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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.

Tertiary Minerals #TYM – Exploration and Corporate Update February 2022

Tertiary Minerals #TYM – Exploration and Corporate Update February 2022. Alan Green talks to MD Patrick Cullen. Patrick discusses the latest developments at the Pyramid Silver and Gold project, and the work at North Ruth, before discussing the latest developments on the ground at the Brunton Pass Copper project. We then switch to Zambia, where Patrick outlines the upcoming drilling work at the Jacks License, along with other developments in country. Patrick discusses the recent fundraising, along with support from major shareholder Sanderson Capital, before providing a list of milestones for investors to look out for in the coming months.

Tertiary Minerals #TYM – Placing to raise £500k and £100k Broker Option

TYMTertiary Minerals plc (AIM: TYM), the London listed explorer focussed on energy transition and precious metals in Nevada and Zambia, is pleased to announce it has raised £500,000 before expenses through a placing of 294,117,647 new ordinary shares of 0.01 pence each (the “Placing Shares”) in the Company at a price of 0.17 pence per share (the “Placing Price”) as detailed below (the “Placing”). The Placing was arranged through the Company’s joint broker, Peterhouse Capital Limited (“Peterhouse”). The Placing Shares are expected to be admitted to trading on AIM on or about 24 January 2022 (“Admission”).

Additionally, the Company is making a further 58,823,529 new ordinary shares (“Broker Option Shares”) available in order to provide qualified Tertiary shareholders and other qualified investors with an opportunity to participate in this fundraising (the “Broker Option”). The Placing Shares and Broker Option Shares will rank pari-passu with all existing ordinary shares in the Company. Investors will receive one warrant for every two Placing Shares or Broker Option Shares (the “Warrant”). The Warrants will be exercisable at 0.34 pence and have a term of 18 months.

Highlights 

–  Placing to raise £500,000 through the issue of 294,117,647 Placing Shares

–  Proceeds to fund drilling and direct exploration activities in Nevada and Zambia

–  Admission of the Placing Shares to trading on AIM expected on or around 24 January 2022

–  Directors participating an aggregate of £40,000 for 23,529,411 Placing Shares in support of the fundraising

–  Further 58,823,529 Broker Option Shares available to qualified shareholders or other qualified investors via Peterhouse to raise up to £100,000 in further funding

Commenting today, Managing Director Patrick Cullen said: “The Company is entering a very active phase. We have drilling programs targeting silver and gold at Pyramid in Nevada and copper at Jacks in Zambia due to progress in the coming months. This funding strengthens our balance sheet, allowing us to expand our exploration budgets.

I am pleased to have this opportunity to take a direct interest in the Company alongside support from other Directors and with the continued support of existing significant shareholders. I am also pleased to welcome existing shareholders and other qualifying investors who may wish to participate in the Broker Option outlined.

Nevada and Zambia are mining-friendly jurisdictions and are geologically highly prospective. In addition to the planned drilling, we are increasing our activities across the Company’s portfolio of copper projects at Brunton Pass in Nevada and on our newly signed options in Zambia.”

Placing Details

The Company has placed 294,117,647 new ordinary shares at 0.17 pence raising gross proceeds of £500,000 before expenses (approximately £475,000 net proceeds to the Company). The Placing Shares will have Warrants attached, details of which are set out below.

The Placing Price represents a discount of approximately 5.5% to the closing bid-price on 18 January 2022. The Placing Shares will represent approximately 19.9% of the Company’s issued ordinary share capital as enlarged by the Placing (excluding any shares issued via the Broker Option).

The Placing Shares are being issued under the Company’s existing share authorities.

Use of Proceeds

The net funds raised will be applied to drilling and direct exploration activities at the Company’s projects in Nevada and Zambia scheduled throughout 2022, including diamond and reverse circulation drilling, trenching, soil sampling survey and geophysics. 

Warrants

The Company will issue to investors one Warrant for every two Placing Shares or every two Broker Option Shares to subscribe for a further new ordinary share at a price of 0.34 pence within a term of 18 months from the relevant date that Placing Share or Broker Option Share is admitted. The Warrants are not transferable and will not be traded on an exchange. The Warrant holders may exercise at any time within the relevant term. A total of 147,058,823 Warrants will be issued in the Placing. Up to 29,411,764 Warrants may be issued in the Broker Option.  The Warrants in the Placing and the Broker Option will be issued under the Company’s existing share authorities.

