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Tertiary Minerals #TYM – Kalkkinen Data Sale – Seed Capital Shares and Royalty

Tertiary Minerals plc is pleased to advise that it has entered into an agreement to sell data rights and intellectual property over the Kalkkinen Platinum Group Metal Prospect in Finland to unlisted explorer Element-46 Ltd (E46).

Tertiary carried out reconnaissance exploration at Kalkkinen in 2004-5 which resulted in the discovery of a zone of outcropping massive sulphide mineralisation where chip sampling returned results which include 2.3% copper with 3.4 g/t palladium-platinum-gold over 0.75m and 0.3% copper with 3.2 g/t palladium-platinum-gold over 1m.

Mineralisation at Kalkkinen occurs as massive sulphides and interstitial sulphides in pyroxenite. Chalcopyrite and several small grains of gold were found associated with michenerite (a palladium-bismuth telluride) and other bismuth and lead tellurides were also identified.

E46 has now applied for a licence reservation over the Kalkkinen prospect and as a result of its agreement with E46 Tertiary now holds a 2% Net Smelter Return (NSR) Royalty over the area of the licence reservation. E46 may purchase the NSR Royalty interest and all other rights granted to the Company in exchange for US$1,000,000 at any time before commencing construction of a mine on the area of the licence reservation.

In consideration of the transfer of data to E46, Tertiary will be issued with 200,000 ordinary shares in E46 at a deemed issue price of 12 pence per share upon the grant of the licence reservation.

E46 is a private mineral exploration and development company with projects in Norway and Finland, with a focus on PGMs and other high-tech environmental metals used in industrial applications (palladium is element number 46 on the periodic table of elements). https://www.element-46ltd.com

Commenting today, Executive Chairman Patrick Cheetham said:

“Tertiary has a long history of exploration in Finland and welcomes this opportunity to realise further value from this work. The palladium price has increased nearly 10-fold since we discovered the Kalkkinen mineralisation and it is now over $2,000/ounce. We are pleased to become a seed capital shareholder in Element-46 Ltd and to add this royalty interest to our Kiekerömaa and Kaaresselkä royalties in Finland where gold exploration is being undertaken by underlying tenement holder Aurion Resources Limited.” 

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. 

Note –  Qualified Person Information

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. 

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 Development

Tertiary Minerals plc is pleased to note the announcement today by TSX listed Aurion Resources Ltd of encouraging results from Aurion’s Maiden Drill Program at the Kaaresselkä Gold project where Tertiary holds a number of royalty interests.

Drill intercepts include:

  • 52 g/t Au over 2.85 m (KS20001 from 306.50 m down hole) and
  • 85 g/t Au over 5.40 m (KS20002 from 199.00 m down hole); and
  • extend the gold mineralized zone to ~200 m depth and to ~600 m strike length at Vanha target.

Details of the drill programme and Tertiary’s royalty interests can be found in Tertiary’s announcements of 3 September 2020 and 6 October 2020 and in the detailed information 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 for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Detailed Information

Aurion completed a maiden 12-hole, 2,401.3 m diamond core drilling program testing four targets (Vanha, Lampi South, Lampi North, Tienvarsi) within the Kaaresselkä prospect area (2.0 km by 1.0 km). The program was designed to test the potential strike and depth extensions of previously identified mineralized zones, which were largely limited to 50-150 m from surface, as well as targets identified from re-interpretation of historic exploration data.

The locations of drill holes can be seen in the following link and a list of results is provided in the following table.

https://aurionresources.com/site/assets/files/1373/nr20-16figure2.pdf

Kaaresselkä Drillhole Highlight Summary Table
Hole ID Azimuth Dip From (m) To (m) Width (m) Au (g/t) Target Area Comments
KS20001 179.8 -50.0 40.70 41.35 0.65 0.93 Vanha 1.08 % Cu
AND     85.85 88.95 3.10 0.26   1.20 % Cu
AND     296.40 297.55 1.15 1.71    
AND     306.50 309.35 2.85 1.52    
incl     307.70 309.35 1.65 2.36    
KS20002 359.9 -49.4 199.00 204.50 5.50 1.85 Vanha  
incl     199.00 199.95 0.95 8.91    
KS20003 180.4 -45.2 45.75 49.75 4.00 1.27 Vanha  
KS20004 335.1 -55.2 101.95 102.90 0.95 1.28 Lampi S  
KS20005 24.7 -50.4       NSV Lampi N  
KS20006 30.3 -45.0       NSV Tienvarsi  
KS20007 30.4 -54.7 81.95 82.80 0.85 3.22 Tienvarsi 0.8 % Cu
KS20008 224.7 -45.2       NSV Lampi N  
KS20009 220.7 -44.8       NSV Lampi N  
KS20010 224.4 -44.7       NSV Tienvarsi  
KS20011 220.9 -44.6       NSV Lampi N  
KS20012 14.2 -48.0       NSV Lampi S  
Intercepts reported at 1 g/t gold or 1 % Cu cut-off. All assay values are uncut.  
All widths are core widths.  True width is not known at this time.  NSV = No Significant Value

 

 

Vanha Target

KS20001 targeted the depth extensions of historic gold intercepts (4.88 g/t Au over 2.0 m, 1.2 g/t Au over 1.0 m and 1.21 g/t Au over 4.0 m) at shallow depths (max 50 m). The drill hole intersected a wide (~200-300 m down hole length) zone of strongly altered (silicification and carbonatization) and sheared mafic volcanic rocks and graphitic sediments returning gold intercepts of 1.71 g/t Au over 1.15 m from 296.40 m down hole, 1.52 g/t Au over 2.85 m, and several intervals with elevated (>0.1 g/t) gold values. The mineralized zone is interpreted to be subvertical and continue to at least 230 m vertical depth. The drill hole also intersected previously unknown parallel zones of alteration and deformation that returned 0.93 g/t Au and 1.08% Cu over 0.65 m from 40.70 m down hole and 0.26 g/t Au and 1.20 % Cu over 3.10 m from 85.85 m down hole.

