Stillwater Critical Minerals Engages SGS Geological Services for an Updated NI 43-101 Mineral Resource Estimate at the Stillwater West PGE-Ni-Cu-Co + Au Project, Montana, USA
TSX.V: PGE
OTCQB: PGEZF
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Stillwater Critical Minerals Engages SGS Geological Services for an Updated NI 43-101 Mineral
Resource Estimate at the Stillwater West PGE-Ni-Cu-Co + Au Project, Montana, USA
October 25, 2022 – Vancouver, BC – Stillwater Critical Minerals (formerly Group Ten Metals) (TSX.V: PGE;
OTCQB: PGEZF; FSE: 5D32) (the “Company” or “SWCM”) announces that it has engaged SGS Geological Services
(“SGS”) for an updated independent National Instrument 43-101 (“NI 43-101”) mineral resource estimate for its
100%-owned Stillwater West platinum group element, nickel, copper, cobalt, and gold (“PGE -Ni-Cu-Co + Au”)
project in Montana, USA.
The Company also provides updates on recently completed field campaigns, the integration of Platreef geologic
models, carbon sequestration studies, and other priority objectives.
Highlights
• SGS has completed their site visit and is working on an updated NI 43-101-compliant mineral resource
estimate at the most advanced target areas at Stillwater West as a priority objective for 2022.
• Modelling of the updated resource estimate will be based on results of the 14-hole expansion drilling
campaign which were not included in the initial resource in October 2021. Results from the expansion drill
campaign demonstrated the impressive scale and grade of mineralization at Stillwater West with multiple
drill intercepts of percent level nickel sulphide plus strong copper, cobalt, gold, and Platinum Group Element
(“PGE”) values across nine kilometers in wide step-outs from known mineralization at three of the five
deposit areas.
• The updated resource estimate will be the first to integrate detailed geological insights from similar
geology in South Africa’s Platreef district under the direction of Dr. Danie Grobler , who recently joined the
team as Vice-President Exploration.
• Additional rhodium assay results are pending for inclusion in the updated resource models.
• A ground-based gravity geophysical survey covering approximately 15.5 line -km was completed in
September 2022 in the Chrome Mountain target area. The survey is a test based on the success of this
technique in targeting mineralization in South Africa’s Bushveld complex.
• A comprehensive review of the project’s substantial database with targeted core re -logging has been
completed to update the Company’s geologic model and integrate the understanding of important controls
to mineralization developed in similar geology in the Bushveld. This work, along with channel sampling
campaigns also completed in 2022, is expected to drive finalization of the updated resource models and
direct future expansion drill campaigns.
• The Company is expanding its engagement with the US Geological Service (“USGS”) to include new technical
programs in addition to ongoing consultation and data sharing following onsite meetings.
• Carbon sequestration studies are ongoing with the University of British Columbia and Carbin Minerals Inc to
investigate the potential for carbon capture as part of a potential mining operation at Stillwater West. The
Company is also engaging with other US-based research facilities to further explore this potential.
Dr Danie Grobler, Vice -President Exploration, commented, “There is an impressive amount of battery and
platinum group metal in the Stillwater system, which is one of the largest in the world. Our collaborative work
with the US Geological Survey and other r ecent academic studies ha ve confirmed that the Stillwater Igneous
Complex, including both Stillwater West and Sibanye-Stillwater’s J-M Reef deposit, was deposited as part of the
same broad magmatic system. Similar geologic events created South Africa’s Bushveld Igneous Complex , and
our recent work in the field has confirmed a number of parallels between Stillwater West and the Platreef district
of the Bushveld in particular. This is significant because the Platreef hosts some of t he very largest and most
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profitable critical minerals deposits in the world, including Anglo American’s Mogalakwena mine and Ivanhoe’s
Platreef mine. Presently we are focused on fully integrating our understanding of Platreef geology into the
Company’s geological model with a view to expanded exploration programs, and this work is well underway.
Our summer field programs are now completed and included core relogging, geological mapping, channel
sampling, and a focused gravity geophysical survey based on the success of this method in targeting high-grade
nickel and copper sulphide mineralization, as well as PGE reef targets , in a similar setting as the Platreef. We
look forward to providing further updates in the coming weeks.”
Michael Rowley, President and C EO states, “Stillwater West is a very rare asset, being a district -scale critical
minerals project in the western US. The project has percent-level nickel sulphide - plus copper, cobalt, palladium,
platinum, rhodium, gold and chromium values - in five deposits across the 12-kilometer-long resource area,
which remains open for expansion across a broader 32-kilometer package that is continuously mineralized. In
addition, the project is located in a truly world-class district with a long history of critical mineral production,
adjacent to mines that are actively producing critical minerals . We continue to see confirmation of a large
mineralized system with extraordinary potential to become a 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. For the near term, we see significant potential for expansion and are pleased to re-engage SGS
for the priority resource modelling work.”
Resource Model Update
The inaugural October 2021 inferred Mineral Resource Estimate (the “2021 Resource”) was prepared by SGS
and advanced the Stillwater West project significantly towards its potential to become a world-class source of
low-carbon battery, catalytic and precious metals, in the USA.
