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UK Investor Magazine – Tertiary Minerals share price yet to catch up with progress at Nevada Projects.

AIM listed Tertiary Minerals (LON:TYM) is a mineral exploration and development company building and developing a multi-commodity project portfolio of precious metals and base metals in Nevada, USA, plus it holds some industrial mineral assets in northern Europe.

In an update on progress with its projects today, the company said that following unsuccessful metallurgical testwork, it had decided to terminate the lease agreement on the MB Fluorspar Project in order to fully focus on its expanding gold and base metals project portfolio.

Based on the progress with these projects, this looks to be a shrewd move on the part of management ahead of a series of drone magnetic surveys scheduled this week for the company’s key Peg Leg Copper and Paymaster, Silver, Lead and Zinc Projects.

The surveys will provide 3D imaging of the underlying geology and strata, to help determine future drill targets.

Recently Tertiary completed a drone survey at the Mount Tobin Silver Prospect, and now intends to undertake a soil sampling programme to define drill targets.

Soil sampling will also be shortly underway at the Pyramid Gold Project to extend and confirm historic gold-in-soil anomalies for drill targeting.

With such an intense schedule of activities underway, Tertiary has its work cut out for the remainder of 2020. Despite the challenge presented by COVID 19, work continues apace, with any positive data likely to act as a strong catalyst for a share price that is yet to catch up with events.

Tertiary Minerals shares traded at 0.24p in mid afternoon trade on Wednesday.

Tertiary Minerals #TYM – Half-Yearly Report 2020

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 2020.


Pyramid Gold Project, Nevada, USA

· The Company’s first drill hole on the project was successfully completed ahead of schedule and drilled to a total depth of 137m

· Intersection of 0.55m grading 2.01 g/t Au from 82.6m down hole, confirming that the target zone is gold-mineralised

· Further planned exploration work: Soil sampling to fully delineate the gold, silver and multi-element soil geochemical anomaly and to define further drill targets

Paymaster Polymetallic Project, Nevada, USA

· A US based consulting geologist with a background in the evaluation of skarn deposits has now completed an extensive programme of mapping and sampling and to help define potential drilling

New Project Acquisitions

· Three new projects acquired by low costs claim staking – Peg Leg, Mt Tobin and Lucky

MB Fluorspar Project, Nevada, USA

· Following the recent fundraisings, the Company has re-commenced the Scoping Study level metallurgical testwork at SGS Lakefield in Canada

Storuman Fluorspar Project, Sweden

· The Mine Permit appeal process is ongoing with the Swedish Government with no commitment to a decision timeframe.

Kaaresselkä and Kiekerömaa Gold Projects, Finland

· The Company retains pre-production and net smelter royalty interest in two gold projects owned by Aurion Resources

· Aurion is a Canadian listed exploration company with primary focus on the development of its Finnish gold projects, several of which are under joint venture with B2Gold. Kinross Gold Corporation is a significant shareholder of Aurion

Strategic Relationship with Possehl Erzkontor GmbH & Co. KG

· The Company signed a fluorspar marketing Memorandum of Understanding (MOU) in 2017 with leading global commodities trading group, Possehl Erzkontor GmbH & Co. KG (“Possehl”), a wholly owned subsidiary of CREMER

· The MOU remains in place with Possehl


· Operating Loss of £278,934 comprises:

o  Revenue of £94,691; less Administration costs of £352,914 (which includes non-cash share-based payments of £25,224); and

o  Pre-licence and reconnaissance exploration costs totalling £20,711

o  Total Group Loss of £278,780 is after crediting Interest income of £154

· Project expenditure of £43,513 was capitalised during the quarter.

Funding and Cash Position:

· The Company has completed two fundraisings in the period with Bergen Global Opportunity Fund, LP (Bergen) and through Peterhouse Capital Limited

· The closing cash (and cash equivalent) position at the end of the period was £407,807

· Since the period end, a subsequent lump sum investment of £600,000 was made by Precious Metals Capital Group LLC on 7 April 2020, further strengthening the Company’s cash position (circa £800,000 on 26 May 2020) during the current challenging times as well as enabling the Company to progress its planned exploration on its Paymaster Polymetallic and Pyramid Gold Projects in Nevada.

About Tertiary Minerals plc

Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration company building and developing a multi-commodity project portfolio – Industrial minerals, base and precious metals.

