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#GRX GreenX Metals LTD – Extension Of Option Agreement for Eleonore North
Extension Of Option Agreement for Eleonore North Gold Project
GreenX Metals Limited (GreenX or the Company) advises that it has agreed an extension of the Option Agreement (Agreement) with Greenfields Exploration Pty Ltd (GEX), to acquire up to 100% of the Eleonore North gold project (Eleonore North or the Project) in eastern Greenland, from 30 June 2024 to 15 July 2024, while GreenX and GEX negotiate to vary the commercial terms of the Agreement.
As previously announced, Eleonore North has the potential to host a reduced intrusion-related gold system” (RIRGS), analogous to large bulk-tonnage deposit types found in Canada including Donlin Creek, Fort Knox and Dublin Gulch.
Gold mineralisation has been documented at the high-priority Noa Pluton prospect within Eleonore North including:
· Geophysical “bullseye” anomaly 6 km wide co-incident with elevated gold mineralisation from historical geochemical sampling.
· Anomalous gold mineralisation associated with quartz veining exposed at surface over a length of up to 15 km.
· Historical sampling includes 4 m chip sample grading 1.93 g/t Au and 1.9% Sb (refer to Appendix 1 of the Company’s announcement on 10 July 2023).
Eleonore North has potential to host large scale, shallow, bulk tonnage gold deposits. Eleonore North remains underexplored, with the existence of a possible RIRGS being a relatively new geological interpretation based on the historical data. Initial field work consists of a seismic survey to determine the depth from surface to the Noa Pluton to aid in drill targeting.
Figure 1: Eleonore North licence area showing the 6km diameter geophysical anomaly co-incident with gold veining visible at surface over some 15km at the high priority Noa Pluton prospect
The Eleonore North license area contains other gold targets as well as copper, antimony and tungsten prospects. At Holmesø there is copper and antimony mineralisation outcropping at surface. Historical mapping and sampling in the 1970s at Holmesø show a prospective horizon between 15 m and 20 m thick, with per cent level grades for both metals.
Eleonore North provides GreenX with gold exposure in Greenland and complements GreenX’s existing exploration prospect in Greenland, the ARC. There are significant synergies with regards to personnel, logistics and equipment in having multiple exploration projects in Greenland. Field works were conducted during the 2023 field season at Eleonore North, with data collected from the seismic survey presently being analysed to inform follow-on exploration program design.
Greenland is a mining friendly jurisdiction with strong Government support for expanding its mining industry, simple laws and regulations, and a competitive fiscal regime.
The primary target in Eleonore North is the Noa Pluton, followed by the Holmesø prospect and its source intrusion. The Noa Veins provide a near-term drill target, however, the Company’s 2023 field work was focussed on determining the depth of the causative intrusion with greater precision using a passive seismic survey. Once analysed, this information will validate the magnetic interpretation, provide more certainty for a future exploration program, and help identify the size of the intrusion within the well-defined hornfels.
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Figure 2: Map of Greenland showing GreenX’s ARC and Eleonore North license areas |
Figure 3: Map showing prospects and geological features within the Eleonore North license areas |
–ENDS–
Competent Persons Statement
The information in this report that relates to exploration results were extracted from the ASX announcement dated 10 July 2023 which is available to view at www.greenxmetals.com.
GreenX confirms that (a) it is not aware of any new information or data that materially affects the information included in the original announcement; (b) all material assumptions and technical parameters underpinning the content in the relevant announcement continue to apply and have not materially changed; and (c) the form and context in which the Competent Person’s findings are presented have not been materially modified from the original announcement.
#FCM First Class Metals PLC – Zigzag Drilling Results
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed metals exploration company seeking economic metal discoveries across its extensive Canadian Schreiber-Hemlo, Sunbeam and Zigzag land holdings is delighted to announce the results of an inaugural drilling programme on the Company’s Zigzag Property, (the “Property”) located in the Seymour-Falcon corridor in northwestern Ontario, Canada.
HIGHLIGHTS
· Assay results from the recent drill programme are in line with and exceed the channel sample results.
