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Tertiary Minerals #TYM – Notice of General Meeting – Wednesday 24 March 2021
Tertiary Minerals plc, the AIM traded company building a multi-commodity project portfolio announces that it is holding a General Meeting on Wednesday 24 March 2021. The business of the General Meeting will be to consider and, if thought fit, to pass a special resolution to empower the directors to disapply the pre-emption rights in respect of those shares that were authorised for issue by Shareholders at the Annual General Meeting of the Company held on 28 January 2021 (“the AGM”).
Having raised capital recently, as announced on 26 January 2021, the Company has no immediate plans to issue new securities.
However, a resolution to disapply pre-emptive rights has been approved at all previous Annual General Meetings but failed to pass at this year’s AGM. Given that only 4.25% of shares then in issue were voted at the AGM, the Directors are of the view that the wishes of the Shareholders as a whole may not have been properly represented and would like to give Shareholders a second opportunity to consider granting this authority.
The Board considers that this resolution is in the best interest of the Company’s shareholders and the Company as a whole. Accordingly, the Board unanimously recommends that Shareholders vote in favour of the New Resolution, as they intend to do so in respect of their own beneficial holdings of Ordinary Shares which amount, in aggregate, to 15,579,080 Ordinary Shares representing approximately 1.32 per cent. of the total issued share capital of the Company as at today’s date.
A circular and Notice of General Meeting has today been posted to shareholders.
General Meeting Arrangements
The General Meeting will be held at 11.00am on Wednesday 24 March 2021.
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 General Meeting are necessary, details will be published on the website and via a Regulatory Information Service.
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 |
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| Richard Morrison | +44 (0) 203 470 0470 | |
| Caroline Rowe | ||
| Peterhouse Capital Limited
Joint Broker |
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| Lucy Williams | + 44 (0) 207 469 0930 | |
| Duncan Vasey | ||
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
| Event | Date |
| Posting of the Circular and Notice of General Meeting | Thursday 4 March 2021 |
| Latest time and date for receipt of Forms of Proxy | 11.00 a.m. Monday 22 March 2021 |
| Latest time and date for receipt of CREST Proxy Instructions | 11.00 a.m. Monday 22 March 2021 |
| General Meeting | 11.00 a.m. Wednesday 24 March 2021 |
| Announcement of the results of the General Meeting | Wednesday 24 March 2021 |
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information as defined in Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Tertiary Minerals #TYM – Issue of Equity and Total Voting Rights
The Company announces that Precious Metal Capital Group LLC (“PMCG”), the subscriber under the share subscription deed details of which were announced on 2 April 2020, has requested that the Company issue 20,000,000 ordinary shares (the “Shares”) to PMCG on 8 March 2021. The purchase price of the Shares (being 0.30 pence per share or an aggregate of £60,000) had been prepaid by PMCG as part of its lump sum investment of £600,000 in the Company, announced on 2 April 2020 and made by PMCG on 7 April 2020. Following the issue of the Shares there will be no prepayment outstanding and no further shares in relation that investment remain to be issued.
Application will therefore be made for the 20,000,000 ordinary shares to be admitted to trading on AIM with admission expected to take place on 8 March 2021. These ordinary shares will rank pari passu in all respects with all existing ordinary shares in the Company. The Shares are being issued pursuant to the authorities given by shareholders at the Annual General Meeting held on 19 March 2020.
Total Voting Rights
Following admission of the Shares, the Company’s enlarged issued share capital will comprise 1,183,322,445 ordinary shares with voting rights. This figure of 1,183,322,445 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 Disclosure Rules and Transparency Rules of the United Kingdom Financial Conduct Authority.
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 | ||
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 as defined in Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Alan Green talks Avacta #AVCT, Catenae Innovation #CTEA, Rambler Metals #RMM & Tertiary Minerals #TYM on Vox Markets podcast
Alan Green discusses Avacta #AVCT, Catenae Innovation #CTEA, Rambler Metals #RMM & Tertiary Minerals #TYM with Justin Waite on the Vox Markets podcast. Interview is 14 minutes in.
Tertiary Minerals #TYM – Lucky Copper Project Drilling
Tertiary Minerals plc is pleased to advise that drilling is scheduled to start today on the Company’s Lucky Copper Project in Nevada, USA.
