.65229.0021.350.800.021`0.433.511.21

** Copper equivalent (Cu Eq) values assume Cu $3.35/lb, Au $1600/oz, Ag $24/oz, Mo $12/lb and 100% recovery. *Weighted average intercepts shown. Estimated true widths vary but, based on geological interpretation of cross-sections, are estimated to be typically 60-70% of the intersected widths.

† Part of zone has poor recovery

Figure 1 – Carmacks Copper Project Plan View

Zone 1

Eight holes were drilled in Zone 1 with the objective of increasing confidence in the inferred portion of the sulfide resource of this zone as well as evaluating the down-dip continuation of the inferred resource. Drilling was successful in achieving its objectives of delineating the depth extent of mineralization, expanding the mineralization below the current resource model, and confirming the grade and anticipated thickness in the inferred portion of the sulfide resource in this zone. Of the total reported meterage with significant mineralization, 67% returned mineralized intercepts grading greater than those reported in the inferred category of the resource estimate completed in 2017. While only preliminary, the Company feels that these intercepts have the potential to significantly increase the grade and the confidence in this area of the resource model.

While the Preliminary Economic Assessment (“PEA”) published in 2017(1,2) looked only at the oxide material in Zones 1,4, and 7, work being conducted by Sedgman and Mining Plus (see news release dated May 18, 2021) is looking at various scenarios to process the sulfide portion of Zone 1, and other sulfide zones of the deposit, to build a basis for an updated PEA that would include both oxide and sulfide ore.

Zone 2000S

Zone 2000S has the potential to add tonnage in the sulfide domain of resource category and in doing so could add significant value to an updated PEA that included sulfide resources. During Phase 1, six diamond drillholes were drilled in this zone to evaluate the continuation of bornite-chalcopyrite mineralization down dip, and two additional holes were drilled during Phase 2 with assays still pending. Drill hole CRM21-011, along with all other drillholes from the 2021 program (see release dated August 22, 2021) extended known mineralization in the zone from 30m to 100m below the current block model. CRM21-018, a technical hole drilled subparallel to the mineralization to evaluate the geological concept of a southern W-E striking fault, was successful in locating the fault and extends mineralization to depth beneath the current resource model

Zone 13

Three diamond drill holes were completed at Zone 13 in Phase 1, and an additional two holes were completed in Phase 3 with the intent of evaluating the northern continuity of sulfide mineralization, and infilling an open area of the block model. Building on success from the company’s inaugural drill program in 2020 which included 127 metres of continuous copper mineralization in drillhole CRM20-001, grading 0.85% CuEq and including 28.65m of 1.74% CuEq and 19.2m of 1.19% CuEq (see news release dated February 11,2021), all five diamond drill holes were successful in extending and infilling mineralization from Zone 13 in the Carmacks deposit including CRM21-021 which intercepted 96.85m grading 0.84% CuEq including 35.85m of 1.04% CuEq and 21.35m of 1.21% CuEq. Drill hole CRM21-020 drilled from the same pad as CRM21-021 deviated from planed direction and was not completed.

COVID-19 Protocols

Granite Creek has worked closely with the Yukon government to develop a COVID-19 safety plan that enables the Company to implement an effective work plan while maintaining the highest degree of safety of our workers and surrounding communities. The Company strictly adheres to mandates put in place by health authorities at the Federal and Territorial government level and hold the health and safety of our workers, and the citizens of the communities in which work in the highest regard.

[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.

FOR FURTHER INFORMATION PLEASE CONTACT:

Timothy Johnson, President & CEO
Telephone: 1 (604) 235-1982
Toll Free: 1 (888) 361-3494
E-mail: info@gcxcopper.com
Website: www.gcxcopper.com

Qualified Person

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.

Quality Control and Quality Assurance

Quality assurance and quality control procedures include the systematic insertion of duplicate, blank and standard samples, making up 12% of the sample stream. Drill core samples were sawn in half, labelled, placed in sealed bags and shipped directly to the Bureau Veritas preparation laboratory in Whitehorse. All geochemical analyses were performed by Bureau Veritas in Vancouver. Copper and silver analysis was performed by four-acid digestion with an ICP-ES finish. Non-sulphide copper was determined through a sulphuric acid leach with an AAS finish. Gold was analyzed by igniting a 15 g sample followed by an aqua regia digestion with an ICP-MS finish.

