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Tertiary Minerals #TYM – Exploration Update Jacks Copper Project
Tertiary Minerals plc (LON: TYM), the AIM traded mineral exploration and development company, whose strategic focus is on energy transition metals, is pleased to announce that the Company has completed its first drill programme at the Jacks Copper Project (“Jacks”) in Zambia. Jacks lies within exploration licence 27069-HQ-LEL (the “Licence”), held by local partner Mwashia Resources Limited (“Mwashia”). Tertiary has an exclusive option to earn up to a 90% joint venture interest in the licence.
Highlights
- Four diamond core drill holes completed on two separate c. 150m spaced traverses for a total 746 metres of drilling.
- Systematic portable XRF (“pXRF”) analysis of drill core in-field has revealed intersections of copper mineralisation in all four holes that require confirmation and quantification by laboratory analysis.
- Drill holes positioned using pXRF analysis of soil samples which confirmed the historical (1990s) copper soil anomaly in the drill area
- Drill area soil anomaly forms part of a series of anomalies which extend over a 16km long trend within the Licence.
- 186 drill-core samples submitted for laboratory analysis with results expected within a few weeks.
Commenting today, Executive Chairman Patrick Cheetham said:
“We are pleased to be reporting the successful completion of our first drill programme in Zambia and look forward to reporting the analytical results. We anticipate that the expenditures incurred on this programme will satisfy the requirements for the Company to earn an initial 51% interest in the Licence and we look forward to working with our joint venture partner, Mwashia Resources, on this and the other joint venture licences we have with the same partner.”
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 | ||
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 and in Zambia.
Market Abuse Regulation
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’). Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.
Detailed Information
The Jacks Prospect lies within Exploration Licence 27069-HQ-LEL which covers 141.4 km2 and is located 85 km south of Luanshya in Zambia. This licence is currently owned by local partner Mwashia. Tertiary has an exclusive option to earn up to a 90% joint venture interest in the licence.
The host rocks in the licence comprise synclinally folded basal Katangan Supergroup sediments which include the Lower Roan Subgroup, the main copper mineralised rock sequence in the Central African Copperbelt. The axis of the asymmetric syncline trends approximately east-west. The northern limb dips 15°-25° to the south demonstrated by historic drilling as well as from mapped outcrop. Previous work reports that the dips on the southern limb are variable between 60° to the north and vertical with local overturning. The detailed geometry of the syncline and interpreted parasitic folds is poorly understood and further interpretation of orientated drill core is required.
The area was first explored by Roan Selection Trust Ltd. (“RST”) in the 1960s after copper flower was observed. RST drilled a series of 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.
In the 1990s, Caledonia Mining Corporation (“CMC”) conducted aeromagnetic surveys and soil geochemical sampling. The geochemical surveys highlighted an intermittent soil anomaly that extends over an 18 km strike length of which 16 km lies within the Jacks Project Licence. After delineation of prospective areas, CMC entered into a joint venture earn-in agreement with Cyprus AMAX Minerals, a major US-based mineral exploration and mining company. The 1997-1999 exploration programme included infill geochemical sampling, ground-based magnetic surveys, 19 reverse circulation drill holes and 10 core drill holes.
Phase 1 Drill Programme
Upon entering into its agreement with Mwashia, Tertiary obtained all available historical exploration data and performed a spatially integrated data review and constructed a preliminary geological model.
This suggested that the Jack’s Project area presented an attractive drill target where historical drilling intersected significant copper mineralisation and which the Company believes justified follow-up exploration.
The historical data had limitations on the positional accuracy of historic drill holes and so to assist with drill targeting the Company conducted field geochemical analysis of soils using a pXRF analyser along and between the profiles of historical drilling. Several strong copper anomalies were identified which, when correlated with historical soil geochemistry, allowed the interpreted geological model to be spatially refined.
