Group Ten Metals Inc. (PGE:TSX.V; PGEZF:OTC) announced in a news release it signed a letter of intent to afford Mount Cairnes Resources Corp. a 51% earn-in of Group Ten's Ultra platinum group metals-nickel-copper large claim block in the Yukon.
In exchange, over the next four years, Mount Cairnes would pay Group Ten a total of $750,000 and 3 million shares. It also would complete $3.75 million of exploration work, with Group Ten as the operator, on the highly prospective Ultra property.
Both companies have 90 days to sign a definitive agreement.
Ultra, an area of 93 square kilometers, is part of Group Ten's Kluane project located in the Kluane Belt.
Group Ten's President and CEO, Michael Rowley stated, "We are very pleased to have completed this LOI with Mount Cairnes. The Ultra property is a large claim block within our Kluane PGE-Ni-Cu Project and is highly prospective with multiple historic showings plus additional targets developed by our Yukon exploration team. Group Ten has worked strategically to acquire and consolidate high-quality projects through the low part of the metal price cycle, culminating in the acquisition of our flagship Stillwater West PGE-Ni-Cu Project in 2017. As a result, the Company holds a portfolio of high-potential exploration properties in proven mining districts, adjacent to producing mines and advanced stage deposits. We are now in a position to undertake partnerships or other value-creating arrangements on these secondary assets while we focus our efforts and resources on advancing the Stillwater West Project. The Company continues to receive and evaluate expressions of interest in our Ontario, Yukon, and Alaska properties. We look forward to providing continued updates on these properties as well as reporting continuing advancements at Stillwater West."
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