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Tertiary Minerals #TYM – Result of General Meeting

Further to the announcement of 24 August 2020, the Company is pleased to advise that the General Meeting (“GM”) was held today, as scheduled, and that the resolution to approve the buy-back of the Company’s Deferred Shares (“the Resolution”) was duly passed.

As advised, and because the meeting was held as a closed meeting, the vote on the Resolution was conducted by poll. The result of the poll was as follows:

Resolution to approve buy-back of Deferred Shares
Votes For% of votescastVotes Against
% of votes castTotal VotesTotal Votes as % of the No. of issued ordinary shares 
27,342,34099.11%244,5370.89%  27,586,877 3.32%

Included in this result are the valid proxies for shareholders who were not present at the GM whereby the Chairman was directed to vote, and voted, as follows:

Proxies voted by Chairman for shareholders not voting in person at the GM
Votes For% of proxy votesAgainst
% of proxy votes At Chairman’s discretionWithheld
16,964,42798.58% 244,5371.42%00

The Deferred Shares will now be transferred to the Company and cancelled as set out in the Circular sent to shareholders with the Notice of GM.

Further information:

Tertiary Minerals plcPatrick Cheetham, Executive Chairman +44 (0)1625 838 679   
 SP Angel Corporate Finance LLPNominated Adviser & BrokerRichard Morrison/Caroline Rowe  +44 (0)203 470 0470
Peterhouse Capital LimitedJoint BrokerLucy Williams/Duncan Vasey +44 (0)207 469 0930

Notes to Editors

Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration company building and developing a multi-commodity project portfolio – Industrial minerals, base and precious metals.

Tertiary Minerals #TYM – Kaaresselkä Gold Royalty

Tertiary Minerals plc is pleased to note the announcement yesterday, 2 September 2020, by TSX listed Aurion Resources Ltd (“Aurion”) that it has mobilised two drill rigs to test various gold targets in Finland, including the Kaaresselkä Project in Finland where Tertiary holds various royalty interests.

Kaaresselkä is an advanced gold exploration project located approximately 4 km south of Aurion’s bonanza grade Aamurusko Main gold discovery. Kaaresselkä was originally discovered through base-of-till sampling by the Finnish Geological Survey (GTK) in 1987 and was drilled by both GTK and Tertiary with 127 historical drill holes having been completed, mostly to depths less than 100 m. Drilling results included 11.01 g/t Au over 4.90 m. 

Aurion, which is backed by Kinross Gold Corp. and B2 Gold Corp., has announced that it will drill 2,000m at Kaaresselkä to confirm historical drilling and to test the mineralised structure at depth and along strike. Results will be released once assays are available.

Tertiary sold the Kaaresselkä Project, together with the nearby Kiekerömaa Project to Aurion in March 2017 but, importantly, retains a number of royalty interests in the Kaaresselkä and Kiekerömaa Projects as follows:

  • Pre-production royalty of US$1.00/ounce gold following the definition of a NI 43-101 (or equivalent) code compliant Inferred Mineral Resource Estimate on either project;
  • Pre-production royalty of US$2.00/ounce gold following the definition of a NI 43-101 (or equivalent) code compliant Indicated Mineral Resource Estimate on either project;
  • Pre-production royalty of US$3.00/ounce gold following the definition of a NI 43-101 (or equivalent) code compliant Measured Mineral Resource Estimate on either project; and
  • Net smelter returns royalty (NSR) of 2% on all future gold production from either property.

Aurion can purchase 50% of the NSR from Tertiary for USD$1,000,000 at any time prior to commencement of commercial production on either project.

Commenting today, Executive Chairman Patrick Cheetham said:

“I am delighted to see the re-start of drilling at Kaaresselkä after such a long break. The recent high-grade gold discoveries at the nearby Aamurusko deposit and in the wider Risti Project area bode well for the future development of Kaaresselkä and the realisation of our royalty interests which I suspect have been overlooked by the market. We wish Aurion every success with their drilling.”

For more information please contact:

Tertiary Minerals plc:
Patrick Cheetham, Executive Chairman+44 (0) 1625 838 679         
SP Angel Corporate Finance LLPNominated Adviser and Broker 
Richard Morrison+44 (0) 203 470 0470 
Caroline Rowe  
Peterhouse Capital LimitedJoint 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.

