Home » Posts tagged 'pyramid project'
Tag Archives: pyramid project
Tertiary Minerals #TYM – Pyramid Gold Project – Provisional Drill Results
Tertiary Minerals plc wishes to advise of the receipt of provisional1 gold results from assaying of drill core from recently completed hole TPYR1 drilled at the Pyramid Gold Project in Nevada, USA.
TPYR1 was designed to twin percussion hole PYR9 drilled by Battle Mountain Gold Mining Company (“Battle Mountain”) in 1989 which is documented to have intersected visible gold and assayed 1.52m grading 17.8 grammes per tonne gold (g/t Au) from 94.5m down hole and ended in 1.52m grading 2.6 g/t Au at 115.8m depth, as detailed in the Company’s news release of 28 May 2019.
TPYR1 was drilled to a depth of 137m down hole at the same 45-degree angle and azimuth and from the same general location as PYR9.
Provisional gold assay results2 from first pass sampling of the drill core from TPYR1 show a best intersection of 0.55m grading 2.01 g/t Au from 82.6m down hole.
Whilst these provisional gold results (from TPYR1) are lower than those from the historic drill hole (PYR9), the results do confirm that the target zone is gold-mineralised. There is also a poor correlation between holes in the position of the better assay results and so a second programme of core sampling will now be carried out to ensure that no significant gold bearing sections were missed in first pass sampling.
The discrepancy between the position and tenor of assay results between the two holes could be a result of natural geological variation, which can be significant over short distances in high grade gold deposits, or due to the different drilling methods employed. Battle Mountain’s percussion drilling method gives a larger and arguably more representative sample, but percussion drill samples can also be compromised by ground conditions, sample recovery and down-hole contamination issues. Percussion drilling does not deliver the same level of geological information as core holes which is why core drilling was chosen by the Company for this important first hole.
PYR 9 was originally drilled by Battle Mountain to test a strong gold, silver and multi-element soil geochemical anomaly that remains open to both the north and south. Now that the underlying alteration zone is confirmed as gold-bearing, the Company intends to carry out further soil sampling to fully delineate the anomaly and to define further drill targets.
Commenting today, Managing Director, Richard Clemmey said:
“We are pleased to confirm that the target is gold bearing and whilst we have not been able to replicate the historic higher-grade results with this first hole, Pyramid remains an attractive exploration project due to the extensive gold-in-soil anomaly and the widespread gold bearing surface samples we described in our May 2019 announcement. We look forward to continuing work on the Pyramid Gold project and on our growing portfolio of precious and base metal projects in Nevada where further news is expected soon.”
For more information please contact:
Tertiary Minerals plc: | ||
Richard Clemmey, Managing Director | +44 (0) 1625 838 679 | |
Patrick Cheetham, Chairman | ||
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 | ||
Notes:
- Results are expressed as provisional pending the issue of assay certificates. Certified results will not be released unless they differ materially from the provisional results.
- All drill core was submitted to independent laboratory ALS Global in Reno, Nevada for photographing, cutting, preparation, assay and analysis. Drill samples were taken by cutting core in half with half-core samples crushed, split and pulverised (1kg split) prior to assay and analysis. In a few cases a short interval of whole core was sampled to ensure sufficient weight of material was assayed. Gold concentrations were determined by assay of 25g aliquots of the pulverised core using ALS method Au-AA25.
- 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.a
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Notes to Editors
Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration and development company building a multi-commodity project portfolio.
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.
Tertiary Minerals #TYM – Pyramid Gold Project – Initial Drill Hole Completed
Following the announcement dated 7 April 2020, Tertiary Minerals plc is pleased to provide a further update on its first drill hole at its Pyramid Gold Project in Nevada, USA.
Pyramid Project Drilling Highlights
· Drill rig mobilised ahead of schedule
· The drill hole has been successfully completed and drilled to a total depth of 137m
· The drill hole will seek to confirm the presence of priority epithermal vein drill target previously intersected in historic drill hole PYR 9
· The core from the drill hole has been transferred to an independent laboratory in Reno, Nevada, where detailed geological logging, core cutting, and analysis is underway
· Analysis and QA/QC checks are expected to be completed within the next 4 weeks
· All planned activities were carried out in compliance with the State of Nevada protocols to address the COVID-19 pandemic
Commenting today, Managing Director, Richard Clemmey said: “We are pleased to have successfully completed our first drill hole at Pyramid ahead of schedule and look forward to providing updates in due course when the assay results have been received and satisfactory QA/QC checks have been completed.”
For more information please contact:
Tertiary Minerals plc: |
||
Richard Clemmey, Managing Director |
+44 (0) 1625 838 679 |
|
Patrick Cheetham, Chairman |
||
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 |
||
Notes:
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Notes to Editors
Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration and development company building a multi-commodity project portfolio.
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.