The target is a disseminated sediment hosted, intrusion-related copper deposit and details of the project and the planned drill hole can be found in the Company’s announcements of 29 May 2020 and 11 January 2021.
Results of the drilling will be advised once analytical results become available.
Commenting today, Executive Chairman Patrick Cheetham said:
“We have decided to drill at an early stage on this project as historical exploration results present an immediate target with reported copper mineralisation that needs to be confirmed and put into a better geological context. We look forward to reporting results as they become available.”
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.
Note:
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 TR1 – Sanderson Capital Partners now hold 3.26%
TR-1: S tandard form for notification of major holdings
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NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible) i |
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1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii : |
Tertiary Minerals Plc |
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1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate) |
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Non-UK issuer |
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2. Reason for the notification (please mark the appropriate box or boxes with an “X”) |
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An acquisition or disposal of voting rights |
X |
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An acquisition or disposal of financial instruments |
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An event changing the breakdown of voting rights |
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Other (please specify)iii: |
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3. Details of person subject to the notification obligation iv |
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Name |
SANDERSON CAPITAL PARTNERS LTD & RELATED PARTIES |
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City and country of registered office (if applicable) |
LONDON, UK |
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4. Full name of shareholder(s) (if different from 3.) v |
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Name |
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City and country of registered office (if applicable) |
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5. Date on which the threshold was crossed or reached vi : |
18/02/2021 |
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6. Date on which issuer notified (DD/MM/YYYY): |
18/02/2021
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7. Total positions of person(s) subject to the notification obligation |
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% of voting rights attached to shares (total of 8. A) |
% of voting rights through financial instruments |
Total of both in % (8.A + 8.B) |
Total number of voting rights of issuer vii |
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Resulting situation on the date on which threshold was crossed or reached |
3.26% |
3.26% |
1,163,322,445 |
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Position of previous notification (if applicable) |
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8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii |
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A: Voting rights attached to shares |
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Class/type of ISIN code (if possible) |
Number of voting rights ix |
% of voting rights |
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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) |
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37,971,154 |
3.26% |
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SUBTOTAL 8. A |
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B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a)) |
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Type of financial instrument |
Expiration |
Exercise/ |
Number of voting rights that may be acquired if the instrument is exercised/converted. |
% of voting rights |
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SUBTOTAL 8. B 1 |
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B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b)) |
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Type of financial instrument |
Expiration |
Exercise/ |
Physical or cash settlement xii |
Number of voting rights |
% of voting rights |
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SUBTOTAL 8.B.2 |
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9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”) |
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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 |
X |
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Full chain of controlled undertakings through which the voting rights and/or the |
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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 |
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10. In case of proxy voting, please identify: |
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Name of the proxy holder |
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The number and % of voting rights held |
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The date until which the voting rights will be held |
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11. Additional information xvi |
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Place of completion |
UK |
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Date of completion |
18/2/2021 |
Tertiary Minerals #TYM – Paymaster Polymetallic Project – Exploration Update
Further to its announcement of 11 January 2021, Tertiary Minerals plc is pleased to advise that it has now received results from soil sampling and a detailed magnetic survey at its Paymaster Polymetallic Project in Nevada, USA.
Paymaster Zinc-Silver Project
- Infill soil sampling completed over East Slope Prospect – Zinc-silver soil anomalies defined over 450m, open to the east.
- Maximum values of 34.9 ppm silver (1.02 ounces per ton) and 5.65% zinc (single sample) in soil samples (close to high grade outcropping mineralisation).
- Magnetic Vector Inversion modelling defines magnetic bodies associated with East Slope and Valley Prospects and additional targets for exploration.
- Field mapping and trenching proposed for spring/summer.
Maps and images showing the location and distribution of the soil and magnetic anomalies will be available on the Company’s website at:
https://www.tertiaryminerals.com/paymaster-polymetallic-project-nevada-usa
Commenting today, Executive Chairman Patrick Cheetham said:
“I am pleased to be reporting further progress at Paymaster with existing targets being better defined, and new targets generated. We hope to be able to advance the project to the drill stage in the next few months alongside a number of our other projects in Nevada where the results of our autumn exploration programmes are expected soon.”