Broker Warrants

As part of its fee, Peterhouse will be issued with 14,705,882 warrants (“Broker Warrants”) to subscribe for further new ordinary shares at the Placing Price of 0.17 pence. The Broker Warrants have a term of one year from the date of Admission and are being issued under the Company’s existing share authorities.

Broker Option

In order to provide qualified Tertiary shareholders (“Existing Shareholders”) and other qualified investors with an opportunity to participate on the same basis as the Placing (with the same Placing Price and identical Warrant entitlement), the Company has granted Peterhouse a Broker Option over 58,823,529 Broker Option Shares. Full take up of the Broker Option Shares would raise a further £100,000 for the Company, before expenses. The Broker Option Shares will be issued under the Company’s existing share authorities.

Existing Shareholders who hold shares in the Company and are on the register of members as at the close of business on 18 January 2022, will be prioritised for participation in the Broker Option (other than at the discretion of Peterhouse) and all orders from such Existing Shareholders will be accepted and processed by Peterhouse on a strictly “First Come, First Served” basis. The Broker Option has not been underwritten. Peterhouse is entitled to participate in the Broker Option as principal.

The Broker Option may be exercisable by Peterhouse on more than one occasion, at any time from the date of this announcement to 5.00 p.m. UK time on 20 January 2022, at its absolute discretion, following consultation with the Company. There is no obligation on Peterhouse to exercise the Broker Option or to seek to procure subscribers for the Broker Option Shares. Peterhouse may also, subject to prior consent of the Company, allocate new ordinary shares after the time of any initial allocation to any person submitting a bid after that time.

Peterhouse may choose not to accept bids and/or to accept bids, either in whole or in part, on the basis of allocations determined at their discretion (after consultation with the Company) and may scale down any bids for this purpose on such basis as Peterhouse may determine.  Peterhouse may also, subject to prior consent of the Company, allocate new Ordinary Shares after the time of any initial allocation to any person submitting a bid after that time.

The Broker Option Shares are not being made available to the public and none of the Broker Option Shares are being offered or sold in any jurisdiction where it would be unlawful to do so. No Prospectus will be issued in connection with the Broker Option.

Subscription to Broker Option

To subscribe for Broker Option Shares, Existing Shareholders and other qualified investors should communicate their bid to Peterhouse via their stockbroker as Peterhouse cannot take direct orders from individual private investors. Existing Shareholders or other interested parties who wish to register their interest in participating in the Broker Option Shares should instruct their stockbroker to call Peterhouse on STX: 76086 or 020 7469 0938 or 020 7469 0936 or 020 7220 9797.  Each bid should state the number of Broker Option Shares the Existing Shareholder or other qualified investor wishes to subscribe for at the Placing  Price. 

Directors’ Participation

Certain Directors of the Company are participating in the Placing at the Placing price for an aggregate amount of £40,000, further details of which are shown below: 

Holding prior to the announcement of Placing

Number of Placing Shares acquired pursuant to the Placing

Holding immediately following Admission of the Placing Shares

Number of Ordinary Shares

% of issued share capital

Number of Ordinary Shares

Number of Ordinary Shares

% of issued share capital

Patrick Cheetham, Executive Chairman

12,641,471*

1.07

8,823,529

21,465,000

1.45

Patrick Cullen, Managing Director

5,882,353

5,882,353

0.40

Mike Armitage, Non-Executive Director

8,823,529

8,823,529

0.60

Donald McAlister, Non-Executive Director

2,937,609

0.25

2,937,609

0.20

*includes 2,843,625 held by K E Cheetham 

Patrick Cheetham, Patrick Cullen and Mike Armitage will also receive one Warrant for every two Placing Shares acquired.

As Directors of the Company, Patrick Cheetham, Patrick Cullen and Mike Armitage are “related parties” of the Company under the AIM Rules for Companies (the “AIM Rules”).  As a result, their participation in the Placing constitutes a related party transaction pursuant to Rule 13 of the AIM Rules.   