Additional Information :

Since acquiring the Kaaresselkä Project from Tertiary, Aurion’s work on the project has included re-logging of all drill holes, oriented core measurements, a detailed ground magnetic survey, whole rock geochemistry, GIS compilation and integration of historical data into 3D modelling software. This compilation work has allowed for a reinterpretation of the geology and a better understanding of the property’s potential. The main host lithology is strongly altered and sheared mafic volcanics, which is a classic setting for major orogenic gold deposits.

Three individual zones, Vanha, Tienvarsi and Lampi, are found in a 1 km x 0.6 km area. Historical drilling was shallow with gaps along the strike of the zones. Aurion’s additional analysis suggests there is excellent potential along strike and down dip of these gold-bearing structures.

At Vanha, a 500 m long east-west trending mineralized zone was drilled to a depth of 140 m and appears to be open in both directions along strike and at depth.

At Tienvarsi, drilling identified a 400 m long northwest to southeast trending mineralized zone to a depth of 96 m. Mineralization at Tienvarsi appears to be open in all directions.

At Lampi, drilling identified two proximal 200 m long mineralized zones to only 100 m depth. Mineralization at Lampi appears to be open in all directions.

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.
  • 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

Tertiary Minerals #TYM – Buy Back of Deferred Shares, Notice of GM

Tertiary Minerals plc, the AIM traded company building a multi-commodity project portfolio announces that it is proposing a buy-back and cancellation of the Company’s issued deferred shares (the “Deferred Shares”). A circular and notice of general meeting in relation to a proposed buy-back and cancellation of the Deferred Shares have been posted to shareholders (the “Circular” and the “Notice”). 

The Company currently has 267,076,933 Deferred Shares which were issued in 2017 following a share capital reorganisation. The Deferred Shares are not admitted to trading on AIM (unlike the Company’s ordinary shares of 0.01p each (the “Ordinary Shares”)) and are economically valueless. The Company is proposing to simplify its balance sheet by buying back and cancelling the Deferred Shares in accordance with the Company’s Articles of Association for an aggregate consideration of £1.00. 

Issue of Equity and Total Voting Rights 

Under the Companies Act 2006, a share buy-back by a public company (such as Tertiary) can only be financed through distributable reserves or the proceeds of a fresh issue of shares made for that purpose. 

The Company currently has no distributable reserves to finance the buy-back of the Deferred Shares and, therefore, this will be financed by a fresh issue of new Ordinary Shares. The Directors have therefore resolved to issue 1,000 new Ordinary Shares (“the New Shares”)  to the Chairman, Patrick Cheetham, at a price of 0.25 pence per New Share. Part of the proceeds of the issue of the New Shares will be used to fund the purchase of the Deferred Shares for an aggregate consideration of £1.00. The Board considers this to be the best way of funding the buy-back of the Deferred Shares given the Company currently has no distributable reserves. 

Following this share issue, Patrick Cheetham will have an interest in 12,613,113 shares in the Company which represents 1.52 per cent. of the issued share capital and total voting rights of the Company.

The Company has applied for admission to trading of the New Shares on the AIM Market of the London Stock Exchange (“Admission”). It is anticipated that Admission will occur at 8:00a.m. on or around 26 August 2020. 

Following Admission, the total issued share capital of the Company will comprise 831,647,037 Ordinary Shares with one voting right per share. The Company does not hold any shares in treasury. Therefore, the total number of Ordinary Shares and voting rights in the Company will be 831,647,037. The above figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA’s Disclosure Guidance and Transparency Rules. 

General Meeting (“GM”) Arrangements 

The GM will be held at 11.00am on Thursday 10 September 2020. 

The Board continues to monitor the Government advice in relation to the COVID-19 situation and public gatherings. The Board believes that all shareholders will wish to comply with these guidelines and therefore physical attendance in person at the GM will not be permitted. The Company encourages shareholders to appoint the Chairman as their proxy with their voting instructions. Forms of Proxy must be received by no later than 48 hours before the commencement of the meeting and can be submitted electronically at www.signalshares.com. 

The Company will continue to monitor the situation and if Government advice dictates that further changes to the arrangements for the GM are necessary, details will be published on the website and via a Regulatory Information Service.

