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Tertiary Minerals #TYM – Further High-Grade Silver and Gold Results at Pyramid

Tertiary Minerals plc (AIM: TYM) is pleased to provide an update from its Pyramid Silver-Gold Project in Nevada, USA, where analytical results from a recently completed surface sampling and mapping programme continue to return high-grade silver and gold grades. The majority of these new samples were collected over a wide area along the recently established zone of silver mineralisation at the North Ruth target. North Ruth has a target strike length of at least 530 metres (announced 14 October 2021).

Highlights:

  • Rock chip and grab samples collected during further detailed mapping programme
  • Analytical results reporting significant1 silver mineralisation in 34 of 37 samples
  • 4 high-grade2 samples reporting silver grades of 1,286 g/t, 889 g/t, 522 g/t and 513 g/t
  • Includes 4 samples reporting gold grades of 2.72 g/t, 1.67 g/t, 1.30 g/t and 1.20 g/t
  • Mapping and sampling providing key input to modelling and design of drill programme

Commenting today, Managing Director Patrick Cullen said: “These are very encouraging results and include the highest silver grades we have sampled at North Ruth to date. While silver is the primary target, it is also excellent to see the presence of reportable gold grades.

“We have steadily built our dataset and our understanding of the North Ruth target over a series of work programmes. This has allowed us to identify mineralised structures with increasing confidence, as reflected in these results.

“I have been on site with our geologist in Nevada over recent days, examining previous work and planning for an upcoming drill program and I look forward to providing updates.”

Results:

Sample Area Type Width (m) Ag (g/t) Ag (oz/ton) Au (g/t)
PR-305 North Ruth Rock Chip 1.20 253 7.38 0.27
PR-309 North Ruth Rock Chip 1.00 513 14.96 0.81
PR-311 North Ruth Rock Chip 1.50 231 6.74 0.15
PR-315 North Ruth Rock Chip 3.00 522 15.23 0.36
PR-318 North Ruth Rock Chip 1.50 1,286 37.51 0.64
PR-319 North Ruth Grab 889 25.93 0.46
PR-321 North Ruth Rock Chip 1.00 238 6.94 1.67
PR-322 North Ruth Rock Chip 0.60 210 6.13 0.65
PR-332 North Ruth Rock Chip 1.00 231 6.74 2.72
PR-339 North Ruth Grab 270 7.88 0.66
PR-334 Rock Chip 1.20 204 5.95 1.46

A summary of high-grade2 silver results is shown in the table above. The location plan of the samples and updated mapping may be accessed here [RNS to insert PDF link] or on the Company website. Further detailed information may be found below.

 

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

 

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.

Detailed Information:

Background

The Pyramid Gold-Silver Project is located in north-central Nevada, USA and is targeting epithermal gold-silver mineralisation at the northwest end of the prolific past producing Walker Lane Mineral Belt.

On 11 January 2021, the Company announced results from a soil sampling programme carried out to confirm, and determine the extent of, an open-ended gold and multi-element soil anomaly originally defined in the 1980s by Battle Mountain Gold Company. A number of significant new gold and silver-in-soil anomalies were identified and named the North Ruth, Western Line and Western Splay anomalies.

In late January 2021, follow up rock chip sampling highlighted the potential for in situ mineralisation and in particular at the 800m long North Ruth soil anomaly where grab sampling identified areas of silicified and brecciated Tertiary-age volcanics within the anomaly with one sample of spoil from an old shaft containing 314 g/t silver (9.16 ounces/ton) amongst eight samples averaging 91 g/t silver (2.67 ounces/ton) and 0.26 g/t gold.

On 3 June 2021, the Company announced results from its Phase 1 trenching programme which was designed to test various gold and silver soil anomalies. Two trenches, Nos. 1 and 2, were located over the north and south ends of the North Ruth soil anomaly, respectively. Assay results from Trench No.1 revealed a 46m continuous thickness of mineralisation grading 61g/t silver (1.78 ounces/ton) and 0.09 g/t gold. The next nearest trench, Trench No.2, some 460m along strike, cut 3.05 m grading 260 g/t silver (7.58 ounces/ton) and 0.27 g/t gold.

In August 2021, the Company conducted a Phase 2 trenching programme at Pyramid using a larger and more powerful excavator. Trench 1 EXT extended the grade of the mineralisation cutting 58.98m of continuous silver mineralisation grading 73g/t silver (2.14 ounces/ton) with 0.13g/t gold including two high grade intervals of 3.35m grading 218g/t silver (6.37 ounces/ton) with 0.25g/t gold and 2.13m grading 595g/t silver (17.35 ounces/ton) with 0.66g/t gold.