In May 2022, Tertiary contracted Ox Drilling to conduct a diamond drilling programme with geological supervision and drill management performed by GeoQuest Limited. Four holes were completed on two traverses spaced approximately 150m apart for a total of 746m of drilling. During the drill programme core orientation was carried out together with preliminary analysis using portable pXRF to provide real-time interpretation of drill intersections and facilitate the positioning of subsequent holes.
All drillhole collars were surveyed via GPS and downhole surveys were completed prior to plugging and marking drill holes in the field.
Systematic drill core analysis using the pXRF has indicated that all four holes intersected copper mineralisation. Whilst pXRF analyses are a good guide to the occurrence of mineralisation, the pXRF results now need to be confirmed and quantified by follow up laboratory based analysis. Consequently 186 samples were cut from the drill core on-site and, along with internal QA/QC samples, were delivered to SGS Laboratories in Kalulushi for analysis. The Company expects the analytical results to be available within a few weeks .
Notes:
- The information in this release has been reviewed by Mr. Patrick Cheetham (MIMMM, M.Aus.IMM), Executive Chairman of Tertiary Minerals plc, 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.
- 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 – Resignation of Managing Director
Tertiary Minerals plc (LON: TYM), the AIM traded mineral exploration and development company, whose strategic focus is on energy transition metals, advises that it has received and accepted a letter of resignation from its Managing Director, Mr. Patrick Cullen, effective 20 June 2022.
The Company will seek to recruit a replacement Managing Director, with Mr. Cullen’s responsibilities being assumed by other members of the Board in the meantime.
Commenting today, Executive Chairman Patrick Cheetham said:
“The Board does not expect its strategy or ongoing work programmes in Zambia or Nevada to be materially affected by this change and the Board would like to thank Mr. Cullen for his contribution to the Company since joining as Managing Director in September 2021.”
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 | ||
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 copper resources in Nevada and in Zambia.
Market Abuse Regulation
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’). Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain
Tertiary Minerals #TYM – Exploration Update Jacks Copper Project
Tertiary Minerals plc (LON: TYM), the AIM traded mineral exploration and development company, whose strategic focus is on energy transition metals, is pleased to announce that the Company has commenced its first drill programme at the Jacks Copper Project (“Jacks”) in Zambia. Jacks lies within exploration licence 27069-HQ-LEL, held by local partner Mwashia Resources Limited. Tertiary has an exclusive option to earn up to a 90% joint venture interest in the licence.
Highlights
- Visual observations of core from the first drill hole 22JKDD01 indicate the presence of copper mineralisation which has been confirmed by portable XRF measurements at site.
- Chrysocolla and malachite occur as veins and in fractures and as disseminations over several metres around 90 metres downhole depth (corresponding to a depth of approximately 74 metres below surface).
- This is the first drill hole of a programme designed to accurately locate previously intersected mineralised zones and test their continuity to depths up to 150-180 metres below surface.
- This phase of drilling will comprise approximately 750 to 1,000 metres of HQ and NQ orientated drill core. The core is being analysed on site using portable XRF and mineralised intervals will be sent to the SGS laboratory in Kalalushi for analysis.
- Historic work has established an 16 kilometre open-ended soil geochemical anomaly at Jacks with historic drill logs reporting intersections as wide as 23.95 metres grading at 1.26% total copper (TCu), including intervals as high as 3.19% TCu over 2.15 metres.
Commenting today, Managing Director Patrick Cullen said:
“We are very pleased to have our first drill programme in Zambia up and running and are encouraged by visible copper mineralisation in the first hole drilled. The portable XRF we have on site is proving very useful.
At this early stage, the drilling is focused on demonstrating mineralisation at grades and depths that are practical for open pit operations. It is apparent from historic work that there is significant structural complexity at Jacks. We are collecting core orientation data which we expect will provide improved understanding of the structural geometry and controls on mineralisation and help guide our exploration programme going forward.
We believe that Jacks has the potential to host potential economic mineralisation and we look forward to reporting laboratory results and further updates going ahead.”
