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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

Tertiary Minerals #TYM – Afzal Valli Major Shareholding

TR-1: S tandard form for notification of major holdings

 

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible) i

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii :

Tertiary Minerals Plc 

1b. Please indicate if the issuer is a non-UK issuer   (please mark with an “X” if appropriate)

Non-UK issuer

2. Reason for the notification (please mark the appropriate box or boxes with an “X”)

An acquisition or disposal of voting rights

An acquisition or disposal of financial instruments

X

An event changing the breakdown of voting rights

Other (please specify)iii:

3. Details of person subject to the notification obligation iv

Name

Afzal Valli

City and country of registered office (if applicable)

4. Full name of shareholder(s) (if different from 3.) v

Name

Afzal Valli

City and country of registered office (if applicable)

5. Date on which the threshold was crossed or reached vi :

Friday 13 March 2020

6. Date on which issuer notified (DD/MM/YYYY):

Monday 16 March 2020

7. Total positions of person(s) subject to the notification obligation

% of voting rights attached to shares (total of 8. A)

% of voting rights through financial instruments
(total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights of issuer vii

Resulting situation on the date on which threshold was crossed or reached

5.01%

5.01%

733,836,092

Position of previous notification (if

applicable)

4.13%

4.13%

 

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii

A: Voting rights attached to shares

Class/type of
shares

ISIN code (if possible)

Number of voting rights ix

% of voting rights

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

GB0008854563

36,788,532

 

5.01%

SUBTOTAL 8. A

36,788,532

 

5.01%

 

 

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))

Type of financial instrument

Expiration
date
x

Exercise/
Conversion Period
xi

Number of voting rights that may be acquired if the instrument is

exercised/converted.

% of voting rights

SUBTOTAL 8. B 1

 

 

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))

Type of financial instrument

Expiration
date
x

Exercise/
Conversion Period
xi

Physical or cash

settlement xii

Number of voting rights

% of voting rights

SUBTOTAL 8.B.2

 

 

 

9. Information in relation to the person subject to the notification obligation (please mark the

applicable box with an “X”)

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer xiii

Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entity
xiv (please add additional rows as necessary)

Name xv

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

N/A

10. In case of proxy voting, please identify:

Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held

11. Additional information xvi

Place of completion

UK

Date of completion

16 March 2020

 

Tertiary Minerals #TYM – Statement re: Annual General Meeting

The Company’s Annual General Meeting (AGM) will  be held at 2:00 p.m. on 19 March 2020 at the Company’s offices at Silk Point, Queens Avenue, Macclesfield, Cheshire SK10 2BB.

In view of the ongoing Coronavirus pandemic, the Company is now encouraging shareholders to vote electronically or to appoint the Chairman as their proxy with their voting instructions rather than attend the meeting in person.  In order to reduce the risk of infection, the meeting will end immediately following the business of the AGM and there will be no corporate presentation, Q&A or refreshments. The Company is taking these precautionary measures to safeguard its shareholders’ and employees’ health and make the AGM as safe and efficient as possible.

Instructions on voting are attached to the Notice of Meeting bound in with the 2019 Annual Report already sent out to shareholders and which can be found on the Company’s website: 

 www.tertiaryminerals.com

The Company will continue to update shareholders on material corporate and business developments in the usual way, via the Regulatory News System (RNS). Any investor relations enquiries or questions related to the AGM can be emailed to info@tertiaryminerals.com

 

Tertiary Minerals plc:

Richard Clemmey, Managing Director

+44 (0) 1625 838 679 

Patrick Cheetham, Chairman

 

Tertiary Minerals #TYM – Grant of Warrants at 0.340 pence

Tertiary Minerals plc, the AIM traded company building a multi-commodity project portfolio announces that a s part of the remuneration of employees and directors on 27 February 2020  the Board of the Company granted a total of 8,100,000 warrants to subscribe for Ordinary Shares at 0.340 pence, being the closing mid-market price on the trading day prior to the issue of the Warrants (i.e. 26 February 2020).

