Group Ten Metals Acquires Duke Island Property in Alaska

Group Ten Metals Inc. (TSXV:PGE) has acquired the Duke Island Cu-Ni-PGE Project in Alaska from Quaterra Alaska Inc., a subsidiary of Quaterra Resources Inc. Duke Island is composed of 31 unpatented claims that control the core area of copper-nickel-platinum-palladium sulfide mineralization which was discovered in the Duke Island ultramafic complex by Quaterra in 2001.
As quoted in the press release: 

Past exploration expenditures of approximately $2.5 million have defined four large zones of mineralization on the property by geologic mapping, surface geochemistry, surface and airborne geophysics. Only one of these zones has been tested to date with 3,434 meters of drilling in 16 holes. None of the holes are thought to have penetrated the prospective basal contact of the intrusion where the highest grades of Cu-Ni-PGE sulphide mineralization are inferred to occur.
Sulfide mineralization on the property is within an Alaska-type zoned ultramafic intrusion in Alaska’s Alexander Platinum Belt. The Duke Island occurrence is unique in the high percentage of disseminated and net-textured to massive sulfide mineralization within certain phases of the ultramafic complex. Outcrop grab samples have returned values up to 2.8% Cu, 0.25% Ni and over 1 ppm PGE (Freeman, C. and C. Van Treeck, 2006, Summary report for the Duke Island Cu-NI-PGE Property, Ketchikan Mining District, Alaska). Core holes drilled at the Marquis prospect have intercepted from 5 meters to 90 meters of semi-massive to massive sulfide containing anomalous values for Cu (up to 12,500 ppm), Ni (up to 4,694 ppm), Pt (up to 680 ppb), and Pd (up to 548 ppb).
… By the terms of the agreement, Group Ten will purchase the property by the issuance of one million shares to each of two vendors, with Quaterra Alaska Inc. retaining a 1% NSR royalty. The issuance of stock per the agreement is subject to regulatory approval.

Group Ten CEO, Michael Rowley, said:

“The Duke Island acquisition is a key component of our strategy to create the premier nickel exploration company in the region. The project has the potential for a significant Cu-Ni-PGE discovery.”