For more information please contact
| Tertiary Minerals plc: | ||
| Patrick Cullen, Managing Director | +44 (0) 1625 838 679 | |
| SP Angel Corporate Finance LLP – Nominated Adviser and Broker | ||
| Richard Morrison | +44 (0) 203 470 0470 | |
| Caroline Rowe | ||
| Peterhouse Capital Limited – Joint Broker | ||
| Lucy Williams | + 44 (0) 207 469 0930 | |
| Duncan Vasey | ||
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 copper resources in Nevada and in Zambia.
Market Abuse Regulation
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’). Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.
Background Information
Jacks lies within Exploration Licence 27069-HQ-LEL which covers 141.4 sq. km. and is located 85km south of Luanshya.
The host rocks in the licence comprise synclinally folded basal Katangan Supergroup sediments which include the Lower Roan Subgroup, the main copper mineralised rock sequence in the Central African Copperbelt. The axis of the asymmetric syncline trends approximately east-west. The northern limb dips 15°-25° to the south demonstrated by drilling as well as from mapped outcrop. Previous work reports that the dips on the southern limb are variable between 60° to the north and vertical with local overturning. The detailed geometry of the syncline and interpreted parasitic folds is poorly understood and further interpretation of orientated core is required.
The area was first explored by Roan Selection Trust Ltd. (“RST”) in the 1960s after copper flower was observed. RST drilled a series of core 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.
In the 1990s, Caledonia Mining Corporation (“CMC”) conducted aeromagnetic surveys and geochemical sampling (conventional ICP and mobile metal ion). The geochemical surveys highlighted an intermittent anomaly that extends for over 18 kilometres of which 16 kilometres lies within the Jacks project. 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 1997-1999 exploration programme included infill geochemical sampling, ground-based magnetics, 19 reverse circulation holes and 10 core holes.
The licence area was held by KPR Investments Ltd between 2013 and 2017. First Quantum Minerals (“FQM”) entered into an option period/joint venture agreement with KPR Investments Ltd and completed significant exploration activities in 2014 and 2015, including lithological and structural mapping, licence wide 500 x 500 metres soil sampling and limited infill soil sampling on a 250 x 250 metres grid.
Tertiary has sourced a significant volume of historic data from public sources including drill logs, assay data as well as a number of geological and surface sampling and drilling plans from previous reports and statutory reports submitted to the Ministry of Mines and Minerals Development. Discrepancies are noted between various records and field visits have confirmed poor accuracy of historic collar locations. Detailed logs exist for the Cyprus drilling and related copper assay data.
Notes:
- The information in this release has been reviewed by Mr. Patrick Cheetham (MIMMM, M.Aus.IMM), Executive Chairman of Tertiary Minerals plc, 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.
- 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 Drilling Update
Tertiary Minerals plc (LON: TYM), the AIM traded mineral exploration and development company, whose strategic focus is on energy transition and precious metals, hereby announces results from the Company’s recent drill programme at the Pyramid Silver‑Gold Project in Nevada. In summary, drilling at the North Ruth target has not, to date, demonstrated significant mineralisation at depth.
Follow the link to view the announcement in full including Figure 1 here.
Highlights
- A programme of soil and rock chip sampling and trenching was conducted in phases throughout 2021 which established wide intervals of significant silver and associated gold mineralisation at surface at North Ruth along a zone over 500 metres in length;
- Additional trenches were excavated in February 2022, providing additional evidence for the surface extent of the mineralised zone;
- Reverse circulation (RC) drilling, comprising 6 holes for a total of 1,050 metres (3,445 feet), was completed in early March 2022 in order to explore the potential continuation of this mineralisation at depth;
- The drilling completed has not, however, returned favourable results and the continuity of mineralisation at depth has therefore not yet been established. The Company will now spend some time reviewing these results in more detail, while at the same time continuing its activities on its other exploration projects in Nevada and in Zambia.
Commenting today, Managing Director Patrick Cullen said:
“The surface sampling and trenching completed throughout 2021 and early 2022, as well as the presence of extensive historic underground workings in the area, confirmed North Ruth as a drill target that warranted drilling.