Accordingly, Donald McAlister, being the sole independent Director of the Placing, considers, having consulted with the Company’s Nominated Adviser, SP Angel Corporate Finance LLP, that the terms of the Directors’ participation in the Placing are fair and reasonable in so far as the Company’s shareholders are concerned.

Admission

The Placing and Broker Option Shares will rank pari passu with the Company’s existing ordinary shares.  An application has been made to the London Stock Exchange for admission of the Placing Shares to trading on AIM. Admission is expected to occur at 8.00 a.m. on or around 24 January 2022.  A further application will be made to the London Stock Exchange on or around 20 January 2022 for Broker Option Shares to be admitted to trading on AIM.

Total Voting Rights

Following Admission of the Placing Shares (and excluding any new ordinary shares issued via the Broker Option) the Company’s enlarged issued share capital will be 1,477,440,092 ordinary shares.

The Company holds no ordinary shares in treasury. The total number of voting rights in the Company is therefore 1,477,440,092 and this figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.

 

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-listed mineral exploration and development company whose strategic focus is on energy transition and precious metals. The Company’s portfolio of 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.

Tertiary Minerals #TYM update from Nevada – Patrick Cullen talks to Alan Green

Tertiary Minerals #TYM update from Nevada. Patrick Cullen talks to Alan Green about the further silver and gold grades discovered at North Ruth at the Pyramid gold / silver project, Nevada, which are “…scaling up into quite a find…” Patrick looks at the drilling programme scheduled for Q1 2022 at Pyramid to further examine the depth and breadth of the silver and gold findings at North Ruth, and then discusses a site overview and copper bearing rock samples taken along with Chairman Patrick Cheetham at the Brunton Pass copper project. The interview finishes with a look forward to early 2022 and value inflection points for investors and shareholders.

Tertiary Minerals #TYM Strategic Update – MD Patrick Cullen talks to Alan Green

Tertiary Minerals #TYM Strategic Update – MD Patrick Cullen talks to Alan Green

  • Nevada projects – Pyramid has been the focus with the silver discovery, with drilling planned. Progress at Brunton Pass Copper project.
  • Zambia Copper belt – Progress with 4x Mwashia licenses.
  • PC’s view on the resource sector
  • Q1 2022 activity schedule, investor event diary

 

Tertiary Minerals #TYM – Alan Green talks to MD Patrick Cullen

Tertiary Minerals #TYM – Alan Green talks to MD Patrick Cullen at the AfricaSME Conference in #Zambia

~ Pyramid #Silver #Gold latest developments

~ Brunton Pass #Copper

~ Zambia copper prospects

~ Value inflection points

 

Tertiary Minerals #TYM – Exploration Update – Brunton Pass Copper Project, Nevada, USA

Tertiary Minerals plc is pleased to provide the following exploration update on its 100% owned Brunton Pass Copper Project in Nevada, USA:

Highlights:

  • Rock samples from northern half of claim block contain up to 6.84% copper and 1.75 grammes/tonne (g/t) gold in separate samples.
  • Project wide soil sampling, drone magnetic and photogrammetric surveys completed:
  • Multiple copper soil anomalies defined associated with extensive skarn and hornfels alteration.
  • Mercury soil anomalies and rock samples suggest additional potential for epithermal gold and silver.
  • Interpretation of drone aeromagnetic data provides structural framework for mineralisation.
  • Follow-up trenching programme planned.

Commenting today, Executive Chairman Patrick Cheetham said:

“Our systematic exploration at Brunton Pass has highlighted multiple zones of copper-skarn mineralisation with a possible overprint of mercury mineralisation which may represent the high levels of an epithermal system prospective for gold and silver. This is shaping up as a priority target and we look forward to reporting further exploration results from this exciting prospect alongside the follow up trenching underway at our Pyramid Gold-Silver Project in Nevada and the recently optioned copper projects in Zambia.” 

Thematic Plan

A thematic plan illustrating the information contained in this news release will be available on the Brunton Pass Project page of the Company’s website www.tertiaryminerals.com

See below for detailed project summary.

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

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 which  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.

Brunton Pass Copper Project

The Company’s acquisition of the Brunton Pass Project was announced earlier this year, on 18 January 2021, after sampling of prospector small-scale surface workings, possibly originally dug for turquoise, revealed high copper values in the southern half of the claim block.

