The 100%-owned Black Lake – Drayton project has been consolidated by the Company in five parcels as four option deals plus direct staking, providing Group Ten with 100% earn-in or ownership on more than 114 km2 and over 30 km of underexplored strike length in in the Abrams‐Minnitaki Lake archean greenstone belt, along the northern margin of the Wabigoon sub-province. This highly-active gold belt is host to a number of well-known deposits including Goliath (Treasury Metals), Goldlund (First Mining Finance) and Rainy River (New Gold), all of which have seen substantial recent expansions, among others.
1 - Historic result not independently verified by Group Ten Metals Inc.
2 - Goldlund mineral resource figures based on “Technical Report and Resource Estimation Update on the Goldlund Project” dated February 7, 2017, available under First Mining Finance’s profile at sedar.com.
3 - Goliath project mineral resource estimate based on “Technical Report and Updated Resource Estimate for the Goliath Gold Project”, effective August 28, 2015, available under Treasury Metals’ profile at sedar.com.
Group Ten’s work has distilled over 13 target areas from the geophysical and geological work to date which includes 120 drills holes, multiple historic trenches and more recent geophysical and geological work by the company. The Black Lake project is particularly compelling with historic high-grade gold bulk samples and historic grab samples at the Moretti zone running to 35 oz/t (1,212 g/t). Group Ten’s recent work there suggests that historic drilling fell short of testing the structure at depth, providing an priority target for planned follow-up in 2014.
The area is generally underexplored due in part to persistent but shallow ground cover that limited past exploration efforts. A 2013 airborne survey by Group Ten at Drayton was very effective in addressing this and revealed several compelling targets including a potential dilation zone. Follow-up geological work is planned for 2014.
Over 20 million ounces of gold has been discovered in the past ten years in the area with the Rainy River Gold Project and Osisko’s Hammond Reef leading the way. New Gold is developing Rainy River for production in 2016.
Within the region, Group Ten is focused on the Wabigoon (Rainy River) greenstone belt, an archean greenstone belt which now contains of over 14 million ounces in recent discoveries including Rainy River, Bayfield Ventures, Treasury Metals, Manitou Gold, Coventry Resources, Kesselrun, and Tamaka Gold among others. Archean greenstone belts in South Africa, Ontario, Quebec and elsewhere host some of the world’s largest and highest grade gold mines, including the neighbouring Birch-Uchi belt which hosts Barrick’s Red Lake Mine, the lowest cost gold producer in the world. Past production and current gold inventories total over 40 miliion ounces in the Birch-Uchi belt.
While the Birch-Uchi greenstone belt saw development in the 1920s with the discovery of the Red Lake mine, the Wabigoon greenstone belt – parallel to and immediately south of the Birch-Uchi - was underexplored into the 1990s due to heavy ground cover, limited road access, and a lack of large discoveries. However improved exploration techniques and new roads have brought attention to the area, led by the discovery and development of the Rainy River Gold Project, which now totals 6.2Moz gold measured and indicated plus 2.3Moz inferred.
The history of geological success is matched by the investment and development success of the region, with deals totaling over $1 billion in recent years including Rainy River-New Gold (2013), Argonaut-Prodigy (2012) and Osisko-Brett Resources (2010). To the east, also in Ontario, IAMGOLD bought Trelawney for $608 million (2012), bring the total for gold deals in northwest Ontario to over $1.6 billion in the past three years alone.
Group Ten’s targets in Ontario include both the high-grade mineralization that Ontario is famous for, and also bulk tonnage deposits such as Osisko’s Hammond Reef project.
Dr. Tom E. McCandless, P.Geo., Chief Operating Officer for Duncastle, has approved the information contained on this webpage. The property has not been the subject of a National Instrument 43-101 report, and Dr. McCandless has not verified the technical data provided for the project.