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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

 

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 – Exploration Update – Pyramid Silver-Gold Project

Further to its announcement of 3 June 2021 Tertiary Minerals plc is pleased to provide the following update on its Pyramid Silver-Gold Project in Nevada, USA:

HIGHLIGHTS

  • Phase 2 trench planning now complete.
  • Three trenches to be excavated for a total of 300 m to better define North Ruth silver discovery (45m continuous thickness of mineralisation grading 61ppm silver (1.78 ounces/ton) and 0.09ppm gold in Trench 1).
  • Infill soil sampling results received:
  • Western Line Anomaly extended to 1,100m overall length.
  • Western Line Splay Anomaly extended to 800m overall length.
  • New soil results include samples containing up to 0.77g/t gold and 9.32 g/t silver
  • Phase 2 trenching will include 4 trenches to test new soil anomaly extensions.
  • Notice level permit being processed by US Bureau of Land Management for trenching on Public Lands. Approval expected within days.
  • Drone-based magnetic survey conducted – Interpretation received.
  • Drill testing to follow trenching programme.

Commenting today, Executive Chairman Patrick Cheetham said:

“We are keen to build on the exciting discovery last month of a wide zone of silver mineralisation in our Phase 1 trenching programme at the North Ruth anomaly. This mineralisation is open both along and across strike and we will now be undertaking further trenching to better define the scale and orientation of the mineralisation prior to drill testing. We are also announcing further encouraging soil sampling results from infill sampling in the southern half of the project area and the Phase 2 trenching programme will include a number of additional trenches to test newly defined soil anomalies. Permits are expected to be approved within the next week or so.”

ENQUIRIES

 

Tertiary Minerals plc

Patrick Cheetham, Executive Chairman

 

Tel: +44 (0)1625 838 679
S P Angel Corporate Finance LLP

Nominated Adviser & Joint Broker

Richard Morrison/Caroline Rowe

 

Tel: +44 (0)203 470 0470
Peterhouse Capital Limited

Joint Broker

Lucy Williams/Duncan Vasey

 

Tel: +44 (0)207 469 0930

 

Market Abuse Regulation

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

Background

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

The project comprises a group of patented mining claims currently being leased by the Company and a group of surrounding unpatented mining claims held by the Company on Public Lands. (Patented claims have a legacy private land status no longer available to (unpatented) mining claims on Public Lands).

On 3 June 2021, the Company announced the discovery of a wide zone of silver mineralisation at surface during a (Phase 1) trenching programme carried out on the patented claims. Trenching was conducted to investigate  the source of high-grade silver and gold rock samples (see announcement of 10 May 2020) found in following up mapping of soil gold and silver anomalies previously defined by the Company (see announcement dated 11 January). A number of these soil anomalies had not been closed off by the previous Phase 1 soil sampling.

Phase 1 trenching was restricted to the North Ruth and Western Line soil anomalies and Trench 1 in the North ruth Anomaly intersected a 45m continuous thickness of mineralisation grading 61ppm silver (1.78 ounces/ton) and 0.09ppm gold starting 42.67m from the east end of the trench continuing up to the western end of this trench where it ended still in mineralisation.

Phase 2  Soil Sampling

A further 162 soil samples were taken at 30m intervals on six, 120m spaced lines to infill a 0.56sq km area in the southern half of the project area,  primarily to test for extension to the Western Line and Western Splay anomalies.

Analytical results have been received with individual soil results of up to 0.77 g/t gold and 9.32 g/t silver in separate samples.

Evaluation of these results indicate a small extension to the Western Line Anomaly to a total strike length of 1,100m and a 250m extension to the Western Splay Anomaly, with a possible fault offset, to a total length of 800m. Additional isolated gold-in-soil anomalies are present in the southeast of the project area.

Phase 2 Trenching

The Company has completed planning for a follow up trenching programme to further evaluate the North Ruth silver mineralisation and the extensions of the Western Line and Western Splay anomalies.

