TIDMTYM
RNS Number : 5095G
Tertiary Minerals PLC
27 July 2021
27 July 2021
Tertiary Minerals plc ("Tertiary" or the "Company")
Exploration Update - Pyramid Silver-Gold Project
Further to its announcement of 3 June 2021, Tertiary Minerals
plc is pleased to provide the following update on its Pyramid
Silver-Gold Project in Nevada, USA:
HIGHLIGHTS
-- Phase 2 trench planning now complete.
-- Three trenches to be excavated for a total of 300m to better
define the North Ruth silver discovery (45m continuous thickness of
mineralisation grading 61ppm silver (1.78 ounces/ton) and 0.09ppm
gold in Trench 1).
-- Infill soil sampling results received:
-- Western Line Anomaly confirmed at 1,100m overall length.
-- Western Line Splay Anomaly extended to 800m overall length.
-- New soil results include samples containing up to 0.77g/t gold and 9.32g/t silver.
-- Phase 2 trenching will include four trenches to test new soil anomaly extensions.
-- Notice level permit being processed by US Bureau of Land
Management for trenching on Public Lands. Approval expected
shortly.
-- Drone-based magnetic survey conducted - interpretation ongoing.
-- Drill testing to follow trenching programme.
Commenting today, Executive Chairman, Patrick Cheetham said:
"We are keen to build on the exciting discovery last month of a
wide zone of silver mineralisation in our Phase 1 trenching
programme at the North Ruth anomaly. This mineralisation is open
both along and across strike and we will now undertake further
trenching to better define the scale and orientation of the
mineralisation prior to drill testing. We are also announcing
further encouraging soil sampling results from infill sampling in
the southern half of the project area and the Phase 2 trenching
programme will include a number of additional trenches to test the
soil anomalies in this area. Permits are expected to be approved
within the next week or so."
ENQUIRIES
Tertiary Minerals plc Tel: +44 (0)1625 838 679
Patrick Cheetham, Executive
Chairman
S P Angel Corporate Finance Tel: +44 (0)203 470 0470
LLP
Nominated Adviser & Joint Broker
Richard Morrison/Caroline Rowe
-------------------------
Peterhouse Capital Limited Tel: +44 (0)207 469 0930
Joint Broker
Lucy Williams/Duncan Vasey
-------------------------
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 Silver-Gold Project is located in north-central
Nevada, USA and is targeting epithermal gold-silver mineralisation
in the prolific past producing Walker Lane Mineral Belt.
The project comprises a group of patented mining claims
currently being leased by the Company and a group of surrounding
unpatented mining claims held by the Company on Public Lands.
(Patented claims have a legacy private land status no longer
available to (unpatented) mining claims on Public Lands).
On 3 June 2021, the Company announced the discovery of a wide
zone of silver mineralisation at surface during a (Phase 1)
trenching programme carried out on the patented claims. Trenching
was conducted to investigate the source of high-grade silver and
gold bearing rock samples found in following up mapping of soil
gold and silver anomalies previously defined by the Company (see
announcements dated 11 January 2021 and 10 March 2021). A number of
these soil anomalies had not been closed off by the Phase 1 soil
sampling.
Phase 1 trenching was restricted to the North Ruth and Western
Line soil anomalies and Trench 1 in the North Ruth Anomaly
intersected a 45m continuous thickness of mineralisation grading
61ppm silver (1.78 ounces/ton) and 0.09ppm gold starting 42.67m
from the east end of the trench continuing up to the western end of
this trench where it ended still in mineralisation.
Phase 2 Soil Sampling
A further 162 soil samples were taken at 30m intervals on six,
120m spaced lines to infill a 0.56 sq.km. area in the southern half
of the project area, primarily to test for extension to the Western
Line and Western Splay anomalies.
Analytical results have been received with individual soil
results of up to 0.77 g/t gold and 9.32 g/t silver in separate
samples.
Evaluation of these results confirms a total strike length of
1,100m for the Western Line Anomaly and a 250m extension to the
Western Splay Anomaly, with a possible fault offset, to a total
length of 800m. Additional isolated gold-in-soil anomalies are
present in the southeast of the project area.
Phase 2 Trenching
The Company has completed planning for a follow up trenching
programme to further evaluate the North Ruth silver mineralisation
and the portions of the Western Line and extended Western Splay
anomalies on Public Lands.
Three trenches will be excavated at North Ruth to widen and
deepen Trench 1 and test along strike. A further 4 trenches will be
excavated on other soil anomalies for a total of 628m of
trenching.
The Company has submitted a Surface Disturbance Notice level
permit application to the Bureau of Land Management ("BLM") to
permit trenching on BLM Public Lands and this permit is expected
within the next several days and trenching will follow shortly
thereafter.
Drone Magnetic Survey
In June 2021, a drone based magnetic survey was conducted
comprising 65 line--kilometres in order to provide additional data
for drill planning. Interpretation of the magnetic data is
ongoing.
A plan showing the location of the features mentioned in this
news release will be available shortly on the Company's website at:
https://www.tertiaryminerals.com/pyramid-silver-gold-project-nevada-usa
Notes:
1. All soil samples were submitted to Paragon Geochemical, Reno
for sample preparation and analysis. Analysis was performed using
method FSAU-25, a 51-element aqua regia ICP/MS package. Quality
control samples were inserted into the sample run by the analytical
laboratory for internal QA/QC purposes.
2. 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.
3. 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.
Note to Editors:
Tertiary Minerals plc (ticker symbol 'TYM') is an AIM-traded
mineral exploration and development company..
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