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
The Paymaster Polymetallic Project is located approximately 30km southwest of Tonopah in north central Nevada. The project was acquired in 2019 to evaluate areas of polymetallic skarn-type mineralisation within a 1.7km long zone of widely spaced, shallow, prospector pits.
In July 2019, Tertiary announced the results of a broadly spaced soil sampling programme which identified several soil anomalies including the East Slope Prospect and infill soil sampling was completed in late 2020. A total of 134 soil samples were collected on a 40m by 20m grid.
As a result of the infill soil sampling the original East Slope soil anomaly has been confirmed and resolved to a zone of zinc and silver soil anomalism with values in excess of 200 ppm (parts per million) zinc and 0.5 ppm silver (80thpercentile values) occurring over a strike length of 450m and a width of 90m. Within this, the highest values of zinc and silver were 34.9ppm silver (1.02 ounces/ton) and 5.65% zinc adjacent to a prospector pit where previous rock chip samples had returned chip samples of 6.84% zinc and 117ppm silver over an approximately 2m width.
In autumn 2020 a UAV (drone) high resolution photogrammetric and magnetic survey was carried out and comprised 28.4-line km of flying on traverses 100m apart on a linear grid approximately 1000m north-south and 1600m in width across the main Project Area. More detailed surveys were completed over the East Slope and Valley Prospects with a line spacing of 20m (north-south) and 20m (east-west), respectively.
The magnetic data was processed by consulting geologist, Brian Williams using Geosoft Magnetic Vector Inversion software to create a magnetic susceptibility model aligned with the size and orientation of any magnetic zones.
A north-south trending magnetic body was defined at the East Slope Prospect coincident with the newly resolved zinc-silver soil anomaly. The anomaly terminates at its western end on the eastern flank of the magnetic structure. This magnetic anomaly is interpreted to represent an intrusive body and may be the source of mineralisation within more permeable east-west trending sediments.
At the Valley Prospect a small magnetic lobe was modelled coincident with the surface mineralisation where an earlier rock sample taken from historic shaft spoil assayed 7.5% zinc, 4.3% lead and 180g/t silver. This modelled magnetic body, approximately 70m in length and 50m wide, is a target for further work and may be due to magnetite within the skarn zone. The Valley Prospect also lies adjacent to a larger magnetic body which may also be related to the skarn mineralisation.
Both the East Slope and Valley Prospects sit within discrete magnetic lows zones within the host sedimentary rocks adjacent to magnetic hights interpreted to represent granite intrusions. A number of other targets can be defined on this basis and require field evaluation. The Company also proposes to carry out trenching at the East Slope and Valley Prospects in order to better expose, map and sample the observed mineralisation.
This work will likely be carried out in late spring or summer due to the high elevation of the project area.
Notes:
- Samples were submitted to ALS (Reno, Nevada) and prepared using method code PREP-41 where soil was screened and the -180-micron fraction was reserved for analysis. Analysis was perform using method code AuME-TL43 – Trace detection limit method for Au plus multi-element package by aqua regia digestion and ICP-MS finish. ALS internal QAQC samples were inserted and returned satisfactory values.
- 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-traded mineral exploration and development company building a multi-commodity project portfolio.
Tertiary Minerals #TYM – Issue of Equity and Total Voting Rights
The Company announces that Precious Metal Capital Group LLC (“PMCG”), the subscriber under the share subscription deed details of which were announced on 2 April 2020, has requested that the Company issue 56,250,000 ordinary shares to PMCG on 23 February 2021. The purchase price of the Shares (being 0.24 pence per share or an aggregate of £135,000) had been prepaid by PMCG as part of its lump sum investment of £600,000 in the Company, announced on 2 April 2020 and made by PMCG on 7 April 2020. Shares in relation to £60,000 of that investment remain to be issued.
Application will therefore be made for the 56,250,000 ordinary shares to be admitted to trading on AIM with admission expected to take place on 23 February 2021. These ordinary shares will rank pari passu in all respects with all existing ordinary shares in the Company. The Shares are being issued pursuant to the authorities given by shareholders at the Annual General Meeting held on 19 March 2020.
