Home » Tertiary Minerals (TYM)
Category Archives: Tertiary Minerals (TYM)
UK Investor Magazine Virtual Investor Conference 20th October
Tertiary Minerals #TYM – Maiden Drilling Campaign completed by Aurion Resources at Kaaresselkä Gold Royalty
Tertiary Minerals plc is pleased to note the announcement today by TSX listed Aurion Resources Ltd (“Aurion”) that it has completed its maiden drill programme at the Kaaresselkä Project in Finland where Tertiary holds various royalty interests as set out in its news release dated 3 September 2020.
The programme comprised 12 holes for a total of 2,400 m and targeted the depth and strike extensions of the shallowly defined footprint of gold mineralization over 1 km. Drill core is being processed and submitted for assay.
For more information please contact:
| Tertiary Minerals plc: | ||
| Patrick Cheetham, Executive Chairman | +44 (0) 1625 838 679 | |
| SP Angel Corporate Finance LLPNominated Adviser and Broker | ||
| Richard Morrison | +44 (0) 203 470 0470 | |
| Caroline Rowe | ||
| Peterhouse Capital LimitedJoint Broker | ||
| Lucy Williams | + 44 (0) 207 469 0930 | |
| Duncan Vasey | ||
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Additional Information :
Kaaresselkä is an advanced gold exploration project located approximately 4 km south of Aurion’s bonanza grade Aamurusko Main gold discovery. Kaaresselkä was originally discovered through base-of-till sampling by the Finnish Geological Survey (GTK) in 1987 and was drilled by both GTK and Tertiary with 127 historical drill holes having been completed, mostly to depths less than 100 m. Drilling results included 11.01 g/t Au over 4.90 m. Aurion is a TSX listed company backed by Kinross Gold Corp. and B2 Gold Corp
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 – Director Shareholding – Amendment
Tertiary Minerals plc announces that Patrick Cheetham, Executive Chairman of the Company, currently has an interest in 12,641,471 shares in the Company, representing 1.52 per cent. of the issued share capital and not 12,613,113 shares as disclosed on 24 August 2020. This is as a result of an administrative error which led to a share purchase being under reported by a matter of 28,358 shares in the Company’s notification on 22 March 2017.
For more information please contact:
| Tertiary Minerals plc: | ||
| Patrick Cheetham, Executive Chairman | +44 (0) 1625 838 679 | |
| SP Angel Corporate Finance LLPNominated Adviser and Broker | ||
| Richard Morrison | +44 (0) 203 470 0470 | |
| Caroline Rowe | ||
| Peterhouse Capital LimitedJoint Broker | ||
| Lucy Williams | + 44 (0) 207 469 0930 | |
| Duncan Vasey | ||
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Note to Editors:
Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration and development company building a multi-commodity project portfolio.
Alan Green presents the investment case for Power Metal Resources #POW and Tertiary Minerals #TYM on StockBox Media Research Talks
Alan Green presents the investment case for Power Metal Resources #POW and Tertiary Minerals #TYM on his weekly Stockbox Media Research talk
UK Investor Magazine – Tertiary Minerals share price yet to catch up with progress at Nevada Projects.
AIM listed Tertiary Minerals (LON:TYM) is a mineral exploration and development company building and developing a multi-commodity project portfolio of precious metals and base metals in Nevada, USA, plus it holds some industrial mineral assets in northern Europe.
In an update on progress with its projects today, the company said that following unsuccessful metallurgical testwork, it had decided to terminate the lease agreement on the MB Fluorspar Project in order to fully focus on its expanding gold and base metals project portfolio.
Based on the progress with these projects, this looks to be a shrewd move on the part of management ahead of a series of drone magnetic surveys scheduled this week for the company’s key Peg Leg Copper and Paymaster, Silver, Lead and Zinc Projects.
The surveys will provide 3D imaging of the underlying geology and strata, to help determine future drill targets.
Recently Tertiary completed a drone survey at the Mount Tobin Silver Prospect, and now intends to undertake a soil sampling programme to define drill targets.
Soil sampling will also be shortly underway at the Pyramid Gold Project to extend and confirm historic gold-in-soil anomalies for drill targeting.
