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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 – 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.

  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.
  • 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) notes Aurion Resources Private Placement Financing with Kinross Gold Corporation

On March 21st 2017, Tertiary Minerals (TYM.L) announced the sale of its non-core gold assets in Finland,  Kaaresselkä and Kiekerömaa to Aurion Resources (TSX VENTURE: AU). Tertiary Minerals notes the Aurion Resources announcement from September 7th 2017 outlined below.

On September 7th 2017, Aurion Resources Ltd announced that it had negotiated a non-brokered private placement of common shares with Kinross Gold Corporation at a price of $2.32 per Common Share. On closing, Kinross will own 9.98% of the then issued shares of Aurion. Based on the currently issued and outstanding share capital of Aurion, the private placement will result in the issuance of 6,853,500 shares, for gross proceeds to the Company of $15,900,120.

The net proceeds from the Private Placement will be used by the Company for exploration and development of its properties in Finland, and for working capital and general corporate purposes.

The Private Placement is expected to close on or about September 13, 2017, and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the acceptance by the TSX Venture Exchange.

All securities issued in connection with the Private Placement will be subject to a four-month hold period from the closing date.

Mike Basha the President and CEO of Aurion stated: “We are delighted to welcome Kinross as one of our major shareholders. This significant investment by Kinross validates Aurion’s exploration model in the Central Lapland Greenstone Belt, and provides the necessary capital to rapidly advance our comprehensive exploration plans of which the primary focus is the Aamurusko prospect. We also look forward to having access to Kinross’s technical expertise via the formation of a joint technical committee as Aurion’s programs move forward.”

Tertiary sold its non-core gold assets in Finland,  Kaaresselkä and Kiekerömaa, earlier in this year to Aurion Resources. As part of the sale Tertiary owns 83,072 shares in Aurion and retain a royalty interest in the 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
  • 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

Tertiary Minerals (TYM) successfully completes sale of Gold assets

Further to the RNS dated 05 December 2016, Tertiary Minerals plc, the AIM traded company building a strategic position in the fluorspar sector, is pleased to announce the successful completion of the sale of its non-core gold assets, Kaaresselkä and Kiekerömaa, in Finland to TSX-V listed Aurion Resources Ltd.

Highlights:

  • The transfer of the Exploration Licences from Tertiary to Aurion have been successfully completed by the mining division of the Finnish Safety and Chemical Agency (Tukes) and exchange approval has been granted by the TSX-V
  • £100,000 initial consideration has been paid by Aurion: £15,000 in cash and £85,000 in Aurion shares (being 83,072 shares)
  • Tertiary retain pre-production and production royalty interests in the Kaaresselkä and Kiekerömaa projects
  • Aurion, www.aurionresources.com, is a Canadian listed (TSX-V: AU) precious metals exploration company  primarily focusing on the development of its Finnish gold projects, several of which are under a joint venture with B2Gold, a main board listed (TSX:BTO,NYSE MKT:BTG) gold producer and developer,www.b2gold.com
  • Aurion has recently announced the discovery of a new bonanza gold zone, called Aurora at its 100% owned Risti project. The Kaaresselkä project is located in the same regional deformation zone to the south of Risti: – 133 rock grab samples collected from predominantly large and angular sub-cropping quartz-tourmaline blocks assayed from nil to 1563.5 g/t Au, including 36 samples which assayed greater than 31 g/t Au (1 ounce per tonne). The average grade of all 133 samples is 74.3 g/t Au.
  • Further information can be viewed at:

www.aurionresources.com/news/2017/aurion-discovers-new-bonanza-gold-zone-at-risti

Commenting today, Managing Director, Richard Clemmey said: “We are delighted that the completion of the sale has gone smoothly and given Aurion’s exciting new discovery and strategic partnership with B2Gold in Finland, we are looking forward to potentially capitalising in the future through our retained shareholding in Aurion and royalty interest in Kaaresselkä and Kiekerömaa”.

 

Enquiries

Tertiary Minerals plc

Richard Clemmey, Managing Director

Patrick Cheetham, Executive Chairman

+44 (0) 1625 838 679

SP Angel Corporate Finance LLP

Nominated Adviser & Joint Broker

Ewan Leggat/Lindsay Mair

+44 (0) 20 3470 0470

Beaufort Securities Ltd

Joint Broker

Elliot Hance

+44 (0)20 7382 8300

Brand Communications

Alan Green

+44 (0)7976 431608

Retained Royalty Interest Details

Tertiary will retain royalty interest 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
  • 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

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement

Notes to Editors

Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration and development company building a significant strategic position in the fluorspar sector. Fluorspar is an essential raw material in the chemical, steel and aluminium industries. Tertiary controls two significant Scandinavian projects (Storuman in Sweden and Lassedalen in Norway) and a large deposit of strategic significance in Nevada, USA (MB Project). 

CAUTIONARY NOTICE

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

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