TIDMTYM
RNS Number : 4965A
Tertiary Minerals PLC
30 September 2020
30 September 2020
Tertiary Minerals plc ("Tertiary" or "the Company")
Project Updates
Tertiary Minerals plc is pleased to provide the following update
on its exploration projects in Nevada, USA.
Highlights:
Peg Leg Copper-Silver-Lead-Zinc Project
Ø Main target - exposed skarn copper-zinc-silver mineralisation
in limestone adjacent to granite contact.
Ø Trenching programme completed - 4 trenches completed at
intervals along a 230m length of the granite contact to better
expose outcropping mineralisation assaying up to 59 g/t silver 1.4%
copper, 2.4% lead and 1.8% zinc in previously reported
sampling.
Ø Multiple skarn zones exposed in trenches - sampling of
trenches completed and samples being submitted to laboratory for
analysis.
Ø Drone magnetic survey to be undertaken this week targeting
magnetic skarn.
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 Drone photogrammetric survey completed, drone magnetic survey
to be completed this week, soil sampling programme
commissioned.
Pyramid Gold Project
Ø Soil sampling programme commissioned to extend and confirm
historic gold-in-soil anomalies for drill targeting.
Mt Tobin Silver Prospect
Ø Main target - large area of hydrothermal alteration 60m wide x
1,200m long with associated silver values from recent Company
sampling up to 101 grammes/tonne silver (3.24 ounces/ton).
Ø Drone photogrammetric and magnetic survey now completed.
Ø Soil sampling programme commissioned to define drill
targets.
Lucky Copper Prospect
Ø Notice level permit submitted to drill test sediment hosted,
intrusion related disseminated copper target.
Ø Drilling will seek to confirm and extend results from a 1951
drill hole which ended in mineralisation and intersected 20.4m at
0.65% copper to bottom of the hole at 77.7m depth.
MB Fluorspar Project
Ø Metallurgical test work unsuccessful.
Ø Lease agreement terminated following project review.
Commenting today, Executive Chairman Patrick Cheetham said:
"I am pleased to be reporting that, despite the challenges of
Covid-19, exploration work is progressing on a range of targets
across several of our precious metal and base metal projects in
Nevada. The decision to terminate the lease agreement over the MB
Fluorspar Project reflects extensive but unsuccessful efforts to
develop a viable processing route for production of an acid-grade
fluorspar concentrate and a firm belief that the escalating holding
costs are better applied to the continued exploration of the
Company's expanding gold and base metals project portfolio. We look
forward to reporting the results of this work and the start of
drilling operations."
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, Nevada Projects
Peg Leg Copper-Silver-Lead-Zinc Project
The Company holds four mining claims 11km north of Tonopah in
the San Antone Mineral Field in south central Nevada. The
background to this project is given in the Company's news release
dated 29 May 2020.
The Company has completed four exploration trenches along a
granite/limestone contact zone targeting skarn-style mineralisation
over a strike length of approximately 230m.
The trenches exposed multiple zones of magnetically anomalous
oxidised skarn mineralisation adjacent to the granite contact and
samples have been collected for geochemical analysis.
A 12.6-line km magnetic survey is planned to further define the
skarn zones and a drill programme will be initiated should this be
justified by analytical results.
Paymaster Zinc-Silver Project
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).
The mineralisation at Paymaster also has a magnetic response and
so drone magnetic surveys are due to be completed this week to
define possible drill targets.
A detailed drone magnetic survey (20m line spacing) will cover
the Valley Prospect which has previously returned grab samples of
up to 11.73% combined lead, zinc and copper and 180 g/t silver. The
skarn outcrops intermittently over a strike length in excess of
200m.
A broader drone magnetic survey (100m line spacing) will be
flown over the remainder of the project claims including the East
Slope Prospect. A total of 28.4-line km of magnetic survey is
scheduled.
An infill soil sampling programme has also been commissioned to
cover the East Slope Prospect where previous wide spaced soil
sampling defined a coherent zinc anomaly over 500m long (+100ppm
zinc) and where samples from prospecting pits have assayed up to
21% zinc. 134 samples are being collected on a 10m by 20m grid.
Subject to results, this will allow for more accurate drill
targeting. A programme of drone photogrammetry has been completed
for topographic control.
Pyramid Gold Project
The Pyramid Gold Project is targeting epithermal gold
mineralisation in the prolific past producing Walker Lane Mineral
Belt.
A programme of soil sampling has been commissioned to confirm
and determine the extent of an open-ended gold and multi-element
soil anomaly originally defined in the 1980s and to define possible
drill targets. 370 samples will be collected on a 30m by 120m
grid.
Mt Tobin Silver-Gold Prospect
Following the results of a preliminary field reconnaissance
announced on 27 July 2020 a drone magnetic survey has been
completed and a soil sampling programme has been commissioned.
The drone magnetic survey comprised 23.6-line km of flying on
traverses 50m apart and 304 soil samples will be collected on a 40m
by 100m grid.
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) silver
(3.12 ounces/ton).
Lucky Copper Prospect
Following a project review the Company has decided to defer the
magnetic survey and soil sampling originally proposed for this
project and move straight to drill testing.
The Company has submitted a Notice level drill permit
application to the US Bureau of Land Management which we expect
will be granted in early October 2020.
Subject to the availability of drill rigs, a hole will be
drilled as soon as possible seeking 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.
MB Fluorspar Project
Since the Company's announcement of 20 July 2020, the Company
has completed a further project review and additional metallurgical
test work.
The Company has been exploring and evaluating the MB Fluorspar
project since 2014 and drilling has defined a large but low-grade
deposit. The fluorspar in the deposit is, however, finely
intergrown with other minerals, in particular calcite, and a key
challenge has been to separate the fluorspar from the associated
minerals and concentrate the 10% fluorspar ore grade up to a 97%
fluorspar concentrate at an acceptable recovery level.
The Company has carried out dozens of tests since inception
using multiple flotation reagent schemes and alternative flotation
and other technologies. These tests have been carried out at a
number of different laboratories using some of the World's best
fluorspar separation experts. Despite this effort the testwork has
failed to achieve target concentrate grades or recovery and the
Company has concluded that it is now unlikely that a viable
processing route can be achieved for the MB Project using currently
available technologies.
Furthermore, the leasing costs and expenditure commitments under
the lease agreement that has secured its interest in the project to
date were set to increase substantially from 30 September 2020 and
so the Company has issued to the lessor a notice of termination of
the project lease agreement.
The carrying value of the costs associated with the MB Project
will be fully impaired in the Company's accounts for the year
ending 30 September 2020. Further details on the background to the
MB Project can be found in the Company's Annual Reports which can
be found at:
https://www.tertiaryminerals.com/investor-media/financial-reports
.
Results & Turnaround Times
Following the rise in gold and silver prices over the past few
months the Company has seen a sharp rise in fundraising amongst
junior exploration companies which is now translating to increased
exploration activity across Nevada. This exploration activity is
not under any industry specific restrictions from COVID-19, but the
pandemic is having an impact on staffing levels amongst
consultants, contractors and laboratories. As a result, delays are
building in the system. Laboratory turnaround on sample analysis is
currently running at 30-45 days (compared to 14-21 days normally)
and drill companies have more restricted forward availability.
The Company is working hard to minimise any delays and is
pleased that work is now underway on all of its ongoing Nevada
exploration projects.
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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