TIDMTYM
RNS Number : 5565S
Tertiary Minerals PLC
15 July 2022
15 July 2022
Tertiary Minerals plc ("Tertiary" or "the Company")
Exploration Update - Nevada, USA
Tertiary Minerals plc is pleased to provide the following
updates on its Brunton Pass & Pyramid Projects in Nevada,
USA.
Brunton Pass Copper Project (100% owned)
-- Trenching Programme to commence on or around 20 July 2022.
-- Programme to comprise up to 950m of trenching in 11 separate trenches to test:
Ø Areas of outcrop containing up to 6.84% copper and 1.75
grammes/tonne (g/t) gold in separate chip samples.
Ø Multiple copper and gold soil geochemical anomalies defined in
association with extensive skarn and hornfels alteration.
Ø Mercury soil geochemical anomalies in areas showing additional
potential for epithermal gold and silver.
Pyramid Silver-Gold Project
-- Project terminated following review of the drill results
released on 13 April 2022 and in view of other project
priorities.
-- Termination will result in cash savings of over US$33,000 in
lease and claim fees for the remainder of 2022 and over US$75,000
in 2023.
-- Accumulated costs to be impaired (GBP361,379 as at 31 March 2022).
Commenting today, Executive Chairman Patrick Cheetham said: "We
are continuing to focus on exploration for copper, the most widely
used battery metal. The decision to terminate the Pyramid Project
in Nevada was made in light of the impressive and recently reported
drill results from our Jacks Copper Project in Zambia, the
reporting of negative drill results from the Pyramid Project
earlier this year and following a recent review of the Company's
priorities for expenditure in Nevada and Zambia. The funds saved
will be applied to a trenching programme at our Brunton Pass Copper
Project in Nevada where our systematic exploration to date has
highlighted multiple soil geochemical anomalies and zones of
copper-skarn mineralisation that require further evaluation. We
remain committed to exploring in both Zambia and Nevada as this
project and country diversification allows us to work year-round,
with exploration access in Zambia being restricted during the
southern hemisphere summer wet season."
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.
Note to Editors
Tertiary Minerals plc (LON: TYM) is an AIM traded mineral
exploration and development company whose strategic focus is on
energy transition metals. The Company's projects are located in
stable and democratic, geologically prospective, mining-friendly
jurisdictions. Tertiary's current principal activities are the
discovery and development of mineral resources in Nevada, USA and
in Zambia.
About the Brunton Pass Copper Project
The Brunton Pass Project is located in central Nevada and was
acquired in 2021 after sampling of prospector small-scale surface
workings revealed high copper values in the southern half of the
claim block.
Reconnaissance rock chip sampling and mapping were subsequently
carried out throughout the claim block where there are similar
workings with shows of copper oxide minerals, some with a history
of small-scale mercury production.
Reconnaissance samples assayed up to 6.84% copper and 1.75 g/t
gold in separate samples and samples across an old trench assayed
4.66% copper over 2.44m. Anomalous silver was also detected.
A high-resolution drone-based aeromagnetic-photogrammetric
survey and soil sampling have also been carried out across the
whole project area. The drone magnetic and photogrammetric surveys
were flown on a 50 metre line spacing and 61 line-kilometres of
data was collected. The photogrammetric survey provides aerial
imagery and a high-resolution digital surface model to assist
geological interpretation and provides 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. Several
copper-in-soil anomalies(2) with individual grades of up to 953ppm
copper have been delineated based on this sampling. 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 anomalies(2) 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 is targeting intrusion related skarn copper
mineralisation at Brunton Pass.
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.
2. Anomalous soil samples are defined in this case by the 90(th)
percentile values of the soil value population, being 55 parts per
million copper and 740 parts per billion mercury.
3. 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.
4. The news release may contain certain statements and
expressions of belief, expectation or opinion which are forward
looking statements, and which relate, inter alia, to the Company's
proposed strategy, plans and objectives or to the expectations or
intentions of the Company's directors. Such forward-looking
statements involve known and unknown risks, uncertainties, and
other important factors beyond the control of the Company that
could cause the actual performance or achievements of the Company
to be materially different from such forward-looking statements.
Accordingly, you should not rely on any forward-looking statements
and save as required by the AIM Rules for Companies or by law, the
Company does not accept any obligation to disseminate any updates
or revisions to such forward-looking statements.
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