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.

Categories
Base Metals Breaking Energy Group Ten Metals Junior Mining Metallic Minerals Precious Metals Uncategorized

Group Ten Metals Announces Inaugural NI 43-101 Mineral Resource Estimate for the Stillwater West PGE-Ni-Cu-Co + Au Project, Montana, USA

VANCOUVER, BC / ACCESSWIRE / October 21, 2021 / Group Ten Metals Inc. (TSX.V:PGE | OTCQB:PGEZF; FSE:5D32) (the “Company” or “Group Ten”) is pleased to report the first independent National Instrument 43-101 (“NI 43-101”) mineral resource estimate (the “2021 Resource”) for its 100%-owned Stillwater West platinum group element, nickel, copper, cobalt, and gold (“PGE-Ni-Cu-Co + Au”) project in Montana, USA. The study was completed by SGS Geological Services (“SGS”).

The Company will host a live webcast on Thursday October 28th at 9am Pacific time (12pm Eastern) to discuss the 2021 Resource, recent drill campaign, and plans for the Stillwater West project. To register, click here.

Highlights

  • Inferred mineral resources total 2.4 million ounces palladium, platinum, rhodium, and gold (“4E”) plus 1.1 billion pounds of nickel, copper and cobalt in a constrained model totaling 157 million tonnes at an average grade of 0.45% total nickel equivalent (“NiEq”) (equal to 1.20 g/t palladium equivalent, or “PdEq”) using a 0.20% NiEq cut-off grade. See detailed breakdown in Tables 1 and 2 below.
  • The 2021 Resource incorporates five deposits of sulphide mineralization that cover 8.7 kilometers of strike length within the central area of the project. The strong correlation that is demonstrated between resource areas and untested high-level geophysical targets (Figure 1), and metal-in-soil anomalies, provides a strong basis for expansion of the resource with 2021 drill results, and future drill campaigns (Figures 2 to 6).
  • Mineralization, consisting of thick horizons of nickel and copper sulphide that are enriched in palladium, platinum, rhodium, gold and cobalt, is consistent with Group Ten’s “Platreef-style” geological model that is based on known parallels with South Africa’s Bushveld Igneous Complex.
  • Deposits in the 2021 Resource are defined by 83 drill holes from a total of 216 holes drilled at Stillwater West prior to 2021, including all holes from Group Ten’s 2019 and 2020 campaigns. A number of the remaining drill holes provide early confirmation of target mineralization in otherwise untested anomalies across much of the 32-kilometer project, accelerating future exploration programs and demonstrating significant expansion potential outside of the known deposit areas.
  • Assays are pending from the 14-hole 2021 drill campaign, which focused on expansion of three of the five deposits by completing step-out holes designed to build onto the 2021 Resource.
  • Rhodium totaling 61,000 ounces was modeled at three of the five target areas, where sufficient data was available. At recent spot prices, this endowment is equivalent to over 400,000 ounces palladium and over 750,000 ounces platinum. The Company believes rhodium results are understated due to the lack of historic assay data and is working to fully include rhodium in future mineral resource updates.

The 2021 Resource estimate will be incorporated into an NI43-101-compliant technical report for the Stillwater West project to be filed within 45 days.

Michael Rowley, Group Ten’s President and CEO states, “We are extremely pleased with the results of our inaugural resource estimate that provides a robust debut of high-demand battery and platinum group metals in a top US mining district. This is a major milestone in the advancement of both the project and Group Ten Metals. Mineralization in the five deposits shows excellent continuity and grade across large areas, with strong geophysical and geochemical signatures that remain open in all directions demonstrating excellent potential for expansion in subsequent drill campaigns. In this regard, we look forward to reporting results from our 2021 campaign, our biggest yet, which we believe met the objective of increasing the 2021 Resource. More than ever we see extraordinary potential for Stillwater West to become a large-scale and strategically significant US-based source of battery metals to meet growing electrification needs while also supplying PGEs for catalytic convertors and increasing fuel cell demand.”