The potential for resource expansion is driven by the highly successful most recent 14-hole drill campaign, which
returned multiple wide and high-grade intercepts in wide step-outs from known mineralization at the three most
advanced deposit areas. These 14 holes, which were not included in the 2021 Resource, include:
• DR/Hybrid deposit area, Chrome Mountain – Drill hole CM2021-05 returned 13.2 meters of 2.31% Ni,
plus 1.51 g/t Pd+Pt+Au+Rh (“4E”), 0.35% Cu, and 0.115% Co, starting at 37.6 meters and within 400.8
meters of continuous battery and precious metal mineralization. High-grade mineralization in this hole
is of a type not previously identified in the Stillwater district and appears to be related to 8.5 meters of
similar high-grade, high-tenor nickel sulphide returned in hole CM2020-04 approximately 125 meters
downdip to the west. See news releases from May 3, 2022, and March 3, 2021.
• CZ deposit area, Iron Mountain – Drill hole CZ2021-01 returned 63.7 meters of 0.47% Ni, 0.42 g/t Pd,
0.27% Cu, and 0.04% Co as well as significant Pt and Au values, within 367.6 meters of continuous
mineralization. Hole CZ2021-01 was a step-out from hole CZ2019-01 which returned 3.54 meters of
1.53% Ni, 0.49% Cu, 0.099% Co, and 3.45 g/t 4E within 399 meters of continuous mineralization ,
starting at surface . The CZ deposit benefits from a historic resource and positive preliminary
metallurgical work completed by AMAX in the 1970s. The Company is expanding nickel-copper
mineralization at CZ by the application of Platreef geologic models. See news releases from December
20, 2021, and January 21, 2020.
• HGR deposit, Iron Mountain – Drill hole IM2021-05 returned 7.3 meters of 0.45% Ni, 0.51 g/t 4E, 0.17%
Cu and 0.026% Co , including 2.4 meters of 1.55% Ni, 0.85 g/t 4E, 0.17% Cu, and 0.087% Co , within
379.2 meters of continuous battery and precious metal mineralization starting at surface. IM2021-05
was a step -out from hole IM2019-03 which returned 26.8 meters of 0.34% Ni, 0.15% Cu, 0.019% Co,
and 1.24 g/t 4E within 272.5 meters of continuous mineralization. See news releases from July 7, 2022,
and December 18, 2019.
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About SGS Geological Services
SGS Geological Services is known globally as an expert in ore body modelling, and resource and reserve
evaluation with over 40 years and 1500 consulting projects of experience providing the mining industry with
computer-assisted mineral resource estimation services using cutting edge geostatistical techniques. SGS brings
the disciplines of geology, geostatistics and mining engineering together to provide accurate and timely mineral
project evaluation solutions. As part of the larger SGS Natural Resources gr oup, they draw upon their massive
network of laboratories, metallurgists, process engineers and other professionals to help bring mineral projects
to the next level.
Option Grant
The Company announces it has granted 1,540,000 incentive stock options (the “Options”) to Directors and
Officers of the Company. The Options are exercisable for up to five years, expiring on October 25, 2027, and
each Option will allow the holder to purchase one common share of the Company at a price of $0.175 per share.
Options are subject to certain vesting requirements in accordance with the Company’s Long-Term Performance
Incentive Plan.
About Stillwater West
Stillwater Critical Minerals 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 SWCM 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. SWCM’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 12-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 Stillwater Critical Minerals Corp.
Stillwater Critical Minerals (TSX.V: PGE | OTCQB: PGEZF) is a mineral exploration company focused on its flagship
Stillwater West PGE-Ni-Cu-Co + Au project in the iconic and famously productive Stillwater mining district in
Montana, USA. With the recent addition of two renowned Bushveld and Platreef geologists to the team, the
Company is well positioned to advance the next phase of large-scale critical mineral supply from this world-class
American district, building on past production of nickel, copper, and chromium, and the ongoing production of
platinum group and other metals by neighboring Sibanye-Stillwater. The Platreef-style nickel and copper
sulphide deposits at Stillwater West contain a compelling suite of critical minerals and are open for expansion
along trend and at depth, with an updated NI 43-101 mineral resource update expected in 2022.
Stillwater Critical Minerals also holds the high-grade Black Lake-Drayton Gold project adjacent to Treasury
Metals’ development-stage Goliath Gold Complex in northwest Ontario, which is currently under an earn-in
agreement with an option to joint venture whereby Heritage Mining may earn up to a 90% interest in the project
by completing payments and work on the project. The Company also holds the Kluane PGE-Ni-Cu-Co project on
trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory.
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OTCQB: PGEZF
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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, Granite
Creek Copper in the Yukon’s Minto copper district, and Stillwater Critical Minerals in the Stillwater PGM-nickel-
copper district of Montana. The founders and team members of the Metallic Group include highly successful
explorationists formerly with some of the industry’s leading explorers/developers and major producers. With
this expertise, the companies are undertaking a systematic approach to exploration using new models and
technologies to facilitate discoveries in these proven, but under-explored, mining districts. The Metallic Group
is headquartered in Vancouver, BC, Canada, and its member companies are listed on the Toronto Venture, US
OTC, and Frankfurt stock exchanges.
Note 1: References to adjoining properties are for illustrative purposes only and are not necessarily indicative of the exploration potential,
extent or nature of mineralization or potential future results of the Company’s projects.
Note 2: Magmatic Ore Deposits in Layered Intrusions—Descriptive Model for Reef-Type PGE and Contact-Type Cu-Ni-PGE Deposits,
Michael Zientek, USGS Open-File Report 2012–1010.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Michael Rowley, President, CEO & Director
Email: [email protected] Phone: (604) 357 4790
Web: http://criticalminerals.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 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 Stillwater Critical 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 Stillwater Critical 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.