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.

For more information please contact:


Tertiary Minerals plc

Patrick Cheetham, Executive Chairman

Richard Clemmey, Managing Director




+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


Chairman’s Statement

I am pleased to present our Interim Report for the six-month period ended 31 March 2020.

During this reporting period we have seen a significant improvement in market sentiment for junior mining companies, particularly in relation to precious metals, which has allowed us to improve our financial position and to kick-start work on a number of our existing projects.  Much of this activity has taken place since the period end and has focused on our projects in Nevada, USA.

At Pyramid, the Company is targeting high-grade epithermal style gold mineralisation. An initial drill hole designed to confirm a high-grade gold intersection made by a previous explorer demonstrated the target zone to be gold bearing but did not deliver the same high-grade results. The target zone is defined by an extensive gold-in-soil anomaly and widespread gold bearing surface samples and warrants further work over the next few months.

Mineral exploration is high risk and the process of discovery is not linear but high rewards can come from successful discoveries.  Recent mapping and sampling at our Paymaster Zinc-Silver Skarn Project by a specialist consulting geologist has confirmed a large-scale target for zinc skarn mineralisation and drawn analogies with the setting and style of the large Taylor Zinc discovery, in the neighbouring state Arizona, now owned by South 32 after the $2 billion takeover of Arizona Mining in 2018. We are now awaiting the report and recommendations for further work.

We seek to spread the risk of mineral exploration and increase our chance of discovery through a portfolio-based approach. In line with this strategy we are steadily re-building our portfolio of projects with a continuing focus on Nevada. We have recently staked additional ground on three new projects targeting precious and base metal deposits – the Peg Leg, Mt Tobin and Lucky Projects. In each case the projects have been acquired at low cost by staking claims and they share the characteristics that they can be evaluated with low cost programmes initially and brought to the drill stage relatively quickly. Programmes are being designed and permitted and will be executed over the coming months.

At our large MB Fluorspar Project in Nevada we have commenced a programme of scoping level metallurgical testwork at SGS Lakefield in Canada aimed at improving recoveries and concentrate grade for fluorspar mineralisation in the Central Zone of the deposit. To date, this has been problematic and a breakthrough is needed if the potential of this large low-grade resource is to be realised.

There is nothing substantive to report on our Storuman Fluorspar Project in Sweden, where the mine permit appeal process is ongoing with the Swedish Government, or on our Lassedalen Fluorspar Project in Norway which is a low priority for further work.

The Company’s financial results for the half-year are in line with expectations and reflect the Company’s project and administration expenditures. The financial markets have shown remarkable resilience in the face of the Covid-19 pandemic and this has allowed us to continue funding our activities and improve the Company’s financial position at the year end through a £600,000 fundraising with US Precious Metals Capital Group in April 2020.

The mining industry in Nevada has continued to operate as an essential industry and our programmes have so far been unaffected. Our staff continue to work effectively from home. The future of this pandemic is, however, unpredictable and has potential to affect our operations and the markets in which we operate in the future.  We will continue to operate in line with World Health Organisation and Governments’ advice and to manage our expenditure prudently.

I would like to thank all of our employees and directors for their hard work during the reporting period and to wish Richard Clemmey well as he leaves the Company at the end of June to return to employment in the UK quarrying industry. I will continue to act in an executive capacity until the time is right to make a new executive director appointment.

Patrick L Cheetham

Executive Chairman

29 May 2020

Link here for detailed account information

Tertiary Minerals #TYM – New Project Acquisitions & Total Voting Rights

Tertiary Minerals plc wishes to advise that it has staked claims over three additional mineral projects in Nevada, USA. 



·    Peg Leg Copper-Silver-Lead-Zinc Project

Ø 4 claims, 11km north of Tonopah in the San Antone Mineral Field, south-central Nevada 

Ø Main target – exposed skarn copper-silver mineralisation in limestone adjacent to granite contact.

Ø Outcropping mineralisation assayed 59 grammes/tonne (g/t) silver 1.4% copper, 2.4% lead and 1.8% zinc.

Ø Waste samples from old workings assay up to 181 g/t silver, 3.9% copper, 10.1% lead and 1.2% zinc. 

Ø Notice Level Permit submitted for trenching programme.

·    Mt Tobin Silver Prospect

Ø 4 claims staked, 73km south of Winnemucca in north-central Nevada.