Selected highlights include:
o ZIG-23-01 4.3m @ 1.65% Lithium (Li20) including 1m at 2.93%
o ZIG-23-02 5.0m @ 1.5% Li20 including 0.2m @ 5.19% and 5.75m @ 0.21% Rb20
o ZIG-23-07 6.5m @ 1.09% Li20 including 0.5m @ 2.76%
· Elevated grades of several key technology critical metals present including: gallium (Ga), rubidium (Rb20) , caesium (Ca) and tantalum (Ta).
· Significant upside for the expansion of the geochemical envelope along strike in both directions and down dip.
· Initial geochemical results indicate the probable existence of a second structure.
· An Exploration Permit to allow additional stripping and drilling on the Property is being drafted.
Marc J Sale Chief Executive Officer Commented- “The results from our first drill programme at Zigzag are first class and have not only confirmed our belief in the potential of the ‘core zone’, but have also significantly exceeded our expectations for the Property. The associated critical metals identified have added another dimension to the Property’s potential. Obviously more work is required specifically along strike and further exploration of the southern structure, hence we are to initiate discussion regarding a new Exploration Permit.
Zigzag is growing as a significant lithium and critical metal play in this rapidly emerging pegmatite district.”
A focussed drill programme of under 500m in 10 NQ diamond drillholes was completed in late December and all the geochemical assay results are now available. Nine of the holes were targeted at the pegmatite with two ‘step-back’ holes and a 10th being drilled as a scissor. All targeted holes successfully intersected the pegmatite.
The drilling has vindicated the channel sampling as well as extended the geochemical and geological knowledge of the structure hosting the pegmatite, (see Map 1). The most easterly and westerly holes indicate the structure remains open along strike and importantly the successful step-back holes show the structure continues and remains open at depth.
The Company will now look to initiate the next most appropriate plan of exploration which will be focussed to extend strike and delineate the recently discovered southern structure.
Map 1 showing the drill traces of the 10 holes drilled as well as their locations relative to the previous channel sampling.
Significant intersections for the drill programme appear in table 1, see below
|
Drill Hole |
Metal |
Depth From |
Width |
Grade |
|
ZIG-23-01 |
Li₂O |
12.7m |
4.3m |
1.65% |
|
incl. |
1.0m |
2.93% |
||
|
Rb₂O |
11.7m |
5.3m |
0.21% |
|
|
ZIG-23-02 |
Li₂O |
15.0m |
5.0m |
1.5% |
|
incl. |
0.2m |
5.19% |
||
|
Rb₂O |
14.25m |
5.75m |
0.21% |
|
|
incl. |
0.3m |
0.54% |
||
|
Cs |
14.25m |
3.25m |
132 ppm |
|
|
incl. |
0.25m |
430 ppm |
||
|
Ta |
14.0m |
6.8m |
90 ppm |
|
|
incl. |
0.2m |
235 ppm |
||
|
Ga |
15.5m |
0.2m |
144 ppm |
|
|
ZIG-23-03 |
Li₂O |
14.7m |
0.75m |
2.1% |
|
Rb₂O |
12.6m |
2.1m |
0.16% |
|
|
Cs |
12.0m |
5.0m |
151 ppm |
|
|
incl. |
0.45m |
480 ppm |
||
|
Ta |
12.6m |
3.9m |
164 ppm |
|
|
incl. |
0.45m |
624 ppm |
||
|
Ga |
21.9m |
0.25m |
127 ppm |
|
|
and |
||||
|
ZIG-23-03 |
Li₂O |
28.4m |
1.6m |
0.46% |
|
Rb₂O |
27.8m |
2.2m |
0.17% |
|
|
ZIG-23-04 |
Li₂O |
20.0m |
1.6m |
0.79% |
|
Rb₂O |
20.0m |
1.6m |
0.21% |
|
|
Ta |
15.3m |
7.8m |
165 ppm |
|
|
incl. |
1.0m |
347 ppm |
||
|
ZIG-23-05 |
Li₂O |
7.6m |
6.0m |
1.13% |
|
incl. |
1.0m |
2.17% |
||
|
Rb₂O |
5.7m |
3.8m |
0.16% |
|
|
Ta |
4.8m |
9.9m |
167 ppm |
|
|
incl. |
0.4m |
401 ppm |
||
|
ZIG-23-06 |
Li₂O |
28.8m |
2.2m |
1.09% |
|
|
incl. |
0.3m |
2.26% |
|
|
Rb₂O |
28.8m |
2.2m |
0.19% |
|
|
ZIG-23-07 |
Li₂O |
9.9m |
6.5m |
1.09% |
|
incl. |
0.5m |
2.76% |
||
|
Rb₂O |
10.4m |
6.6m |
0.21% |
|
|
incl. |
1.0m |
0.41% |
||
|
Cs |