 

Grantee

No. of Warrants

Warrant exercise price (pence per share)

Employees (4)

 

(Total of) 1,600,000

0.340 p

Managing Director

Mr Richard Clemmey

3,000,000

0.340 p

Non-Executive Director

Mr Donald McAlister

1,500,000

0.340 p

Executive Chairman

Mr Patrick Cheetham

2,000,000

0.340 p

 

Each warrant entitles the holder to subscribe for one ordinary share in the Company within 4 years from 27 February 2021.

Market Abuse Regulation

The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation , provides further detail on the issue of ordinary shares to a director .

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:

Donald McAlister

2. 

Reason for the notification

a)

Position/status:

Non-Executive Director

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:

Warrants, each warrant to subscribe for one ordinary share of 0.01p each


GB0008854563 (Ordinary Shares)

b)

Nature of the transaction:

Grant of warrants to subscribe for new ordinary shares

c)

Price(s) and volume(s):

 

Price(s)

Volume(s)

Exercise price of 0.340 p

1,500,000 warrants

 

d)

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

Price(s)

Volume(s)

0.340 pence

1,500,000 warrants

 

e)

Date of the transaction:

27 February 2020

17:00 UTC

f)

Place of the transaction:

Outside a trading venue

 

1. 

Details of the person discharging managerial responsibilities/person closely associated

a)

Name: 

Judith Hayes

2. 

Reason for the notification

a)

Position/status:

Administration Manager

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:

Warrants, each warrant to subscribe for one ordinary share of 0.01p each

 GB0008854563 (Ordinary Shares)

b)

Nature of the transaction:

Grant of warrants to subscribe for new ordinary shares

c)

Price(s) and volume(s):

 

Price(s)

Volume(s)

Exercise Price of 0.340 pence

400,000 warrants

 

d)

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

Price(s)

Volume(s)

Exercise price of 0.340 pence

400,000 warrants

 

e)

Date of the transaction:

27 February 2020

17:00 UTC

f)

Place of the transaction:

Outside a trading venue

 

1. 

Details of the person discharging managerial responsibilities/person closely associated

a)

Name: 

Sondra Pyrch

2. 

Reason for the notification

a)

Position/status:

Company Accountant

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:

Warrants, each warrant to subscribe for one ordinary share of 0.01p each

 GB0008854563 (Ordinary Shares)

b)

Nature of the transaction:

Grant of warrants to subscribe for new ordinary shares

c)

Price(s) and volume(s):

 

Price(s)

Volume(s)

Exercise Price of 0.340 pence

400,000 warrants

 

d)

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

Price(s)

Volume(s)

Exercise price of 0.340 pence

400,000 warrants

 

e)

Date of the transaction:

27 February 2020

17:00 UTC

f)

Place of the transaction:

Outside a trading venue

 

1. 

Details of the person discharging managerial responsibilities/person closely associated

a)

Name: 

Jaelithe Talboom

2. 

Reason for the notification

a)

Position/status:

Business Assistant

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:

Warrants, each warrant to subscribe for one ordinary share of 0.01p each

 GB0008854563 (Ordinary Shares)

b)

Nature of the transaction:

Grant of warrants to subscribe for new ordinary shares

c)

Price(s) and volume(s):

 

Price(s)

Volume(s)

Exercise Price of 0.340 pence

400,000 warrants

 

d)

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

Price(s)

Volume(s)

Exercise price of 0.340 pence

400,000 warrants

 

e)

Date of the transaction:

27 February 2020

17:00 UTC

f)

Place of the transaction:

Outside a trading venue

 

1. 

Details of the person discharging managerial responsibilities/person closely associated

a)

Name: 

Joel Cheetham

2. 

Reason for the notification

a)

Position/status:

Data Analyst

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:

Warrants, each warrant to subscribe for one ordinary share of 0.01p each

 GB0008854563 (Ordinary Shares)

b)

Nature of the transaction:

Grant of warrants to subscribe for new ordinary shares

c)

Price(s) and volume(s):

 

Price(s)

Volume(s)

Exercise Price of 0.340 pence

400,000 warrants

 

d)

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

Price(s)

Volume(s)

Exercise price of 0.340 pence

400,000 warrants

 

e)

Date of the transaction:

27 February 2020

17:00 UTC

f)

Place of the transaction:

Outside a trading venue

 

 

1. 