We executed a limited and cost-effective drill program, utilising RC, to determine if the mineralisation is present at depth but the results have been disappointing. A detailed analysis of the results will be needed before any further exploration is undertaken. Indications are that localised supergene enrichment of silver has resulted in the grades observed at surface.
In the meantime, progress has been made with permitting at our Brunton Pass Copper Project, also in Nevada, and we will recommence activities there soon. In addition, we have already begun field work on the Jacks Copper Project in Zambia and expect to commence drilling in late April or early May 2022.
For more information please contact
| Tertiary Minerals plc: | ||
| Patrick Cullen, Managing Director | +44 (0) 1625 838 679 | |
| SP Angel Corporate Finance LLP – Nominated Adviser and Broker | ||
| Richard Morrison | +44 (0) 203 470 0470 | |
| Caroline Rowe | ||
| Peterhouse Capital Limited – Joint Broker | ||
| Lucy Williams | + 44 (0) 207 469 0930 | |
| Duncan Vasey | ||
Note to Editors
Tertiary Minerals plc (LON: TYM) is an AIM traded mineral exploration and development company whose strategic focus is on energy transition and precious metals. The Company’s 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.
Market Abuse Regulation
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’). Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.
Detailed Information
Background
The Pyramid Gold-Silver Project was established through a lease agreement, targeting epithermal gold and silver mineralisation at the northwest end of the prolific current and past producing Walker Lane Mineral Belt.
The Company conducted systematic exploration at Pyramid undertaking extensive soil sampling, rock-ship sampling, mapping, and three phases of trenching over soil anomalies between April 2021 and February 2022. At the North Ruth target, surface silver and gold mineralisation was demonstrated to extend over a strike extent of at least 530 metres, with a zone width of up to 59 metres and yielding up to 595 g/t silver (17.35 ounces/ton) and 0.66 g/t gold (Announcement dated 14 October 2021).
Drill Programme
Envirotech Drilling LLC (“Envirotech”) of Winnemucca, Nevada were contracted to conduct RC drilling and commenced on 8 March, operating on a 24-hour basis until completion on 13 March 2022. The program was designed to test continuity of mineralisation at depth and along strike at the North Ruth target and comprised 6 holes (NR-01 to 06) for a total of 3,445 feet (1,050 metres).
RC samples were collected on 5-foot (1.52 metre) intervals providing 689 samples. 39 Field duplicates were collected throughout sampling. Additionally, 41 certified reference materials (“CRMs”) and 40 blanks were inserted into the sample run. Significant drilling results are shown in Table 2. Upon completion of a drillhole International Directional Services (“IDS”) performed downhole surveys using a gyroscopic survey tool to record azimuth and dip deviation. Collar locations were surveyed by handheld GPS and where two collars are adjacent, their relative position estimated to nearest metre.
Figure 1 below shows the collar locations for the holes drilled, Table 1 lists the collar coordinates and drillhole azimuths and Table 2 the most significant results.
(This figure, along with the announcement in full, can be viewed here.)
Figure 1: Location of RC drill holes NR-01 to NR-06 relative to rock chip samples and trenches. Historic underground activities are also indicated.
