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Tertiary Minerals #TYM Pyramid Project Drilling Campaign – MD Patrick Cullen talks to Alan Green
Tertiary Minerals #TYM Pyramid Project Drilling Campaign – MD Patrick Cullen talks to Alan Green. Patrick discusses the Pyramid Silver and Gold project, the drilling team appointed to commence the drilling programme at North Ruth and a 3D model of the drill plan. Patrick discusses Zambia copper developments, the upcoming drilling work at the Jacks License and other assets. We end with a review of the upcoming work programme for the coming weeks and months.
Tertiary Minerals #TYM – Exploration and Corporate Update February 2022
Tertiary Minerals #TYM – Exploration and Corporate Update February 2022. Alan Green talks to MD Patrick Cullen. Patrick discusses the latest developments at the Pyramid Silver and Gold project, and the work at North Ruth, before discussing the latest developments on the ground at the Brunton Pass Copper project. We then switch to Zambia, where Patrick outlines the upcoming drilling work at the Jacks License, along with other developments in country. Patrick discusses the recent fundraising, along with support from major shareholder Sanderson Capital, before providing a list of milestones for investors to look out for in the coming months.
Tertiary Minerals #TYM – Placing to raise £500k and £100k Broker Option
Tertiary Minerals plc (AIM: TYM), the London listed explorer focussed on energy transition and precious metals in Nevada and Zambia, is pleased to announce it has raised £500,000 before expenses through a placing of 294,117,647 new ordinary shares of 0.01 pence each (the “Placing Shares”) in the Company at a price of 0.17 pence per share (the “Placing Price”) as detailed below (the “Placing”). The Placing was arranged through the Company’s joint broker, Peterhouse Capital Limited (“Peterhouse”). The Placing Shares are expected to be admitted to trading on AIM on or about 24 January 2022 (“Admission”).
Additionally, the Company is making a further 58,823,529 new ordinary shares (“Broker Option Shares”) available in order to provide qualified Tertiary shareholders and other qualified investors with an opportunity to participate in this fundraising (the “Broker Option”). The Placing Shares and Broker Option Shares will rank pari-passu with all existing ordinary shares in the Company. Investors will receive one warrant for every two Placing Shares or Broker Option Shares (the “Warrant”). The Warrants will be exercisable at 0.34 pence and have a term of 18 months.
Highlights
– Placing to raise £500,000 through the issue of 294,117,647 Placing Shares
– Proceeds to fund drilling and direct exploration activities in Nevada and Zambia
– Admission of the Placing Shares to trading on AIM expected on or around 24 January 2022
– Directors participating an aggregate of £40,000 for 23,529,411 Placing Shares in support of the fundraising
– Further 58,823,529 Broker Option Shares available to qualified shareholders or other qualified investors via Peterhouse to raise up to £100,000 in further funding
Commenting today, Managing Director Patrick Cullen said: “The Company is entering a very active phase. We have drilling programs targeting silver and gold at Pyramid in Nevada and copper at Jacks in Zambia due to progress in the coming months. This funding strengthens our balance sheet, allowing us to expand our exploration budgets.
I am pleased to have this opportunity to take a direct interest in the Company alongside support from other Directors and with the continued support of existing significant shareholders. I am also pleased to welcome existing shareholders and other qualifying investors who may wish to participate in the Broker Option outlined.
Nevada and Zambia are mining-friendly jurisdictions and are geologically highly prospective. In addition to the planned drilling, we are increasing our activities across the Company’s portfolio of copper projects at Brunton Pass in Nevada and on our newly signed options in Zambia.”
Placing Details
The Company has placed 294,117,647 new ordinary shares at 0.17 pence raising gross proceeds of £500,000 before expenses (approximately £475,000 net proceeds to the Company). The Placing Shares will have Warrants attached, details of which are set out below.
The Placing Price represents a discount of approximately 5.5% to the closing bid-price on 18 January 2022. The Placing Shares will represent approximately 19.9% of the Company’s issued ordinary share capital as enlarged by the Placing (excluding any shares issued via the Broker Option).
The Placing Shares are being issued under the Company’s existing share authorities.
Use of Proceeds
The net funds raised will be applied to drilling and direct exploration activities at the Company’s projects in Nevada and Zambia scheduled throughout 2022, including diamond and reverse circulation drilling, trenching, soil sampling survey and geophysics.
