Home » Tertiary Minerals (TYM)
Category Archives: Tertiary Minerals (TYM)
Alan Green covers Botswana Diamonds #BODS & Tertiary Minerals #TYM on this week’s Stockbox Research Talks
Alan Green covers Botswana Diamonds #BODS & Tertiary Minerals #TYM on this week’s Stockbox Research Talks
Tertiary Minerals #TYM – Exploration Update Jacks Copper Project
Tertiary Minerals plc (LON: TYM), the AIM traded mineral exploration and development company, whose strategic focus is on energy transition metals, is pleased to announce that the Company has completed its first drill programme at the Jacks Copper Project (“Jacks”) in Zambia. Jacks lies within exploration licence 27069-HQ-LEL (the “Licence”), held by local partner Mwashia Resources Limited (“Mwashia”). Tertiary has an exclusive option to earn up to a 90% joint venture interest in the licence.
Highlights
- Four diamond core drill holes completed on two separate c. 150m spaced traverses for a total 746 metres of drilling.
- Systematic portable XRF (“pXRF”) analysis of drill core in-field has revealed intersections of copper mineralisation in all four holes that require confirmation and quantification by laboratory analysis.
- Drill holes positioned using pXRF analysis of soil samples which confirmed the historical (1990s) copper soil anomaly in the drill area
- Drill area soil anomaly forms part of a series of anomalies which extend over a 16km long trend within the Licence.
- 186 drill-core samples submitted for laboratory analysis with results expected within a few weeks.
Commenting today, Executive Chairman Patrick Cheetham said:
“We are pleased to be reporting the successful completion of our first drill programme in Zambia and look forward to reporting the analytical results. We anticipate that the expenditures incurred on this programme will satisfy the requirements for the Company to earn an initial 51% interest in the Licence and we look forward to working with our joint venture partner, Mwashia Resources, on this and the other joint venture licences we have with the same partner.”
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 | ||
Note to Editors
Tertiary Minerals plc (LON: TYM) is an AIM traded mineral exploration and development company whose strategic focus is on energy transition metals. The Company’s projects are located in stable and democratic, geologically prospective, mining-friendly jurisdictions. Tertiary’s current principal activities are the discovery and development of mineral resources in Nevada and in Zambia.
Market Abuse Regulation
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’). Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.
Detailed Information
The Jacks Prospect lies within Exploration Licence 27069-HQ-LEL which covers 141.4 km2 and is located 85 km south of Luanshya in Zambia. This licence is currently owned by local partner Mwashia. Tertiary has an exclusive option to earn up to a 90% joint venture interest in the licence.
The host rocks in the licence comprise synclinally folded basal Katangan Supergroup sediments which include the Lower Roan Subgroup, the main copper mineralised rock sequence in the Central African Copperbelt. The axis of the asymmetric syncline trends approximately east-west. The northern limb dips 15°-25° to the south demonstrated by historic drilling as well as from mapped outcrop. Previous work reports that the dips on the southern limb are variable between 60° to the north and vertical with local overturning. The detailed geometry of the syncline and interpreted parasitic folds is poorly understood and further interpretation of orientated drill core is required.
The area was first explored by Roan Selection Trust Ltd. (“RST”) in the 1960s after copper flower was observed. RST drilled a series of holes in the area of the copper showings which coincides with the nose of a fold structure. Several zones of low-grade copper were reportedly intersected.
In the 1990s, Caledonia Mining Corporation (“CMC”) conducted aeromagnetic surveys and soil geochemical sampling. The geochemical surveys highlighted an intermittent soil anomaly that extends over an 18 km strike length of which 16 km lies within the Jacks Project Licence. After delineation of prospective areas, CMC entered into a joint venture earn-in agreement with Cyprus AMAX Minerals, a major US-based mineral exploration and mining company. The 1997-1999 exploration programme included infill geochemical sampling, ground-based magnetic surveys, 19 reverse circulation drill holes and 10 core drill holes.
Phase 1 Drill Programme
Upon entering into its agreement with Mwashia, Tertiary obtained all available historical exploration data and performed a spatially integrated data review and constructed a preliminary geological model.
This suggested that the Jack’s Project area presented an attractive drill target where historical drilling intersected significant copper mineralisation and which the Company believes justified follow-up exploration.