Since then, rock sampling and reconnaissance mapping has been extended into the northern part of the claim block where there are similar workings with shows of copper oxide minerals and where a small of amount of mercury was historically produced at the Antelope Mine.

A high-resolution drone-based aeromagnetic-photogrammetric survey and soil sampling have also been carried out across the whole project area.

Nine rock chip samples were taken as grab samples from different small prospecting pits and submitted for gold fire assay and multi-element analysis. Highlights include grab samples BR-014 which returned 6.84% copper and BR-016, which contained 1.75 g/t gold and 2.37% copper. Anomalous silver was also detected with an average of 14.65 g/t silver across all samples collected.

The drone and photogrammetric surveys were flown using 50 metre line spacing and 61 line-kilometres of data was collected. The photogrammetric survey provides aerial imagery to assist geological interpretation as well as an environmental baseline for future surface disturbance.

The magnetic data was processed by Magnetic Vector Inversion Modelling to produce a 3D magnetic model of the survey area. A structural and geological interpretation of the magnetic data was also conducted to define structures that could be potential pathways for mineralisation and a framework for further exploration.

Copper and mercury mineralisation at Brunton Pass is closely associated with hornfels and skarn alteration of limestone and associated sediments that form a northwest-southeast oriented, 1km x 0.75km, “window” within younger Tertiary-age volcanic rocks. The magnetic inversion model suggests that the sediments may be underlain at shallow depth by a large intrusive body that could be the source of the alteration and mineralisation. Evidence for this underlying body is found in surface outcrops of quartz monzonite and diorite dykes. The limestone window forms a magnetic low within Tertiary volcanics and appears to be in fault contact with the volcanics.

A total of 485 soil samples were collected at 50m spacing on lines 100m apart over the main sedimentary window and on a 100m by 100m offset grid over the remainder of the project area. The samples were submitted to Paragon Geochemical Laboratories, Reno for multi-element analysis. Several copper-in-soil anomalies2 with individual grades of up to 953ppm copper are present within the project area. The largest of these anomalies has dimensions of 340m x 310m and they are mainly coincident with areas of rock samples containing percent-level copper values.

Two large mercury-in-soil anomalies2 were also defined with values up to 52 ppm mercury with the largest of these extending over an area approximately 500m x 500m. This anomaly encircles the copper soil anomalies in the northern part of the project area and at its western part it is coincident with a deep magnetic low, possibly reflecting magnetite destructive mineral alteration.

The Company considers that an episode of intrusion related skarn copper mineralisation at Brunton Pass has been overprinted by a later episode of mercury mineralisation which may represent the high levels of an epithermal system prospective for gold and silver.

The Company now intends to conduct a preliminary trenching programme across the main copper anomaly and carry out further investigation of the potential for gold and silver mineralisation.

Notes:

  1. Soil samples were submitted to Paragon Geochemical Laboratories, Reno. Samples were screened to -80 mesh and analysed by method FSAU-25, a 51-element aqua regia digest with ICP-MS finish. Rock chip samples were analysed by ALS, Reno and analysed by method ME-MS61, a 48-element 4-acid digest with ICP-MS finish. Over-range analysis was via Cu-OG62, a 4-acid digest with ICP-AES finish, and Au-ICP21, a 30g fire assay with ICP-AES finish. Internal QA/QC samples were inserted by the analytical laboratories and reviewed by the Company prior to release.
  1. Anomalous soil samples are defined in this case by the 90th percentile values of the soil value population, being 55 parts per million copper and 740 parts per billion mercury. 
  1. The information in this release has been compiled and reviewed by Mr. Patrick Cheetham (MIMMM, MAusIMM) who is a qualified person for the purposes of the AIM Note for Mining and Oil & Gas Companies. Mr. Cheetham is a Member of the Institute of Materials, Minerals & Mining and also a member of the Australasian Institute of Mining & Metallurgy. 
  1. 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 – Half Yearly Report 2021

Tertiary Minerals plc, the AIM-traded company building a multi-commodity project portfolio, announces its unaudited interim results for the six months ended 31 March 2021.