| DHID | NAD83_11_X | NAD83_11_Y | MASL_Z | EOH (M) | COLLAR_AZI | COLLAR_INC | EOH_AZI | EOH_INC |
| NR-01 | 273863 | 4415628 | 1352 | 152.4 | 218 | -45 | 225 | -55 |
| NR-02 | 273864 | 4415629 | 1352 | 219.5 | 217 | -55 | 227 | -58 |
| NR-03 | 273916 | 4415597 | 1347 | 193.5 | 223 | -46 | 234 | -56 |
| NR-04 | 273918 | 4415594 | 1347 | 214.9 | 205 | -45 | 213 | -45 |
| NR-05 | 274075 | 4415284 | 1394 | 121.9 | 045 | -60 | 046 | -64 |
| NR-06 | 273991 | 4415322 | 1362 | 147.8 | 044 | -55 | 044 | -63 |
Table 1: RC collars, azimuths and inclinations
| DHID | From (ft) | To (ft) | Interval (ft) | From (m) | To (m) | Interval (m) | Au (ppm) | Ag (ppm) |
| NR-05 | 195 | 200 | 5 | 59.4 | 61.0 | 1.5 | 0.697 | 81 |
| NR-05 | 170 | 175 | 5 | 51.8 | 53.3 | 1.5 | 0.089 | 18 |
| NR-06 | 240 | 245 | 5 | 73.2 | 74.7 | 1.5 | 0.003 | 18 |
| NR-06 | 15 | 20 | 5 | 4.6 | 6.1 | 1.5 | 0.249 | 16 |
| NR-06 | 25 | 30 | 5 | 7.6 | 9.1 | 1.5 | 0.088 | 16 |
Table 2: Significant1 silver drill intersections
Holes NR-01, NR-02, NR-03 and NR-04 were designed to intersect targets beneath the highest grade surface mineralisation in Trench 1, Trench 1 Ext and Trench 8. No significant intersections are noted. Minor intersections are noted in holes NR-05 and NR-06 which were drilled towards to the southern extent of the North Ruth target.
At this stage the discrepancy between surface and drill results in not explained and further evaluation is required. Faulting or surface enrichment are possible explanations.
Phase 3 Trenching
The Company also conducted a further, short program of trenching, comprising 3 trenches in February 2022 while drill pad and access construction was underway. Field observations and assay results continued to confirm the presence of mineralisation at surface and supported the plan to drill. The Samples collected from the trenches were prepared and analysed by Paragon using the same methods as previous phases3. Significant intersections are presented below.
| Trench | From (m) | To (m) | Interval (m) | Ag (g/t) | Au (g/t) |
| 2b | 42.67 | 46.63 | 3.96 | 20 | 0.30 |
| 14 | 3.05 | 9.14 | 6.09 | 18 | 0.09 |
| 14 | 13.41 | 17.37 | 3.96 | 41 | 0.33 |
| 14 | 61.57 | 64.62 | 3.05 | 16 | 0.29 |
Drill Sample Analysis and QA/QC
Drill samples were collected on-site by Paragon Geochemical (“Paragon”) and transported under chain of custody to their facility in Reno, Nevada for sample preparation and analysis. Samples were prepared using code PREP-PKG where samples were crushed to 70% passing 10 mesh (2000 micron) and 1 kilogramme riffle split and crushed to 85% passing 200mesh (74 micron).
RC material was sampled over continuous 5 foot (1.53 metre) intervals. Gold and silver were analysed by method Au-AA Ag-GR, a 30g fire assay with gravimetric finish for silver and an atomic absorption spectroscopy finish for gold. As routine, Paragon implemented internal QA/QC procedures which were reviewed by the Company and are considered acceptable.
The Company implemented its own QA/QC protocol which involved field insertion of greater than 5% blanks, greater than 5% field duplicates and greater than 5% CRMs. QA/QC samples were inserted blind and assigned the same continuous sample number sequence as original samples. Two different CRMs were used to access both high- and low‑grade material. A review of assay results from the Company’s QA/QC inserts were found to be acceptable.
Notes:
- ‘Significant’ is defined as a minimum 2 metres width of sample grading a minimum of 15 g/t silver or 0.25 g/t gold in trenching and surface sampling. A width of 1.52 metres (5 feet) is applied for RC drilling in Nevada which relates to the standard sampling width. Narrow lower grade material may be included where they are internal to the reported intervals. Reported thicknesses of drill intersections are thicknesses measured downhole and therefore cannot be considered true thickness.