Details of the person discharging managerial responsibilities/person closely associated

a)

Name:

Richard Clemmey

2. 

Reason for the notification

a)

Position/status:

Managing Director

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:

Warrants, each warrant to subscribe for one ordinary share of 0.01p each


GB0008854563 (Ordinary Shares)

b)

Nature of the transaction:

Grant of warrants to subscribe for new ordinary shares

c)

Price(s) and volume(s):

 

Price(s)

Volume(s)

Exercise price of 0.340 pence

3,000,000 warrants

 

d)

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

Price(s)

Volume(s)

Exercise price of 0.340 pence

3,000,000 warrants

 

e)

Date of the transaction:

27 February 2020

17:00 UTC

f)

Place of the transaction:

Outside a trading venue

 

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:

Warrants, each warrant to subscribe for one ordinary share of 0.01p each

 GB0008854563 (Ordinary Shares)

b)

Nature of the transaction:

Grant of warrants to subscribe for new ordinary shares

c)

Price(s) and volume(s):

 

Price(s)

Volume(s)

Exercise Price of 0.340 pence

2,000,000 warrants

 

d)

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

Price(s)

Volume(s)

Exercise price of 0.340 pence

2,000,000 warrants

 

e)

Date of the transaction:

27 February 2020

17:00 UTC

f)

Place of the transaction:

Outside a trading venue

ENQUIRIES

Tertiary Minerals plc

Richard Clemmey, Managing Director

Patrick Cheetham, Executive Chairman

 

Tel: +44 (0)1625 838 679

S P Angel Corporate Finance LLP

Nominated Adviser & Joint Broker

Richard Morrison/Caroline Rowe

 

Tel: +44 (0)203 470 0470

Peterhouse Capital Limited

Joint Broker

Lucy Williams/Duncan Vasey

 

Tel: +44 (0)207 469 09

Tertiary Minerals #TYM – Placing to Raise £275,000

Tertiary Minerals plc is pleased to announce that it has raised £275,000 before expenses by way of a placing (the “Placing”) of 100,000,000 new ordinary shares (the “Placing Shares”) at 0.275 pence per share (the “Placing”). The Placing Shares will rank pari-passu with all existing ordinary shares in the Company. The Placing was arranged through Peterhouse Capital Limited (“Peterhouse”) which has been appointed as a joint broker to the Company.

The funds raised will provide additional working capital for the Company and to fund development work for its projects, priorities to include:

Pyramid Gold Project, Nevada, USA

 · Commence drilling, initially seeking to confirm priority epithermal vein target:

§ Drill hole PYR 9 – intersected visible gold and assayed 1.52m grading 17.8 g/t Au from 94.5m down hole

§ PYR 9 ended in 1.52m grading 2.6 g/t Au at 115.8m depth

Paymaster Polymetallic Project, Nevada

· Geological Mapping

· Infill soil sampling

· Geophysical survey 

The Placing is being made under existing shareholder authorities. Application will be made to the London Stock Exchange for 100,000,000 ordinary shares of 0.01 pence in Tertiary to be admitted to trading on AIM (“Admission”), and it is expected that Admission will occur on or around 02 March 2020. Peterhouse will be issued with 5,000,000 warrants, each warrant entitling the holder to apply for one new Ordinary Share at the Placing Price at any time within 12 months from the date of issue.

In accordance with Financial Conduct Authority’s Disclosure and Transparency Rules (“DTR”), following the issue and Admission, the total issued share capital of the Company with voting rights will be 733,433,448 ordinary shares.

The above figure of 733,433,448 ordinary shares 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 in their interest in, the share capital of the Company under the DTR.

Richard Clemmey, Managing Director of the Company, commented today: “We are very pleased to have attracted new investor interest in the Company and now have have sufficient funding for the near term and to execute the first drill hole on our exciting Pyramid Gold Project in Nevada.”

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

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.