13.0m |
4.0m |
126 ppm |
|
|
Ta |
9.0m |
7.4m |
131 ppm |
|
|
incl. |
0.6m |
177 ppm |
||
|
ZIG-23-08 |
Li₂O |
65.5m |
3.0m |
1.28% |
|
Rb₂O |
65.5m |
3.4m |
0.11% |
|
|
Ga |
65.5m |
3.0m |
98 ppm |
|
|
incl |
1.0m |
114 ppm |
||
|
ZIG-23-09 |
Li₂O |
47.25m |
4.75m |
0.52% |
|
incl. |
0.8m |
1.06% |
||
|
Rb₂O |
47.25m |
4.75m |
0.14% |
Table 1 assays from the (nine) hole drill programme at Zigzag, every hole had reportable intersections of Li₂O with significant ‘credits’ from the accessory critical elements / metals, specifically rubidium oxide, Rb₂O.
Map 2 showing the relative position of the ‘core’ drill area and the soil sample lines as well as the geochemistry indicating the potential for a second subparallel structure to the south.
The combined geochemical data that the initial grab samples (RNS 31 October 2023), the subsequent channel sampling programme (RNS 28 November 2023) and the recent MMI soil survey (RNS 7 February 2024) support the belief that the ‘core 400m zone’ contains a significant structure of >1% Li₂O and is open along strike. As previously reported, both the most eastern and western holes of the recent drilling programme intersected pegmatite. The soil sample results further suggest that the mineralisation is open in both directions.
Furthermore, there is strong geochemical support for a sub parallel trend about 200m to the south of the Main Zone. Additional work is needed to expand and confirm the anomalism identified. As well follow up sampling is required to confirm the presence of a possible third trend currently identified in anomalous rare element results in grab samples.
Critical Technology Metals @ Zigzag
While the focus of the project remains on the lithium component, the presence of elevated levels of Rb₂O (peak 0.54% over 0.3m within interval of 5.75m @ 0.21% (2100 g/t) in hole ZIG-23-02), Caesium (peak 480 g/t over 0.45m within interval of 5.00m @ 151 g/t in hole ZIG-23-03), Gallium, and Tantalum (peak 624 g/t over 0.45m within interval of 164g/t over 3.9m in hole ZIG-23-03-03) are potentially a significant ‘credit’ to the metallurgy of any resource identified.
These speciality metals have been classified as 1 & 2 ‘Critical Metals’ by the USA and Canadian Governments, highlighting their significance usage in modern technology due to their crucial role in various electronic, semi-conductor, and military hardware. Currently China dominates world production and supply of all these elements.
Despite the limited market for specialty metals, it is noteworthy that Rubidium has recently demonstrated a strong price performance, with trading prices exceeding $3100 per ounce on the Shanghai Metals Market3. Recognizing the potential economic benefits and value-added by these specialty technology metals, First Class intends to conduct further investigations into their possibilities and explore their impact on the overall value of the project.
3https://www.metal.com/Other-Minor-Metals/202012250003
Ends
For further information, please contact:
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James Knowles, Executive Chairman |
07488 362641 |
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Marc J Sale, CEO |
07711 093532 |
Novum Securities Limited
(Financial Adviser)
|
David Coffman/ George Duxberry |
www.novumsecurities.com |
(0)20 7399 9400 |
Qualified Person
The technical disclosures contained in this announcement have been drafted in line with the Canadian Institute of Mining, Metallurgy and Petroleum standards and guidelines and approved by Marc J. Sale, who has more than 30 years in the gold exploration industry and is considered a Qualified person owing to his status as a Fellow of the Australian Institute of Mining and Metallurgy.