The historical data had limitations on the positional accuracy of historic drill holes and so to assist with drill targeting the Company conducted field geochemical analysis of soils using a pXRF analyser along and between the profiles of historical drilling. Several strong copper anomalies were identified which, when correlated with historical soil geochemistry, allowed the interpreted geological model to be spatially refined.
In May 2022, Tertiary contracted Ox Drilling to conduct a diamond drilling programme with geological supervision and drill management performed by GeoQuest Limited. Four holes were completed on two traverses spaced approximately 150m apart for a total of 746m of drilling. During the drill programme core orientation was carried out together with preliminary analysis using portable pXRF to provide real-time interpretation of drill intersections and facilitate the positioning of subsequent holes.
All drillhole collars were surveyed via GPS and downhole surveys were completed prior to plugging and marking drill holes in the field.
Systematic drill core analysis using the pXRF has indicated that all four holes intersected copper mineralisation. Whilst pXRF analyses are a good guide to the occurrence of mineralisation, the pXRF results now need to be confirmed and quantified by follow up laboratory based analysis. Consequently 186 samples were cut from the drill core on-site and, along with internal QA/QC samples, were delivered to SGS Laboratories in Kalulushi for analysis. The Company expects the analytical results to be available within a few weeks .
Notes:
- The information in this release has been reviewed by Mr. Patrick Cheetham (MIMMM, M.Aus.IMM), Executive Chairman of Tertiary Minerals plc, 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.
Tertiary Minerals #TYM – Resignation of Managing Director
Tertiary Minerals plc (LON: TYM), the AIM traded mineral exploration and development company, whose strategic focus is on energy transition metals, advises that it has received and accepted a letter of resignation from its Managing Director, Mr. Patrick Cullen, effective 20 June 2022.
The Company will seek to recruit a replacement Managing Director, with Mr. Cullen’s responsibilities being assumed by other members of the Board in the meantime.
Commenting today, Executive Chairman Patrick Cheetham said:
“The Board does not expect its strategy or ongoing work programmes in Zambia or Nevada to be materially affected by this change and the Board would like to thank Mr. Cullen for his contribution to the Company since joining as Managing Director in September 2021.”
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 | ||
Note to Editors
Tertiary Minerals plc (LON: TYM) is an AIM traded mineral exploration and development company whose strategic focus is on energy transition metals. The Company’s projects are located in stable and democratic, geologically prospective, mining-friendly jurisdictions. Tertiary’s current principal activities are the discovery and development of copper resources in Nevada and in Zambia.
Market Abuse Regulation
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’). Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain
Tertiary Minerals #TYM – Half-Year Report
HALF-YEARLY REPORT 2022
Tertiary Minerals plc announces its unaudited interim results for the six-month period ended 31 March 2022.
Operational highlights:
Tertiary continued to develop its project portfolio, focused on copper opportunities in Zambia and Nevada. Most notably activities included:
· Completing environmental permitting for the Jacks Copper Project in Zambia, collecting historic data and completing additional surface geochemical studies in order to bring the project to drill-ready status;
· Planning a first phase of core drilling at Jacks comprising an orientation programme designed to establish copper grades and an improved understanding of the geometry of mineralised zones identified by historic work;
· Expanding Option & JV agreements with local partners covering four further licences which gives the Company access to over 1,200 km2 across the Central African Copperbelt (the “Copperbelt”) and over an area 20 km east of the past-producing high-grade Kalengwa copper mine;
· Continuing to evaluate additional opportunities across the Copperbelt in Zambia and elsewhere; and
· Completing permitting for the next phase of exploration at the Brunton Pass Copper Project in Nevada which will commence in the coming months.
Zambia
Tertiary has begun field operations in Zambia. The Company planned a first phase of core drilling at the Jacks Copper Project during the period and drilling has since commenced. Historic exploration results at Jacks indicate a 16km long open-ended soil geochemical anomaly associated with rocks of the Lower Roan Subgroup. The Lower Roan Subgroup is typically associated with many of the stratiform copper deposits of the Copperbelt in Zambia. At Jacks, a large-scale fold and a series of folding events and faulting/shearing is in evidence from historic work. This first phase of drilling is the first step to gathering improved spatial data on the location and geometry of known mineralisation and an understanding of the associated structural setting.