OPERATIONAL HIGHLIGHTS:

NEVADA, USA

Pyramid Gold-Silver Project, Nevada (Lease held 100% by Tertiary)

· Soil sampling and follow-up prospecting completed.

· Rock chip samples from the North Ruth and Western Line soil anomalies returned high grade silver values.

· Additional soil sampling completed over possible strike extension to the Western Line Anomaly. Results awaited.

· Phase 1 trenching and mapping completed on the North Ruth and Western Line anomalies. Results awaited.

Paymaster Zinc-Silver Project, Nevada (100% owned by Tertiary)

· Infill soil sampling completed over East Slope Prospect – Zinc-silver soil anomalies defined over 450m, open to the east.

· Magnetic Vector Inversion modelling has defined magnetic anomalies associated with the East Slope and Valley Prospects and provided additional targets for exploration.

· Field mapping and trenching proposed for spring/summer 2021.

Brunton Pass Copper Project, Nevada (100% owned by Tertiary)

· New project staked with copper mineralisation spread over a 1km x 0.6km target area.

· Samples collected by United States Bureau of Mines contain up to 6.91% copper. Follow up sampling by the Company confirmed widespread copper mineralisation and included an 8ft channel sample grading 4.66% copper over 2.44m (8ft).

· Drone magnetic survey and soil sampling completed. Results awaited. 

Mt Tobin Silver Prospect,   Nevada (100% owned by Tertiary)

· Associated silver-in-soil and magnetic anomalies defined over a strike length of 1,200m and widths of 75-200m.

· Anomalies are open along strike. Field evaluation planned for summer 2021.

Lucky Copper Project, Nevada (100% owned by Tertiary)

· Hole 21TLRC001 was drilled to a depth of 108.24m 

· Two magnetic gossan zones intersected containing low-grade copper (+/-gold) mineralisation.

· Follow up magnetic survey completed to target replacement style mineralisation. Results awaited.

ZAMBIA

· New subsidiary, Luangwa Minerals Limited, formed after period-end to acquire copper exploration and development projects in Zambia.

FINANCIAL SUMMARY FOR THE SIX MONTHS ENDED 31 MARCH 2021:

· Operating Loss of £223,690 comprises:

Revenue of £81,495; less Administration costs of £243,851 (which includes non-cash share-based payments of £11,608).

Pre-licence and reconnaissance exploration costs totalling £48,449.

Impairment of deferred exploration asset of £12,885.

· Total Group Loss of £223,663 is after crediting interest income of £27.

· Project expenditure of £112,494 was capitalised during the 6-month period.

Funding and Cash Position:

· The Company completed a fundraising in the period with Peterhouse Capital Limited raising £450,000 before expenses.

· Warrants were exercised providing £13,750 of funds.

· Precious Metal Capital Group LLC (PMCG) subscribed for shares during the six months period in the amount of £420,000, which was prepaid in April 2020. No further share issues are due to PMCG.

· The closing cash (and cash equivalent) position at the end of the period was £743,497.

For more information please contact:

Enquiries

Tertiary Minerals plc

Patrick Cheetham, Executive Chairman

 

 

 

+44 (0)1625 838 679

SP Angel Corporate Finance LLP

Nominated Adviser & Joint Broker

Richard Morrison/Caroline Rowe

 

 

+44 (0) 20 3470 0470

Peterhouse Capital Limited

Joint Broker

Lucy Williams/Duncan Vasey

+44 (0) 207 469 0930

COVID-19 

The Company has applied all government guidelines in its day-to-day operations and administration. The restrictions on international travel have impacted the ability of the Company to supervise local operations. Fortunately, this has caused only minor delays and setbacks in the advancement of corporate objectives. Management and staff have carried out their duties diligently and efficiently in the circumstances of the “work-from-home” rules and social distancing. The Company is pleased to report that, to date, it has not incurred any positive cases of Coronavirus amongst its staff.

CAUTIONARY NOTICE

The news release may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company’s proposed strategy, plans and objectives or to the expectations or intentions of the Company’s directors. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.

MARKET ABUSE REGULATION (MAR) DISCLOSURE

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.

