Tertiary Minerals #TYM – Wide Silver Zone Discovered at Pyramid Gold-Silver Project

Further to its announcement on 10 March 2021, Tertiary Minerals plc is pleased to report that assay results from a recent trenching programme show a thick zone of open-ended silver mineralisation in Trench No.1 at the North Ruth soil anomaly on the Pyramid Gold-Silver Project in Nevada, USA.

Highlights:

• 6 trenches completed for a combined length of 360m of trenching.
• Trench No.1 through northern portion of the North Ruth soil anomaly cut 45.72m grading 61g/t silver (1.78 ounces/ton)

• • Includes 14m grading 146g/t silver (4.26 ounces/ton).

• Silver mineralisation continuing to end of Trench No. 1 – open ended.
• Trench No.2, 460m along strike, includes 3m grading 260g/t Silver (7.58 ounces/ton)
• Narrower zones of lower grade mineralisation found in 3 other trenches on the Western Line soil anomaly.
• Infill soil sample results awaited for southern part of the project

Commenting today, Executive Chairman Patrick Cheetham said: “This is a very exciting discovery, with the results today culminating from our systematic exploration undertaken over the past 12 months. It is now clear that the North Ruth soil anomaly reflects a significant width of silver mineralisation in situ and at surface that includes both a high-grade zone and a bulk tonnage target. The mineralisation in Trench No.1 is not closed off,and while the true width of this zone remains to be determined,we will move as quickly as possible to carry out further definition and drill-testing. Ilook forward to reporting back to you with the results of the additional soil-sampling on the public lands section of the property.”

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Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement. 

Detailed Information

Pyramid Gold-Silver Project

Background

The Pyramid Gold-Silver Project is located in north-central Nevada, USA and is targeting epithermal gold-silver mineralisation in 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.

Trenching Programme

Follow-up trenching has so far been restricted to the North Ruth and Western Line soil anomalies where  they fall within the private land portion of the Pyramid Property under lease to the Company. Six trenches were dug in April 2021 to expose bedrock over continuous sections of these two anomalies .

Two trenches, Nos. I and 2, were located over the north and south ends of the North Ruth anomaly respectively. Assay results from Trench No.1 revealed a 45.7m continuous width of mineralisation grading 61ppm silver (1.78 ounces/ton) and 0.09ppm gold starting 42.67m from the east end of the trench and continuing up to the western end where it ended in mineralisation.

This 45m section contained two separate higher-grade zones of 9.14m grading 146 g/t silver (4.27 ounces/ton) and 0.10g/t gold and 3.05m grading 99 g/t silver (2.88 ounces/ton) and 0.15 g/t gold. The silver bearing zone is flanked on the eastern side by a 9.15m wide zone with higher gold values averaging 0.54 g/t gold and 11 g./t silver.

The next nearest trench, Trench No.2, some 460m along strike, cut 3.05 m grading 260g/t silver (7.58 ounces/ton) and 0.27g/t gold. ,

A summary of significant results is shown in the table below.

Four other trenches were cut at spacings of between 95m to 250m over a 470m strike length of the Western Line soil anomaly and cut through a number of narrow zones of low-grade gold and silver mineralisation as shown in the table below. Further work on the Western Line soil anomaly, at least within the private land portions of the property, is not currently a priority.

The silver mineralisation in Trench No.1 occurs within a quart latite tuff showing varying levels of epithermal argillic alteration and silicification. Additional infill soils sampling has been completed on the south end of the Project Area, on public lands secured by mining claims, and results are awaited.

The Company will move to drill test the North Ruth silver mineralisation as soon as possible and will consider additional trenching once the additional soil sample results become available.

Table of significant¹trench result.

A map illustrating the features described in this news release will be available on the Company website at: https://www.tertiaryminerals.com/pyramid-gold-project-nevada-usa 

Notes:

1. Significant is defined as a minimum 2m width grading a minimum of 15g/t silver or 0.25g/t gold. Narrower and/or lower grade material may be included where they are internal to the reported intervals. Reported widths are widths along a trench and may not represent true widths of mineralisation if the mineralisation is dipping and/or the ground surface is not horizontal.

2. 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 

3. 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 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.

4. 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.

5. 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 Mineralsplc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration and development company building a multi-commodity project portfolio