TIDMTYM
RNS Number : 1673P
Tertiary Minerals PLC
16 February 2021
16 February 2021
Tertiary Minerals plc ("Tertiary" or "the Company")
Paymaster Polymetallic Project - Exploration Update
Further to its announcement of 11 January 2021, Tertiary is
pleased to advise that it has now received results from soil
sampling and a detailed magnetic survey at its Paymaster
Polymetallic Project in Nevada, USA.
Paymaster Zinc-Silver Project
Ø Infill soil sampling completed over East Slope Prospect -
Zinc-silver soil anomalies defined over 450m, open to the east.
Ø Maximum values of 34.9 ppm silver (1.02 ounces per ton) and
5.65% zinc (single sample) in soil samples (close to high grade
outcropping mineralisation).
Ø Magnetic Vector Inversion modelling defines magnetic bodies
associated with East Slope and Valley Prospects and additional
targets for exploration.
Ø Field mapping and trenching proposed for spring/summer
2021.
Maps and images showing the location and distribution of the
soil and magnetic anomalies will be available on the Company's
website at:
https://www.tertiaryminerals.com/paymaster-polymetallic-project-nevada-usa
Commenting today, Executive Chairman Patrick Cheetham said:
"I am pleased to be reporting further progress at Paymaster with
existing targets being better defined, and new targets generated.
We hope to be able to advance the project to the drill stage in the
next few months alongside a number of our other projects in Nevada
where the results of our autumn exploration programmes are expected
soon."
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.
Detailed information
The Paymaster Polymetallic Project is located approximately 30km
southwest of Tonopah in north central Nevada. The project was
acquired in 2019 to evaluate areas of polymetallic skarn-type
mineralisation within a 1.7km long zone of widely spaced, shallow,
prospector pits.
In July 2019, Tertiary announced the results of a broadly spaced
soil sampling programme which identified several soil anomalies
including the East Slope Prospect and infill soil sampling was
completed in late 2020. A total of 134 soil samples were collected
on a 40m by 20m grid.
As a result of the infill soil sampling, the original East Slope
soil anomaly has been confirmed and resolved to a zone of zinc and
silver soil anomalism with values in excess of 200 ppm (parts per
million) zinc and 0.5 ppm silver (80(th) percentile values)
occurring over a strike length of 450m and a width of 90m. Within
this, the highest values of zinc and silver were 34.9ppm silver
(1.02 ounces/ton) and 5.65% zinc adjacent to a prospector pit where
previous rock chip samples had returned chip samples of 6.84% zinc
and 117ppm silver over an approximately 2m width.
In autumn 2020, a UAV (drone) high resolution photogrammetric
and magnetic survey was carried out and comprised 28.4-line km of
flying on traverses 100m apart on a linear grid approximately 1000m
north-south and 1600m in width across the main Project Area. More
detailed surveys were completed over the East Slope and Valley
Prospects with a line spacing of 20m (north-south) and 20m
(east-west), respectively.
The magnetic data was processed by consulting geologist, Brian
Williams using Geosoft Magnetic Vector Inversion software to create
a magnetic susceptibility model aligned with the size and
orientation of any magnetic zones.
A north-south trending magnetic body was defined at the East
Slope Prospect coincident with the newly resolved zinc-silver soil
anomaly. The anomaly terminates at its western end on the eastern
flank of the magnetic structure. This magnetic anomaly is
interpreted to represent an intrusive body and may be the source of
mineralisation within more permeable east-west trending
sediments.
At the Valley Prospect a small magnetic lobe was modelled
coincident with the surface mineralisation where an earlier rock
sample taken from historic shaft spoil assayed 7.5% zinc, 4.3% lead
and 180g/t silver. This modelled magnetic body, approximately 70m
in length and 50m wide, is a target for further work and may be due
to magnetite within the skarn zone. The Valley Prospect also lies
adjacent to a larger magnetic body which may also be related to the
skarn mineralisation.
Both the East Slope and Valley Prospects sit within discrete
magnetic lows zones within the host sedimentary rocks adjacent to
magnetic hights interpreted to represent granite intrusions. A
number of other targets can be defined on this basis and require
field evaluation. The Company also proposes to carry out trenching
at the East Slope and Valley Prospects in order to better expose,
map and sample the observed mineralisation.
This work will likely be carried out in late spring or summer
due to the high elevation of the project area.
Notes:
1. Samples were submitted to ALS (Reno, Nevada) and prepared
using method code PREP-41 where soil was screened and the
-180-micron fraction was reserved for analysis. Analysis was
performed using method code AuME-TL43 - Trace detection limit
method for Au plus multi-element package by aqua regia digestion
and ICP-MS finish. ALS internal QAQC samples were inserted and
returned satisfactory values.
2. 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.
3. 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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