- Units:
Rock samples reported in g/t = grammes/tonne
1 g/t = 0.029167 ounce/ton (i.e. troy ounces/US ton)
1ppm = 1 g/tonne
1 (Troy) ounce =31.105 g
- Trench samples were collected by consulting Geologist Ivan Johnson as continuous chip samples over a maximum of 10 feet per sample. Samples were transported under chain of custody to Paragon Geochemical facilities in Reno, Nevada, for sample preparation. Samples were crushed to 85% passing 200mesh using method PREP-RMB. Gold was analysed by method Au-AA30 which comprises 30g fire assay with aqua regia digest/AAS finish. Multielement analysis (including Ag) was performed using method 33 MA-OES which comprised a 4-acid digest with ICP/OES finish. Ag overrange analysis was performed using method Ag-Gr50, a 30g fire assay with gravimetric finish. Paragon carries out duplicate, and standard and blank materials analysis as part of its internal QA/QC procedures. Grades reported above are weighted average grades of samples taken over varying widths from within the reported intervals.
- The information in this release has been reviewed by Mr. Patrick Cheetham (MIMMM, M.Aus.IMM), Executive Chairman of Tertiary Minerals plc, 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.
- 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 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:
|
|
Holding prior to the announcement of Placing |
Number of Placing Shares acquired pursuant to the Placing |
Holding immediately following Admission of the Placing Shares |
||
|
|
Number of Ordinary Shares |
% of issued share capital |
Number of Ordinary Shares |
Number of Ordinary Shares |
% of issued share capital |
|
Patrick Cheetham, Executive Chairman |
12,641,471* |
1.07 |
8,823,529 |
21,465,000 |
1.45 |
|
Patrick Cullen, Managing Director |
– |
– |
5,882,353 |
5,882,353 |
0.40 |
|
Mike Armitage, Non-Executive Director |
– |
– |
8,823,529 |
8,823,529 |
0.60 |
|
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:
|
Tertiary Minerals plc: |
||
|
Patrick Cullen, Managing Director |
+44 (0) 1625 838 679 |
|
|
SP Angel Corporate Finance LLP – Nominated Adviser and Broker |
||
|
Richard Morrison |
+44 (0) 203 470 0470 |
|
|
Caroline Rowe |
|
|
|
Peterhouse Capital Limited – Joint Broker |
||
|
Lucy Williams |
+ 44 (0) 207 469 0930 |
|
|
Duncan Vasey |
|
|
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 – Further High-Grade Silver and Gold Results at Pyramid
Tertiary Minerals plc (AIM: TYM) is pleased to provide an update from its Pyramid Silver-Gold Project in Nevada, USA, where analytical results from a recently completed surface sampling and mapping programme continue to return high-grade silver and gold grades. The majority of these new samples were collected over a wide area along the recently established zone of silver mineralisation at the North Ruth target. North Ruth has a target strike length of at least 530 metres (announced 14 October 2021).
Highlights:
- Rock chip and grab samples collected during further detailed mapping programme
- Analytical results reporting significant1 silver mineralisation in 34 of 37 samples
- 4 high-grade2 samples reporting silver grades of 1,286 g/t, 889 g/t, 522 g/t and 513 g/t
- Includes 4 samples reporting gold grades of 2.72 g/t, 1.67 g/t, 1.30 g/t and 1.20 g/t
- Mapping and sampling providing key input to modelling and design of drill programme
Commenting today, Managing Director Patrick Cullen said: “These are very encouraging results and include the highest silver grades we have sampled at North Ruth to date. While silver is the primary target, it is also excellent to see the presence of reportable gold grades.
“We have steadily built our dataset and our understanding of the North Ruth target over a series of work programmes. This has allowed us to identify mineralised structures with increasing confidence, as reflected in these results.
“I have been on site with our geologist in Nevada over recent days, examining previous work and planning for an upcoming drill program and I look forward to providing updates.”