Tertiary Minerals #TYM – Afzal Valli Major Shareholding

TR-1: Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii:

Tertiary Minerals Plc 

1b. Please indicate if the issuer is a non-UK issuer  (please mark with an “X” if appropriate)

Non-UK issuer

2. Reason for the notification (please mark the appropriate box or boxes with an “X”)

An acquisition or disposal of voting rights

An acquisition or disposal of financial instruments

X

An event changing the breakdown of voting rights

Other (please specify)iii:

3. Details of person subject to the notification obligationiv

Name

 Afzal Valli

City and country of registered office (if applicable)

4. Full name of shareholder(s) (if different from 3.)v

Name

Afzal Valli

City and country of registered office (if applicable)

5. Date on which the threshold was crossed or reachedvi:

Friday 21 February 2020

6. Date on which issuer notified (DD/MM/YYYY):

Friday 21 February 2020

7. Total positions of person(s) subject to the notification obligation

% of voting rights attached to shares (total of 8. A)

% of voting rights through financial instruments
(total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights of issuervii

Resulting situation on the date on which threshold was crossed or reached

5.07%

5.07%

478,727,565

Position of previous notification (if

applicable)

4.07%

4.07%

 

8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii

A: Voting rights attached to shares

Class/type of
shares

ISIN code (if possible)

Number of voting rightsix

% of voting rights

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

GB0008854563

24,288,532

5.07%

SUBTOTAL 8. A

24,288,532

5.07%

 

 

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))

Type of financial instrument

Expiration
date
x

Exercise/
Conversion Period
xi

Number of voting rights that may be acquired if the instrument is

exercised/converted.

% of voting rights

SUBTOTAL 8. B 1

 

 

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))

Type of financial instrument

Expiration
date
x

Exercise/
Conversion Period 
xi

Physical or cash

settlementxii

Number of voting rights

% of voting rights

SUBTOTAL 8.B.2

 

 

 

9. Information in relation to the person subject to the notification obligation (please mark the

applicable box with an “X”)

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii

Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entity
xiv (please add additional rows as necessary)

Namexv

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

N/A

10. In case of proxy voting, please identify:

Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held

11. Additional informationxvi

Place of completion

UK

Date of completion

21 February 2020

Tertiary Minerals #TYM – 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:
  • Drill hole PYR 9 – intersected visible gold and assayed 1.52m grading 17.8 g/t Au from 94.5m down hole
  • 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.

Tertiary Minerals #TYM – Afzal Valli Major Shareholding

TR-1: Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii:

Tertiary Minerals Plc 

1b. Please indicate if the issuer is a non-UK issuer  (please mark with an “X” if appropriate)

Non-UK issuer

2. Reason for the notification (please mark the appropriate box or boxes with an “X”)

An acquisition or disposal of voting rights

An acquisition or disposal of financial instruments

X

An event changing the breakdown of voting rights

Other (please specify)iii:

3. Details of person subject to the notification obligationiv

Name

City and country of registered office (if applicable)

4. Full name of shareholder(s) (if different from 3.)v

Name

Afzal Valli

City and country of registered office (if applicable)

5. Date on which the threshold was crossed or reachedvi:

13th August 2019

6. Date on which issuer notified (DD/MM/YYYY):

14th August 2019

7. Total positions of person(s) subject to the notification obligation

% of voting rights attached to shares (total of 8. A)

% of voting rights through financial instruments
(total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights of issuervii

Resulting situation on the date on which threshold was crossed or reached

3.03%

3.03%

13,430,165

Position of previous notification (if

applicable)

 

8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii

A: Voting rights attached to shares

Class/type of
shares

ISIN code (if possible)

Number of voting rightsix

% of voting rights

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

GB0008854563

13,430,165

3.03%

SUBTOTAL 8. A

13,430,165

3.03%

 

 

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))

Type of financial instrument

Expiration
date
x

Exercise/
Conversion Period
xi

Number of voting rights that may be acquired if the instrument is

exercised/converted.