Three trenches will be excavated at North Ruth to widen and deepen Trench 1 and test along strike. A further 4 trenches will be excavated on the soil anomalies for a total of 628 m of trenching.

The Company has submitted a Surface Disturbance Notice level permit application to the Bureau of Land Management (“BLM”) to permit trenching on BLM public lands and this permit is expected within the next several days and trenching will follow shortly thereafter.

Drone Magnetic Survey

In June 2021 a drone based magnetic survey was conducted comprising 65 line‑kilometres in order to provide additional data for drill planning.

A plan showing the location of the features mentioned in this news release will be available shortly on the Company’s website at: https://www.tertiaryminerals.com/pyramid-silver-gold-project-nevada-usa

Notes:

  1. All soil samples were submitted to Paragon Geochemical, Reno for sample preparation and analysis. Analysis was performed using method FSAU-25, a 51-element aqua regia ICP/MS package. Quality control samples were inserted into the sample run by the analytical laboratory for internal QA/QC purposes 
  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. This 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 – Wide Silver Zone Discovered at Pyramid Gold-Silver Project

Further to its announcement on 10 March 2021, Tertiary Minerals plc is pleased to report that assay results from a recent trenching programme show a thick zone of open-ended silver mineralisation in Trench No.1 at the North Ruth soil anomaly on the Pyramid Gold-Silver Project in Nevada, USA.

Highlights:

  • 6 trenches completed for a combined length of 360m of trenching.
  • Trench No.1 through northern portion of the North Ruth soil anomaly cut 45.72m grading 61g/t silver (1.78 ounces/ton)
    • Includes 14m grading 146g/t silver (4.26 ounces/ton).
  • Silver mineralisation continuing to end of Trench No. 1 – open ended.
  • Trench No.2, 460m along strike, includes 3m grading 260g/t Silver (7.58 ounces/ton)
  • Narrower zones of lower grade mineralisation found in 3 other trenches on the Western Line soil anomaly.
  • Infill soil sample results awaited for southern part of the project

Commenting today, Executive Chairman Patrick Cheetham said: “This is a very exciting discovery, with the results today culminating from our systematic exploration undertaken over the past 12 months. It is now clear that the North Ruth soil anomaly reflects a significant width of silver mineralisation in situ and at surface that includes both a high-grade zone and a bulk tonnage target. The mineralisation in Trench No.1 is not closed off,and while the true width of this zone remains to be determined,we will move as quickly as possible to carry out further definition and drill-testing. Ilook forward to reporting back to you with the results of the additional soil-sampling on the public lands section of the property.”

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

Pyramid Gold-Silver Project

Background

The Pyramid Gold-Silver Project is located in north-central Nevada, USA and is targeting epithermal gold-silver mineralisation in 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.

Trenching Programme

Follow-up trenching has so far been restricted to the North Ruth and Western Line soil anomalies where  they fall within the private land portion of the Pyramid Property under lease to the Company. Six trenches were dug in April 2021 to expose bedrock over continuous sections of these two anomalies .

Two trenches, Nos. I and 2, were located over the north and south ends of the North Ruth anomaly respectively. Assay results from Trench No.1 revealed a 45.7m continuous width of mineralisation grading 61ppm silver (1.78 ounces/ton) and 0.09ppm gold starting 42.67m from the east end of the trench and continuing up to the western end where it ended in mineralisation.

This 45m section contained two separate higher-grade zones of 9.14m grading 146 g/t silver (4.27 ounces/ton) and 0.10g/t gold and 3.05m grading 99 g/t silver (2.88 ounces/ton) and 0.15 g/t gold. The silver bearing zone is flanked on the eastern side by a 9.15m wide zone with higher gold values averaging 0.54 g/t gold and 11 g./t silver.

The next nearest trench, Trench No.2, some 460m along strike, cut 3.05 m grading 260g/t silver (7.58 ounces/ton) and 0.27g/t gold. ,

A summary of significant results is shown in the table below.