Warrants
The Company will issue to investors one Warrant for every two Placing Shares or every two Broker Option Shares to subscribe for a further new ordinary share at a price of 0.34 pence within a term of 18 months from the relevant date that Placing Share or Broker Option Share is admitted. The Warrants are not transferable and will not be traded on an exchange. The Warrant holders may exercise at any time within the relevant term. A total of 147,058,823 Warrants will be issued in the Placing. Up to 29,411,764 Warrants may be issued in the Broker Option. The Warrants in the Placing and the Broker Option will be issued under the Company’s existing share authorities.
Broker Warrants
As part of its fee, Peterhouse will be issued with 14,705,882 warrants (“Broker Warrants”) to subscribe for further new ordinary shares at the Placing Price of 0.17 pence. The Broker Warrants have a term of one year from the date of Admission and are being issued under the Company’s existing share authorities.
Broker Option
In order to provide qualified Tertiary shareholders (“Existing Shareholders”) and other qualified investors with an opportunity to participate on the same basis as the Placing (with the same Placing Price and identical Warrant entitlement), the Company has granted Peterhouse a Broker Option over 58,823,529 Broker Option Shares. Full take up of the Broker Option Shares would raise a further £100,000 for the Company, before expenses. The Broker Option Shares will be issued under the Company’s existing share authorities.
Existing Shareholders who hold shares in the Company and are on the register of members as at the close of business on 18 January 2022, will be prioritised for participation in the Broker Option (other than at the discretion of Peterhouse) and all orders from such Existing Shareholders will be accepted and processed by Peterhouse on a strictly “First Come, First Served” basis. The Broker Option has not been underwritten. Peterhouse is entitled to participate in the Broker Option as principal.
The Broker Option may be exercisable by Peterhouse on more than one occasion, at any time from the date of this announcement to 5.00 p.m. UK time on 20 January 2022, at its absolute discretion, following consultation with the Company. There is no obligation on Peterhouse to exercise the Broker Option or to seek to procure subscribers for the Broker Option Shares. Peterhouse may also, subject to prior consent of the Company, allocate new ordinary shares after the time of any initial allocation to any person submitting a bid after that time.
Peterhouse may choose not to accept bids and/or to accept bids, either in whole or in part, on the basis of allocations determined at their discretion (after consultation with the Company) and may scale down any bids for this purpose on such basis as Peterhouse may determine. Peterhouse may also, subject to prior consent of the Company, allocate new Ordinary Shares after the time of any initial allocation to any person submitting a bid after that time.
The Broker Option Shares are not being made available to the public and none of the Broker Option Shares are being offered or sold in any jurisdiction where it would be unlawful to do so. No Prospectus will be issued in connection with the Broker Option.
Subscription to Broker Option
To subscribe for Broker Option Shares, Existing Shareholders and other qualified investors should communicate their bid to Peterhouse via their stockbroker as Peterhouse cannot take direct orders from individual private investors. Existing Shareholders or other interested parties who wish to register their interest in participating in the Broker Option Shares should instruct their stockbroker to call Peterhouse on STX: 76086 or 020 7469 0938 or 020 7469 0936 or 020 7220 9797. Each bid should state the number of Broker Option Shares the Existing Shareholder or other qualified investor wishes to subscribe for at the Placing Price.
Directors’ Participation
Certain Directors of the Company are participating in the Placing at the Placing price for an aggregate amount of £40,000, further details of which are shown below:
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Holding prior to the announcement of Placing |
Number of Placing Shares acquired pursuant to the Placing |
Holding immediately following Admission of the Placing Shares |
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Number of Ordinary Shares |
% of issued share capital |
Number of Ordinary Shares |
Number of Ordinary Shares |
% of issued share capital |
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Patrick Cheetham, Executive Chairman |
12,641,471* |
1.07 |
8,823,529 |
21,465,000 |
1.45 |
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Patrick Cullen, Managing Director |
– |
– |
5,882,353 |
5,882,353 |
0.40 |
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Mike Armitage, Non-Executive Director |
– |
– |
8,823,529 |
8,823,529 |
0.60 |
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Donald McAlister, Non-Executive Director |
2,937,609 |
0.25 |
– |
2,937,609 |
0.20 |
*includes 2,843,625 held by K E Cheetham
Patrick Cheetham, Patrick Cullen and Mike Armitage will also receive one Warrant for every two Placing Shares acquired.
As Directors of the Company, Patrick Cheetham, Patrick Cullen and Mike Armitage are “related parties” of the Company under the AIM Rules for Companies (the “AIM Rules”). As a result, their participation in the Placing constitutes a related party transaction pursuant to Rule 13 of the AIM Rules.
Accordingly, Donald McAlister, being the sole independent Director of the Placing, considers, having consulted with the Company’s Nominated Adviser, SP Angel Corporate Finance LLP, that the terms of the Directors’ participation in the Placing are fair and reasonable in so far as the Company’s shareholders are concerned.