% of voting rights

SUBTOTAL 8. B 1

 

 

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))

Type of financial instrument

Expiration
date
x

Exercise/
Conversion Period 
xi

Physical or cash

settlementxii

Number of voting rights

% of voting rights

SUBTOTAL 8.B.2

 

 

 

9. Information in relation to the person subject to the notification obligation (please mark the

applicable box with an “X”)

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii

Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entity
xiv (please add additional rows as necessary)

Namexv

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

N/A

10. In case of proxy voting, please identify:

Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held

11. Additional informationxvi

Place of completion

UK

Date of completion

13 August 2019

Tertiary Minerals plc (TYM) Paymaster Polymetallic Project Update

Further to the Company’s announcements of 21 February 2019 and 30 May 2019, Tertiary Minerals plc is pleased to advise that initial follow-up field reconnaissance of soil anomalies at its recently acquired Paymaster Polymetallic Project in Nevada has identified two zones of zinc-silver mineralisation for follow-up exploration and drilling. 

Highlights: 

Valley Prospect

  • New thick skarn zone observed in the field: Approximately 350m long and up to 8m thick
  • Rock sample taken from historic shaft spoil assayed 7.5% zinc, 4.3% lead and 180g/t silver

East Slope Prospect

  • 650m long zinc soil anomaly (100-250 ppm zinc) surrounding previously sampled outcrop of zinc-silver cobalt bearing skarn mineralisation, including 175m long 250-500 ppm zinc soil anomaly
  • Previous rock sample assays up to 20.9% zinc, 0.11% cobalt and 198 ppm silver within the prospect
  • Infill soil sampling and trenching proposed to better define drill target

Additional soil anomalies require further evaluation

Richard Clemmey, Managing Director of the Company, commented today: 

“We are pleased to be reporting these two new targets as a result of follow up of our soil sampling results at the Paymaster Project and to be closing in on drill targets at such an early stage in the life of the project. This follows on from our recent acquisition of the Pyramid Gold Project, also in Nevada, where drill targets for gold are already defined.

These results demonstrate how value can be added at low cost as we build up a new portfolio of base and precious metal projects in the western USA.”

 

Enquiries
Tertiary Minerals plcRichard Clemmey, Managing DirectorPatrick Cheetham, Chairman  
+44 (0) 1625 838 679             
SP Angel Corporate Finance LLP

Nominated Adviser & Joint Broker 

Lindsay Mair/Caroline Rowe

+44 (0) 203 470 0470
SVS Securities plc

Joint Broker

Elliot Hance

+44 (0) 203 700 0093

 

Tertiary Minerals #TYM – New Project Acquisition in the Pyramid Mining District of Nevada, USA.

Tertiary Minerals plc is pleased to advise that it has secured exploration rights and an option to purchase a group of claims in the Pyramid Mining District of Nevada. The project is located 25 miles northwest of Reno and is easily accessible by sealed highway.

Pyramid Project Highlights:

  • 20-year lease secured over group of 9 patented claims with option to purchase (subject to underlying royalties).
  • Additional 25 mining claims staked to cover additional targets along strike.
  • Located in productive Walker Lane porphyry copper/epithermal gold belt.
  • Limited historical exploration (1989-90) has defined priority epithermal vein drill target:
  • Drill hole PYR 9 – intersected visible gold and assayed 1.52m grading 17.8 g/t Au from 94.5m down hole
  • PYR 9 ended in 1.52m grading 2.6 g/t Au at 115.8m depth.
  • PYR 9 was only drill hole to effectively test a cohesive 750m long open-ended gold-mercury-arsenic soil geochemical anomaly.
  • Claims contain a number of untested epithermal veins and stockwork target zones – 43 widespread surface samples assayed up to 7.27 g/t Au and averaged 1.3 g/t Au

 

  • The State of Nevada:
  • 5th largest gold producer in world.
  • 6 M oz of gold produced in 2017.
  • 1 M oz of gold produced 1835-2018.
  • Ranked #1 most desirable mining jurisdiction in the world by The Fraser Institute.

Commenting today, Managing Director, Richard Clemmey said:  “We are delighted to have acquired an interest in the Pyramid Project.  Projects with high-grade gold results in drilling that have not already been followed up are hard to find in Nevada.  This acquisition follows the staking of the Paymaster Project earlier this year and is in line with our strategy to build a new project portfolio which will enable the Company to reduce its future geographical, technical, permitting and commodity risk exposure and provide long-term shareholder value”. 