Trenches, No. 7 and No. 8, were excavated along strike from Trench 1 EXT. Trench No.7, located approximately 73m to the northwest, cut 2.44m grading 64g/t silver (1.88 ounces/ton) with 0.47g/t gold. Trench 8 was located 65m southeast of Trench 1 EXT and cut 26.80m grading 37g/t silver (1.08 ounces/ton) with 0.12g/t gold which included a higher-grade zone of 6.09m grading 102g/t silver (2.96 ounces/ton) with 0.26g/t gold. Trench 8 also cut a separate gold bearing zone 6.09m wide grading 0.73g/t gold with negligible silver.

October 2021 Mapping and Sampling Programme

In October 2021 the Company conducted a mapping and sampling programme at North Ruth to provide additional geological and grade control for drill planning. Additional samples were collected from the wider project area during the work programme.

Previous exploration had defined zones of silver-gold bearing silicification at North Ruth which were mapped and sampled along strike. Pertinent information such as dip, strike, joining and degree of silicification was recorded at each sample site and additional sites not subjected to sampling. The mapping has refined historic data and indicates the mineralised zones generally have a southwest dip of between 70 and 80°. A total of 37 samples were collected, 34 of which were located at North Ruth.

Samples were submitted to Paragon Geochemical Laboratories for sample preparation and analysis.

Samples PR‑318 and PR-319, located approximately 95m southeast of Trench 8 and 300m northwest of Trench 2, returned silver grades of 1,286 g/t and 889 g/t, respectively. Additional samples returning significant and high-grade silver grades are located within the mid-North Ruth area suggesting mineralised continuity along strike.

An additional 4 samples were collected from the southeast of the project area where trenching was planned but not conducted due to time constraints in the Phase 2 trenching programme. All 4 samples contained significant silver mineralisation and highlight the potential for additional exploration targets going forward.

Notes:

  1. Significant is defined as a rock chip sample grading a minimum of 15 g/t silver.
  1. High-grade is defined as a rock chip sample grading a minimum of 200 g/t silver.
  1. Units:

Rock samples reported in g/t = grammes/tonne

1 g/t = 0.029167 ounce/ton (i.e. troy ounces/US ton)

1ppm = 1 g/tonne

1 (Troy) ounce =31.105g 

  1. Rock chip samples were collected by consulting Geologist Ivan Johnson and were transported under chain of custody to Paragon Geochemical facilities in Reno, Nevada for sample preparation. Samples were crushed to 85% passing 200mesh using PREP-RMB. Gold was analysed by method Au-AA30 which comprises 30g fire assay with aqua regia digest/AAS finish. Multielement analysis (including Ag) was performed using method 33‑MA-OES which comprised a 4-acid digest with ICP/OES finish. Ag overrange analysis was performed using method Ag-Gr30, a 30g fire assay with gravimetric finish. Paragon carries out duplicate and standard materials analysis as part of its internal QA/QC procedures.
  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 (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 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

 

#TYM Tertiary Minerals – Strategic and Operational Update and Decision to Exercise Further Zambian Licence Options

Tertiary Minerals plc (AIM: TYM) is pleased to provide a strategic and operational update and details of an updated Investor Presentation. The Company is also pleased to advise that, further to its announcement of 2 August 2021, its 96% owned Zambian subsidiary, Luangwa Minerals Limited (“Luangwa”), will exercise its option with Mwashia Resources Ltd (“Mwashia”) to enter into agreements to acquire up to a 90% joint venture interest in the four additional Large Exploration Licences held by Mwashia. These are licence numbers 27065-HQ-LEL (Lubuila), 27066-HQ-LEL (Mukai), 27067-HQ-LEL (Konkola West) and 27068-HQ-LEL (Mushima North). Tertiary is already earning up to a 90% interest from Mwashia in licence number 27069-HQ-LEL at Jacks.

Highlights

  • Tertiary’s strategic focus is on energy transition and precious metals located in stable and democratic, geologically prospective, mining-friendly jurisdictions.

 

  • The Company’s current principal activities are the discovery and development of copper, gold and silver resources in Nevada and in Zambia.

 

  • Planning is currently underway for drilling at Pyramid (silver-gold, Nevada) and Jacks (copper, Zambia) and for trenching at Brunton Pass (copper, Nevada).

 

  • Drilling is planned for Pyramid for Q1 2022 and for Jacks in Q2 2022. Trenching at Brunton Pass is planned for Q1 2022. Ground geophysics and high resolution XRF/sol sampling to aid drilling targeting at Jacks is planned for Q4 2021, but is contingent on permitting and rainfall.