The historic core and reverse circulation drilling at Jacks targeted just two small areas where soil anomalies were most pronounced. Historic intersections include an interval of 23.95m grading at 1.26% copper (including 1.88m grading at 2.93% copper).
In addition to Jacks, additional agreements are now in place with the Company’s existing Zambian partner, Mwashia Resources Limited, giving the Company the right to earn up to 90% of four other licences located across the Copperbelt and in the North-Western Province. As with Jacks, the Lubuila, Mukai and Konkola West projects all target the Lower Roan Subgroup. The Mushima North project lies westwards of the past-producing Kalengwa copper mine, believed to be one of the highest grade copper deposits to have been mined in Zambia. Work is underway to provide the necessary supporting materials for the submission of environmental project briefs with the Zambia Environmental Management Agency for permitting of exploration activities on these licences. The process is most advanced for the Lubuila project and is expected to be concluded in the coming months with the others to follow later in the year. In the meantime, desktop studies and the acquisition of historic data has begun.
Nevada
A first phase of reverse circulation drilling at the Pyramid Silver-Gold Project in Nevada has not demonstrated mineralisation at depth. The continuity of grade at surface and the evidence of significant underground workings suggested a compelling drill target. The limited reverse circulation programme was conducted on schedule and below budget. Apart from rehabilitation, no further expenditure is planned at Pyramid and cumulative exploration costs of £361,379 have been impaired.
A permit for the next phase of exploration at the Brunton Pass Copper Project was issued in mid-April and the planned trenching programme across the main copper anomaly will commence shortly, alongside further investigation into the potential for gold and silver mineralisation on the property. Initial reconnaissance sampling resulted in multiple samples grading higher than 1% copper as well as a 2.44m channel sample grading 4.66% copper. The trenching programme will test for mineralisation at the primary target in the south of the project which is intrusion-related skarn copper mineralisation overprinted by a later mineralising episode which may represent the high levels of an epithermal system prospective for gold and silver. Trenching is also planned to investigate secondary targets in the northern area of the project.
FINANCIAL SUMMARY FOR THE SIX-MONTH PERIOD ENDED 31 MARCH 2022:
· Operating Loss of £604,213 comprises:
o Revenue of £89,906; less Administration costs of £305,933 (which includes non-cash share-based payments of £29,237).
o Pre-licence and reconnaissance exploration costs totalling £26,807.
o Impairment of deferred exploration asset of £361,379 relating to Pyramid project in Nevada, US. This project was fully impaired following a series of phases of exploration across the property, most recently drilling at North Ruth.
· Total Group Loss of £604,193 is after crediting interest income of £20.
· Project expenditure of £222,876 was capitalised during the six-month period.
Funding and Cash Position:
· In January 2022, the Company completed a fundraising with Peterhouse Capital Limited raising £600,000 before expenses.
· The closing cash (and cash equivalent) position at the end of the period was £620,626.
Tertiary Minerals #TYM – Exploration Update Jacks Copper Project
Tertiary Minerals plc (LON: TYM), the AIM traded mineral exploration and development company, whose strategic focus is on energy transition metals, is pleased to announce that the Company has commenced its first drill programme at the Jacks Copper Project (“Jacks”) in Zambia. Jacks lies within exploration licence 27069-HQ-LEL, held by local partner Mwashia Resources Limited. Tertiary has an exclusive option to earn up to a 90% joint venture interest in the licence.
Highlights
- Visual observations of core from the first drill hole 22JKDD01 indicate the presence of copper mineralisation which has been confirmed by portable XRF measurements at site.
- Chrysocolla and malachite occur as veins and in fractures and as disseminations over several metres around 90 metres downhole depth (corresponding to a depth of approximately 74 metres below surface).
- This is the first drill hole of a programme designed to accurately locate previously intersected mineralised zones and test their continuity to depths up to 150-180 metres below surface.
- This phase of drilling will comprise approximately 750 to 1,000 metres of HQ and NQ orientated drill core. The core is being analysed on site using portable XRF and mineralised intervals will be sent to the SGS laboratory in Kalalushi for analysis.
- Historic work has established an 16 kilometre open-ended soil geochemical anomaly at Jacks with historic drill logs reporting intersections as wide as 23.95 metres grading at 1.26% total copper (TCu), including intervals as high as 3.19% TCu over 2.15 metres.