The Board considers the buy-back and cancellation of Deferred Shares to be in the best interests of Shareholders and the Company as a whole. Accordingly, the Board unanimously recommends that Shareholders vote in favour of the share capital, as they intend to do so in respect of their own beneficial holdings of Ordinary Shares which amount, in aggregate, to 12,706,097 Ordinary Shares representing approximately 1.53% per cent. of the total issued share capital of the Company.

For more information please contact:

Tertiary Minerals plc:
Patrick Cheetham, Executive Chairman+44 (0) 1625 838 679 
SP Angel Corporate Finance LLPNominated Adviser and Broker 
Richard Morrison+44 (0) 203 470 0470
Caroline Rowe  
Peterhouse Capital LimitedJoint Broker
Lucy Williams+ 44 (0) 207 469 0930
Duncan Vasey 
   

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

EventDate
Publication of this CircularMonday 24 August 2020
Latest time and date for receipt of Forms of Proxy11.00am, Tuesday 8 September 2020
Latest time and date for receipt of CREST Proxy Instructions11.00am, Tuesday 8 September 2020
General Meeting11.00am, Thursday 10  September 2020
Announcement of the results of the General Meetingon or around 10  September 2020
Completion of the Buy-Backon or around 10 September 2020

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.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM.

1. Details of the person discharging managerial responsibilities/person closely associated
a)Name: Patrick Cheetham 
2. Reason for the notification
a)Position/status:Executive Chairman 
b)Initial notification/Amendment:Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)Name:Tertiary Minerals plc
b)LEI:   213800OT9C6DQN9VO543
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)Description of the financial instrument, type of instrument:Identification code:Ordinary shares of 0.01p each  
GB0008854563
b)Nature of the transaction:Issue of new ordinary shares for share buy-back 
c)Price(s) and volume(s): Price(s)Volume(s)0.25  pence1,000 
d)Aggregated information:Aggregated volume:Price:Single transaction as in 4 c) abovePrice(s)Volume(s)0.25  pence1,000 
e)Date of the transaction:24 August 202007:00a.m UTC
f)Place of the transaction:Outside a trading venue

Tertiary Minerals #TYM – Mt Tobin Preliminary Sampling Update

Further to its announcement of 20 July 2020, Tertiary Minerals plc is pleased to provide the analytical results from preliminary reconnaissance sampling at the Company’s Mt Tobin Silver Prospect in Nevada, USA.

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 rock samples taken from prospector’s hand dug pits have returned silver values of up to 101 grammes/tonne (g/t) silver (3.12 ounces/ton) with several other samples returning between 15 and 91g/t silver.

Ø These and other anomalous results were returned over a 450m strike length sampled to date.

Ø Mineralisation is open to north and south, structurally controlled and spatially related to dyke intrusion.

Ø Further mapping, sampling and soil sampling is planned to better define the widths and strike extent of mineralisation in this poorly exposed area. 

A plan showing the location and distribution of the reconnaissance sampling results is available on the Company’s website at:https://www.tertiaryminerals.com/projects/other-projects/mt-tobin

Commenting today, Executive Chairman Patrick Cheetham said:

“These are very pleasing results from initial reconnaissance work at Mt Tobin and we look forward to increasing the pace of exploration on this and other precious metal projects in our Nevada portfolio this summer and autumn. It’s an interesting time for silver with the silver price up 80% in the past 18 weeks and arguably showing more leverage than the gold price in the current market conditions.” 

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.

 

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.

Tertiary Minerals #TYM – Nevada Exploration Project Updates

Tertiary Minerals plc is pleased to provide the following update on the progress of its exploration 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 progress on our base and precious metal project portfolios in Nevada. As we move forward with more substantive and exciting exploration programmes, drilling activities are anticipated on a number of our Nevada projects during 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 and 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 Pyramid 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. The 20.4m 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.

Alan Green talks to Patrick Cheetham, Executive Chairman at Tertiary Minerals #TYM

Alan Green talks to Patrick Cheetham, Executive Chairman at Tertiary Minerals #TYM. Patrick discusses the latest developments at Pyramid Gold and Paymaster Polymetallic projects, plus the newly acquired Peg Leg, Mount Tobin & Lucky Copper ventures. We also discuss Tertiary’s three fluorspar projects, the agreement with commodities giant Possehl, Aurion royalty agreements, and the strong cash position vs. current tiny market cap.