Tertiary Minerals #TYM – Afzal Valli Major Shareholding
TR-1: S tandard form for notification of major holdings
NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible) i |
||||||
1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii : |
Tertiary Minerals Plc |
|||||
1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate) |
||||||
Non-UK issuer |
||||||
2. Reason for the notification (please mark the appropriate box or boxes with an “X”) |
||||||
An acquisition or disposal of voting rights |
||||||
An acquisition or disposal of financial instruments |
X |
|||||
An event changing the breakdown of voting rights |
||||||
Other (please specify)iii: |
||||||
3. Details of person subject to the notification obligation iv |
||||||
Name |
Afzal Valli |
|||||
City and country of registered office (if applicable) |
||||||
4. Full name of shareholder(s) (if different from 3.) v |
||||||
Name |
Afzal Valli |
|||||
City and country of registered office (if applicable) |
||||||
5. Date on which the threshold was crossed or reached vi : |
Friday 13 March 2020 |
|||||
6. Date on which issuer notified (DD/MM/YYYY): |
Monday 16 March 2020 |
|||||
7. Total positions of person(s) subject to the notification obligation |
||||||
% of voting rights attached to shares (total of 8. A) |
% of voting rights through financial instruments |
Total of both in % (8.A + 8.B) |
Total number of voting rights of issuer vii |
|||
Resulting situation on the date on which threshold was crossed or reached |
5.01% |
– |
5.01% |
733,836,092 |
||
Position of previous notification (if applicable) |
4.13% |
– |
4.13% |
|||
8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii |
|||||||||
A: Voting rights attached to shares |
|||||||||
Class/type of ISIN code (if possible) |
Number of voting rights ix |
% of voting rights |
|||||||
Direct (Art 9 of Directive 2004/109/EC) (DTR5.1) |
Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1) |
Direct (Art 9 of Directive 2004/109/EC) (DTR5.1) |
Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1) |
||||||
GB0008854563 |
36,788,532
|
5.01% |
|||||||
SUBTOTAL 8. A |
36,788,532
|
5.01% |
|||||||
|
|||||||||
B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a)) |
|||||||||
Type of financial instrument |
Expiration |
Exercise/ |
Number of voting rights that may be acquired if the instrument is exercised/converted. |
% of voting rights |
|||||
SUBTOTAL 8. B 1 |
|||||||||
|
|||||||||
B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b)) |
|||||||||
Type of financial instrument |
Expiration |
Exercise/ |
Physical or cash settlement xii |
Number of voting rights |
% of voting rights |
||||
SUBTOTAL 8.B.2 |
|||||||||
|
|||||||||
9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”) |
||||
Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer xiii |
||||
Full chain of controlled undertakings through which the voting rights and/or the |
||||
Name xv |
% of voting rights if it equals or is higher than the notifiable threshold |
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold |
Total of both if it equals or is higher than the notifiable threshold |
|
N/A |
||||
10. In case of proxy voting, please identify: |
||||
Name of the proxy holder |
||||
The number and % of voting rights held |
||||
The date until which the voting rights will be held |
||||
11. Additional information xvi |
||||
Place of completion |
UK |
Date of completion |
16 March 2020 |
Tertiary Minerals #TYM – Afzal Valli Major Shareholding
TR-1: Standard form for notification of major holdings
NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i |
||||||
1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii: |
Tertiary Minerals Plc |
|||||
1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate) |
||||||
Non-UK issuer |
||||||
2. Reason for the notification (please mark the appropriate box or boxes with an “X”) |
||||||
An acquisition or disposal of voting rights |
||||||
An acquisition or disposal of financial instruments |
X |
|||||
An event changing the breakdown of voting rights |
||||||
Other (please specify)iii: |
||||||
3. Details of person subject to the notification obligationiv |
||||||
Name |
Afzal Valli | |||||
City and country of registered office (if applicable) |
||||||
4. Full name of shareholder(s) (if different from 3.)v |
||||||
Name |
Afzal Valli |
|||||
City and country of registered office (if applicable) |
||||||
5. Date on which the threshold was crossed or reachedvi: |
Friday 21 February 2020 |
|||||
6. Date on which issuer notified (DD/MM/YYYY): |
Friday 21 February 2020 |
|||||
7. Total positions of person(s) subject to the notification obligation |
||||||
% of voting rights attached to shares (total of 8. A) |
% of voting rights through financial instruments |
Total of both in % (8.A + 8.B) |
Total number of voting rights of issuervii |
|||
Resulting situation on the date on which threshold was crossed or reached |
5.07% |
– |
5.07% |
478,727,565 |
||
Position of previous notification (if applicable) |
4.07% |
– |
4.07% |
– |
||
8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii |
|||||||||
A: Voting rights attached to shares |
|||||||||
Class/type of ISIN code (if possible) |
Number of voting rightsix |
% of voting rights |
|||||||
Direct (Art 9 of Directive 2004/109/EC) (DTR5.1) |
Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1) |
Direct (Art 9 of Directive 2004/109/EC) (DTR5.1) |
Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1) |
||||||
GB0008854563 |
24,288,532 |
5.07% |
|||||||
SUBTOTAL 8. A |
24,288,532 |
5.07% |
|||||||
|
|||||||||
B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a)) |
|||||||||
Type of financial instrument |
Expiration |
Exercise/ |
Number of voting rights that may be acquired if the instrument is exercised/converted. |
% of voting rights |
|||||
SUBTOTAL 8. B 1 |
|||||||||
|
|||||||||
B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b)) |
|||||||||
Type of financial instrument |
Expiration |
Exercise/ |
Physical or cash settlementxii |
Number of voting rights |
% of voting rights |
||||
SUBTOTAL 8.B.2 |
|||||||||
|
|||||||||
9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”) |
||||
Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii |
||||
Full chain of controlled undertakings through which the voting rights and/or the |
||||
Namexv |
% of voting rights if it equals or is higher than the notifiable threshold |
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold |
Total of both if it equals or is higher than the notifiable threshold |
|
N/A |
||||
10. In case of proxy voting, please identify: |
||||
Name of the proxy holder |
||||
The number and % of voting rights held |
||||
The date until which the voting rights will be held |
||||
11. Additional informationxvi |
||||
Place of completion |
UK |
Date of completion |
21 February 2020 |
Tertiary Minerals #TYM – Pyramid Gold Project Update
Tertiary Minerals plc is pleased to provide the following update on its plans to drill test the Pyramid Gold Project in Nevada, USA.
