TIDMTYM
RNS Number : 8717X
Tertiary Minerals PLC
03 September 2020
3 September 2020
Tertiary Minerals plc ("Tertiary" or "the Company")
Kaaresselkä Gold Royalty
Tertiary Minerals plc is pleased to note the announcement
yesterday, 2 September 2020, by TSX listed Aurion Resources Ltd
("Aurion") that it has mobilised two drill rigs to test various
gold targets in Finland, including the Kaaresselkä Project in
Finland where Tertiary holds various royalty interests.
Kaaresselkä is an advanced gold exploration project located
approximately 4 km south of Aurion's bonanza grade Aamurusko Main
gold discovery. Kaaresselkä was originally discovered through
base-of-till sampling by the Finnish Geological Survey (GTK) in
1987 and was drilled by both GTK and Tertiary with 127 historical
drill holes having been completed, mostly to depths less than 100
m. Drilling results included 11.01 g/t Au over 4.90 m.
Aurion, which is backed by Kinross Gold Corp. and B2 Gold Corp.,
has announced that it will drill 2,000m at Kaaresselkä to confirm
historical drilling and to test the mineralised structure at depth
and along strike. Results will be released once assays are
available.
Tertiary sold the Kaaresselkä Project, together with the nearby
Kiekerömaa Project to Aurion in March 2017 but, importantly,
retains a number of royalty interests in the Kaaresselkä and
Kiekerömaa Projects as follows:
-- Pre-production royalty of US$1.00/ounce gold following the
definition of a NI 43-101 (or equivalent) code compliant Inferred
Mineral Resource Estimate on either project;
-- Pre-production royalty of US$2.00/ounce gold following the
definition of a NI 43-101 (or equivalent) code compliant Indicated
Mineral Resource Estimate on either project;
-- Pre-production royalty of US$3.00/ounce gold following the
definition of a NI 43-101 (or equivalent) code compliant Measured
Mineral Resource Estimate on either project; and
-- Net smelter returns royalty (NSR) of 2% on all future gold production from either property.
Aurion can purchase 50% of the NSR from Tertiary for
USD$1,000,000 at any time prior to commencement of commercial
production on either project.
Commenting today, Executive Chairman Patrick Cheetham said:
"I am delighted to see the re-start of drilling at Kaaresselkä
after such a long break. The recent high-grade gold discoveries at
the nearby Aamurusko deposit and in the wider Risti Project area
bode well for the future development of Kaaresselkä and the
realisation of our royalty interests which I suspect have been
overlooked by the market. We wish Aurion every success with their
drilling."
For more information please contact:
Tertiary Minerals plc:
Patrick Cheetham, Executive
Chairman +44 (0) 1625 838 679
----------------------
SP Angel Corporate Finance LLP
Nominated Adviser and Broker
Richard Morrison +44 (0) 203 470 0470
----------------------
Caroline Rowe
----------------------
Peterhouse Capital Limited
Joint Broker
Lucy Williams + 44 (0) 207 469 0930
-----------------------
Duncan Vasey
----------------------
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Additional Information :
Since acquiring the Kaaresselkä Project from Tertiary, Aurion's
work on the project has included re-logging of all drill holes,
oriented core measurements, a detailed ground magnetic survey,
whole rock geochemistry, GIS compilation and integration of
historical data into 3D modelling software. This compilation work
has allowed for a reinterpretation of the geology and a better
understanding of the property's potential. The main host lithology
is strongly altered and sheared mafic volcanics, which is a classic
setting for major orogenic gold deposits.
Three individual zones, Vanha, Tienvarsi and Lampi, are found in
a 1 km x 0.6 km area. Historical drilling was shallow with gaps
along the strike of the zones. Aurion's additional analysis
suggests there is excellent potential along strike and down dip of
these gold-bearing structures.
At Vanha, a 500 m long east-west trending mineralized zone was
drilled to a depth of 140 m and appears to be open in both
directions along strike and at depth.
At Tienvarsi, drilling identified a 400 m long northwest to
southeast trending mineralized zone to a depth of 96 m.
Mineralization at Tienvarsi appears to be open in all
directions.
At Lampi, drilling identified two proximal 200 m long
mineralized zones to only 100 m depth. Mineralization at Lampi
appears to be open in all directions.
Notes.
1. The information in this release has been compiled and
reviewed by Mr. Patrick Cheetham (MIMMM, MAusIMM) who is a
qualified person for the purposes of the AIM Note for Mining and
Oil & Gas Companies. Mr. Cheetham is a Member of the Institute
of Materials, Minerals & Mining and also a member of the
Australasian Institute of Mining & Metallurgy.
2. The news release may contain certain statements and
expressions of belief, expectation or opinion which are forward
looking statements, and which relate, inter alia, to the Company's
proposed strategy, plans and objectives or to the expectations or
intentions of the Company's directors. Such forward-looking
statements involve known and unknown risks, uncertainties and other
important factors beyond the control of the Company that could
cause the actual performance or achievements of the Company to be
materially different from such forward-looking statements.
Accordingly, you should not rely on any forward-looking statements
and save as required by the AIM Rules for Companies or by law, the
Company does not accept any obligation to disseminate any updates
or revisions to such forward-looking statements.
Note to Editors:
Tertiary Minerals plc (ticker symbol 'TYM') is an AIM-traded
mineral exploration and development company building a
multi-commodity project portfolio.
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