Results:
| Sample | Area | Type | Width (m) | Ag (g/t) | Ag (oz/ton) | Au (g/t) |
| PR-305 | North Ruth | Rock Chip | 1.20 | 253 | 7.38 | 0.27 |
| PR-309 | North Ruth | Rock Chip | 1.00 | 513 | 14.96 | 0.81 |
| PR-311 | North Ruth | Rock Chip | 1.50 | 231 | 6.74 | 0.15 |
| PR-315 | North Ruth | Rock Chip | 3.00 | 522 | 15.23 | 0.36 |
| PR-318 | North Ruth | Rock Chip | 1.50 | 1,286 | 37.51 | 0.64 |
| PR-319 | North Ruth | Grab | – | 889 | 25.93 | 0.46 |
| PR-321 | North Ruth | Rock Chip | 1.00 | 238 | 6.94 | 1.67 |
| PR-322 | North Ruth | Rock Chip | 0.60 | 210 | 6.13 | 0.65 |
| PR-332 | North Ruth | Rock Chip | 1.00 | 231 | 6.74 | 2.72 |
| PR-339 | North Ruth | Grab | – | 270 | 7.88 | 0.66 |
| PR-334 | – | Rock Chip | 1.20 | 204 | 5.95 | 1.46 |
A summary of high-grade2 silver results is shown in the table above. The location plan of the samples and updated mapping may be accessed here [RNS to insert PDF link] or on the Company website. Further detailed information may be found below.
For more information please contact:
| Tertiary Minerals plc: | ||
| Patrick Cullen, Managing Director | +44 (0) 1625 838 679 | |
| SP Angel Corporate Finance LLP
Nominated Adviser and Broker |
||
| Richard Morrison | +44 (0) 203 470 0470 | |
| Caroline Rowe | ||
| Peterhouse Capital Limited
Joint Broker |
||
| Lucy Williams | + 44 (0) 207 469 0930 | |
| Duncan Vasey | ||
Market Abuse Regulation (MAR) Disclosure:
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 which forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”). Upon the publication of this announcement via Regulatory Information Service (“RIS”), this inside information is now considered to be in the public domain.
Detailed Information:
Background
The Pyramid Gold-Silver Project is located in north-central Nevada, USA and is targeting epithermal gold-silver mineralisation at the northwest end of the prolific past producing Walker Lane Mineral Belt.
On 11 January 2021, the Company announced results from a soil sampling programme carried out to confirm, and determine the extent of, an open-ended gold and multi-element soil anomaly originally defined in the 1980s by Battle Mountain Gold Company. A number of significant new gold and silver-in-soil anomalies were identified and named the North Ruth, Western Line and Western Splay anomalies.
In late January 2021, follow up rock chip sampling highlighted the potential for in situ mineralisation and in particular at the 800m long North Ruth soil anomaly where grab sampling identified areas of silicified and brecciated Tertiary-age volcanics within the anomaly with one sample of spoil from an old shaft containing 314 g/t silver (9.16 ounces/ton) amongst eight samples averaging 91 g/t silver (2.67 ounces/ton) and 0.26 g/t gold.
On 3 June 2021, the Company announced results from its Phase 1 trenching programme which was designed to test various gold and silver soil anomalies. Two trenches, Nos. 1 and 2, were located over the north and south ends of the North Ruth soil anomaly, respectively. Assay results from Trench No.1 revealed a 46m continuous thickness of mineralisation grading 61g/t silver (1.78 ounces/ton) and 0.09 g/t gold. The next nearest trench, Trench No.2, some 460m along strike, cut 3.05 m grading 260 g/t silver (7.58 ounces/ton) and 0.27 g/t gold.
In August 2021, the Company conducted a Phase 2 trenching programme at Pyramid using a larger and more powerful excavator. Trench 1 EXT extended the grade of the mineralisation cutting 58.98m of continuous silver mineralisation grading 73g/t silver (2.14 ounces/ton) with 0.13g/t gold including two high grade intervals of 3.35m grading 218g/t silver (6.37 ounces/ton) with 0.25g/t gold and 2.13m grading 595g/t silver (17.35 ounces/ton) with 0.66g/t gold.
