Group Ten Metals (TSX-V: PGE), Pursues Platinum, Palladium and Nickel near Wellgreen Deposit in Mining-Friendly Yukon Jurisdiction
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By Allen Alper Jr.
on 3/1/2015
Michael Rowley, the Founder, President and CEO of Group Ten Metals (TSX: PGE) took a moment at PDAC 2015 to sit down with the Metals News team to discuss his company’s recent name change and new focus.
Said Rowley, “I founded the company with Larry Page in 2006 with BC projects and then moved into the Ontario gold space in 2012.” With new opportunities and the change in the gold price, Rowley and his team have decided to move forward with a name change and a new focus on platinum and palladium. He said, “Recently, some Yukon assets came along and got our attention. As a result, we are in transition to becoming the leading platinum group and nickel exploration company in the Yukon.”
Group Ten Metals is now working to advance their land packages that are near another well-known project in the same area. Said Rowley, “The Wellgreen deposit is being advanced by Wellgreen Platinum and is projected to become one of the largest and lowest cost open pit platinum group metal/nickel producing mines in the world. It is an excellent deposit.”
Group Ten’s land package is adjacent to the Wellgreen deposit. Said Rowley, “We have deals on three properties in that same belt, one of which adjoins the Wellgreen deposit on three sides. We expect to do further deals in the area too.” Currently, the company is working on investigating their new properties. Said Rowley, “Our team has explored these properties and selected them in advance with the vision of having Wellgreen as a neighbor and ultimately, possibly, a partner.”
Financially, the company is working on an addition to their Treasury. Said Rowley, “We completed a small placement just recently. The next step is a larger placement. That is in the works. I would anticipate timing on that in the next month. We plan to raise that money and then get on to exploration and promotion to get the name out.” In addition to exploration efforts, Rowley would like more people to have exposure to what Group Ten has to offer. He said, “We’ve only just begun the new effort under the new name. With that done there is a lot to do and a long way to go up.” As part of that exposure, Rowley would like investors to understand what the company has already acquired. He said, “We have four packages that form essentially three properties. One of them, of course, adjoins Wellgreen on three sides, so that ultimately will be the flagship property. It has the same rocks and some very encouraging geophysics along extensions of the Wellgreen deposit. There are some nice historic results to complement the geophysics, so that area will be a priority.”
The company also has other properties that they are looking to advance in the near future. Said Rowley, “Down the Kluane belt to the southeast we have two more projects. Similarly, they have the right rock type with the right geophysical showings as well as some spectacular high grade historic results to be followed up on. So lots to do in 2015. We are planning ground programs, geological mapping, geophysical surveys, and drilling.” Working in the environment of the Yukon is an asset to the company, Rowley believes. He said, “The neighborhood has made these appealing to us. The projects are road accessible in the Yukon which is a great jurisdiction. Number one for mineral potential by the Fraser Institute. They are also in close proximity to the Wellgreen project which is a great asset as they are on track to be one of the world’s best platinum and palladium producers outside of South Africa and Russia.” Being able to work in the Yukon offers investors, as well as company personnel a stable place to invest or to work. Said Rowley, “That is a significant part of their pitch because of the political uncertainty around those commodities.”
Rowley is enthusiastic about the opportunities their new land package has to offer and the possibility that there is a great deal of platinum and palladium in the ground. He said, “There is no question that the rocks we have, immediately northwest of Wellgreen’s proposed pit, look very similar.” In addition to what Rowley and his team know of the Wellgreen deposit, there is also additional data that the company will be using for background information. Rowley said, “The geophysics and the historic showings suggest great potential in that ground and we look forward to exploring it this year.”
While Group Ten is excited about exploration, they have long term plans to move the project to another company for production. Rowley said, “We have no plans for production. I would expect that we would explore and develop a resource and ultimately sell it to a Wellgreen or to a company that might eventually buy Wellgreen if there is a larger company up the tree there. In terms of the other projects, we may become a prospect generator of some sort with the other projects in our portfolio. Ultimately, proving up additional high-grade ounces that they can use in their mill would be tremendous.”
Why should investors take a look at Group Ten? Mr. Rowley said, “We have only 16.6 million shares out. We were just renamed to suit our new vision and purpose. We have mostly completed this transition to the PGM Yukon focus. Our market cap is a little under $700,000 dollars and we are sitting at three cents right now. A significant portion of the company is held by management and associates. It is tightly held. Our challenge is to raise money. The placement that we expect to announce in the next month will take care of that. We are working with a strategic partner and it will be a win-win that will really get us going. We only have 16.6 to start off with. We have an advantage in terms of that. We will raise money and then grow from there. In addition we expect to continue to receive royalties from the sale of the past-producing Yankee-Dundee mine in BC, and additional value from the sale or partnership of our high-grade gold assets in northwest Ontario.”
http://www.grouptenmetals.com
Suite 1100
1199 West
Hastings Street
Vancouver,
BC
V6E 3T5
Canada
Tel: +1
(604) 641 2742
Fax: +1
(604) 688-4670
Email:
info@grouptenmetals.com
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