Tertiary Minerals PLC Kalkkinen data sale for E46 shares & royalty (3761M)
21 Gennaio 2021 - 8:00AM
UK Regulatory
TIDMTYM
RNS Number : 3761M
Tertiary Minerals PLC
21 January 2021
21 January 2021
Tertiary Minerals plc ("Tertiary" or "the Company")
Kalkkinen Data Sale - Seed Capital Shares and Royalty
Tertiary Minerals plc is pleased to advise that it has entered
into an agreement to sell data rights and intellectual property
over the Kalkkinen Platinum Group Metal Prospect in Finland to
unlisted explorer Element-46 Ltd (E46).
Tertiary carried out reconnaissance exploration at Kalkkinen in
2004-5 which resulted in the discovery of a zone of outcropping
massive sulphide mineralisation where chip sampling returned
results which include 2.3% copper with 3.4 g/t
palladium-platinum-gold over 0.75m and 0.3% copper with 3.2 g/t
palladium-platinum-gold over 1m.
Mineralisation at Kalkkinen occurs as massive sulphides and
interstitial sulphides in pyroxenite. Chalcopyrite and several
small grains of gold were found associated with michenerite (a
palladium-bismuth telluride) and other bismuth and lead tellurides
were also identified.
E46 has now applied for a licence reservation over the Kalkkinen
prospect and as a result of its agreement with E46 Tertiary now
holds a 2% Net Smelter Return (NSR) Royalty over the area of the
licence reservation. E46 may purchase the NSR Royalty interest and
all other rights granted to the Company in exchange for
US$1,000,000 at any time before commencing construction of a mine
on the area of the licence reservation.
In consideration of the transfer of data to E46, Tertiary will
be issued with 200,000 ordinary shares in E46 at a deemed issue
price of 12 pence per share upon the grant of the licence
reservation.
E46 is a private mineral exploration and development company
with projects in Norway and Finland, with a focus on PGMs and other
high-tech environmental metals used in industrial applications
(palladium is element number 46 on the periodic table of elements).
https://www.element-46ltd.com
Commenting today, Executive Chairman Patrick Cheetham said:
"Tertiary has a long history of exploration in Finland and
welcomes this opportunity to realise further value from this work.
The palladium price has increased nearly 10-fold since we
discovered the Kalkkinen mineralisation and it is now over
$2,000/ounce. We are pleased to become a seed capital shareholder
in Element-46 Ltd and to add this royalty interest to our
Kiekerömaa and Kaaresselkä royalties in Finland where gold
exploration is being undertaken by underlying tenement holder
Aurion Resources Limited."
For more information please contact:
Tertiary Minerals plc:
Patrick Cheetham, Executive
Chairman +44 (0) 1625 838 679
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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
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Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information as defined in Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Note - Qualified Person Information
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.
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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