TABLE 1 – Grade and Contained Metal by Deposit at a 0.20% NiEq Cut-Off Grade (Equals 0.53 g/t PdEq) – Stillwater West Inferred Mineral Resource Estimate (Base Case)

CIM (2014) definitions were followed for Mineral Resources Reporting. The constrained Mineral Resources are reported at a base case cut-off grade of 0.20% NiEq. Cut-off grades and metal equivalents are based on metal prices of $7.00/lb Ni, $3.50/lb Cu, $20.00/lb Co, $900/oz Pt, $1,800/oz Pd and $1,600/oz Au, with assumed metal recoveries of 80% for Ni, 85% for copper, 80% for Co, Pt, Pd and Au, a mining cost of US$2.20/t rock, and processing and G&A cost of US$12.75/t mineralized material. Rhodium modeled but not included in equivalency calculations. All figures are rounded to reflect the relative accuracy of the estimate.

The current Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. The quantity and grade of reported Inferred Resources in this Mineral Resource Estimate are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as Indicated or Measured. However, based on the current knowledge of the deposits, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

TABLE 2 – Grade and Contained Metal by Deposit at a Higher Grade 0.35% NiEq Cut-Off (Equals 0.93 g/t PdEq)

FIGURE 1 – 2021 Stillwater West Mineral Resource Estimate Over 3D Model of Induced Polarization Survey Results

Sensitivity Analysis

A sensitivity analysis is provided in Table 3 below which demonstrates the variation in grade and tonnage in the deposit at various cut-off grades. Mineralization shows exceptional continuity, enabling models at higher-cut-off grades including inferred mineral resources of 97 million tonnes of 0.55% NiEq (equal to 1.47 g/t PdEq) containing 1.8 million ounces palladium, platinum, rhodium, and gold (“4E”) with 857 million pounds of nickel, copper and cobalt (see Table 2, above).

TABLE 3 – Grade and Contained Metal Sensitivity at Various NiEq Cut-off Grades

Constrained Mineral Resources are reported at a base case cut-off grade of 0.20% NiEq. Values in the table reported above and below the cut-off grades should not be misconstrued with a Mineral Resource Statement. The values are only presented to show the sensitivity of the block model estimates to the selection of cut-off grade. All figures are rounded to reflect the relative accuracy of the estimate. Composites have been capped where appropriate.

2021 Exploration Update

Work in 2021 focused largely on diamond core drilling within the area of the 2021 Resource and an Induced Polarization “IP” geophysical survey on the west side of the core project area, including the Pine target.

Phase I of planned expansion drilling has now been completed. 14 holes totaling 5,138 meters were drilled in a two-rig program that tested priority targets at Chrome Mountain (Hybrid and DR deposit areas), and at Iron Mountain at the CZ (formerly Camp) and HGR deposit areas. Holes were prioritized to step out from known mineralization with the primary objective of expanding and upgrading the 2021 Resource estimate in 2022. Assays are pending, however, on a visual basis the predictive geologic model developed by Group Ten Metals is effectively targeting expansion of known horizons of sulphide mineralization, including high-grade intervals identified in the 2019 and 2020 drill campaigns, and identifying numerous untested targets at Stillwater West. Drill core is in various stages of processing with first results expected over the coming weeks and continuing over the coming months. Expansion drilling is expected to resume in Q2 2022 upon review and integration of 2021 results.

The 2021 portion of the expansion IP survey is also complete, with approximately 25 line-kilometers focused on the Chrome Mountain and high-grade Pine target areas at the west side of the highly successful 2020 survey. Very high-level anomalies in untested areas were identified in preliminary results that will be presented in a coming news release as final information becomes available. The second phase of the expanded IP survey is expected to resume in 2022 in the central and eastern portions of the 2020 survey grid.

Rhodium

Rhodium has been identified at potentially significant co-product grades of 0.03 to 0.10 g/t Rh in drill results in four of the five deposit areas at Stillwater West, with shorter intervals ranging up to 0.50 g/t Rh. The lack of historic rhodium assay data has prevented assessment of the rhodium content at the Central and Crescent deposits and in some parts of the other deposits. For this reason, the Company believes rhodium levels are currently understated at Stillwater West and will continue to include complete rhodium assays in future campaigns with the objective of fully integrating rhodium in future resource updates.