With such an intense schedule of activities underway, Tertiary has its work cut out for the remainder of 2020. Despite the challenge presented by COVID 19, work continues apace, with any positive data likely to act as a strong catalyst for a share price that is yet to catch up with events.
Tertiary Minerals shares traded at 0.24p in mid afternoon trade on Wednesday.
Alan Green on Trump/Biden, plus Open Orphan #ORPH, Erris Resources #ERIS & Tertiary Minerals #TYM on the UK Investor Mag podcast
Alan Green discusses the Trump/Biden effect on the markets, plus Open Orphan #ORPH, Erris Resources #ERIS and Tertiary Minerals #TYM with Jonathan Roy on the UK Investor Magazine podcast.
Tertiary Minerals #TYM – Progress on Precious and Base Metal Projects in Nevada
Tertiary Minerals plc is pleased to provide the following update on its exploration projects in Nevada, USA.
Highlights:
Peg Leg Copper-Silver-Lead-Zinc Project
- Main target – exposed skarn copper-zinc-silver mineralisation in limestone adjacent to granite contact.
- Trenching programme completed – 4 trenches completed at intervals along a 230m length of the granite contact to better expose outcropping mineralisation assaying up to 59 g/t silver 1.4% copper, 2.4% lead and 1.8% zinc in previously reported sampling.
- Multiple skarn zones exposed in trenches – sampling of trenches completed and samples being submitted to laboratory for analysis.
- Drone magnetic survey to be undertaken this week targeting magnetic skarn.
Paymaster Zinc-Silver Project
- Main target – skarn style zinc-silver mineralisation analogous to large Taylor Zinc-Lead-Silver Deposit in Arizona owned by South 32.
- Drone photogrammetric survey completed, drone magnetic survey to be completed this week, soil sampling programme commissioned.
Pyramid Gold Project
- Soil sampling programme commissioned to extend and confirm historic gold-in-soil anomalies for drill targeting.
Mt Tobin Silver Prospect
- Main target – large area of hydrothermal alteration 60m wide x 1,200m long with associated silver values from recent Company sampling up to 101 grammes/tonne silver (3.24 ounces/ton).
- Drone photogrammetric and magnetic survey now completed.
- Soil sampling programme commissioned to define drill targets.
Lucky Copper Prospect
- Notice level permit submitted to drill test sediment hosted, intrusion related disseminated copper target.
- Drilling will seek to confirm and extend results from a 1951 drill hole which ended in mineralisation and intersected 20.4m at 0.65% copper to bottom of the hole at 77.7m depth.
MB Fluorspar Project
- Metallurgical test work unsuccessful.
- Lease agreement terminated following project review.
Commenting today, Executive Chairman Patrick Cheetham said:
“I am pleased to be reporting that, despite the challenges of Covid-19, exploration work is progressing on a range of targets across several of our precious metal and base metal projects in Nevada. The decision to terminate the lease agreement over the MB Fluorspar Project reflects extensive but unsuccessful efforts to develop a viable processing route for production of an acid-grade fluorspar concentrate and a firm belief that the escalating holding costs are better applied to the continued exploration of the Company’s expanding gold and base metals project portfolio. We look forward to reporting the results of this work and the start of drilling operations.”
For more information please contact:
| Tertiary Minerals plc: | ||
| Patrick Cheetham, Executive Chairman | +44 (0) 1625 838 679 | |
| SP Angel Corporate Finance LLPNominated Adviser and Broker | ||
| Richard Morrison | +44 (0) 203 470 0470 | |
| Caroline Rowe | ||
| Peterhouse Capital LimitedJoint Broker | ||
| Lucy Williams | + 44 (0) 207 469 0930 | |
| Duncan Vasey | ||
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Detailed Information, Nevada Projects
Peg Leg Copper-Silver-Lead-Zinc Project
The Company holds four mining claims 11km north of Tonopah in the San Antone Mineral Field in south central Nevada. The background to this project is given in the Company’s news release dated 29 May 2020.
The Company has completed four exploration trenches along a granite/limestone contact zone targeting skarn-style mineralisation over a strike length of approximately 230m.