 

  • Tertiary will exercise its option to earn a joint venture interest in the remaining four Mwashia licences in Zambia: 27065-HQ-LEL (Lubuila), 27066-HQ-LEL (Mukai), 27067-HQ-LEL (Konkola West) and 27068-HQ-LEL (Mushima North).

 

  • An updated Investor Presentation is available here and on the company website.

Commenting today, Managing Director Patrick Cullen said:

“We are looking forward to drilling the North Ruth target at the Pyramid silver-gold project. The recently reported high grade silver results and significant extension of the mineralised zone offer a compelling drill target. We look forward to announcing that schedule in more detail once plans are finalised.

We are also very pleased to be moving ahead with the option agreement with Mwashia in Zambia. We have had enough time to consider and examine the prospectivity and strategic value of the additional four licences in the original agreement. We believe our timing is good. Copper prices remain high and copper is being described as being ‘the nexus of the energy transition’. Also, the recent democratic and peaceful transition to a UNDP government in Zambia, and the subsequent policy changes have already brought encouragement to the mining sector in this world-class copper mining jurisdiction.

I have recently visited Zambia and met with our partners, Mwashia, and with our local representative. Mwashia has made excellent progress in advancing permits for the Jacks licence. I also made site visits to both Jacks and the Konkola West licences. We have gathered more information, including further detailed historic documentation which is aiding our exploration planning, at Jacks in particular where we look forward to drilling in 2022.”

 

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

 

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.

 

Detailed Information

Option Agreement

 

As disclosed on 2 August 2021, the Company’s 96% owned subsidiary, Luangwa Minerals Limited, holds an option agreement (“the Agreement”) with Mwashia Resources Limited, a privately held Zambian registered company controlled by Mr. Geoffrey Siame, a director of Zambian exploration, mining & environmental engineering consultancy firm, African Mining Consultants Limited (AMC). This option agreement sets out the terms whereby Luangwa may earn up to a 90% joint venture interest the Jacks Large Exploration Licence and grants Luangwa the right to enter into options agreements on the four additional licences detailed above on the same terms.

 

The Company will now exercise that right. The terms are summarised as follows:

 

  1. Mwashia will prepare an Environmental Project Brief (“EPB”) for all four remaining licences (an approved EPB is a pre-requisite for conducting exploration) and submit the EPB to Zambian Environmental Management Agency (“ZEMA”) for approval.

 

  1. Luangwa will pay US$1,500 towards the costs of preparing the EPB and US$10,000 to Mwashia on approval of the EPB by ZEMA for each licence.

 

  1. Luangwa may earn, and has the right to take up, an initial 51% joint venture interest in each of the four licences by spending US$50,000 (per licence) on exploration in the 12-month period following approval of the EPB by ZEMA.

 

  1. On taking up a 51% interest in any of the licences, Luangwa and Mwashia will enter into a Joint Venture Agreement (“JVA”) per licence and on signing the JVA Luangwa will pay US$30,000 to Mwashia per JVA.

 

  1. Luangwa may earn a further 39% interest (total 90% interest) in each of the licences by spending a further US$100,000 over 18 months from the date of signing the relevant JVA.

 

Exploration Licence 27065-HQ-LEL – Lubuila Project

Exploration Licence 27065-HQ-LEL covers 334.8 sq. km. and is located 90km west of Luanshya in the Central African Copperbelt. The licence is partially underlain by the prospective Lower Roan arenite and lies approximately 70km southeast of the currently producing Chambishi Southeast copper-cobalt mine.

Exploration Licence 27066-HQ-LEL – Mukai Project

Exploration Licence 27066-HQ-LEL covers 55.4 sq. km. and is located 125km west of Solwezi in the Central African Copperbelt. First Quantum Minerals’ Sentinel nickel deposit, which is currently in development, and currently producing Enterprise copper mine are located 8km south and 18km southeast of the licence, respectively.

Exploration Licence 27067-HQ-LEL – Konkola West Project

Exploration Licence 27067-HQ-LEL covers 71.9 sq. km. and is located 18km northwest of Chingola in the Central African Copperbelt. The licence lies immediately west of the Konkola-Musoshi copper deposits which are under active exploitation at the Konkola and Lubambe mining complexes.

Exploration Licence 27068-HQ-LEL – Mushima North Project

Exploration Licence 27068-HQ-LEL covers 701.3 sq. km. and is located 100km east of Manyinga. The past-producing Kalengwa copper mine is situated approximately 20km west of the licence and is believed to be one of the highest grade copper deposits to be mined in Zambia.