Tertiary Minerals #TYM – Half-Yearly Report 2020

Tertiary Minerals plc, the AIM-traded company building a multi-commodity project portfolio, announces its unaudited interim results for the six months ended 31 March 2020.

OPERATIONAL SUMMARY:

Pyramid Gold Project, Nevada, USA

· The Company’s first drill hole on the project was successfully completed ahead of schedule and drilled to a total depth of 137m

· Intersection of 0.55m grading 2.01 g/t Au from 82.6m down hole, confirming that the target zone is gold-mineralised

· Further planned exploration work: Soil sampling to fully delineate the gold, silver and multi-element soil geochemical anomaly and to define further drill targets

Paymaster Polymetallic Project, Nevada, USA

· A US based consulting geologist with a background in the evaluation of skarn deposits has now completed an extensive programme of mapping and sampling and to help define potential drilling

New Project Acquisitions

· Three new projects acquired by low costs claim staking – Peg Leg, Mt Tobin and Lucky

MB Fluorspar Project, Nevada, USA

· Following the recent fundraisings, the Company has re-commenced the Scoping Study level metallurgical testwork at SGS Lakefield in Canada

Storuman Fluorspar Project, Sweden

· The Mine Permit appeal process is ongoing with the Swedish Government with no commitment to a decision timeframe.

Kaaresselkä and Kiekerömaa Gold Projects, Finland

· The Company retains pre-production and net smelter royalty interest in two gold projects owned by Aurion Resources

· Aurion is a Canadian listed exploration company with primary focus on the development of its Finnish gold projects, several of which are under joint venture with B2Gold. Kinross Gold Corporation is a significant shareholder of Aurion

Strategic Relationship with Possehl Erzkontor GmbH & Co. KG

· The Company signed a fluorspar marketing Memorandum of Understanding (MOU) in 2017 with leading global commodities trading group, Possehl Erzkontor GmbH & Co. KG (“Possehl”), a wholly owned subsidiary of CREMER

· The MOU remains in place with Possehl

FINANCIAL SUMMARY FOR THE SIX MONTHS ENDING 31 MARCH 2020:

· Operating Loss of £278,934 comprises:

o  Revenue of £94,691; less Administration costs of £352,914 (which includes non-cash share-based payments of £25,224); and

o  Pre-licence and reconnaissance exploration costs totalling £20,711

o  Total Group Loss of £278,780 is after crediting Interest income of £154

· Project expenditure of £43,513 was capitalised during the quarter.

Funding and Cash Position:

· The Company has completed two fundraisings in the period with Bergen Global Opportunity Fund, LP (Bergen) and through Peterhouse Capital Limited

· The closing cash (and cash equivalent) position at the end of the period was £407,807

· Since the period end, a subsequent lump sum investment of £600,000 was made by Precious Metals Capital Group LLC on 7 April 2020, further strengthening the Company’s cash position (circa £800,000 on 26 May 2020) during the current challenging times as well as enabling the Company to progress its planned exploration on its Paymaster Polymetallic and Pyramid Gold Projects in Nevada.

About Tertiary Minerals plc

Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration company building and developing a multi-commodity project portfolio – Industrial minerals, base and precious metals.

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.

For more information please contact:

Enquiries

Tertiary Minerals plc

Patrick Cheetham, Executive Chairman

Richard Clemmey, Managing Director

 

 

 

+44 (0)1625 838 679

SP Angel Corporate Finance LLP

Nominated Adviser & Joint Broker

Richard Morrison/Caroline Rowe

 

 

+44 (0) 20 3470 0470

Peterhouse Capital Limited

Joint Broker

Lucy Williams/Duncan Vasey

+44 (0) 207 469 0930

 

Chairman’s Statement

I am pleased to present our Interim Report for the six-month period ended 31 March 2020.

During this reporting period we have seen a significant improvement in market sentiment for junior mining companies, particularly in relation to precious metals, which has allowed us to improve our financial position and to kick-start work on a number of our existing projects.  Much of this activity has taken place since the period end and has focused on our projects in Nevada, USA.

At Pyramid, the Company is targeting high-grade epithermal style gold mineralisation. An initial drill hole designed to confirm a high-grade gold intersection made by a previous explorer demonstrated the target zone to be gold bearing but did not deliver the same high-grade results. The target zone is defined by an extensive gold-in-soil anomaly and widespread gold bearing surface samples and warrants further work over the next few months.