Commenting today, Managing Director Patrick Cullen said:
“We are very pleased to have our first drill programme in Zambia up and running and are encouraged by visible copper mineralisation in the first hole drilled. The portable XRF we have on site is proving very useful.
At this early stage, the drilling is focused on demonstrating mineralisation at grades and depths that are practical for open pit operations. It is apparent from historic work that there is significant structural complexity at Jacks. We are collecting core orientation data which we expect will provide improved understanding of the structural geometry and controls on mineralisation and help guide our exploration programme going forward.
We believe that Jacks has the potential to host potential economic mineralisation and we look forward to reporting laboratory results and further updates going ahead.”
For more information please contact
| Tertiary Minerals plc: | ||
| Patrick Cullen, Managing Director | +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 | ||
Note to Editors
Tertiary Minerals plc (LON: TYM) is an AIM traded mineral exploration and development company whose strategic focus is on energy transition metals. The Company’s projects are located in stable and democratic, geologically prospective, mining-friendly jurisdictions. Tertiary’s current principal activities are the discovery and development of copper resources in Nevada and in Zambia.
Market Abuse Regulation
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’). Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.
Background Information
Jacks lies within Exploration Licence 27069-HQ-LEL which covers 141.4 sq. km. and is located 85km south of Luanshya.
The host rocks in the licence comprise synclinally folded basal Katangan Supergroup sediments which include the Lower Roan Subgroup, the main copper mineralised rock sequence in the Central African Copperbelt. The axis of the asymmetric syncline trends approximately east-west. The northern limb dips 15°-25° to the south demonstrated by drilling as well as from mapped outcrop. Previous work reports that the dips on the southern limb are variable between 60° to the north and vertical with local overturning. The detailed geometry of the syncline and interpreted parasitic folds is poorly understood and further interpretation of orientated core is required.
The area was first explored by Roan Selection Trust Ltd. (“RST”) in the 1960s after copper flower was observed. RST drilled a series of core holes in the area of the copper showings which coincides with the nose of a fold structure. Several zones of low-grade copper were reportedly intersected.
In the 1990s, Caledonia Mining Corporation (“CMC”) conducted aeromagnetic surveys and geochemical sampling (conventional ICP and mobile metal ion). The geochemical surveys highlighted an intermittent anomaly that extends for over 18 kilometres of which 16 kilometres lies within the Jacks project. After delineation of prospective areas, CMC entered into a joint venture earn-in agreement with Cyprus AMAX Minerals (“Cyprus”), a major US-based mineral exploration and mining company. The 1997-1999 exploration programme included infill geochemical sampling, ground-based magnetics, 19 reverse circulation holes and 10 core holes.
The licence area was held by KPR Investments Ltd between 2013 and 2017. First Quantum Minerals (“FQM”) entered into an option period/joint venture agreement with KPR Investments Ltd and completed significant exploration activities in 2014 and 2015, including lithological and structural mapping, licence wide 500 x 500 metres soil sampling and limited infill soil sampling on a 250 x 250 metres grid.
Tertiary has sourced a significant volume of historic data from public sources including drill logs, assay data as well as a number of geological and surface sampling and drilling plans from previous reports and statutory reports submitted to the Ministry of Mines and Minerals Development. Discrepancies are noted between various records and field visits have confirmed poor accuracy of historic collar locations. Detailed logs exist for the Cyprus drilling and related copper assay data.
Notes:
- The information in this release has been reviewed by Mr. Patrick Cheetham (MIMMM, M.Aus.IMM), Executive Chairman of Tertiary Minerals plc, 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.
Tertiary Minerals #TYM – Pyramid Drilling Update
Tertiary Minerals plc (LON: TYM), the AIM traded mineral exploration and development company, whose strategic focus is on energy transition and precious metals, hereby announces results from the Company’s recent drill programme at the Pyramid Silver‑Gold Project in Nevada. In summary, drilling at the North Ruth target has not, to date, demonstrated significant mineralisation at depth.
Follow the link to view the announcement in full including Figure 1 here.