 

Exploration Licence 27069-HQ-LEL – Jacks Project

Further data has been collected from public sources in Zambia. Information on an additional diamond drillhole, KJD10 has been found. KJD10, was drilled in late 1999 (detailed in the updated Investor Presentation) and is located on a separate traverse 300m to the east of those previously disclosed and is reported to have intersected copper mineralisation over a drilled interval of 23.95m between 222.05 – 246.00m grading at 1.26% copper which includes a drilled interval of 1.88m between 230.12 – 232.00m grading at 2.93% copper.

 

The above five licences cover a total area of 1,250sq km.

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

 

#TYM Tertiary Minerals plc – Pyramid Silver Discovery Extended

Tertiary Minerals plc (AIM: TYM) is pleased to report an update from its Pyramid Silver-Gold Project in Nevada, USA, where analytical results from the Company’s recently completed Phase 2 trenching has extended the strike and width of recently discovered silver mineralisation at North Ruth.

Highlights:

· The second phase of trenching has confirmed and extended the existing discovery;

· Silver and gold mineralisation has now been shown to extend over a strike extent of at least 530m;

· Trench 1 EXT, an extension to trench 1, revealed a zone width of up to 59 metres;

· Grades as high as 595g/t silver (17.35 ounces/ton) and 0.66g/t gold were intersected. 

Commenting today, Managing Director Patrick Cullen said: “The results reported today from Pyramid highlight a significant zone of silver mineralisation with a target strike length of at least 530 metres.”

“We have also delineated a zone up to 50 metres thick at surface, with some high-grade silver results and significant complementary gold.”

“North Ruth is an attractive drill target and we look forward to reporting further progress on this exciting discovery.”

Results:

Thickness

Silver

Gold

From

To

(m)

(g/t)

(oz/ton)

(g/t)

(m)

(m)

Trench 1 EXT

58.98

73.39

2.14

0.13

23.62

82.60

Includes

3.35

218.45

6.37

0.25

27.43

30.78

Includes

2.13

595.00

17.35

0.66

72.85

74.98

Trench 7

2.44

64.39

1.88

0.47

22.40

24.84

Trench 8

26.80

37.16

1.08

0.12

19.51

46.33

Includes

6.09

101.50

2.96

0.26

31.09

37.19

Trench 8

6.09

1.10

0.03

0.73

85.344

91.44

A summary of significant results1 is shown in the table above. The location of the trenches and intersections outlined in this news release are shown on Maps 1 and 2, which may be accessed here http://www.rns-pdf.londonstockexchange.com/rns/0147P_1-2021-10-13.pdf or on the Company website. Further detailed information may be found below.

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

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

Tertiary Minerals #TYM – Alan Green talks to newly appointed MD Patrick Cullen. The former Arkle Resources #ARK CEO discusses the demand for #copper & why he came to Tertiary. Patrick also looks at  the new opportunities at ‘investor darling’ Zambia, and talks about his near term plans.

Tertiary Minerals #TYM – Appointment of Managing Director

TYM

Tertiary Minerals plc is pleased to announce the appointment of Mr. Patrick Cullen as Managing Director of the Company with immediate effect.

Mr. Cullen is an experienced mineral exploration executive with a strong technical background in geology, geophysics and mining and a proven track record leading multi-disciplinary teams across Southern Africa and Europe.

Commenting today, Executive Chairman Patrick Cheetham said:

“I am delighted that Patrick has agreed to join us. He does so at an interesting time in the development of our exploration projects in the USA and his experience in Zambia will be a valuable asset as we seek to progress our recent initiatives there. The Board and I look forward to working with him on the future success of the Company.”

Most recently, Mr. Cullen was Chief Executive Officer at AIM listed Arkle Resources PLC, exploring for gold and base metals in Ireland. Prior to that, he was Technical Director at Kodal Norway (UK) Limited and he has also held senior positions at Montero Mining & Exploration Ltd and African Energy Resources Ltd, exploring for phosphate and uranium in Africa. Prior to this, he held technical roles with AngloGold Ashanti and Schlumberger.

He holds a degree in Geology from the University of Portsmouth and an MBA from the University of Southern Queensland.

The following information is disclosed pursuant to Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies in relation to Patrick Brendan Cullen, aged 50:

Current directorships and/or partnerships: Former directorships and/or partnerships (within the last five years):

N/A Arkle Resources PLC Arkle Resources Ltd Oldcastle Zinc Limited

 

There are no further disclosures required under Schedule 2(g) of the AIM Rules for Companies.

Mr. Cullen’s appointment is for an initial 12 months’ term with a view to the appointment being renewed on an open-ended basis thereafter. Mr. Cullen does not hold any shares in the Company.

 

 

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.

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