Mineral exploration is high risk and the process of discovery is not linear but high rewards can come from successful discoveries.  Recent mapping and sampling at our Paymaster Zinc-Silver Skarn Project by a specialist consulting geologist has confirmed a large-scale target for zinc skarn mineralisation and drawn analogies with the setting and style of the large Taylor Zinc discovery, in the neighbouring state Arizona, now owned by South 32 after the $2 billion takeover of Arizona Mining in 2018. We are now awaiting the report and recommendations for further work.

We seek to spread the risk of mineral exploration and increase our chance of discovery through a portfolio-based approach. In line with this strategy we are steadily re-building our portfolio of projects with a continuing focus on Nevada. We have recently staked additional ground on three new projects targeting precious and base metal deposits – the Peg Leg, Mt Tobin and Lucky Projects. In each case the projects have been acquired at low cost by staking claims and they share the characteristics that they can be evaluated with low cost programmes initially and brought to the drill stage relatively quickly. Programmes are being designed and permitted and will be executed over the coming months.

At our large MB Fluorspar Project in Nevada we have commenced a programme of scoping level metallurgical testwork at SGS Lakefield in Canada aimed at improving recoveries and concentrate grade for fluorspar mineralisation in the Central Zone of the deposit. To date, this has been problematic and a breakthrough is needed if the potential of this large low-grade resource is to be realised.

There is nothing substantive to report on our Storuman Fluorspar Project in Sweden, where the mine permit appeal process is ongoing with the Swedish Government, or on our Lassedalen Fluorspar Project in Norway which is a low priority for further work.

The Company’s financial results for the half-year are in line with expectations and reflect the Company’s project and administration expenditures. The financial markets have shown remarkable resilience in the face of the Covid-19 pandemic and this has allowed us to continue funding our activities and improve the Company’s financial position at the year end through a £600,000 fundraising with US Precious Metals Capital Group in April 2020.

The mining industry in Nevada has continued to operate as an essential industry and our programmes have so far been unaffected. Our staff continue to work effectively from home. The future of this pandemic is, however, unpredictable and has potential to affect our operations and the markets in which we operate in the future.  We will continue to operate in line with World Health Organisation and Governments’ advice and to manage our expenditure prudently.

I would like to thank all of our employees and directors for their hard work during the reporting period and to wish Richard Clemmey well as he leaves the Company at the end of June to return to employment in the UK quarrying industry. I will continue to act in an executive capacity until the time is right to make a new executive director appointment.

Patrick L Cheetham

Executive Chairman

29 May 2020

Link here for detailed account information

Tertiary Minerals #TYM – New Project Acquisitions & Total Voting Rights

Tertiary Minerals plc wishes to advise that it has staked claims over three additional mineral projects in Nevada, USA. 

 

Highlights:

·    Peg Leg Copper-Silver-Lead-Zinc Project

Ø 4 claims, 11km north of Tonopah in the San Antone Mineral Field, south-central Nevada 

Ø Main target – exposed skarn copper-silver mineralisation in limestone adjacent to granite contact.

Ø Outcropping mineralisation assayed 59 grammes/tonne (g/t) silver 1.4% copper, 2.4% lead and 1.8% zinc.

Ø Waste samples from old workings assay up to 181 g/t silver, 3.9% copper, 10.1% lead and 1.2% zinc. 

Ø Notice Level Permit submitted for trenching programme.

·    Mt Tobin Silver Prospect

Ø 4 claims staked, 73km south of Winnemucca in north-central Nevada.

Ø Covers large area of hydrothermal alteration 60m wide x 1,200m long. 

Ø Large silver geochemical anomaly recorded by previous explorer.

Ø Mapping and sampling planned.

 

·    Lucky Copper Prospect

Ø 13 claims, 96 km northeast of the major porphyry copper mining town of Ely, north-east Nevada.

Ø Copper gossan exposed in old workings.

Ø 1951 drill hole ended in mineralisation, intersected 20.4m at 0.65% copper to bottom of the hole at 77.7m depth.

Ø Targeting disseminated replacement/porphyry copper mineralisation.