The trenches exposed multiple zones of magnetically anomalous oxidised skarn mineralisation adjacent to the granite contact and samples have been collected for geochemical analysis.
A 12.6-line km magnetic survey is planned to further define the skarn zones and a drill programme will be initiated should this be justified by analytical results.
Paymaster Zinc-Silver Project
The target at Paymaster is a skarn hosted zinc-silver deposit and the Company’s consultant geologist for Paymaster has drawn analogies to the Taylor Zinc-Silver Deposit owned by South 32 at Hermosa, in the neighbouring state of Arizona (reported resource of 155mt grading 3.5% zinc, 3.67% lead and 69 g/t silver).
The mineralisation at Paymaster also has a magnetic response and so drone magnetic surveys are due to be completed this week to define possible drill targets.
A detailed drone magnetic survey (20m line spacing) will cover the Valley Prospect which has previously returned grab samples of up to 11.73% combined lead, zinc and copper and 180 g/t silver. The skarn outcrops intermittently over a strike length in excess of 200m.
A broader drone magnetic survey (100m line spacing) will be flown over the remainder of the project claims including the East Slope Prospect. A total of 28.4-line km of magnetic survey is scheduled.
An infill soil sampling programme has also been commissioned to cover the East Slope Prospect where previous wide spaced soil sampling defined a coherent zinc anomaly over 500m long (+100ppm zinc) and where samples from prospecting pits have assayed up to 21% zinc. 134 samples are being collected on a 10m by 20m grid.
Subject to results, this will allow for more accurate drill targeting. A programme of drone photogrammetry has been completed for topographic control.
Pyramid Gold Project
The Pyramid Gold Project is targeting epithermal gold mineralisation in the prolific past producing Walker Lane Mineral Belt.
A programme of soil sampling has been commissioned to confirm and determine the extent of an open-ended gold and multi-element soil anomaly originally defined in the 1980s and to define possible drill targets. 370 samples will be collected on a 30m by 120m grid.
Mt Tobin Silver-Gold Prospect
Following the results of a preliminary field reconnaissance announced on 27 July 2020 a drone magnetic survey has been completed and a soil sampling programme has been commissioned.
The drone magnetic survey comprised 23.6-line km of flying on traverses 50m apart and 304 soil samples will be collected on a 40m by 100m grid.
The main target is a large area of hydrothermal alteration where preliminary rock samples taken from prospectors’ hand dug pits have returned silver values of up to 101 grammes/tonne (g/t) silver (3.12 ounces/ton).
Lucky Copper Prospect
Following a project review the Company has decided to defer the magnetic survey and soil sampling originally proposed for this project and move straight to drill testing.
The Company has submitted a Notice level drill permit application to the US Bureau of Land Management which we expect will be granted in early October 2020.
Subject to the availability of drill rigs, a hole will be drilled as soon as possible seeking to confirm and extend at depth a drill intersection made in 1951 in a percussion drill hole of a 20.4m cumulative thickness of mineralisation which assayed 0.65% copper to the bottom of the hole at 77.7m depth. The hole ended in mineralisation.
The target is a disseminated sediment hosted, intrusion-related copper deposit.
MB Fluorspar Project
Since the Company’s announcement of 20 July 2020, the Company has completed a further project review and additional metallurgical test work.
The Company has been exploring and evaluating the MB Fluorspar project since 2014 and drilling has defined a large but low-grade deposit. The fluorspar in the deposit is, however, finely intergrown with other minerals, in particular calcite, and a key challenge has been to separate the fluorspar from the associated minerals and concentrate the 10% fluorspar ore grade up to a 97% fluorspar concentrate at an acceptable recovery level.
The Company has carried out dozens of tests since inception using multiple flotation reagent schemes and alternative flotation and other technologies. These tests have been carried out at a number of different laboratories using some of the World’s best fluorspar separation experts. Despite this effort the testwork has failed to achieve target concentrate grades or recovery and the Company has concluded that it is now unlikely that a viable processing route can be achieved for the MB Project using currently available technologies.