Admission
The Placing and Broker Option Shares will rank pari passu with the Company’s existing ordinary shares. An application has been made to the London Stock Exchange for admission of the Placing Shares to trading on AIM. Admission is expected to occur at 8.00 a.m. on or around 24 January 2022. A further application will be made to the London Stock Exchange on or around 20 January 2022 for Broker Option Shares to be admitted to trading on AIM.
Total Voting Rights
Following Admission of the Placing Shares (and excluding any new ordinary shares issued via the Broker Option) the Company’s enlarged issued share capital will be 1,477,440,092 ordinary shares.
The Company holds no ordinary shares in treasury. The total number of voting rights in the Company is therefore 1,477,440,092 and this figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.
For more information please contact:
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Tertiary Minerals plc: |
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Patrick Cullen, Managing Director |
+44 (0) 1625 838 679 |
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SP Angel Corporate Finance LLP – Nominated Adviser and Broker |
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Richard Morrison |
+44 (0) 203 470 0470 |
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Caroline Rowe |
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Peterhouse Capital Limited – Joint Broker |
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Lucy Williams |
+ 44 (0) 207 469 0930 |
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Duncan Vasey |
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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 update from Nevada – Patrick Cullen talks to Alan Green
Tertiary Minerals #TYM update from Nevada. Patrick Cullen talks to Alan Green about the further silver and gold grades discovered at North Ruth at the Pyramid gold / silver project, Nevada, which are “…scaling up into quite a find…” Patrick looks at the drilling programme scheduled for Q1 2022 at Pyramid to further examine the depth and breadth of the silver and gold findings at North Ruth, and then discusses a site overview and copper bearing rock samples taken along with Chairman Patrick Cheetham at the Brunton Pass copper project. The interview finishes with a look forward to early 2022 and value inflection points for investors and shareholders.
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 – Option Agreement – Zambian Copper Prospects
Following the incorporation of Luangwa Minerals Limited (“Luangwa”) as a 96% owned Zambian subsidiary, announced on 18 May 2021, the Company is pleased to advise that Luangwa has entered into an Option Agreement with Mwashia Resources Ltd (“Mwashia”) to acquire up to a 90% joint venture interest in five Large Exploration Licences in Zambia considered prospective for copper.
Highlights
- The agreement covers Exploration licence 27069-HQ-LEL (“Jack’s Licence”) and rights to option four additional and separate licences on the same terms.
- Jack’s Licence is underlain by Lower Roan Group rocks which are known to host the major copper mines (>2 Mt contained copper) in the Central African Copperbelt.
- Copper mineralisation reported from historical drill testing of an 18km long open-ended soil geochemical anomaly on Jack’s Licence. Drill intersections included:
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- 0m at 1.04% copper from 113m depth in RC drill hole KJ14
- 8m at 0.96% copper from 112m depth in diamond drillhole KJD1
- 0m grading 1.56% copper from 322m depth in diamond drill hole KJD7
Commenting today, Executive Chairman Patrick Cheetham said:
“We are delighted to have secured this option agreement with Mwashia over five large exploration licences covering over 1,500 sq.km. This agreement is primarily aimed at the Jack’s Licence but gives us an exclusive six-month investigation period and the right to enter into option agreements on the same fixed terms over a further four licences that were selected by Mwashia on the basis of their prospective geology and historical exploration results”.
“The results of historic exploration and drilling on the Jack’s Licence Copper Prospect suggest a multi-kilometre copper mineralised trend that warrants further exploration”.
“As a director of African Mining Consultants, Mwashia’s principal is well connected in the Zambian mining industry and has enjoyed recent success as consultant to Ivanhoe Mines during their discovery of the giant Kamoa-Kakula copper deposit in the Democratic Republic of Congo. We are very much looking forward to working with Mwashia on these copper projects.”
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 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
Option Agreement
The Company’s 96% owned subsidiary, Luangwa Minerals Limited, has entered into an option agreement (“the Agreement”) with Mwashia Resources Limited, a privately held Zambian registered company controlled by Mr. Geoffrey Siame, a director of Zambian exploration, mining & environmental engineering consultancy firm, African Mining Consultants Limited (AMC).
The principal terms of the agreement relate to the Jack’s Exploration Licence number 27069-HQ-LEL and are as follows:
- Mwashia will prepare an Environmental Project Brief (“EPB”) for 27069-HQ-LEL (an approved EPB is a pre-requisite for conducting exploration) and submit the EPB to Zambian Environmental Management Agency (“ZEMA”) for approval.