Ø Mapping, geophysics and soil sampling planned to help define drill targets.

Commenting today, Executive Chairman Patrick Cheetham said: “We have generated these projects at a very low cost to the Company in line with our strategy to expand our portfolio of gold, silver and base metal projects in Nevada. We believe they can be advanced quickly to the drill stage and we look forward to reporting further news on our evaluation of these projects in due course.”

Total Voting Rights

Tertiary Minerals plc announces that in accordance with Financial Conduct Authority’s Disclosure and Transparency Rules (“DTRs”), the total issued share capital of the Company with voting rights is 792,169,426 ordinary shares.

There are no shares currently held in treasury. The total number of voting rights in the Company is therefore 792,169,426 and this figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company under the DTRS.

 

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

Peg Leg Copper-Silver-Lead-Zinc Project

The company has staked 4 mining claims 11km north of Tonopah in the San Antone Mineral Field. Historical workings comprise shallow shafts, trenches and bulldozer scrapes exploring  contact metasomatic (skarn) deposits associated with the Frazier’s Well granodiorite.

Peg Leg was originally prospected for tungsten which occurs in grey marble. The Company’s reconnaissance sampling has confirmed the tungsten content in one skarn layer within the limestone where sampling across 11m width in an old shallow trench returned 11m at 0.22% tungsten.

Of greater interest, however, is 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 thickness of this outcropping mineralisation is not known as it is largely obscured by scree and old mine waste. The waste pile from a nearby shallow mine shaft contains material assaying up to 181 g/t silver, 3.9% copper, 10.1% lead and 1.2% zinc.

A Notice-level Permit Application has been submitted to enable a programme of trenching to expose and sample this mineralisation. 

Mt Tobin Silver-Gold Prospect

This project comprises 4 newly staked claims located 73km south of Winnemucca in north central Nevada.

The prospect was first highlighted in a 1985 Masters Thesis which describes a zone of stratiform mineralisation in chert and silicified sediments over a thickness of 45-60m thick and a strike length of 1,200m. At that time the ground was held by Queenstake Resources, who in their annual report, referred to geochemical sampling having outlined a significant silver-lead-zinc anomaly associated with this large zone of mineralisation. At that time the anomaly was indicating potential for a volcanogenic massive sulphide deposit. Queenstake joint ventured the project to another company which failed to carry out any further work in this area.

Further work, to include mapping and sampling, is planned to evaluate this zone of mineralisation. 

Lucky Copper Prospect

The Company has staked 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.

In the 1950’s the area was under the control of the Combined Metals Reduction Company,  a large mining company in Nevada at that time. Their sampling of an old inclined adit on Tertiary’s claims showed high grade copper in lenses in gossan associated with a porphyry dyke along a frontal fault zone on the east side of the Schellbourne Range.

In 1951 a shallow churn (percussion) dill hole was sited on the pediment to the east of the adit to test the down dip extension of this mineralisation and intersected copper mineralised limestone and porphyry beneath alluvium of the pediment slope. The 20.4m thickness of this sequence assayed 0.65% copper to the bottom of the hole at 77.7m depth. The hole therefore ended in mineralisation.

The Company is targeting disseminated replacement/porphyry copper mineralisation and a programme of mapping and soil sampling is planned to help define drill targets.

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.

Tertiary Minerals #TYM raises £600,000 in placing & terminates Bergen Agreement

Tertiary Minerals plc (“Tertiary” or “the Company”) (AIM:TYM) is pleased to announce the entry into a share subscription deed (the “Subscription Deed”) with Precious Metals Capital Group LLC (the “Subscriber”), a U.S. based institutional specialist investor.

 

Highlights:

  • Tertiary Minerals plc raised £600,000 in a placing to Precious Metals Capital Group LLC, an institutional investor
  • Termination of funding agreement with Bergen

Pursuant to the Subscription Deed, in the coming days, the Subscriber will make an investment of £600,000, by way of a subscription for Company shares. Further information regarding the placing is set out below.

The proceeds from the subscription will be used by the Company to fund ongoing exploration once the recently announced exploration programmes at the Pyramid Gold and Paymaster Polymetallic Projects in Nevada are completed and to ensure that the Company has sufficient working capital for the foreseeable duration of the Covid-19 pandemic.