Chairman’s Statement

I am pleased to present our Interim Report for the six-month period ended 31 March 2021 and to be reporting further progress in the Company’s transition from a fluorspar focused company to a broader based company exploring for copper, gold, and silver. We now hold five active projects in Nevada, USA, with exploration programmes in progress across the portfolio.

We have maintained our position in the Storuman fluorspar development project in Sweden where the Company’s mining concession application remains under government review, although, it seems, with little prospect of an imminent decision.

At the Pyramid Gold-Silver Project near Reno, Nevada, which we hold under lease, we are awaiting assay results from a trenching programme completed to test mineralisation found at surface in a follow-up of an earlier soil sampling programme. Infill soil sampling has also been completed, analytical results are awaited and are expected to generate targets for a second phase of trenching.

The Brunton Pass Copper-Gold Project is a newly acquired project which we staked to follow up widespread occurrences of copper oxide minerals at surface and where our own sampling included a 2.44m channel sample grading 4.66% copper. We have moved quickly to carry out a drone magnetic survey and a project-wide soil sampling programme where results are awaited.

An initial drill hole was recently completed at the Lucky Copper Project intersecting narrow zones of gossan containing low copper values. The mineralisation has a magnetic response and is of a replacement type that can include large copper deposits and a drone magnetic survey is now underway to identify larger  targets for drilling.

Further work is also scheduled for the Paymaster base metal and Mt Tobin silver projects where there is a strong association of magnetic and geochemical anomalies which present exciting exploration targets and where follow up field evaluation is now planned for the summer.

Copper is increasingly a focus for the Company. It is a key metal in electric vehicles, prices are at record levels and the long-term market outlook is very favourable. After reviewing data on a number of projects around the world, the Company has formed a Zambian subsidiary, Luangwa Minerals Limited, which will target copper exploration and development opportunities in Zambia, one of the world’s top 10 copper producing countries with nearly 900,000 tonnes of copper produced in 2020. Tertiary’s Board has many years of experience with Zambian mining projects and has put together a small team with a successful background in exploring and developing copper projects in Zambia.

We continue to hold our pre-production and production royalties on the Kaaresselkä and Kiekerömaa gold projects in Finland which are being explored by Aurion Resources and an Aurion/B2B Gold joint venture company respectively. These project areas are close to Rupert Resources’ Ikkari gold discovery which is attracting strong investor interest.

Our activities during the period have been funded through existing cash resources, a share placing with joint broker Peterhouse Capital Limited that raised £450,000 (before expenses), and also an exercise of warrants which raised £13,750.  Precious Metals Capital Group (PMCG) was issued with shares during the reporting period to the value of £420,000 and the £600,000 placing & prepayment agreement signed in April 2020 is now settled in full. No further share issues are due to PMCG.

The Net Current Assets of the Group at the period end were £761,220 including cash and cash equivalents of £743,497.

On the corporate front we were pleased that Dr Mike Armitage has joined the Board as an independent non-executive director during the reporting period and we expect Mike’s wide global experience with SRK Consulting will be a valuable asset for the Company going forward.

We anticipate regular news flow over the remainder of the financial year and look forward to advising shareholders of our progress.

Patrick L Cheetham

Executive Chairman

26 May 2021

Link here for financial statements

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

Alan Green talks to Patrick Cheetham, Executive Chairman at Tertiary Minerals #TYM. Patrick discusses the latest developments at the Pyramid Gold and Silver projects, plus the Mount Tobin Silver project & the latest exploration results from the Lucky Copper project.

On the latest results from Lucky Copper, Patrick made the following comment on the TYM RNS announcement. “This maiden drill hole has confirmed the occurrence of copper mineralisation in magnetic gossan zones at shallow depth. The geological setting of the mineralisation is not yet defined but trace element geochemistry suggests the gossans are developed from skarn-style mineralisation,  a class of deposit containing a number of large economic copper deposits in Nevada and the adjoining States. Detailed evaluation of the drill samples is underway to define the host rock stratigraphy and a magnetic survey is planned to define additional drill targets.”

We also discuss the newly acquired Brunton Pass copper project, the Kaaresselkä Gold royalty agreements Finland, and the strong group cash position following the recent placing.

Tertiary Minerals #TYM – New Copper Exploration Project, Brunton Pass, Nevada, USA

Tertiary Minerals plc is pleased to announce that it has staked claims over a new copper exploration project at Brunton Pass in Nevada, USA.