- Luangwa will pay US$1,500 towards the costs of preparing the EPB and US$10,000 to Mwashia on approval of the EPB by ZEMA.
- Luangwa may earn, and has the right to take up, an initial 51% joint venture interest in 27069-HQ-LEL by spending US$50,000 on exploration in the 12-month period following approval of the EPB by ZEMA.
- On taking up a 51% interest in 27069-HQ-LEL, Luangwa and Mwashia will enter into a Joint Venture Agreement (“JVA”) and on signing the JVA Luangwa will pay US$30,000 to Mwashia.
- Luangwa may earn a further 39% interest (total 90% interest) in the licence by spending a further US$100,000 over 18 months from the date of signing the JVA.
The agreement provides an exclusive option to Luangwa to enter into option agreements on the same terms as set out above on four additional licences held by Mwashia, being licence numbers 27065-27068-HQ-LEL.
Preparation and approval of the EPB is expected to take up to 60 days.
A small area (0.13 sq. km.) is excised from 27069-HQ-LEL and is under application by an artisanal mining group.
The location of these licences can be seen on a map which will shortly be available on the Company’s websitewww.tertiaryminerals.com/jacks-project-zambia.
Exploration Licence 27069-HQ-LEL – Jack’s Hill Project
The Central African Copperbelt is the world’s largest sediment-hosted stratiform copper province. It includes at least 14 giant deposits (>2 Mt contained copper) within a 400-km arcuate trend of Neoproterozoic rocks that spans the border of Zambia and the Democratic Republic of Congo (DRC).
Exploration Licence 27069-HQ-LEL covers 141.4 sq. km. and is located 85km south of Luanshya in the Central African Copperbelt. The licence is underlain by rocks of the Lower Roan Group, the main copper mineralised rock sequence in the Copperbelt.
The Company cautions that the record of exploration available to the Company is incomplete but indicates that the licence area was first explored by Roan Selection Trust Ltd. (“RST”) in the 1960s after copper flower was observed in the vicinity of Jack’s Hill.
RST drilled a series of diamond drill holes in the area of the copper showings which coincides with the nose of a fold structure. Several zones of low-grade copper were reportedly intersected but the collar positions and drillhole logs for these holes have not yet been located.
The area was subject to further exploration in the 1990s by Caledonia Mining Corporation (“CMC”) which conducted aeromagnetic surveys and geochemical sampling (conventional and Mobile Metal Ion). The surveys reportedly highlighted an intermittent geochemical anomaly that extends for over 18 kilometres. After delineation of prospective areas, CMC entered into a joint venture earn-in agreement with Cyprus AMAX Minerals (“Cyprus”), a major US-based mineral exploration and mining company.
The 1997 exploration programme included infill geochemical sampling, ground based magnetics and a 19-hole reverse circulation (RC) percussion drill programme.
A further programme of six diamond drill holes totalling 1,378 metres was completed in 1998 to test along strike and down dip extensions to the previously intersected mineralisation as well as the most anomalous soil geochemistry on both limbs and within the closure of the fold structure.
Highlights are presented in the following table:
The drilling results suggest the presence of two separate zones of copper mineralisation with significant depth potential. Notably diamond hole KJD1 confirmed the upper zone mineralisation intersected in reverse circulation hole KJ14 intersecting partly leached copper oxide and chalcocite over a 13.8m drill interval from 112m depth whilst KJD7 collared “north” of KJD1 reportedly intersected the same mineralisation horizon at 322m depth within the chalcocite zone grading 1.56% copper over 7m. The lower zone mineralisation in each hole reportedly gave typical grades of around 0.5% to 0.7% copper.
Additional geochemical sampling and geophysical surveys were conducted in 1999 to further delineate the Jack’s Hill anomaly for further drill testing. However, shortly after, the joint-venture agreement was terminated following the acquisition of Cyprus by Phelps Dodge and the subsequent corporate restructure and the project area was subsequently relinquished by CMC.
Additional licences
The Additional Licences have all been selected by Mwashia based on geological prospectivity. No further information is currently available.
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.
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.
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:
o Revenue of £81,495; less Administration costs of £243,851 (which includes non-cash share-based payments of £11,608).
o Pre-licence and reconnaissance exploration costs totalling £48,449.
o 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:
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Enquiries Tertiary Minerals plc Patrick Cheetham, Executive Chairman
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+44 (0)1625 838 679 |
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SP Angel Corporate Finance LLP Nominated Adviser & Joint Broker Richard Morrison/Caroline Rowe
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+44 (0) 20 3470 0470 |
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Peterhouse Capital Limited Joint Broker Lucy Williams/Duncan Vasey |
+44 (0) 207 469 0930 |
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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