Tertiary Minerals PLC Pyramid Gold Project -- Provisional Drill Results (8326M)
14 Maggio 2020 - 08:00AM
UK Regulatory
TIDMTYM
RNS Number : 8326M
Tertiary Minerals PLC
14 May 2020
14 May 2020
Tertiary Minerals plc ("Tertiary" or the "Company")
Pyramid Gold Project - Provisional Drill Results
Tertiary Minerals plc wishes to advise of the receipt of
provisional(1) gold results from assaying of drill core from
recently completed hole TPYR1 drilled at the Pyramid Gold Project
in Nevada, USA.
TPYR1 was designed to twin percussion hole PYR9 drilled by
Battle Mountain Gold Mining Company ("Battle Mountain") in 1989
which is documented to have intersected visible gold and assayed
1.52m grading 17.8 grammes per tonne gold (g/t Au) from 94.5m down
hole and ended in 1.52m grading 2.6 g/t Au at 115.8m depth, as
detailed in the Company's news release of 28 May 2019.
TPYR1 was drilled to a depth of 137m down hole at the same
45-degree angle and azimuth and from the same general location as
PYR9.
Provisional gold assay results(2) from first pass sampling of
the drill core from TPYR1 show a best intersection of 0.55m grading
2.01 g/t Au from 82.6m down hole.
Whilst these provisional gold results (from TPYR1) are lower
than those from the historic drill hole (PYR9), the results do
confirm that the target zone is gold-mineralised. There is also a
poor correlation between holes in the position of the better assay
results and so a second programme of core sampling will now be
carried out to ensure that no significant gold bearing sections
were missed in first pass sampling.
The discrepancy between the position and tenor of assay results
between the two holes could be a result of natural geological
variation, which can be significant over short distances in high
grade gold deposits, or due to the different drilling methods
employed. Battle Mountain's percussion drilling method gives a
larger and arguably more representative sample, but percussion
drill samples can also be compromised by ground conditions, sample
recovery and down-hole contamination issues. Percussion drilling
does not deliver the same level of geological information as core
holes which is why core drilling was chosen by the Company for this
important first hole.
PYR 9 was originally drilled by Battle Mountain to test a strong
gold, silver and multi-element soil geochemical anomaly that
remains open to both the north and south. Now that the underlying
alteration zone is confirmed as gold-bearing, the Company intends
to carry out further soil sampling to fully delineate the anomaly
and to define further drill targets.
Commenting today, Managing Director, Richard Clemmey said:
"We are pleased to confirm that the target is gold bearing and
whilst we have not been able to replicate the historic higher-grade
results with this first hole, Pyramid remains an attractive
exploration project due to the extensive gold-in-soil anomaly and
the widespread gold bearing surface samples we described in our May
2019 announcement. We look forward to continuing work on the
Pyramid Gold project and on our growing portfolio of precious and
base metal projects in Nevada where further news is expected
soon."
For more information please contact:
Tertiary Minerals plc:
Richard Clemmey, Managing Director +44 (0) 1625 838 679
------------------------------
Patrick Cheetham, Chairman
------------------------------
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
------------------------------
Notes:
1. Results are expressed as provisional pending the issue of
assay certificates. Certified results will not be released unless
they differ materially from the provisional results.
2. All drill core was submitted to independent laboratory ALS
Global in Reno, Nevada for photographing, cutting, preparation,
assay and analysis. Drill samples were taken by cutting core in
half with half-core samples crushed, split and pulverised (1kg
split) prior to assay and analysis. In a few cases a short interval
of whole core was sampled to ensure sufficient weight of material
was assayed. Gold concentrations were determined by assay of 25g
aliquots of the pulverised core using ALS method Au-AA25.
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.a
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.
Notes to Editors
Tertiary Minerals plc (ticker symbol 'TYM') is an AIM-traded
mineral exploration and development company building a
multi-commodity project portfolio.
CAUTIONARY NOTICE
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.
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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