Trenches, No. 7 and No. 8, were excavated along strike from Trench 1 EXT. Trench No.7, located approximately 73m to the northwest, cut 2.44m grading 64g/t silver (1.88 ounces/ton) with 0.47g/t gold. Trench 8 was located 65m southeast of Trench 1 EXT and cut 26.80m grading 37g/t silver (1.08 ounces/ton) with 0.12g/t gold which included a higher-grade zone of 6.09m grading 102g/t silver (2.96 ounces/ton) with 0.26g/t gold. Trench 8 also cut a separate gold bearing zone 6.09m wide grading 0.73g/t gold with negligible silver.
October 2021 Mapping and Sampling Programme
In October 2021 the Company conducted a mapping and sampling programme at North Ruth to provide additional geological and grade control for drill planning. Additional samples were collected from the wider project area during the work programme.
Previous exploration had defined zones of silver-gold bearing silicification at North Ruth which were mapped and sampled along strike. Pertinent information such as dip, strike, joining and degree of silicification was recorded at each sample site and additional sites not subjected to sampling. The mapping has refined historic data and indicates the mineralised zones generally have a southwest dip of between 70 and 80°. A total of 37 samples were collected, 34 of which were located at North Ruth.
Samples were submitted to Paragon Geochemical Laboratories for sample preparation and analysis.
Samples PR‑318 and PR-319, located approximately 95m southeast of Trench 8 and 300m northwest of Trench 2, returned silver grades of 1,286 g/t and 889 g/t, respectively. Additional samples returning significant and high-grade silver grades are located within the mid-North Ruth area suggesting mineralised continuity along strike.
An additional 4 samples were collected from the southeast of the project area where trenching was planned but not conducted due to time constraints in the Phase 2 trenching programme. All 4 samples contained significant silver mineralisation and highlight the potential for additional exploration targets going forward.
Notes:
- Significant is defined as a rock chip sample grading a minimum of 15 g/t silver.
- High-grade is defined as a rock chip sample grading a minimum of 200 g/t silver.
- Units:
Rock samples reported in g/t = grammes/tonne
1 g/t = 0.029167 ounce/ton (i.e. troy ounces/US ton)
1ppm = 1 g/tonne
1 (Troy) ounce =31.105g
- Rock chip samples were collected by consulting Geologist Ivan Johnson and were transported under chain of custody to Paragon Geochemical facilities in Reno, Nevada for sample preparation. Samples were crushed to 85% passing 200mesh using PREP-RMB. Gold was analysed by method Au-AA30 which comprises 30g fire assay with aqua regia digest/AAS finish. Multielement analysis (including Ag) was performed using method 33‑MA-OES which comprised a 4-acid digest with ICP/OES finish. Ag overrange analysis was performed using method Ag-Gr30, a 30g fire assay with gravimetric finish. Paragon carries out duplicate and standard materials analysis as part of its internal QA/QC procedures.
- 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.
- The news release may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company’s proposed strategy, plans and objectives or to the expectations or intentions of the Company’s directors. Such forward-looking statements involve known and unknown risks, uncertainties, and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.
Note to Editors:
Tertiary Minerals plc (LON: TYM) is an AIM-listed mineral exploration and development company whose strategic focus is on energy transition and precious metals. The Company’s portfolio of projects are located in stable and democratic, geologically prospective, mining-friendly jurisdictions. Tertiary’s principal activities are the discovery and development of copper, gold and silver resources in Nevada and in Zambia.
Tertiary Minerals #TYM Strategic Update – MD Patrick Cullen talks to Alan Green
Tertiary Minerals #TYM Strategic Update – MD Patrick Cullen talks to Alan Green
- Nevada projects – Pyramid has been the focus with the silver discovery, with drilling planned. Progress at Brunton Pass Copper project.
- Zambia Copper belt – Progress with 4x Mwashia licenses.
- PC’s view on the resource sector
- Q1 2022 activity schedule, investor event diary