#KAV Kavango Resources PLC – KCB maiden drill programme
Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) is pleased to announce its maiden drill campaign in the Kalahari Copper Belt (“KCB”).
The Company has signed a contract with Mindea Exploration and Drilling Services Pty (“Mindea”) for the first phase of drilling on licence PL082/2018. Kavango’s technical team believes this prospecting licence (“PL”) is a possible analogue to Khoemacau’s Banana Zone deposit.
HIGHLIGHTS
– Contract signed with Mindea for maiden KCB drill campaign
– Mindea to deploy a multi-purpose rig, capable of both diamond core (“DC”) and reverse circulation (“RC”) drilling
– First phase drill programme
– Up to 6 holes (est. 1,250m) on PL082/2018, as first phase of 37,600m drill strategy (announced >>> 28 September 2022)
– Drilling to commence no later than 9 October
– Expected completion by early November
– Samples to be sent to an internationally accredited laboratory for testing
– Drill Targets
– Two discrete copper geochemical anomalies, which align with mapped regional geology (announced >>> 26 August 2022)
– Northern Zone: 9km strike length with maximum width of 650m
– Central Zone: 27km strike length extending over length of PL082/2018
– Peak soil sample value of 118.8ppm Copper (“Cu”) (pXRF values)
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“Our technical team has worked extremely hard to maximise our chances of making one or more copper discoveries in the Kalahari Copper Belt. Our thorough exploration programme over the last 18 months has delivered 14 priority targets and I am now delighted to announce our maiden KCB drill campaign.
This is a significant achievement for Kavango. Following our successful drilling in the Kalahari Suture Zone and at Ditau in H1, we are on course to have drilled all three of our projects during 2022.
We are very happy to have partnered again with Mindea. Mindea has been active in the KCB over recent months with some notable successes. This work has recently paused, so we took advantage of that break to initiate drilling on PL082.
We are very fortunate that Mindea has been using a multi-purpose rig on its other job, as this is exactly what we need to optimise our programme as it develops. The timing has also worked out very well, allowing us to drill so soon after the latest positive exploration results from this licence.
Our technical team has done a superb job in identifying such significant drill targets. The alignment of coincident geological, geochemical and geophysical data sets is decidedly encouraging at this stage.
We now approach our first phase drilling on the KCB with a high degree of confidence and look forward to mobilising the rig as soon as we can.”
First phase drill programme details
Kavango has signed a contract with Mindea for a first phase drill programme, consisting of an initial 1,250m of drilling on PL082/2018 in the KCB.
Mindea has been active in the KCB over recent months, with a multi-purpose rig capable of both diamond core and RC drilling. Kavango has been able to take advantage of a pause in that programme to engage Mindea to mobilise the rig to PL082/2018 for the first phase drill programme. Kavango intends to use the same rig for future drilling in the KCB, subject to its availability.
The Company’s technical team believes that PL082/2018 is a possible analogue to Khoemacau’s Banana Zone deposit. The Banana Zone deposit sits immediately to the south of Ghanzi Ridge, and has been reported as having an estimated total mineral resource of 55.8Mt @ 1.1% Cu & 16.4g/t Ag.
The first phase drill programme will focus on testing two discrete copper geochemical anomalies (the “Targets”), which are aligned with mapped underlying geology at PL082/2018. The Company has validated and improved the definition of the Targets through a follow-up infill soil sampling programme (announced >>> 29th September 2022).
The details of the Targets are as follows:
I) Central Zone (Cu: >30ppm, Max 118.8ppm)
– Follows the geological trend of a sub outcropping anticline. This anticline forms the dome that hosts the Zeta and Plutus copper deposits located by Discovery Metals to the North East. The elevated copper values are postulated to represent a possible leakage zone from an underlying redox contact
– The unit has been mapped to extend over the length of PL082/2018, extending over 27km, and is also characterised by a zone of elevated magnetic response
– Infill soil sampling has confirmed elevated readings along the Target, further strengthening its prospectivity
II) Northern Zone (Cu: >30ppm, Max 39.7ppm)
– A robust anomaly occurring in an area with no outcrop (under Kalahari cover) on the edge of a magnetic high that bears similarities to the Ourea and Quirinus copper deposits identified by Discovery Metals in 2009. These deposits are interpreted to be on the limbs of tight anticlines
– Previous work by Kavango identified an Airborne ElectroMagnetic (“AEM”) conductor, which coincides with the geochemical northern zone identified in this latest work
– Infill soil sampling confirmed that the Target extends over 9km of geological strike length and has a maximum width of 650m, which may comprise up to three separate parallel anomalies, with a peak value of 43ppm Cu (pXRF values)
Drilling is expected to commence by 9th October.