Maps showing the location of various features described in this news release will be available on the Company’s website in due course.

 

 

Enquiries

 

Tertiary Minerals plc

Richard Clemmey, Managing Director

Patrick Cheetham, Chairman

 

 

 

+44 (0) 1625 838 679

SP Angel Corporate Finance LLP

Nominated Adviser & Broker

Lindsay Mair/Caroline Rowe

 

+44 (0) 20 3470 0470
SVS Securities plc

Joint Broker

Elliot Hance

+44 (0) 203 700 0093

Detailed Information

Location

Tertiary’s Pyramid Project is located 40km northwest of Reno in the Pyramid Mining District and is readily accessible from State Highway 445 which crosses the northwest tip of the project.

The Property

The Company has secured a 20-year lease with option to purchase a group of 9 patented mining claims. In addition, the Company has staked a further 25 unpatented mining claims adjoining the patents to cover potential extensions along strike.

Patented mining claims are considered as private property under US law and have the advantage that mineral exploration and surface disturbance below 5 acres can be carried out without permits and, in general, mine permitting is a more straightforward process.

Geology & Mineralisation

The Pyramid Mining District lies at the northwest end of the Walker Lane mineral belt a major northwest trending structural deformation zone and a highly productive gold, silver and copper producing region which is host to numerous past and currently producing multi-million ounce epithermal gold deposits as well porphyry copper and porphyry molybdenum deposits.

Within the Pyramid Mining District, the Company’s Pyramid Project is underlain by a thick sequence of mid-late Tertiary age (23 Ma old) rhyolitic tuffs interpreted by the Nevada Bureau of Mines & Geology to have formed within an east-west elongated Caldera structure named the Perry Canyon Caldera.

The gold veins at Pyramid lie within the Perry Canyon Caldera and are interpreted from historical mapping and mineral exploration to lie on the margins of a large and deeply buried porphyry system in the southeast part of the district that is currently claimed by copper producer Asarco LLC (a division part of Groupo Mexico). At the higher erosional levels currently preserved at Pyramid such porphyry systems are prospective for high-sulphidation gold deposits (in more central areas) such as those found further south in the Walker Lane at the Goldfield Mining District (4 million ounces of past production at 1oz gold/ton) and  low and intermediate-sulphidation epithermal deposits (of which there are many examples in the Walker Lane) in more peripheral areas where the Company’s claims are located. This pattern of mineralisation is similar to that of many large porphyry systems in the US, Peru and the Pacific basin countries.

In the main part of the Pyramid District precious metals were mined from three moderately to steeply dipping, northwest-striking vein systems named after the prominent mines that occur along them – Ruth, Burrus, and Bluebird. The Company’s claim interests cover the Ruth vein system and a number of parallel vein systems and zones of alteration.  In addition to abundant quartz and pyrite, vein minerals in unoxidized ore from the Ruth vein system include barite, anglesite, galena, sphalerite, acanthite, gold and cassiterite.

Past Mining & Exploration

The Pyramid Mining District was established in 1866 with only small-scale production reported. Modern exploration in the Pyramid District has focussed primarily on the search for porphyry copper mineralisation with only limited exploration having been carried out for gold.

The only documented field exploration in the area of the Company’s claims was carried out by Battle Mountain Gold Mining (“Battle Mountain”) who leased the project from the current lessors, Golden Crescent Corporation, in the period 1988-89. Battle Mountain carried out surface sampling, soil sampling and drilled 10 shallow exploration holes for a total of 1,006m of drilling to depths between 43 and 140m.

Soil sampling was conducted on a 30 x 120m grid within a confined area 600m x 600m centred on Battle Mountain’s main target area, the Ruth Mine vein system and associated vein stockwork. This identified a series of gold-in-soil anomalies and eight of their ten drill holes were designed to test a broad gold anomaly located just northwest of the Ruth Mine. These intersected areas of anomalous gold up to 1.5m grading 1.64 grammes/tonne gold (g/t Au) in hole PYR 1 from 10.7m depth.