Total Voting Rights
Following admission of the Shares, the Company’s enlarged issued share capital will comprise 1,163,322,445 ordinary shares with voting rights. This figure of 1,163,322,445 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 Disclosure Rules and Transparency Rules of the United Kingdom Financial Conduct Authority.
For more information please contact:
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Tertiary Minerals plc: |
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Patrick Cheetham, Executive Chairman |
+44 (0) 1625 838 679 |
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SP Angel Corporate Finance LLP Nominated Adviser and Broker |
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Richard Morrison |
+44 (0) 203 470 0470 |
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Caroline Rowe |
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Peterhouse Capital Limited Joint Broker |
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Lucy Williams |
+ 44 (0) 207 469 0930 |
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Duncan Vasey |
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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 as defined in Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Tertiary Minerals #TYM – Warrant Exercise & TVR
Tertiary Minerals plc, the AIM traded company building a multi-commodity project portfolio, is pleased to announce it has received notice to exercise warrants over 5,000,000, new ordinary shares of 0.01 pence each in the Company.
The exercise price of the Warrant Shares is 0.275 pence per Warrant Share and subscription monies of £13,750.00 have been received by the Company.
The Warrant Shares will rank pari passu with the existing ordinary shares and application will be made to the London Stock Exchange for the Warrant Shares to be admitted to trading on AIM. It is expected that Admission will occur on or around Friday 12 February 2021.
Total Voting Rights
For the purposes of the Disclosure and Transparency Rules of the Financial Conduct Authority, the Board of Tertiary hereby notifies the market that, further to Admission, the Company’s issued share capital will consist of 1,107,072,445 ordinary shares with a nominal value of 0.01p each, with voting rights. The Company does not hold any ordinary shares in Treasury.
This figure of 1,107,072,445 ordinary shares may be used by Shareholders in the Company as denominator for the calculations by which they may determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
This announcement contains inside information as defined in Article 7 of EU Regulation 596/2014.
Further information:
| Enquiries
Tertiary Minerals plc Patrick Cheetham, Executive Chairman Richard Clemmey, Managing Director
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+44 (0)1625 838 679 |
| SP Angel Corporate Finance LLP
Nominated Adviser & Broker Richard Morrison/Caroline Rowe
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+44 (0)203 470 0470 |
| Peterhouse Capital Limited
Joint Broker Lucy 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 – Issue of Equity
The Company announces that Precious Metal Capital Group LLC (“PMCG”), the subscriber under the share subscription deed details of which were announced on 2 April 2020, has requested that the Company issue 54,166,667 ordinary shares (the “Shares”) to PMCG. The purchase price of the Shares (being 0.24 pence per share or an aggregate of £130,000) had been prepaid by PMCG as part of its lump sum investment of £600,000 in the Company, announced on 2 April 2020 and made by PMCG on 7 April 2020. Shares in relation to £195,000 of that investment remain to be issued.
Application has therefore been made for the 54,166,667 ordinary shares to be admitted to trading on AIM with admission expected to take place on 9 February 2021. These ordinary shares will rank pari passu in all respects with all existing ordinary shares in the Company. The Shares are being issued pursuant to the authorities given by shareholders at the Annual General Meeting held on 19 March 2020.
Following admission of the Shares, the Company’s enlarged issued share capital will comprise 1,102,072,445 ordinary shares with voting rights. This figure of 1,102,072,445 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 Disclosure Rules and Transparency Rules of the United Kingdom Financial Conduct Authority.
For more information please contact:
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Tertiary Minerals plc: |
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Patrick Cheetham, Executive Chairman |
+44 (0) 1625 838 679 |
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SP Angel Corporate Finance LLP Nominated Adviser and Broker |
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Richard Morrison |
+44 (0) 203 470 0470 |
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Caroline Rowe |
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Peterhouse Capital Limited Joint Broker |
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Lucy Williams |
+ 44 (0) 207 469 0930 |
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Duncan Vasey |
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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 as defined in Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Tertiary Minerals #TYM – Mt Tobin Project – Exploration Update
Further to its announcement of 11 January 2021, Tertiary Minerals plc is pleased to advise that it has now completed evaluation of its results from soil sampling and magnetic surveying at its Mt Tobin Silver Project in Nevada, USA.
