Group Ten Metals Announces Inaugural NI 43-101 Mineral Resource Estimate for the Stillwater West PGE-Ni-Cu-Co + Au Project, Montana, USA
TSX.V: PGE
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904 - 409 Granville Street, Vancouver, British Columbia, Canada V6C 1T2
Group Ten Metals Announces Inaugural NI 43-101 Mineral Resource Estimate for the Stillwater
West PGE-Ni-Cu-Co + Au Project, Montana, USA
October 21, 2021 – Vancouver, BC - 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.”
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904 – 409 Granville Street, Vancouver, British Columbia, Canada V6C 1T2
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)
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904 – 409 Granville Street, Vancouver, British Columbia, Canada V6C 1T2
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
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904 – 409 Granville Street, Vancouver, British Columbia, Canada V6C 1T2
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.
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904 – 409 Granville Street, Vancouver, British Columbia, Canada V6C 1T2
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.
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904 – 409 Granville Street, Vancouver, British Columbia, Canada V6C 1T2
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
Email: [email protected] Phone: (604) 357 4790
Web: http://grouptenmetals.com Toll Free: (888) 432 0075
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
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904 – 409 Granville Street, Vancouver, British Columbia, Canada V6C 1T2
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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Group Ten Metals
Sibanye-Stillwater
DRILL RESULTS
Reported as Total Pt Equivalent Grade-Thickness
Full 3E Data Base Metal
TotPtEq g-m Data Only Data Only
< 25 g-m
25 to 50 g-m
50 to 75 g-m
75 to 100 g-m
> 100 g-m
Figure 2 – 2021 DEPOSIT OUTLINES WITH DRILL DATA OVER
GEOPHYSICS (CONDUCTIVITY)
STILLWATER WEST PGE-Ni-Cu-Co + Au PROJECT, Montana, USA
1 km
Pine
HGR
CHROME MOUNTAIN
Central
CrescentBZ
BAN
PZ
HF
HF
PZ
BZ
BAN
IRON MOUNTAIN
• Five deposits modeled in the 2021 mineral
resource estimate, totaling 2.4Moz PGEs and
gold, and 1.1Blbs battery metals
• Assays pending from 14 expansion holes drilled
in 2021 into adjacent targets
• Kilometer-scale conductive anomalies
demonstrate significant expansion potential
CZ
Drilled 2021 (assays pending)
2021 MINERAL RESOURCE ESTIMATES
Block Model OutlinesGEOLOGIC BOUNDARIES:
BAN – Banded Series
BZ – Bronzitite Zone
PZ – Peridotite Zone
HF - Hornfels
2021 Stillwater West Mineral Resource Estimate – Grade and Contained Metal at Two Cut-Off Grades – All Deposit Areas
STILLWATER WEST
Hybrid
DR
Six 2021 drill holes
(assays pending)
Six 2021 drill holes
(assays pending)
10 km
Fugro DIGHEM EM Survey
(Conductivity)
56kHz Apparent Resistivity
(ohm-meters)
<75
150
200
800
1500
2500
>5000
Conductance
Block Model
Outlines
Block Model
Outline
Two 2021 drill holes
(assays pending)
See news release Oct 21, 2021. Rh modeled but not included in equivalents. Equivalency calculations and cut -off grades based on $7.00/lb Ni, $3.50/lb Cu, $20.00/lb Co, $900/oz Pt, $1,800/oz Pd, and $1,600/oz Au .