Furthermore, the leasing costs and expenditure commitments under the lease agreement that has secured its interest in the project to date were set to increase substantially from 30 September 2020 and so the Company has issued to the lessor a notice of termination of the project lease agreement.
The carrying value of the costs associated with the MB Project will be fully impaired in the Company’s accounts for the year ending 30 September 2020. Further details on the background to the MB Project can be found in the Company’s Annual Reports which can be found at: https://www.tertiaryminerals.com/investor-media/financial-reports.
Results & Turnaround Times
Following the rise in gold and silver prices over the past few months the Company has seen a sharp rise in fundraising amongst junior exploration companies which is now translating to increased exploration activity across Nevada. This exploration activity is not under any industry specific restrictions from COVID-19, but the pandemic is having an impact on staffing levels amongst consultants, contractors and laboratories. As a result, delays are building in the system. Laboratory turnaround on sample analysis is currently running at 30-45 days (compared to 14-21 days normally) and drill companies have more restricted forward availability.
The Company is working hard to minimise any delays and is pleased that work is now underway on all of its ongoing Nevada exploration projects.
Notes:
- 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 – Result of General Meeting
Further to the announcement of 24 August 2020, the Company is pleased to advise that the General Meeting (“GM”) was held today, as scheduled, and that the resolution to approve the buy-back of the Company’s Deferred Shares (“the Resolution”) was duly passed.
As advised, and because the meeting was held as a closed meeting, the vote on the Resolution was conducted by poll. The result of the poll was as follows:
| Resolution to approve buy-back of Deferred Shares | |||||
| Votes For | % of votescast | Votes Against | % of votes cast | Total Votes | Total Votes as % of the No. of issued ordinary shares |
| 27,342,340 | 99.11% | 244,537 | 0.89% | 27,586,877 | 3.32% |
Included in this result are the valid proxies for shareholders who were not present at the GM whereby the Chairman was directed to vote, and voted, as follows:
| Proxies voted by Chairman for shareholders not voting in person at the GM | |||||
| Votes For | % of proxy votes | Against | % of proxy votes | At Chairman’s discretion | Withheld |
| 16,964,427 | 98.58% | 244,537 | 1.42% | 0 | 0 |
The Deferred Shares will now be transferred to the Company and cancelled as set out in the Circular sent to shareholders with the Notice of GM.
Further information:
| Tertiary Minerals plcPatrick Cheetham, Executive Chairman | +44 (0)1625 838 679 |
| SP Angel Corporate Finance LLPNominated Adviser & BrokerRichard Morrison/Caroline Rowe | +44 (0)203 470 0470 |
| Peterhouse Capital LimitedJoint BrokerLucy Williams/Duncan Vasey | +44 (0)207 469 0930 |
Notes to Editors
Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration company building and developing a multi-commodity project portfolio – Industrial minerals, base and precious metals.
Tertiary Minerals #TYM – Kaaresselkä Gold Royalty
Tertiary Minerals plc is pleased to note the announcement yesterday, 2 September 2020, by TSX listed Aurion Resources Ltd (“Aurion”) that it has mobilised two drill rigs to test various gold targets in Finland, including the Kaaresselkä Project in Finland where Tertiary holds various royalty interests.
Kaaresselkä is an advanced gold exploration project located approximately 4 km south of Aurion’s bonanza grade Aamurusko Main gold discovery. Kaaresselkä was originally discovered through base-of-till sampling by the Finnish Geological Survey (GTK) in 1987 and was drilled by both GTK and Tertiary with 127 historical drill holes having been completed, mostly to depths less than 100 m. Drilling results included 11.01 g/t Au over 4.90 m.
Aurion, which is backed by Kinross Gold Corp. and B2 Gold Corp., has announced that it will drill 2,000m at Kaaresselkä to confirm historical drilling and to test the mineralised structure at depth and along strike. Results will be released once assays are available.