Four other trenches were cut at spacings of between 95m to 250m over a 470m strike length of the Western Line soil anomaly and cut through a number of narrow zones of low-grade gold and silver mineralisation as shown in the table below. Further work on the Western Line soil anomaly, at least within the private land portions of the property, is not currently a priority.

The silver mineralisation in Trench No.1 occurs within a quart latite tuff showing varying levels of epithermal argillic alteration and silicification. Additional infill soils sampling has been completed on the south end of the Project Area, on public lands secured by mining claims, and results are awaited.

The Company will move to drill test the North Ruth silver mineralisation as soon as possible and will consider additional trenching once the additional soil sample results become available.

Table of significant1trench result.

   Thickness Silver Gold From To
  (m) (g/t) (oz/ton) (g/t) (m) (m)
Trench No.1 9.15 11 0.32 0.54 33.53 42.67
and 45.75 61 1.78 0.09 42.67 88.39
inlcudes 3.05 99 2.88 0.15 50.60 53.64
inlcudes 9.15 146 4.27 0.10 56.69 65.84
Trench No.2 3.05 260 7.58 0.27 15.24 18.29
and 3.05 49 1.44 0.06 36.58 39.62
Trench No.3 7.01 3 0.09 0.26 15.54 22.56
Trench No.4 9.14 9 0.27 0.28 24.38 33.53
Trench No.5 4.88 2 0.07 0.26 8.84 13.72

 

A map illustrating the features described in this news release will be available on the Company website at: https://www.tertiaryminerals.com/pyramid-gold-project-nevada-usa 

Notes:

  1. Significant is defined as a minimum 2m width grading a minimum of 15g/t silver or 0.25g/t gold. Narrower and/or lower grade material may be included where they are internal to the reported intervals. Reported widths are widths along a trench and may not represent true widths of mineralisation if the mineralisation is dipping and/or the ground surface is not horizontal.
  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. Trench samples were collected by consulting Geologist Ivan Johnson as continuous chip samples over a maximum of 10 feet per sample. Samples were transported under chain of custody to Paragon Geochemical facilities in Reno, Nevada for sample preparation. Samples were crushed to 85% passing 200mesh using method 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-Gr50, a 30g fire assay with gravimetric finish. Paragon carries out duplicate and standard materials analysis as part of its internal QA/QC procedures. Grades reported above are weighted average grades of samples taken over varying widths from within the reported intervals.
  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 Mineralsplc (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 – Pyramid Gold-Silver Project – Exploration Results

Further to its announcement on 11 January 2021,  Tertiary Minerals plc is pleased to provide the results of follow-up sampling carried out on its Pyramid Gold-Silver Project in Nevada, USA.

Highlights:

  • Thirty-one rock chip samples taken from exposed mineralisation in field checking of the North Ruth, Western Line and Western Splay silver-gold soil anomalies.
  • Eight rock chip samples from the North Ruth anomaly assayed up to 314 g/t silver (9.16 ounces/ton) and 0.45 g/t gold (in separate samples) and averaged 91 g/t silver (2.67 ounces/ton) and 0.26 g/t gold..
  • Highest value individual sample from the field work contained 6.29 g/t gold and 158 g/t silver (4.61 ounces/ton from the Western Line Anomaly where seven samples averaged 1.49 g/t gold and 99 g/t silver (2.89 ounces/ton)..
  • Field evidence suggests the Western Line Anomaly may extend along strike to the southeast over a total of 1,700m – infill soil sampling planned.
  • Follow up trenching now planned to better expose the mineralisation in the North Ruth and Western Line anomalies.

Commenting today, Executive Chairman Patrick Cheetham said: “I am pleased to be reporting solid progress at the Pyramid Project with widespread gold and silver mineralisation now being confirmed at surface within a number of long and persistent soil anomalies. Where exposed and sampled to date, the mineralisation comprises narrow veins within broader zones of volcanic breccia suggesting potential for both high grade vein and lower grade bulk tonnage targets. Follow-up work is planned to start later this month.”