Pyramid Project Highlights:
- Drill contract tenders received and preferred contractor identified
- Drone photogrammetric survey completed to control drilling and future exploration
- Initial drilling will seek to confirm priority epithermal vein drill target:
- Drill hole PYR 9 – intersected visible gold and assayed 1.52m grading 17.8 g/t Au from 94.5m down hole
- PYR 9 ended in 1.52m grading 2.6 g/t Au at 115.8m depth
Commenting today, Managing Director, Richard Clemmey said: “We are pleased to be reporting good progress with the groundwork leading up to the first drill hole on the Pyramid Gold Project in Nevada where we are looking to confirm and expand upon successful historic exploration results.”
“The deposit provides an exciting gold target where our team has recently identified analogies with the high-grade multi-million-ounce gold deposits at the Midas and Fire Creek mines in Nevada. We look forward to updating the market in due-course on the proposed drilling.”
Detailed Information
Preliminary details of the Pyramid Gold Project were contained in the Company’s announcement of 28 May 2019.
In preparation for drilling at the Pyramid project the Company has received tenders from a number of drilling companies and a preferred drilling contractor has been selected. In addition, the Company has selected a consulting geologist with a background in the evaluation of epithermal gold deposits in Nevada to supervise the drilling and to log and sample drill core.
In order to provide accurate spatial control for drilling and other exploration the Company has completed a detailed drone photogrammetric survey and prepared detailed photogrammetric imagery of the entire project area.
The Company is targeting high-grade epithermal style gold mineralisation at Pyramid and will initially seek to confirm the results of drilling carried out by Battle Mountain Exploration Company in 1989 when a single drill hole, PYR 9, drilled intersected high-grade gold mineralisation and visible gold with 1.52m grading 17.8 g/t Au from 94.5m down hole.
As a part of its initial evaluation of the Pyramid Project the Company has carried out further geological research and historical data compilation. This has identified compelling analogies between the setting of the Pyramid drill target and the high-grade multi-million-ounce gold deposits at the Midas and Fire Creek mines in Nevada now operated by the Hecla Mining Company after its 2018 acquisition of Klondex Mines Ltd.
At Fire Creek bonanza gold grades occur in narrow veins in structural zones associated with and along the margins of pre-mineralisation mafic dykes. Previous mapping by Battle Mountain at Pyramid shows that target mineralisation occurs in a similar position alongside a dyke-like intrusion of andesite. It is considered that these dykes mark zones of deep-seated structural weakness that have been exploited as pathways for the gold mineralising hydrothermal fluids.
The high grade intersection in PYR 9 at Pyramid occurs within a broader zone of low-grade mineralisation continued to the end of the hole at 115.8m where the last 1.52m sample graded 2.6 g/t Au and the last 21.4m of the hole graded an average of 1.5 g/t gold. Similar low-grade halo gold mineralisation is found at Fire Creek (open pit mineral resource 74.6mt grading 1.0 g/t).
The further potential of the mineralisation associated with PYR 9 is indicated by its association with a significant gold-arsenic-mercury soil geochemical anomaly that has so far been outlined over a strike length of 650m and is open ended. The Company’s mining claims cover more than 500 acres of ground.
A plan showing the features described in this release is available on the Company’s website at https://www.tertiaryminerals.com/projects/other-projects/pyramid
For more information please contact:
Tertiary Minerals plc: | |
Richard Clemmey, Managing Director | +44 (0) 1625 838 679 |
Patrick Cheetham, Chairman | |
SP Angel Corporate Finance LLP
Nominated Adviser and Broker |
|
Richard Morrison | +44 (0) 203 470 0470 |
Caroline Rowe |
Notes:
- 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.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Notes to Editors
Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration and development company building a multi-commodity project portfolio.
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.