TIDMTYM
RNS Number : 4000T
Tertiary Minerals PLC
20 July 2020
20 July 2020
Tertiary Minerals plc ("Tertiary" or "the Company")
Project Updates
Tertiary Minerals plc is pleased to provide the following update
on the progress of exploration on its projects in Nevada, USA.
Highlights:
Paymaster Zinc-Silver Project
Ø Main target - skarn style zinc-silver mineralisation analogous
to large Taylor Zinc-Lead-Silver Deposit in Arizona owned by South
32.
Ø Report and analytical results received for mapping and
sampling programme.
Ø Valley Prospect skarn zone mapped over a 240m strike length
with additional samples grading up to 8.45% combined
lead-zinc-copper and 200 grammes/tonne (g/t) silver.
Ø Large alteration area identified with copper up to 2.16% in
narrow quartz veins in new target area - presents additional drill
target.
Ø Drone magnetic survey and soil sampling planned to refine
drill targets.
Pyramid Gold Project
Ø Review of drill results ongoing.
Ø Additional core samples taken; analytical results awaited.
Ø Soil sampling programme planned.
Peg Leg Copper-Silver-Lead-Zinc Project
Ø Main target - exposed skarn copper-silver mineralisation in
limestone adjacent to granite contact.
Ø Notice Level Permit approved and bonded for a programme of
trenching.
Ø Trenching scheduled for August to better expose outcropping
mineralisation assaying 59 g/t silver 1.4% copper, 2.4% lead and
1.8% zinc.
Mt Tobin Silver Prospect
Ø Main target - large area of hydrothermal alteration 60m wide x
1,200m long with associated silver geochemical anomaly recorded by
previous explorer.
Ø Preliminary field evaluation and sampling completed;
analytical results awaited.
Lucky Copper Prospect
Ø Main target - sediment hosted, intrusion related disseminated
copper deposit.
Ø Preliminary field evaluation and sampling completed;
analytical results awaited.
Ø 1951 drill hole relocated - ended in mineralisation and
intersected 20.4m at 0.65% copper to bottom of the hole at 77.7m
depth.
Ø Soil sampling and drone magnetic survey provisionally planned
to define drill targets.
MB Fluorspar Project
Ø Metallurgical test work programme now completed.
Ø Results show improved recoveries and grades but failed to
produce acid-grade fluorspar concentrate.
Ø Project review to be carried out to determine the future
direction for MB Project.
Commenting today, Executive Chairman Patrick Cheetham said:
"I am pleased to be reporting further progress on our base and
precious metal project portfolio in Nevada. As we move forward with
more substantive and exciting exploration programmes, drilling
activities are anticipated on a number of projects this summer and
autumn."
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
Paymaster Zinc-Silver Project
The target at Paymaster is a skarn hosted zinc-silver deposit
.
A mapping and sampling programme has been completed by a
specialist consulting geologist, Brian Bond, experienced in the
exploration of this style for mineralisation and his report and
analytical results have now been received.
Attention focused on the Valley Prospect which has previously
returned grab samples up to 11.73% combined lead, zinc and copper
and 180 g/t silver. The skarn outcrops intermittently over a 230m
strike length and additional samples have assayed up to 4.23% lead,
3.88% zinc and 0.34% zinc and 200g/t silver.
At the East Slope Prospect, the Company's wide spaced soil
sampling defined a coherent zinc anomaly over 500m long (+100ppm
zinc) where samples from prospecting pits have assayed up to 21%
zinc. Mapping shows this area to have little outcrop so an infill
soil sampling programme will be carried out.
Skarn mineralisation at Paymaster occurs in limestone of the
Poleta Formation and in the south-eastern part of the claim block
this is structurally overlain by phyllite schist at a thrust fault
contact. The phyllite in this area is hydrothermally altered over a
large area and contains narrow quartz veins containing up to 2.2%
copper. Similar quartz veins are associated with the skarn
elsewhere on the project and the consultant geologist has
recommended this as a drill target to test for skarn mineralisation
below the zone of alteration and pooled beneath an impermeable
thrust contact.
The skarn mineralised material at Paymaster is magnetic and so a
drone magnetic survey is planned to assist in the siting of drill
holes.
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 69g/t silver).
Pyramid Gold Project
The Pyramid Gold Project is targeting epithermal gold
mineralisation in the prolific past producing Walker Lane Mineral
Belt.
Further to the Company's announcement of 14 May 2020 the Company
has now completed a second round of sampling on the drill core from
its recent test hole. Analytical results are awaited.
A programme of follow up soil sampling is planned for the
project to determine the extent of an open-ended gold and
multi-element soil anomaly originally defined in the 1980s and to
define additional drill targets.
Peg Leg Copper-Silver-Lead-Zinc Project
The Company holds 4 mining claims 11km north of Tonopah in the
San Antone Mineral Field in south central Nevada. The background to
this project and the following projects is given in the Company's
news release dated 29 May 2020.
The Company's Notice level permit application for a programme of
trenching has now been accepted and bonded with the Bureau of Land
Management.
The permit covers 160m of trenching in four trenches to test
various targets including an outcrop of mineralisation exposed
adjacent to the granite contact which assayed 59 grammes/tonne
(g/t) silver 1.4% copper, 2.4% lead and 1.8% zinc. The objective of
the trenching is to test the thickness of this outcropping
mineralisation as it is largely obscured by scree and old mine
waste. The waste pile from a nearby shallow mine shaft contains
selected material assaying up to 181 g/t silver, 3.9% copper, 10.1%
lead and 1.2% zinc.
The trenching programme is planned to take place in August and
is a cheap first alternative to drilling when mineralisation is
seen at surface.
Mt Tobin Silver-Gold Prospect
This project comprises 4 newly staked claims located 73km south
of Winnemucca in north central Nevada.
A preliminary programme of field evaluation has now been
completed by a Nevada based consulting geologist, Ivan Johnston,
targeting a zone of stratiform alteration and mineralisation in
chert and silicified sediments over a thickness of 45-60m thick and
a strike length of 1,200m. This zone was reportedly defined by
outcrops and a significant silver-lead-zinc geochemical anomaly in
exploration carried out in the 1980s.
Various rock samples have been collected for analysis and soil
samples taken on a pilot traverse.
Analytical results are awaited.
Lucky Copper Prospect
The Company holds 13 claims on the east side of the old Aurum
mining centre, 96km northeast of the major porphyry copper mining
town of Ely in north-east Nevada.
The target is a disseminated sediment hosted, intrusion-related
copper deposit where, in 1951, a shallow churn (percussion) dill
hole intersected copper mineralised limestone and porphyry beneath
alluvium on the range front pediment slope. A 20.4m cumulative
thickness of this sequence assayed 0.65% copper to the bottom of
the hole at 77.7m depth. The hole ended in mineralisation.
A preliminary field evaluation and sampling programme has been
carried out by Alan Morris, a senior consulting geologist.
Analytical results are awaited, and the Company is now planning a
follow up soil sampling programme and a drone magnetic survey to
help define drill targets.
MB Fluorspar Project
The MB Fluorspar Project contains a large resource of low-grade
fluorspar mineralisation. As previously reported, the
mineralisation presents metallurgical challenges in producing acid
grade fluorspar.
A further programme of test work has been carried out over the
past few months aimed at improving concentrate grade and
recoveries. Whilst improvements were made, this test work has not
yet produced acid grade fluorspar or high fluorspar recoveries.
The Company will now undertake a review of the future for this
project and the lease agreement under which the project is
held.
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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