The placing will be made by the Subscriber by way of prepayment for Company shares to be issued, at the Subscriber’s request, within 24 months of the date of the placing. A further investment may be made by the Subscriber within 12 months after the date of this placement, but only with the consent of the Company, in the amount not exceeding an additional £600,000, by way of prepayment for shares to be issued, at the Subscriber’s request, within 24 months following the date of such subsequent placement.

The number of shares to be issued as a result of the placing will be determined by dividing the subscription amount (or that part of the subscription amount in relation to which the shares are being issued) by 95% of the prevailing price, the latter being the average of the five daily volume-weighted average prices during a specified period immediately prior to the date of issuance of the shares.

Alternatively, the Subscriber may choose for the subscription price to be equal to £0.0042, being an approximately 133% premium to the Company’s share price on 1 April 2020. 

Tertiary’s Managing Director Richard Clemmey commented:  

“The recent impact of COVID-19 on the markets and investment outlook has been substantial. We are therefore very pleased to have attracted further interest from a specialist US institutional investor where the funding will further strengthen the company’s cash position and provide additional working capital during these uncertain times as well as enable the Company to continue with the planned exploration on its Paymaster Polymetallic and Pyramid Gold Projects in Nevada.”

Termination of Agreement with Bergen

The Company also announces that the convertible securities issuance deed (the “Agreement”) between the Company and Bergen Global Opportunity Fund, LP (“Bergen”), dated 19 November 2019, the details of which were notified on 20 November 2019, has been terminated by the parties by mutual consent, effective as of 1 April 2020. Following the termination, no further funding will be provided to the Company under the Agreement.

Tertiary’s Managing Director Richard Clemmey further commented:

“Bergen Global Opportunity Fund proved a supportive, valuable and flexible funding partner for Tertiary, and I wish to thank the team at Bergen for their support.” 

Related Party Transaction

The Subscriber is deemed a related party by virtue of its relationship with Bergen as defined by AIM Rule 13. Bergen has been a substantial shareholder of the Company within the last twelve months and as a result, the Subscription Deed constitutes a related party transaction.

The board, being Patrick Cheetham, Richard Clemmey and Donald McAlister, are considered to be independent Directors for the purposes of this transaction and, having consulted with the Company’s nominated adviser, consider the terms of the Subscription Deed to be fair and reasonable insofar as shareholders of the Company are concerned.

Total Voting Rights

Application will be made to the London Stock Exchange for any Shares issued and allotted under the Subscription Deed to be admitted to trading on AIM. Such Shares will only be issued to the extent that the Company has corporate authority to do so.

The Company has 733,836,092 Shares in issue with each Share carrying the right to one vote. There are no Shares currently held in treasury. The total number of voting rights in the Company is therefore 733,836,092 and this figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure Rules and Transparency Rules.

About Tertiary Minerals plc

Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration company building and developing a multi-commodity project portfolio – Industrial minerals, base and precious metals.

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.

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

 

Tertiary Minerals #TYM – Notice of Resignation of Managing Director

Tertiary Minerals plc, the AIM traded company building a multi-commodity project portfolio , wishes to advise that it has today received notice from Mr. Richard Clemmey of his resignation as Managing Director of the Company. 

Mr. Clemmey will continue in his position until 30 June 2020 to manage the upcoming drill programme on the Company’s exciting Pyramid Gold Project in Nevada, USA and to ensure an orderly transition of responsibilities. The Company will seek to make a replacement appointment in due course and the Executive Chairman will assume the role of Chief Executive as an interim measure, if so required.

Commenting today, the Executive Chairman, Mr. Patrick Cheetham, said; “It is with regret that the Board has accepted Ric’s resignation but understands his decision given that recent events on the Storuman project in Sweden have shifted the Group’s focus to its gold and other exploration and resource identification projects. We wish Ric every success in his new role and thank him for his contribution to the Company.”

Further information:

 

Enquiries

 

Tertiary Minerals plc

Patrick Cheetham, Executive Chairman 

 

 

 

+44 (0)1625 838 679 

SP Angel Corporate Finance LLP

Nominated Adviser & Broker

Richard Morrison/Caroline Rowe

 

 

+44 (0)203 470 0470

Peterhouse Capital Limited

Joint Broker

Lucy Williams/Duncan Vasey

 

+44 (0)207 469 0930

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 

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

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