Rhodium is a rare platinum group element that is primarily used as a specialized catalyst alongside platinum and palladium in automotive catalytic converters. It is mined solely as a co-product at grades that are often below 0.1 g/t. South Africa dominates global production, and there is very little mine supply in North America. Sibanye-Stillwater, adjacent to Group Ten’s Stillwater West project, is the primary US producer.

Supply constraints for rhodium have supported elevated prices since 2017. At recent values, rhodium trades at more than 12 times the value of platinum on a spot price basis at over USD$13,000 per ounce, meaning 0.1 g/t Rh equates to approximately 1.2 g/t platinum equivalent.

Metallurgy

Preliminary metallurgical assessments by Group Ten Metals returned strong nickel tenor in sulphides drilled by the Company in 2020. In addition, favorable historic bench-scale metallurgical results completed by AMAX in the 1970s at the Iron Mountain target area demonstrate the potential for effective nickel and copper sulphide flotation and PGE recovery. Sample collection for more detailed metallurgical testing is on-going as part of the expanding development of Stillwater West, with a view to including full metallurgical assessment in future studies.

Carbon Capture at Stillwater West

All five deposits in the 2021 Resource contain desirable nickel sulphide mineralization that has been shown to require a much lower environmental footprint in subsequent processing to nickel metal or nickel sulphate in comparison to the laterite nickel ores that dominate global production. As part of Group Ten’s commitment to global sustainability initiatives, the Company is also examining the potential for large-scale carbon sequestration with the objective of further reducing and possibly eliminating the carbon footprint of a potential mining operation at Stillwater West.

Preliminary results demonstrate the presence of certain minerals that are known to have high capacity to bind carbon dioxide by a natural process known as mineral carbonation. As announced in a news release on September 23, 2021, the Company has entered a second phase of research with Dr. Greg Dipple and his team at the University of British Columbia, Canada, to assess the capacity of rock samples from Stillwater West to bind carbon dioxide for permanent disposal as part of a potential mining operation.

In addition to being strongly aligned with Group Ten’s Environmental, Social and Governance 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.

Qualified Person

The Stillwater West PGE-Ni-Cu-Co + Au project 2021 Resource estimate was prepared by Allan Armitage, P.Geo., of SGS Geological Services, an independent Qualified Person, in accordance with the guidelines of the Canadian Securities Administrators’ National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) with an effective date of October 7, 2021. Armitage conducted a site visit to the property on August 9 and 10, 2021

Estimation Methodology and Parameters

Completion of the 2021 Resource involved the assessment of a drill hole database, which included all data for surface drilling completed through the fall of 2020, as well as 3D mineral resource models, and available written reports. SGS used 83 holes and 18,386 meters of drill data to delineate five deposits in the 2021 Resource estimate, from a total database of 216 drill holes and 32,465 meters of core data compiled by the Company. All holes from Group Ten’s 2019 and 2020 drill campaigns were included. No assay data has been received to date from the 2021 drill program.

Inverse Distance squared restricted to mineralized domains were used to Interpolate grades for the main elements of interest including Ni (ppm), Cu (ppm), Co (ppm), Pt (g/t), Pd (g/t) and Au (g/t), as well as NiEq (%), NiEq_R (%), Rh (ppb), Cr (ppm), and S (%) into block models. Composites of 1 meter have been capped where appropriate. Fixed specific gravity values of 2.90 – 3.10 g/cm3 (depending on deposit) were used to estimate the 2021 Resource tonnage from block model volumes. Waste in all areas was given a fixed density of 2.9 g/cm3.

The constrained 2021 Resource grade blocks were quantified above the base case cut-off grade. At this base case cut-off grade the deposits show excellent geologic and grade continuity. The project is at an early stage of exploration and all deposits are open along strike and down dip. The cut-off grades should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rates, mining costs etc.).