Highlights
- A programme of soil and rock chip sampling and trenching was conducted in phases throughout 2021 which established wide intervals of significant silver and associated gold mineralisation at surface at North Ruth along a zone over 500 metres in length;
- Additional trenches were excavated in February 2022, providing additional evidence for the surface extent of the mineralised zone;
- Reverse circulation (RC) drilling, comprising 6 holes for a total of 1,050 metres (3,445 feet), was completed in early March 2022 in order to explore the potential continuation of this mineralisation at depth;
- The drilling completed has not, however, returned favourable results and the continuity of mineralisation at depth has therefore not yet been established. The Company will now spend some time reviewing these results in more detail, while at the same time continuing its activities on its other exploration projects in Nevada and in Zambia.
Commenting today, Managing Director Patrick Cullen said:
“The surface sampling and trenching completed throughout 2021 and early 2022, as well as the presence of extensive historic underground workings in the area, confirmed North Ruth as a drill target that warranted drilling.
We executed a limited and cost-effective drill program, utilising RC, to determine if the mineralisation is present at depth but the results have been disappointing. A detailed analysis of the results will be needed before any further exploration is undertaken. Indications are that localised supergene enrichment of silver has resulted in the grades observed at surface.
In the meantime, progress has been made with permitting at our Brunton Pass Copper Project, also in Nevada, and we will recommence activities there soon. In addition, we have already begun field work on the Jacks Copper Project in Zambia and expect to commence drilling in late April or early May 2022.
For more information please contact
| Tertiary Minerals plc: | ||
| Patrick Cullen, Managing Director | +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 | ||
Note to Editors
Tertiary Minerals plc (LON: TYM) is an AIM traded mineral exploration and development company whose strategic focus is on energy transition and precious metals. The Company’s projects are located in stable and democratic, geologically prospective, mining-friendly jurisdictions. Tertiary’s principal activities are the discovery and development of copper, gold and silver resources in Nevada and in Zambia.
Market Abuse Regulation
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’). Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.
Detailed Information
Background
The Pyramid Gold-Silver Project was established through a lease agreement, targeting epithermal gold and silver mineralisation at the northwest end of the prolific current and past producing Walker Lane Mineral Belt.
The Company conducted systematic exploration at Pyramid undertaking extensive soil sampling, rock-ship sampling, mapping, and three phases of trenching over soil anomalies between April 2021 and February 2022. At the North Ruth target, surface silver and gold mineralisation was demonstrated to extend over a strike extent of at least 530 metres, with a zone width of up to 59 metres and yielding up to 595 g/t silver (17.35 ounces/ton) and 0.66 g/t gold (Announcement dated 14 October 2021).
Drill Programme
Envirotech Drilling LLC (“Envirotech”) of Winnemucca, Nevada were contracted to conduct RC drilling and commenced on 8 March, operating on a 24-hour basis until completion on 13 March 2022. The program was designed to test continuity of mineralisation at depth and along strike at the North Ruth target and comprised 6 holes (NR-01 to 06) for a total of 3,445 feet (1,050 metres).
RC samples were collected on 5-foot (1.52 metre) intervals providing 689 samples. 39 Field duplicates were collected throughout sampling. Additionally, 41 certified reference materials (“CRMs”) and 40 blanks were inserted into the sample run. Significant drilling results are shown in Table 2. Upon completion of a drillhole International Directional Services (“IDS”) performed downhole surveys using a gyroscopic survey tool to record azimuth and dip deviation. Collar locations were surveyed by handheld GPS and where two collars are adjacent, their relative position estimated to nearest metre.
Figure 1 below shows the collar locations for the holes drilled, Table 1 lists the collar coordinates and drillhole azimuths and Table 2 the most significant results.
(This figure, along with the announcement in full, can be viewed here.)
Figure 1: Location of RC drill holes NR-01 to NR-06 relative to rock chip samples and trenches. Historic underground activities are also indicated.
