Tertiary Minerals PLC Pyramid Gold Project -- Update (2608D)
18 Febbraio 2020 - 8:00AM
UK Regulatory
TIDMTYM
RNS Number : 2608D
Tertiary Minerals PLC
18 February 2020
18 February 2020
Tertiary Minerals plc ("Tertiary" or "the Company")
Pyramid Gold Project - Update
Tertiary Minerals plc is pleased to provide the following update
on its plans to drill test the Pyramid Gold Project in Nevada,
USA.
Pyramid Project Highlights
-- Drill contract tenders received and preferred contractor identified
-- Drone photogrammetric survey completed to control drilling and future exploration
-- Initial drilling will seek to confirm priority epithermal vein drill target:
Ø Drill hole PYR 9 - intersected visible gold and assayed 1.52m
grading 17.8 g/t Au from 94.5m down hole
Ø PYR 9 ended in 1.52m grading 2.6 g/t Au at 115.8m depth
Commenting today, Managing Director, Richard Clemmey said:
"We are pleased to be reporting good progress with the
groundwork leading up to the first drill hole on the Pyramid Gold
Project in Nevada where we are looking to confirm and expand upon
successful historic exploration results."
"The deposit provides an exciting gold target where our team has
recently identified analogies with the high-grade
multi-million-ounce gold deposits at the Midas and Fire Creek mines
in Nevada. We look forward to updating the market in due-course on
the proposed drilling."
Detailed Information
Preliminary details of the Pyramid Gold Project were contained
in the Company's announcement of 28 May 2019.
In preparation for drilling at the Pyramid project the Company
has received tenders from a number of drilling companies and a
preferred drilling contractor has been selected. In addition, the
Company has selected a consulting geologist with a background in
the evaluation of epithermal gold deposits in Nevada to supervise
the drilling and to log and sample drill core.
In order to provide accurate spatial control for drilling and
other exploration the Company has completed a detailed drone
photogrammetric survey and prepared detailed photogrammetric
imagery of the entire project area.
The Company is targeting high-grade epithermal style gold
mineralisation at Pyramid and will initially seek to confirm the
results of drilling carried out by Battle Mountain Exploration
Company in 1989 when a single drill hole, PYR 9, drilled
intersected high-grade gold mineralisation and visible gold with
1.52m grading 17.8 g/t Au from 94.5m down hole.
As a part of its initial evaluation of the Pyramid Project the
Company has carried out further geological research and historical
data compilation. This has identified compelling analogies between
the setting of the Pyramid drill target and the high-grade
multi-million-ounce gold deposits at the Midas and Fire Creek mines
in Nevada now operated by the Hecla Mining Company after its 2018
acquisition of Klondex Mines Ltd.
At Fire Creek bonanza gold grades occur in narrow veins in
structural zones associated with and along the margins of
pre-mineralisation mafic dykes. Previous mapping by Battle Mountain
at Pyramid shows that target mineralisation occurs in a similar
position alongside a dyke-like intrusion of andesite. It is
considered that these dykes mark zones of deep-seated structural
weakness that have been exploited as pathways for the gold
mineralising hydrothermal fluids.
The high grade intersection in PYR 9 at Pyramid occurs within a
broader zone of low-grade mineralisation continued to the end of
the hole at 115.8m where the last 1.52m sample graded 2.6 g/t Au
and the last 21.4m of the hole graded an average of 1.5 g/t gold.
Similar low-grade halo gold mineralisation is found at Fire Creek
(open pit mineral resource 74.6mt grading 1.0 g/t).
The further potential of the mineralisation associated with PYR
9 is indicated by its association with a significant
gold-arsenic-mercury soil geochemical anomaly that has so far been
outlined over a strike length of 650m and is open ended. The
Company's mining claims cover more than 500 acres of ground.
A plan showing the features described in this release is
available on the Company's website at
https://www.tertiaryminerals.com/projects/other-projects/pyramid
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
---------------------
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.
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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