Tertiary sold the Kaaresselkä Project, together with the nearby Kiekerömaa Project to Aurion in March 2017 but, importantly, retains a number of royalty interests in the Kaaresselkä and Kiekerömaa Projects as follows:
- Pre-production royalty of US$1.00/ounce gold following the definition of a NI 43-101 (or equivalent) code compliant Inferred Mineral Resource Estimate on either project;
- Pre-production royalty of US$2.00/ounce gold following the definition of a NI 43-101 (or equivalent) code compliant Indicated Mineral Resource Estimate on either project;
- Pre-production royalty of US$3.00/ounce gold following the definition of a NI 43-101 (or equivalent) code compliant Measured Mineral Resource Estimate on either project; and
- Net smelter returns royalty (NSR) of 2% on all future gold production from either property.
Aurion can purchase 50% of the NSR from Tertiary for USD$1,000,000 at any time prior to commencement of commercial production on either project.
Commenting today, Executive Chairman Patrick Cheetham said:
“I am delighted to see the re-start of drilling at Kaaresselkä after such a long break. The recent high-grade gold discoveries at the nearby Aamurusko deposit and in the wider Risti Project area bode well for the future development of Kaaresselkä and the realisation of our royalty interests which I suspect have been overlooked by the market. We wish Aurion every success with their drilling.”
For more information please contact:
| Tertiary Minerals plc: | ||
| Patrick Cheetham, Executive Chairman | +44 (0) 1625 838 679 | |
| SP Angel Corporate Finance LLPNominated Adviser and Broker | ||
| Richard Morrison | +44 (0) 203 470 0470 | |
| Caroline Rowe | ||
| Peterhouse Capital LimitedJoint Broker | ||
| Lucy Williams | + 44 (0) 207 469 0930 | |
| Duncan Vasey | ||
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Additional Information :
Since acquiring the Kaaresselkä Project from Tertiary, Aurion’s work on the project has included re-logging of all drill holes, oriented core measurements, a detailed ground magnetic survey, whole rock geochemistry, GIS compilation and integration of historical data into 3D modelling software. This compilation work has allowed for a reinterpretation of the geology and a better understanding of the property’s potential. The main host lithology is strongly altered and sheared mafic volcanics, which is a classic setting for major orogenic gold deposits.
Three individual zones, Vanha, Tienvarsi and Lampi, are found in a 1 km x 0.6 km area. Historical drilling was shallow with gaps along the strike of the zones. Aurion’s additional analysis suggests there is excellent potential along strike and down dip of these gold-bearing structures.
At Vanha, a 500 m long east-west trending mineralized zone was drilled to a depth of 140 m and appears to be open in both directions along strike and at depth.
At Tienvarsi, drilling identified a 400 m long northwest to southeast trending mineralized zone to a depth of 96 m. Mineralization at Tienvarsi appears to be open in all directions.
At Lampi, drilling identified two proximal 200 m long mineralized zones to only 100 m depth. Mineralization at Lampi appears to be open in all directions.
Notes.
- The information in this release has been compiled and reviewed by Mr. Patrick Cheetham (MIMMM, MAusIMM) who is a qualified person for the purposes of the AIM Note for Mining and Oil & Gas Companies. Mr. Cheetham is a Member of the Institute of Materials, Minerals & Mining and also a member of the Australasian Institute of Mining & Metallurgy.
- The news release may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company’s proposed strategy, plans and objectives or to the expectations or intentions of the Company’s directors. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.
Note to Editors:Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM
Tertiary Minerals #TYM – Total Voting Rights
Tertiary Minerals plc announces that in accordance with Financial Conduct Authority’s Disclosure and Transparency Rules (“DTRs”), the total issued share capital of the Company with voting rights is 831,647,037 ordinary shares.
There are no shares currently held in treasury. The total number of voting rights in the Company is therefore 831,647,037 and this figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company under the DTRS.
For more information please contact:
| Tertiary Minerals plc: | ||
| Patrick Cheetham, Executive Chairman | +44 (0) 1625 838 679 | |
| SP Angel Corporate Finance LLPNominated Adviser and Broker | ||
| Richard Morrison | +44 (0) 203 470 0470 | |
| Caroline Rowe | ||
| Peterhouse Capital LimitedJoint Broker | ||
| Lucy Williams | + 44 (0) 207 469 0930 | |
| Duncan Vasey | ||
Note to Editors:
Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration and development company building a multi-commodity project portfolio.