| DHID | NAD83_11_X | NAD83_11_Y | MASL_Z | EOH (M) | COLLAR_AZI | COLLAR_INC | EOH_AZI | EOH_INC |
| NR-01 | 273863 | 4415628 | 1352 | 152.4 | 218 | -45 | 225 | -55 |
| NR-02 | 273864 | 4415629 | 1352 | 219.5 | 217 | -55 | 227 | -58 |
| NR-03 | 273916 | 4415597 | 1347 | 193.5 | 223 | -46 | 234 | -56 |
| NR-04 | 273918 | 4415594 | 1347 | 214.9 | 205 | -45 | 213 | -45 |
| NR-05 | 274075 | 4415284 | 1394 | 121.9 | 045 | -60 | 046 | -64 |
| NR-06 | 273991 | 4415322 | 1362 | 147.8 | 044 | -55 | 044 | -63 |
Table 1: RC collars, azimuths and inclinations
| DHID | From (ft) | To (ft) | Interval (ft) | From (m) | To (m) | Interval (m) | Au (ppm) | Ag (ppm) |
| NR-05 | 195 | 200 | 5 | 59.4 | 61.0 | 1.5 | 0.697 | 81 |
| NR-05 | 170 | 175 | 5 | 51.8 | 53.3 | 1.5 | 0.089 | 18 |
| NR-06 | 240 | 245 | 5 | 73.2 | 74.7 | 1.5 | 0.003 | 18 |
| NR-06 | 15 | 20 | 5 | 4.6 | 6.1 | 1.5 | 0.249 | 16 |
| NR-06 | 25 | 30 | 5 | 7.6 | 9.1 | 1.5 | 0.088 | 16 |
Table 2: Significant1 silver drill intersections
Holes NR-01, NR-02, NR-03 and NR-04 were designed to intersect targets beneath the highest grade surface mineralisation in Trench 1, Trench 1 Ext and Trench 8. No significant intersections are noted. Minor intersections are noted in holes NR-05 and NR-06 which were drilled towards to the southern extent of the North Ruth target.
At this stage the discrepancy between surface and drill results in not explained and further evaluation is required. Faulting or surface enrichment are possible explanations.
Phase 3 Trenching
The Company also conducted a further, short program of trenching, comprising 3 trenches in February 2022 while drill pad and access construction was underway. Field observations and assay results continued to confirm the presence of mineralisation at surface and supported the plan to drill. The Samples collected from the trenches were prepared and analysed by Paragon using the same methods as previous phases3. Significant intersections are presented below.
| Trench | From (m) | To (m) | Interval (m) | Ag (g/t) | Au (g/t) |
| 2b | 42.67 | 46.63 | 3.96 | 20 | 0.30 |
| 14 | 3.05 | 9.14 | 6.09 | 18 | 0.09 |
| 14 | 13.41 | 17.37 | 3.96 | 41 | 0.33 |
| 14 | 61.57 | 64.62 | 3.05 | 16 | 0.29 |
Drill Sample Analysis and QA/QC
Drill samples were collected on-site by Paragon Geochemical (“Paragon”) and transported under chain of custody to their facility in Reno, Nevada for sample preparation and analysis. Samples were prepared using code PREP-PKG where samples were crushed to 70% passing 10 mesh (2000 micron) and 1 kilogramme riffle split and crushed to 85% passing 200mesh (74 micron).
RC material was sampled over continuous 5 foot (1.53 metre) intervals. Gold and silver were analysed by method Au-AA Ag-GR, a 30g fire assay with gravimetric finish for silver and an atomic absorption spectroscopy finish for gold. As routine, Paragon implemented internal QA/QC procedures which were reviewed by the Company and are considered acceptable.
The Company implemented its own QA/QC protocol which involved field insertion of greater than 5% blanks, greater than 5% field duplicates and greater than 5% CRMs. QA/QC samples were inserted blind and assigned the same continuous sample number sequence as original samples. Two different CRMs were used to access both high- and low‑grade material. A review of assay results from the Company’s QA/QC inserts were found to be acceptable.
Notes:
- ‘Significant’ is defined as a minimum 2 metres width of sample grading a minimum of 15 g/t silver or 0.25 g/t gold in trenching and surface sampling. A width of 1.52 metres (5 feet) is applied for RC drilling in Nevada which relates to the standard sampling width. Narrow lower grade material may be included where they are internal to the reported intervals. Reported thicknesses of drill intersections are thicknesses measured downhole and therefore cannot be considered true thickness.
- Units:
Rock samples reported in g/t = grammes/tonne
1 g/t = 0.029167 ounce/ton (i.e. troy ounces/US ton)
1ppm = 1 g/tonne
1 (Troy) ounce =31.105 g
- Trench samples were collected by consulting Geologist Ivan Johnson as continuous chip samples over a maximum of 10 feet per sample. Samples were transported under chain of custody to Paragon Geochemical facilities in Reno, Nevada, for sample preparation. Samples were crushed to 85% passing 200mesh using method PREP-RMB. Gold was analysed by method Au-AA30 which comprises 30g fire assay with aqua regia digest/AAS finish. Multielement analysis (including Ag) was performed using method 33 MA-OES which comprised a 4-acid digest with ICP/OES finish. Ag overrange analysis was performed using method Ag-Gr50, a 30g fire assay with gravimetric finish. Paragon carries out duplicate, and standard and blank materials analysis as part of its internal QA/QC procedures. Grades reported above are weighted average grades of samples taken over varying widths from within the reported intervals.