The constrained 2021 Resources are presented undiluted and in situ (no minimum thickness), constrained by continuous 3D wireframe models, and are considered to have reasonable prospects for eventual economic extraction. Based on a review of the project location, size, geometry, continuity of mineralization and proximity to surface of the deposits, and spatial distribution of the five main deposits of interest (all within a 8.7 kilometer strike length), it is envisioned that the deposits may be mined by open pit or bulk tonnage underground methods. The results from the pit optimization are used solely for the purpose of testing the “reasonable prospects for economic extraction” by open pit mining methods and do not represent an attempt to estimate mineral reserves. There are no mineral reserves on the project. The results are used as a guide to assist in the preparation of a Mineral Resource statement and to select an appropriate resource reporting cut-off grade. Pit optimization does not represent an economic study. Future engineering studies will be needed to develop optimal bulk tonnage mining methods.

The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. There is no certainty that all or any part of the Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration.

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.

FOR FURTHER INFORMATION, PLEASE CONTACT:

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

Quality Control and Quality Assurance

Mr. Allan Armitage, Ph.D., P.Geo., is a Qualified Person in accordance with National Instrument 43-101 and has reviewed and approved the technical content of this news release with respect to the 2021 Resource estimate. As independent QP, Mr. Armitage was responsible for the preparation of the technical information pertaining to the Resource estimate.

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 outside of the 2021 Resource estimate that is 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 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.

SOURCE: Group Ten Metals Inc.

Group Ten Metals Inc.

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Categories
Base Metals Energy Granite Creek Copper Junior Mining

Granite Creek Copper Launches Phase 3 of 2021 Drill Program at Carmacks Copper-Gold Project

VANCOUVER, BC / ACCESSWIRE / September 15, 2021 / Granite Creek Copper Ltd. (TSX.V:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce the successful completion of Phase 2 of its 2021 drilling program, consisting of 20 holes of reverse circulation (“RC”) drilling on Zones 2, 5 and 12 at the Carmacks deposit, as well as step-out drilling at Zone A in the Carmacks North target area. The Company has now launched the third and final phase of the 2021 drill campaign, returning to Zone 2000S at the Carmacks deposit to complete offsets of hole CRM21-011 where the Company intercepted a 105.52-meter interval of copper sulphide mineralization grading 1.18% CuEq (0.96% Cu, 0.01% Mo, 0.18 g/t Au, and 4.06 g/t Ag), including a high-grade intercept of 2.55% CuEq (2.17% Cu, 0.01% Mo, 0.36 g/t Au and 9.13 g/t Ag) over 21.22 meters (see news release dated August 24, 2021). The goal of Phase 3 is to continue to expand known resources and confirm the geometry in Zone 2000S to support the development of a mine plan for the sulphide portion of the deposit now underway by Sedgman and Mining Plus.

Granite Creek drilled 19 diamond core holes in the first phase of 2021 drilling, with assays from 9 holes released to date and results from the remaining 10 holes expected in the near term. Samples from the RC program have been sent for assay and will be announced over the next quarter as they become available.

Granite Creek President & CEO, Tim Johnson, commented, “We are very pleased with our 2021 exploration season to date and are excited to enter the final phase of drilling for the year. Given the very strong results we have seen from the first phase of diamond drilling and the positive implications we expect them to have for our resource expansion efforts, the Company adjusted the third phase to return to Zone 2000S where we see substantial opportunity to define additional new areas of mineralization outside the current resource model. Bringing this sulphide material into the model is expected to increase the current NI 43-101 mineral resource estimate in our planned update, with a view to a potentially significant extension of the projected mine life in an updated PEA for Q1 2022. We look forward to continued, substantive news flow throughout the remainder of the year and into 2022.”https://s.yimg.com/rq/darla/4-9-0/html/r-sf-flx.html

Figure 1 – First hole of Phase 3 drill program ready for logging at the Carmacks Project, September 2021

Live Webinar

Granite Creek Copper will be hosting a live webinar with Q&A on Tuesday, September 21 at 9 am Pacific Time. President & CEO, Tim Johnson, will provide a brief overview of the Carmacks Copper-Gold project, followed by an update on progress and discussion of the Company’s near and longer-term development plans. To register, please click here.

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.

Qualified Person

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.

FOR FURTHER INFORMATION PLEASE CONTACT:

Timothy Johnson, President & CEO
Telephone: 1 (604) 235-1982
Toll-Free: 1 (888) 361-3494
E-mail: info@gcxcopper.com
Website: www.gcxcopper.com
Metallic Group: www.metallicgroup.ca

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.

SOURCE: Granite Creek Copper Ltd.