KS20002 was collared along a profile ~60 m to W from KS20001 and targeted the depth extension of gold mineralized zones identified in historic exploration. The drill hole intersected 1.85 g/t Au over 5.50 m from 199.00 m down hole including 8.91 g/t Au over 0.95 m from 199.00 m down hole within a wider zone of strongly deformed and altered mafic volcanic rocks and graphitic schists.

KS20003 was collared ~300 m to E from KS20001 to test the strike extension of the EW trending structural trend. The drill hole returned an intercept of 1.27 g/t Au over 4.00 m within a wider zone of strongly deformed and altered mafic volcanic rocks and graphitic schists. The gold mineralized trend is open and untested towards east.

The three drill holes extended the gold mineralized zones to 200 m depth and 600 m strike length along the east-west trending structural corridor coinciding with the Sirkka Shear Zone. The mineralization at Vanha is open to depth and towards east.

Lampi South, Lampi North, and Tienvarsi

Drill holes KS20004-KS20012 tested several gold indications in the western part of the Kaaresselkä prospect area. Several drill holes intersected zones of altered and deformed mafic volcanic and sedimentary rock units with varying levels of gold ranging from nil to ~3 g/t Au over narrow widths.

Quality Assurance and Quality Control

All samples were delivered to ALS preparation facility in Sodankylä, Finland where sample preparation work was completed. All analytical work was completed at ALS facility in Loughrea, Ireland and Rosia Montana, Romania. ALS is an internationally accredited lab and are ISO compliant (ISO 9001:2008, ISO/IEC 17025:2005). All samples were analysed for gold using the Au-AA26 procedure (50 g fire assay with AAS finish: Lower Detection Limit (“LDL”) 0.01 g/t gold; Upper Detection Limit (“UDL”) – 100 g/t gold).  Multi-element analysis (ME-ICP61, four-acid digestion, 35 element ICP-AES) was completed on all samples. Certified standards and blanks were inserted every 20 samples. ALS has its own QA/QC protocol using standards, blanks and duplicates.

Note :

The information in this release has been taken from a news release made by Aurion Resources Ltd on 3 December 2020 and has been compiled 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.

 

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) – Sale of Non-Core Gold Assets

TYM1Tertiary Minerals plc (TYM), the AIM traded company building a strategic position in the fluorspar sector, is pleased to announce the sale of its non-core gold assets, Kaaresselkä and Kiekerömaa, in Finland to TSX-V listed Aurion Resources Ltd.

Highlights:

·     The Company has sold its non-core gold assets, Kaaresselkä and Kiekerömaa, in Finland to Aurion Resources Ltd, www.aurionresources.com

·     Aurion 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 listed (TSX:BTO,NYSE MKT:BTG) gold producer and developer, www.b2gold.com

·     £100,000 initial consideration to be paid by Aurion: £15,000 in cash and £85,000 in Aurion shares

·     Tertiary will retain royalty interest in the projects:

Ø – 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

Ø – 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

Ø – 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

Ø – Net Smelter Returns Royalty (NSR) of 2% on all future gold production from either property

Ø – 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

·     The sale is conditional upon successful transfer of the Exploration Licences for each project from Tertiary to Aurion (to be handled by the mining division of the Finnish Safety and Chemical Agency (Tukes)) and exchange approval by the TSX-V.

Commenting today, Managing Director, Richard Clemmey said: “We are delighted to have sold our two legacy gold projects to an accomplished gold explorer. We wish Aurion every success with the development of the projects and look forward to potentially sharing the future upside through our retained royalty interest”.

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/Laura Harrison

+44 (0) 20 3470 0470

Beaufort Securities Ltd

Joint Broker

Elliot Hance

+44 (0)20 7382 8300

Historic Information:

Both projects, Kaaresselkä and Kiekerömaa, have been previously drilled by the Geological Survey of Finland (GTK) and Tertiary. Significant gold mineralisation was encountered in the various drilling programmes therefore highlighting the future potential for the projects. Further information on the projects can be viewed through the Company’s website:

http://www.tertiaryminerals.com/projects/gold-projects/kaaresselka-gold-project

http://www.tertiaryminerals.com/projects/gold-projects/kiekeromaa-gold-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 Pursuant to Schedule 4 of the AIM Rules

1.    Intangible asset value of Kaaresselkä and Kiekerömaa on 30 September 2016: £444,622

2.    Aurion consideration shares will be held by Tertiary for a minimum period of four months and one day following issue, a requirement of National Instrument 45-102, Part 2, Section 2.5 (2) 3(ii), under Canadian Securities Law.

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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