In a news release, Canadian mineral exploration company Group Ten Metals Inc. (PGE:TSX.V; PGEZF:OTCQB; 5D32:FSE) announced that "it has satisfied all earn-in requirements set out in the agreement announced June 27, 2017 (the "Stillwater Agreement") and now has 100% ownership of the Stillwater West property, subject to a 2% NSR royalty interest which includes a 1% buy-down provision." The firm noted that the Stillwater Agreement was amended prior to completion in order to expand the claim block that more than doubled in size since the original acquisition date.
The company's President and CEO Michael Rowley commented, "We are very pleased to have completed the earn-in requirements at Stillwater West, securing an exceptional land package and strengthening our position beside Sibanye-Stillwater, the world's largest platinum producer, in the productive and metal-rich Stillwater Igneous Complex. Our systematic approach to consolidating the district and compiling all available data resulted in the confirmation of Platreef-style nickel-copper sulphide mineralization, enriched in palladium, platinum, rhodium, cobalt, and gold, in our 2019 drill campaign, which returned some of the best mineralized intervals to date in the district on a grade-thickness basis."
"We are now advancing drill-defined mineralization towards delineation of formal resources in four of the five most advanced target areas as we continue to demonstrate the potential for much larger mineralized systems than have been recognized previously in the district. We look forward to providing further updates on that work, in addition to announcing our 2020 exploration plans, in the near future, CEO Rowley added."
The company advised that as part of its focus on Stillwater West, it is presently soliciting and reviewing expressions of interest on its other non-core wholly owned projects and assets.
The firm presented a synopsis of all of its major projects. The company mentioned that the Stillwater West project, located in Montana, is applying Bushveld deposit models to the district. The firm pointed out that its 100%-ownership interest in Stillwater West provides it with the "second largest land position in the western hemisphere's most valued and productive palladium and platinum district, sharing the Stillwater Igneous Complex with Sibanye-Stillwater's three producing mines, 60km from a world-class metallurgical complex." The company stated that "in addition to the palladium, platinum, nickel, copper, and cobalt mineralization demonstrated to date, recent work has expanded the understanding and potential for high-grade gold and rhodium at Stillwater West."
Group Ten Metals other projects include the Black Lake-Drayton Gold project in N.W Ontario, the Kluane PGE-Ni-Cu project in S.W. Yukon Territory, the Yankee-Dundee project in southeastern British Columbia and the Duke Island Ni-Cu-PGE project in S.E. Alaska.
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