Kavango is also mobilising Controlled-Source Audio MagnetoTelluric (“CSAMT”) equipment to PL082/2018 and expects to complete up to 17 line-km of surveys. The Company’s objective is to provide resolution of the anticipated anticline structure and to ensure optimal drill orientation.
Next steps
The first phase drilling programme at PL082/2018 initiates commencement of Kavango’s comprehensive KCB drill strategy (announced >>> 27 September 2022).
The Company has so far identified 188 drill collar locations across the KCB and aims ultimately to complete up to 37,600m of RC and diamond drilling. These locations are centred on 13 priority target areas delineated across four PLs (PL082/2018, PL036/2020, as well as the “Mamuno” licences (PL049/2020 and PL052/2020)).
Kavango will continue further field exploration across all 12 of its PLs in the KCB in parallel with any drilling. The Company expects to add more target areas and drill collar locations to its inventory as this work progresses.
About Mindea
Mindea Exploration and Drilling Services (Pty) LTD was formed in September 2019 by Equity Drilling Limited and Maureen Mokgaotsane (Geologist), Sebanka Lobatlamang (Geologist) and Eddie Babuseng (Attorney at Law) to provide complete exploration solutions to its clients in Botswana.
Mindea is currently operated under the Botswana Citizen Economic Empowerment Policy and is owned 51% by local shareholders and 49% by Equity Drilling. Over the coming years, it is expected that Botswana nationals will wholly own Mindea, with Equity Drilling continuing to provide strategic and technical support.
Mindea operates to strict international safety standards and deploys the latest equipment to its projects. Mindea is rigorous in its planning and site preparation.
Reflecting the quality of its operations, Mindea has recently been awarded a 3-year contract by Debswana to drill various national projects in Botswana. In addition to this, Mindea is a regular drill contractor for DeBeers.
Further information in respect of Kavango and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
+46 7697 406 06
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
Kavango Competent Person Statement
The technical information contained in this announcement pertaining to geology and exploration have been read and approved by Brett Grist BSc(Hons) FAusIMM (CP). Mr Grist is a Fellow of the Australasian Institute of Mining and Metallurgy with Chartered Professional status. Mr Grist has sufficient experience that is relevant to the exploration programmes and geology of the main styles of mineralisation and deposit types under consideration to act as a Qualified Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.
#KAV Kavango Resources PLC- KCB – Enhanced drill target resolution over PL082
Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) is pleased to report that infill soil sampling has successfully enhanced target resolution at its Kalahari Copper Belt (“KCB”) licence PL082/2018, ahead of drilling.
Based on in-house data analysis, Kavango’s technical team believes PL082/2018 is a possible analogue to Khoemacau’s Banana Zone deposit, which sits immediately to the south of Ghanzi Ridge and which has been reported as having an estimated total mineral resource of 55.8Mt @ 1.1% Cu & 16.4g/t Ag.
HIGHLIGHTS
– Infill soil sampling has confirmed and extended the existing two target zones within PL082/2018 (announced >>> 26 August 2022) and added a third new target zone (the “Target Zones”)
– 312 soil samples taken, to add to the 3,182 existing samples
– Line spacing reduced to 400m from 800m in prospective areas
– New Target
– The “Middle Zone” is located between the Northern Zone and Central Zone, with a 1.25km strike and peak value of 35ppm Cu
– Enhanced targets
– Northern Zone: strike length extended to 9km from 8km and maximum strike width extended to 650m from 400m
– Central Zone: elevated copper (Cu) levels along 27km strike length confirmed
– Next steps
– Up to 17km of Controlled-Source Audio MagnetoTelluric (“CSAMT”) survey lines
– Reverse Circulation (“RC”) and/or diamond drilling within the Target Zones
Kavango has provided a map showing the Target Zones at PL082/2018 on the Company’s website, via the link below:
https://www.kavangoresources.com/media-library/news-release-media/rns29september2022
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“This latest infill soil sampling on PL082 underscores Kavango’s rigorous approach towards exploration, prior to drilling. The results are particularly encouraging in that they strengthen and extend our existing targets (the Northern and Central Zones), while adding a third entirely new target (the Middle Zone).