- The information in this release has been reviewed by Mr. Patrick Cheetham (MIMMM, M.Aus.IMM), Executive Chairman of Tertiary Minerals plc, 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.
Alan Green covers Tertiary Minerals #TYM and Sovereign Metals #SVML on this week’s Stockbox Research Talks
Alan Green covers Tertiary Minerals #TYM and Sovereign Metals #SVML on this week’s Stockbox Research Talks
UK Investor Magazine Podcast: We discuss Persimmon #PSN Tertiary Minerals #TYM ECR Minerals #ECR with Alan Green
The UK Investor Magazine Podcast is joined by Alan Green for a discussion of key market themes and UK equities.
The human tragedy of the conflict in Ukrainian is the most important and saddening part of the crisis and our thoughts are with everyone impacted.
We look at what the crisis means for market and companies listed in London.
Persimmon reported a bumper set of result on Wednesday and saw shares jump 6%. The housebuilder has seen a 7% increase in sales to 14,500 homes and will be benefitting from record high house prices above £260,000 reported by Nationwide.
Tertiary Minerals has a portfolio of mining assets across Nevada, Europe and Africa and we round up the latest developments at their projects.
We also cover the drilling campaign at ECR Minerals and take a look forward to further updates in the coming weeks.
Tertiary Minerals #TYM Pyramid Project Drilling Campaign – MD Patrick Cullen talks to Alan Green
Tertiary Minerals #TYM Pyramid Project Drilling Campaign – MD Patrick Cullen talks to Alan Green. Patrick discusses the Pyramid Silver and Gold project, the drilling team appointed to commence the drilling programme at North Ruth and a 3D model of the drill plan. Patrick discusses Zambia copper developments, the upcoming drilling work at the Jacks License and other assets. We end with a review of the upcoming work programme for the coming weeks and months.
#TYM Tertiary Minerals – Drill Programme at Pyramid Silver-Gold Project to Commence
Tertiary Minerals plc (LON: TYM), the AIM traded mineral exploration and development company, whose strategic focus is on energy transition and precious metals, is pleased to announce that contractors have been appointed for the Company’s upcoming drill programme at the Pyramid Silver-Gold Project in Nevada.
Highlights
- Drill pad construction and site access is complete and Envirotech Drilling LLC (“Envirotech”) of Winnemucca, Nevada has been appointed as contractor to undertake reverse circulation (“RC”) drilling;
- Surface mineralisation has been shown to extend over a strike extent of at least 530 metres at the North Ruth target, with grades as high as 595 g/t silver (17.35 ounces/ton) and 0.66 g/t gold intersected in exploration trenches;
- The objective of the drill programme is to establish the continuity of the silver and gold mineralisation at depth and will comprise six holes for an estimated 4,000 feet of RC drilling;
- Envirotech will mobilise and begin drilling in the second week of March 2022.
Commenting today, Managing Director Patrick Cullen said:
“The progression of geological mapping, geochemical and trenching programmes completed to date at Pyramid have established an exciting silver and gold target at North Ruth. Demonstrating continuity and mineralisation at depth is the next step and will give guidance on the scale of the opportunity.
I am happy to be drilling according to our planned schedule and to have secured Envirotech, especially considering the high demand for drilling rigs in Nevada. Nevada is a top-rated mining jurisdiction globally, with high levels of activity across exploration and mining projects, and this is reflected by the demand for contractors locally.
I am also pleased to say that the geologist who has managed each step of the work undertaken to date will be overseeing this drilling. We look forward to providing updates going forward.”
Updated Presentation
The latest investor presentation is available on the Company website at www.tertiaryminerals.com and includes updated information as well as a 3D visualisation of the upcoming drill programme.
For more information please contact:
| Tertiary Minerals plc: | ||
| Patrick Cullen, Managing Director | +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 | ||