Highlights 

Brunton Pass Copper Project, Nevada (100% owned by Tertiary)

  • 24 mining claims staked with copper mineralisation spread over a 1km x 0.6km target area.
  • Samples collected by United States Bureau of Mines (USBM) contain up to 6.91% copper including a chip sample grading 1.36% copper over 3.66m (12ft).
  • Follow up samples taken by the Company confirm widespread copper mineralisation and include an 8ft channel sample grading 4.66% copper over 2.44m (8ft) .
  • Copper mineralised samples also anomalous in uranium – large scintillometer anomaly reported.
  • Exploration underway, drone magnetic survey commissioned to commence within the next two weeks.

Commenting today, Executive Chairman Patrick Cheetham said:

“I am delighted to be announcing this new project acquisition as we continue to build our mineral project portfolio in Nevada. We have been able to confirm historic reports of widespread copper mineralisation with significant grades at surface.

This adds a second copper project alongside our precious metals projects and complements our Lucky Copper Project where our planned drill programme is now permitted and where we expect to be drilling as soon as a rig becomes available. Copper is increasingly a focus for the Company. It is a key metal in electric vehicles, prices are strong, and the market outlook is favourable.”

We look forward to reporting exploration results from this exciting prospect in what is shaping up to be a busy and a pivotal year for the Company.”

DETAILED INFORMATON FOLLOWS BELOW

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 as defined in Article 7 of Regulation (EU) No 596/2014 until the release of this announcement. 

Brunton Pass Copper Project

The Company has staked 24 new mining claims on the east side of the Paradise Range, just north of State Highway 91, 190 km southwest of Reno, Nevada.

Mercury was discovered in the claim area in 1945 and a small amount of mercury was produced in 1948. The area south of the mercury workings was drilled by Phillips Uranium Corp. in 1978 to test a reportedly large scintillometer anomaly but no further records can be found.

In 1991 the area was mapped and sampled by the US Bureau of Mines (USBM) during a study of the mines, prospects, and mineral occurrences of that part of the Paradise Range, administered as Toiyabe National Forest, although the prospect is itself outside of the National Forest.

The prospect area is underlain by Triassic-age limestone, sandstone, and siltstone which has been intruded by diorite. The sedimentary rocks are strongly altered locally and appear to be in fault contact with Tertiary-age volcanic rock (rhyolite) on all sides. Prospector small-scale workings are spread throughout a 1km x 0.6km area within the sedimentary enclave. Most of the workings explore shear zones and contact metasomatic (skarn) zones containing garnet, epidote, calcite, and copper minerals. Zones of silicification are abundant.

The USBM collected a total of 14 samples from across the prospect area and 8 of these contained values above 1% copper and up to 6.91% copper including a chip sample over 12ft (3.66m) grading 1.36% copper.

In addition to the copper and mercury zones, the area contains anomalous gallium, bismuth, tellurium, selenium, thallium, and arsenic, all elements considered to be precious metal “pathfinder” elements.

Prior to staking its claims the Company carried out a reconnaissance of the southern half of the prospect to confirm the USBM records of widespread copper mineralisation.

Of 10 grab and chip samples taken by the Company 5 samples contained over 1% copper including an 8ft (2.44m) channel sample grading 4.66% copper.

Other samples were significantly anomalous including an outcropping jasperoid containing 0.31% copper.

The Company’s copper-rich samples are also anomalous in uranium (up to 106ppm) and so the report of a large scintillometer further enhances the prospectivity of the project.

The Company has commissioned a detailed drone magnetic survey to assist in target delineation. This will be carried out within the next two weeks and further exploration will follow.

A thematic plan illustrating the information contained in this news release will be available on the Brunton Pass Project specific page of the Company’s website.

Notes: 

  1. The information in this release has been compiled and reviewed by Mr. Patrick Cheetham (MIMMM, MAusIMM) who is a qualified person for the purposes of the AIM Note for Mining and Oil & Gas Companies. Mr. Cheetham is a Member of the Institute of Materials, Minerals & Mining and also a member of the Australasian Institute of Mining & Metallurgy.
  1. 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 with projects in Nevada and Sweden.

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