PL082/2018 is among the most promising of our 12 prospecting licences in the Kalahari Copper Belt due to its favourable regional geological structures, the consistent copper values we’ve encountered, and what we believe are significant geophysical similarities to Khoemacau’s nearby Banana Zone deposit.
We now have mobilised CSAMT equipment to help us learn more about the subsurface structures in this area, as a final step before drilling.“
Infill soil sampling details
Kavango previously identified two discrete copper geochemical anomalies, which align with mapped underlying geology at PL082/2018:
I) Central Zone (Cu: >30ppm, Max 118.8ppm)
– Follows the geological trend of a sub outcropping anticline. This anticline forms the dome that hosts the Zeta and Plutus copper deposits located by Discovery Metals to the North East. The elevated copper values are postulated to represent a possible leakage zone from an underlying redox contact
– The unit has been mapped to extend over the entire length of PL082/2018, extending over 27km, and is also characterised by a zone of elevated magnetic response
II) Northern Zone (Cu: >30ppm, Max 39.7ppm)
– A robust anomaly extending over 8km of geological strike length occurring in an area with no outcrop (under Kalahari cover) on the edge of a magnetic high that bears similarities to the Ourea and Quirinus copper deposits identified by Discovery Metals in 2009. These deposits are interpreted to be on the limbs of tight anticlines
– Previous work by Kavango identified an AEM conductor in this area extending over approximately 8km and 400m at its widest. This coincides with the geochemical northern zone identified in this latest work
Ahead of drilling, Kavango has completed an additional infill soil sampling programme, designed to increase the Company’s understanding of both zones and the surrounding prospective area. In total, Kavango collected an additional 314 samples on infill lines. This reduced line spacing in the high prospectivity areas to 400m from 800m and added to the existing data set of 3,182 samples previously taken.
The new data has enhanced the two existing discrete copper anomalies as follows:
– Confirmation of elevated copper readings along the Central Zone further strengthens the target’s prospectivity
– Strike extent of the Northern Zone increased to 9km from 8km and the maximum width has been widened to 650m from 400m, which may comprise up to 3 separate parallel anomalies with a peak value of 43ppm Cu (pXRF values)
The infill soil sampling has also identified an additional 1.25km long copper anomaly, which the Company has designated the “Middle Zone”:
– Located between the existing Northern Zone and Central Zone, with a peak value of 35ppm Cu (pXRF values)
– The Middle Zone aligns with the regional geological trend (NE/SW) and straddles a geological contact between two integral units of the D’kar formation.
Next steps for PL082/2018
Kavango is in the process of mobilising CSAMT equipment to PL082/2018 and expects to complete up to 17 line-km of surveys to provide resolution of the anticipated anticline structure and to ensure optimal drill orientation.
The Company intends then to follow up with an RC drill programme, as the first phase of its comprehensive KCB drill strategy (announced >>> 27 September 2022). Kavango has identified 188 drill collar locations so far across the KCB and aims ultimately to complete up to 37,600m of RC and diamond drilling.
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
bturney@kavangoresources.com
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
Kavango Competent Person Statement
The technical information contained in this announcement pertaining to geology and exploration have been read and approved by Brett Grist BSc(Hons) FAusIMM (CP). Mr Grist is a Fellow of the Australasian Institute of Mining and Metallurgy with Chartered Professional status. Mr Grist has sufficient experience that is relevant to the exploration programmes and geology of the main styles of mineralisation and deposit types under consideration to act as a Qualified Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.
#TYM Tertiary Minerals – 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:
- Areas of outcrop containing up to 6.84% copper and 1.75 grammes/tonne (g/t) gold in separate chip samples.
- Multiple copper and gold soil geochemical anomalies defined in association with extensive skarn and hornfels alteration.
- 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 (£361,379 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 | ||