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

Pyramid Gold-Silver Project

The Pyramid Gold-Silver Project is located in north-central Nevada, USA and is targeting epithermal gold-silver mineralisation in 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 gold and silver-in-soil anomalies were identified and named the North Ruth, Western Line and Western Splay anomalies.

In late January 2021, the project consulting geologist, Ivan Johnson, was contracted to field check the anomalies and conduct a follow-up rock chip sampling programme. During this field programme, thirty-one rock chip samples were collected from areas of outcropping mineralisation and comprised chip samples over narrow outcrops of mineralisation (up to 1.5m width), select grab samples from outcrops and prospector scale shallow excavations. All samples were submitted to Paragon Geochemical, Reno, Nevada, for precious metal and multi-element geochemical analysis.

Analytical results have now been received and are detailed below.

North Ruth Soil Anomaly

The North Ruth soil anomaly has a strike length of 800m and with a maximum soil value of  207 grammes/ton (g/t) silver (6.04 ounces/ton) and 1.63 g/t gold in the same sample.

Follow up prospecting has 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.

Western Line Soil Anomaly

The Western Line Soil Anomaly is an expansion of a soil anomaly defined in a more limited soil sampling programme carried out in 1980s by Battle Mountain Gold Company. This was tested by their drill holes PYR-9 (which contained visible gold and intersected 1.52m grading 17.8 g/t gold from 94.5m down hole) and PYR-10 (no significant intersections) and by Tertiary’s 2020 drill hole TPYR1 which sought to twin PYR-9, and which intersected 0.55m grading 2.01 g/t Au from 82.6m down hole.  

Seven rock chip samples were taken from within the open ended 900m length of the Western Line soil anomaly, at the northwest and southeast ends, due to limited outcrop in between.  The samples averaged 1.49 g/t gold and 99 g/t silver (2.89 ounces/ton) with a maximum value of 6.29 g/t gold and 158 g/t silver (4.61 ounces/ton) from a select rock chip sample of a narrow vein exposed at the collar of an old shaft 80m northwest along strike from the collar of drill hole TPYR1.

Five of the samples were taken at the southeast end of the anomaly over an anomaly width of approximately 60m. These samples averaged 0.77 g/t gold and 104.11 g/t silver, with the best sample returning 1.43 g/t gold and 327 g/t silver from a 0.30m outcrop channel sample.

An additional 2 samples located approximately 900m further southeast were taken in what is interpreted to be a potential extension to the Western Line. Both samples contained anomalous Au/Ag with Sample PR‑29 returning 0.49 g/t Au and 51 g/t Ag. Numerous prospector pits follow the strike of the anomaly suggesting a total length of up 1,700m. Only very wide spaced (360m line spacing) soil sampling is present in this area, so infill soil sampling is now planned for later this month.

Western Splay Soil Anomaly.

This anomaly is a splay off the Western Line gold-silver soil anomaly.

Several samples were collected along and around the Western Splay anomaly and whilst all contained anomalous silver and gold, the maximum values were 0.35 g/t and 15 g/t, respectively and no further work is currently planned for this area.

In conclusion, the initial field follow-up of the Pyramid soil anomalies announced on 11 January 2021 has identified narrow veins containing high-grade silver and gold mineralisation within broader zones of altered andesitic volcanic breccias which present targets for bulk minable low-grade mineralisation in the North Ruth and Western Line areas.

A programme of mapping and trenching is now being planned to better expose and sample the outcropping silver and gold mineralisation.

Notes:

  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 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. 33-MA-OES Ag overrange analysis OLMA-OES again with 4-acid digest and ICP/OES 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 (ticker symbol ‘TYM’) is an AIM-traded mineral exploration and development company building a multi-commodity project portfolio.

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