TIDMTYM
RNS Number : 1433L
Tertiary Minerals PLC
11 January 2021
11 January 2021
Tertiary Minerals plc ("Tertiary" or "the Company")
Project Updates - Exploration Results
Tertiary Minerals plc is pleased to provide the following update
on its Pyramid Gold-Silver Project in Nevada, USA and other
exploration projects.
Highlights:
Pyramid Gold-Silver Project Nevada
Ø Soil sampling results confirm historic gold-in-soil anomalies
over minimum 1km strike.
Ø Two new soil anomalies identified over lengths of 500m (open
ended) and 800m.
Ø Soils contain up to 1.63 g/t Gold and 207 g/t Silver (6.04
ounces/ton).
Ø Immediate follow up trenching and sampling planned.
Other Projects
Ø Soil sample results now received, and drone magnetic survey
data being processed for Mt Tobin Silver and Paymaster Polymetallic
Projects (Nevada). Interpretation in progress and results available
by the end of this month.
Ø Drill permit received for Lucky Copper Prospect (Nevada).
Ø Lassedalen Fluorspar project (Norway) terminated.
Commenting today, Executive Chairman Patrick Cheetham said:
"The results from the Pyramid Project soil sampling are very
encouraging with some high results within consistent anomalies of
significant strike length. We will look to test these anomalies as
soon as possible, initially with trenching and sampling with follow
up drilling as justified.
These are the first results to be received from our autumn
exploration programmes with more results due soon from our Mt Tobin
and Paymaster Projects in Nevada and drilling planned for the Lucky
Copper Project in Nevada. We have also been active in generating
and sampling additional projects for the Company in Nevada and hope
to be in a position to provide further details 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
Pyramid Gold-Silver Project
The Pyramid Gold-Silver Project is located in north-central
Nevada, USA and is targeting epithermal gold mineralisation in the
prolific past producing Walker Lane Mineral Belt.
The soil sampling programme was carried out to confirm and
determine the extent of an open-ended gold and multi-element soil
anomaly originally defined in the 1980s by Battle Mountain Gold
Mining Company.
370 soil samples were collected at spacings of 30m on 120m
spaced lines on a grid oriented SE-NW along the main vein trend. In
the south end of the property soil sample lines were more
reconnaissance in nature with a line spacing of 360m.
Statistical analysis suggests an anomaly threshold of 55ppb for
gold and 1ppm for silver (90(th) percentile) as shown in the
following table:
90th percentile Maximum Correlation Correlation
Coefficient Coefficient with
Element anomaly threshold Value with Gold Silver
------------------- ---------- ------------ -----------------
Gold 55 ppb 1.6 ppm 1.00 0.95
------------------- ---------- ------------ -----------------
Silver 1 ppm 207 ppm 0.95 1.00
------------------- ---------- ------------ -----------------
Arsenic 57 ppm 268 ppm 0.51 0.36
------------------- ---------- ------------ -----------------
Mercury 0.15 ppm 7.4 ppm 0.52 0.46
------------------- ---------- ------------ -----------------
Selenium 0.3 ppm 5.8 ppm 0.90 0.93
------------ -----------------
Tellurium 0.1 ppm 5.1 ppm 0.80 0.79
------------ -----------------
For explanation of units see Note 1
The historic soil anomaly over the "Western Line" was confirmed
over a strike length of 1000m with values up to 349ppb gold (0.35
g/t Au) and 22 ppm silver. Wider spaced sample lines to the
southeast suggesting a possible 750m extension to the Western Line
Anomaly where infill sampling is now required.
In addition, the survey identified two new, untested soil
anomalies, anomalous for both gold and silver. The first of these
appears to be a splay off Western Line (the Western Splay Anomaly)
and has a length of 550m open to the south (maximum values of 177
ppb gold and 3 ppm silver). The second is an 800m-longanomaly
located to the northeast of the Western Line Anomaly and follows a
northern projection of the Ruth Mine vein system (the "North Ruth
Anomaly).
The North Ruth Anomaly contains soil values up to 1.63g/t gold
and 207g/t silver (6.04 ounces/ton). These potentially "ore-grade"
values require immediate follow up and so trenching is now planned
to expose the bedrock for sampling to determine their significance
as future drill targets.
As shown in the table above, the gold and silver values show a
high correlation with each other and good correlation with a number
of other elements such as arsenic and mercury and tellurium which
are common pathfinder elements for epithermal gold and silver and a
very strong correlation with selenium which is a trace element
characteristic of productive low-sulfidation gold deposits in
northern Nevada and elsewhere.
A thematic plan illustrating the gold and silver in soil
anomalies is available on the Company's website at
https://www.tertiaryminerals.com/projects/other-projects/pyramid
.
Paymaster & Mt Tobin Projects, Nevada
The analytical results of the soil sampling programme referred
to in the Company's announcement of 30 September 2020 have just
been received and are now being processed alongside the data
collected from the drone magnetic survey completed in 2020.
Results are expected to be available for release in
approximately two weeks-time.
At Mt Tobin, the main target is a large area of hydrothermal
alteration where preliminary rock samples taken from prospectors'
hand dug pits have returned silver values of up to 101
grammes/tonne (g/t).
The target at Paymaster is a skarn hosted zinc-silver deposit
and the Company's consultant geologist for Paymaster has drawn
analogies to the Taylor Zinc-Silver Deposit owned by South 32 at
Hermosa, in the neighbouring state of Arizona (reported resource of
155mt grading 3.5% zinc, 3.67% lead and 69 g/t silver).
Lucky Copper Project, Nevada
The Company's notice level drill permit application to the US
Bureau of Land Management has now been granted and bonded.
A hole will be drilled as soon as a drill rig becomes available
to confirm and extend at depth a drill intersection made in 1951 in
a percussion drill hole of a 20.4m cumulative thickness of
mineralisation which assayed 0.65% copper to the bottom of the hole
at 77.7m depth. The hole ended in mineralisation.
The target is a disseminated sediment hosted, intrusion-related
copper deposit.
Lassedalen Fluorspar Project, Norway
The Company has made the decision to terminate its interest in
the Lassedalen Fluorspar Project in Norway and consequently will
not extend its landowner/mineral rights agreements in 2021.
No work has been carried out at the Lassedalen Project for a
number of years and the project has not been a priority for the
Company for some time. Historic exploration costs associated with
the project costs have been written off since 2019 and so the
termination of the project will have no effect on the Group's net
asset value as disclosed in the last reported audited accounts
being for the period ending 30th September 2020.
Notes:
1. Units: ppb = parts per billion
ppm = parts per million
g/t = grammes/tonne
1000ppb = 1ppm
1ppm = 1 g/tonne
1% = 10,000ppm
1 (Troy) ounce =31.105g
2. Soil samples were collected by contracting company Burgex
Ltd. Samples of a minimum weight of 0.5kg were collected at a depth
of approximately 15 cm and were secured and transported under chain
of custody to ALS Minerals facilities in Reno, Nevada (ALS) for
sample preparation. Samples were dried and sieved and the -180
micron soil fractions were shipped by ALS to North Vancouver for
geochemical analyses for gold, silver and other pathfinder elements
using ALS method AuME-TL43 with over-grade samples submitted for
analysis for gold and silver by methods Au-AROR43 and Ag-OG46. ALS
carries out duplicate and standard materials analysis as part of
its internal QA/QC procedures.
3. 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.
4. 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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