Ø Covers large area of hydrothermal alteration 60m wide x 1,200m long. 

Ø Large silver geochemical anomaly recorded by previous explorer.

Ø Mapping and sampling planned.


·    Lucky Copper Prospect

Ø 13 claims, 96 km northeast of the major porphyry copper mining town of Ely, north-east Nevada.

Ø Copper gossan exposed in old workings.

Ø 1951 drill hole ended in mineralisation, intersected 20.4m at 0.65% copper to bottom of the hole at 77.7m depth.

Ø Targeting disseminated replacement/porphyry copper mineralisation.

Ø Mapping, geophysics and soil sampling planned to help define drill targets.

Commenting today, Executive Chairman Patrick Cheetham said: “We have generated these projects at a very low cost to the Company in line with our strategy to expand our portfolio of gold, silver and base metal projects in Nevada. We believe they can be advanced quickly to the drill stage and we look forward to reporting further news on our evaluation of these projects in due course.”

Total Voting Rights

Tertiary Minerals plc announces that in accordance with Financial Conduct Authority’s Disclosure and Transparency Rules (“DTRs”), the total issued share capital of the Company with voting rights is 792,169,426 ordinary shares.

There are no shares currently held in treasury. The total number of voting rights in the Company is therefore 792,169,426 and this figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company under the DTRS.


For more information please contact:

Tertiary Minerals plc:

Patrick Cheetham, Executive Chairman

+44 (0) 1625 838 679        

SP Angel Corporate Finance 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

Peg Leg Copper-Silver-Lead-Zinc Project

The company has staked 4 mining claims 11km north of Tonopah in the San Antone Mineral Field. Historical workings comprise shallow shafts, trenches and bulldozer scrapes exploring  contact metasomatic (skarn) deposits associated with the Frazier’s Well granodiorite.

Peg Leg was originally prospected for tungsten which occurs in grey marble. The Company’s reconnaissance sampling has confirmed the tungsten content in one skarn layer within the limestone where sampling across 11m width in an old shallow trench returned 11m at 0.22% tungsten.

Of greater interest, however, is an outcrop of mineralisation exposed adjacent to the granite contact which assayed 59 grammes/tonne (g/t)  silver 1.4% copper, 2.4% lead and 1.8% zinc. The thickness of this outcropping mineralisation is not known as it is largely obscured by scree and old mine waste. The waste pile from a nearby shallow mine shaft contains material assaying up to 181 g/t silver, 3.9% copper, 10.1% lead and 1.2% zinc.

A Notice-level Permit Application has been submitted to enable a programme of trenching to expose and sample this mineralisation. 

Mt Tobin Silver-Gold Prospect

This project comprises 4 newly staked claims located 73km south of Winnemucca in north central Nevada.

The prospect was first highlighted in a 1985 Masters Thesis which describes a zone of stratiform mineralisation in chert and silicified sediments over a thickness of 45-60m thick and a strike length of 1,200m. At that time the ground was held by Queenstake Resources, who in their annual report, referred to geochemical sampling having outlined a significant silver-lead-zinc anomaly associated with this large zone of mineralisation. At that time the anomaly was indicating potential for a volcanogenic massive sulphide deposit. Queenstake joint ventured the project to another company which failed to carry out any further work in this area.

Further work, to include mapping and sampling, is planned to evaluate this zone of mineralisation. 

Lucky Copper Prospect

The Company has staked 13 claims on the east side of the old Aurum mining centre, 96km northeast of the major porphyry copper mining town of Ely in north-east Nevada.

In the 1950’s the area was under the control of the Combined Metals Reduction Company,  a large mining company in Nevada at that time. Their sampling of an old inclined adit on Tertiary’s claims showed high grade copper in lenses in gossan associated with a porphyry dyke along a frontal fault zone on the east side of the Schellbourne Range.

In 1951 a shallow churn (percussion) dill hole was sited on the pediment to the east of the adit to test the down dip extension of this mineralisation and intersected copper mineralised limestone and porphyry beneath alluvium of the pediment slope. The 20.4m thickness of this sequence assayed 0.65% copper to the bottom of the hole at 77.7m depth. The hole therefore ended in mineralisation.

The Company is targeting disseminated replacement/porphyry copper mineralisation and a programme of mapping and soil sampling is planned to help define drill targets.


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.

2.   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.

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