Mt Tobin Silver Prospect
- Associated soil and magnetic anomalies defined over substantial strike length.
- Silver-in-soil anomalies defined over strike length of 1,200m and widths of 75-200m.
- Maximum value of 15.7ppm silver (0.46 ounces per ton) in soils against anomaly thresholds of 0.5 and 1ppm silver.
- Inversion modelling of magnetic data defines sub-horizontal pipe structure that closely follows the silver-in-soil anomaly along its full length.
- Anomalies are open along strike.
- Field mapping and evaluation of anomalies now planned for spring/summer this year.
Maps and images showing the location and distribution of the soil and magnetic anomalies will be available on the Company’s website at:
https://www.tertiaryminerals.com/mt-tobin-silver-gold-prospect-nevada-usa
Commenting today, Executive Chairman Patrick Cheetham said:
“It is pleasing to report positive results from our continuing exploration at Mt Tobin. The strong association of magnetic and silver-in-soil anomalies containing up to 15.7ppm silver makes for an exciting exploration target. Follow up field evaluation of these anomalies is now planned.”
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
The Mt Tobin Project is located 73km south of Winnemucca in north central Nevada and was acquired to follow up historical reports of silver mineralisation in chert and silicified sediments.
In summer 2020, Tertiary carried out an initial reconnaissance prospecting visit that confirmed the earlier reports when rock samples taken from prospector hand-dug pits returned silver values up to 107 grammes/tonne (3.12 ounces/ton) with several other samples returning between 15 and 91g/t silver.
This was followed up in autumn 2020 with a UAV (drone) high resolution photogrammetric and magnetic surveys and a soil sampling programme.
The magnetic survey comprised 23.6-line km of flying on traverses 50m apart on a linear grid approximately 1,500m north-south and 750m in width. A total of 304 soil samples were collected on a 40m by 100m grid over the same area.
The soil analytical results have now been received and an initial interpretation of results has been carried out.
Soil samples were sieved and the minus 0.18mm fraction was submitted for geochemical analysis1. for silver, gold and various pathfinder elements. Samples were found to contain up to 15.7 parts per million (ppm) silver (0.46 ounces/ton) and anomaly thresholds were defined at 0.5ppm and 1ppm (being above the 80th and 90th percentile respectively).
At a 0.5ppm silver contour level the silver-in-soil anomaly extends over a strike length of 1,200m and contains areas over the 1ppm contour up to 500m in length and with widths between 40 and 150m. Gold values were anomalous up to 128 parts per billion (ppb), but silver shows a higher correlation with geochemical values of mercury, zinc, antimony and lead.
The magnetic data was processed by consulting geologist, Brian Williams, by inversion using Geosoft Magnetic Vector Inversion software to create a magnetic susceptibility model aligned with the size and orientation of magnetic bodies.
A low level but distinctive magnetic anomaly was defined with a sub-horizontal pipe shape extending north from a larger magnetic body at the south end of the survey grid. Mostly the magnetic anomaly does not outcrop but lies between 20m and 100m below surface. The magnetic anomaly shows a strong association parallel and immediately west of the silver-in-soil anomaly. In places it is coincident with a weathered diabase body at surface, but it is not dyke-like in form. The magnetic body may be caused by pyrrhotite associated with the silver mineralisation as the silver bearing rock samples referred to above were veined with stockworks of iron-oxides formed from oxidation of sulphide minerals.
The associated magnetic and silver-in-soil anomalies present attractive exploration targets and further work is now planned to include additional mapping and field evaluation of the anomalies.
This work will likely be carried out in late spring or summer this year due to the high elevation of the project area.
Notes:
- Samples were submitted to ALS (Reno, Nevada) and prepared using method code PREP-41 where soil was screened and the -180-micron fraction was reserved for analysis. Analysis was performed using method code AuME-TL43 – Trace detection limit method for Au plus multi-element package by aqua regia digestion and ICP-MS finish. ALS internal QAQC samples were inserted and returned satisfactory values.
- 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-traded mineral exploration and development company building a multi-commodity project portfolio