Battle Mountain’s two other drill holes were designed to test a parallel vein west of the Ruth vein system which correlates with a separate strong gold-arsenic-mercury soil anomaly, mercury and arsenic being strongly associated with gold in epithermal gold deposits. This soil anomaly is open ended and continues strongly to the northwest and southeast boundaries of the sampled area.

Drill hole PYR 9 on this western line intersected high-grade gold mineralisation and visible gold within a sample thickness of 1.52m grading 17.8 g/t Au from 94.5m downhole. A broad 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.

PYR 10 targeted the same western line soil anomaly some 150m to the southwest but was interpreted to have been drilled in the wrong direction and made no significant gold intersections.

Battle Mountain did not carry out any follow up exploration.

Proposed Mineral Exploration – Tertiary Minerals plc

The association of high-grade gold mineralisation in a previous drill hole associated with a strong and open-ended gold soil anomaly supported strongly by epithermal pathfinder elements mercury and arsenic presents a compelling drill target.

Similar narrow high-grade epithermal gold deposits in Nevada have hosted multi-million-ounce deposits such as the producing Midas Mine where the mainveins produced more than 2.2 million ounces of gold and 26.9 million ounces of silver between 1998 and 2013.

Tertiary Minerals intends to follow up Battle Mountain’s drilling and soil sampling results with an initial RC and core drilling programme as soon as possible. Core drilling is recommended as water, which can affect sample quality, was encountered in drilling both holes PYR 9 & 10.

The broader potential of the vein systems on the Project area are highlighted by the results of 43 surface chip samples taken by Battle Mountain from various outcropping veins and old mine workings within the Company’s Project area. These assayed up to 7.27 g/t Au and averaged 1.3 g/t Au.

This high prospectivity was confirmed by surface grab carried out by the Nevada Bureau of Mines & Geology during a regional assessment in 1999 when samples from the 1km long Ruth vein System averaged 1.3 g/t gold and 131 g/t silver (Garside et al 2003). The highest gold content, 8 g/t Au, was from the Surefire Mine area which has never been drill tested.

A series of maps illustrating the features described in the News Release will be uploaded to the Company’s website in due course.

Summary of Terms of Lease/Option

Advanced Annual Minimum Royalty Payments:

  • $15,000 payable on signing
  • $12,500 payable on or before 12 months from date of agreement
  • $12,500 payable on or before 18 months from date of agreement
  • $20,000 payable on or before 24 months from date of agreement
  • $20,000 payable on or before 30 months from date of agreement
  • $27,500 payable on or before 36 months from date of agreement
  • $27,500 payable on or before 42 months from date of agreement
  • $35,000 payable every 6 months from 48 months after the date of the agreement

Option to buy property (required to purchase property prior to commencement of mining):

  • $1,500,000 – At any time before the end of Lease Year 5
  • $2,000,000 – At any time after Lease Year 5 and before the end of Lease Year 10
  • $2,500,000 – At any time after Lease Year 10 and before the end of Lease Year 20

Royalty Payable:

  • 2% Net Smelter Return
  • Where underlying pre-existing Royalties exist2on a particular claim then the 2% Royalty payment on that claim will be reduced by a variable amount to minimise the impost of multiple royalty payments
  • Advanced Royalty Payments credited against royalty payment entitlements
  • Royalty Area of Interest: 0.5 miles
  • Right to buy one half of royalty for $1,000,000 at any time before start of mine and/or plant construction
  • Advanced royalty payments not credited against royalty buyout
  • Royalty retained after property buyout (subject to half purchase right)

References:

Nevada Bureau of Mines and Geology Map 146. 2003. Geology of the Fraser Flat Quadrangle and the west half of the Moses Rock Quadrangle, Washoe County, Nevada. Larry J. Garside, Stephen B. Castor, Craig M. dePolo, and David A. Davis, with a section on aeromagnetic lineament analysis, Warm Springs Valley, by Michael C. Widmer.

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. Three of the nine claims subject to the lease agreement are known to be subject to a third party underlying 4% gross proceeds royalty.

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.

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