TIDMTYM
RNS Number : 7002R
Tertiary Minerals PLC
10 March 2021
10 March 2021
Tertiary Minerals plc ("Tertiary" or "the Company")
Pyramid Gold-Silver Project - Exploration Update
Further to its announcement on 11 January 2021, Tertiary
Minerals plc is pleased to provide the results of follow-up
sampling carried out on its Pyramid Gold-Silver Project in Nevada,
USA.
Highlights:
Ø Thirty-one rock chip samples taken from exposed mineralisation
in field checking of the North Ruth, Western Line and Western Splay
silver-gold soil anomalies.
Ø Eight rock chip samples from the North Ruth anomaly assayed up
to 314 g/t silver (9.16 ounces/ton) and 0.45 g/t gold (in separate
samples) and averaged 91 g/t silver (2.67 ounces/ton) and 0.26 g/t
gold.
Ø Highest value individual sample from the field work contained
6.29 g/t gold and 158 g/t silver (4.61 ounces/ton from the Western
Line Anomaly where seven samples averaged 1.49 g/t gold and 99 g/t
silver (2.89 ounces/ton).
Ø Field evidence suggests the Western Line Anomaly may extend
along strike to the southeast over a total of 1,700m - infill soil
sampling planned.
Ø Follow up trenching and mapping now planned to better expose
the mineralisation in the North Ruth and Western Line
anomalies.
Commenting today, Executive Chairman Patrick Cheetham said: " I
am pleased to be reporting solid progress at the Pyramid Project
with widespread gold and silver mineralisation now being confirmed
at surface within a number of long and persistent soil anomalies.
Where exposed and sampled to date, the mineralisation comprises
narrow veins within broader zones of volcanic breccia suggesting
potential for both high grade vein and lower grade bulk tonnage
targets. Follow-up work is planned to start later this month."
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
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
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 gold and silver-in-soil anomalies were identified and
named the North Ruth, Western Line and Western Splay anomalies.
In late January 2021, the project consulting geologist, Ivan
Johnson, was contracted to field check the anomalies and conduct a
follow-up rock chip sampling programme. During this field
programme, thirty-one rock chip samples were collected from areas
of outcropping mineralisation and comprised chip samples over
narrow outcrops of mineralisation (up to 1.5m width), select grab
samples from outcrops and prospector scale shallow excavations. All
samples were submitted to Paragon Geochemical, Reno, Nevada, for
precious metal and multi-element geochemical analysis.
Analytical results have now been received and are detailed
below.
North Ruth Soil Anomaly
The North Ruth soil anomaly has a strike length of 800m and with
a maximum soil value of 207 grammes/ton (g/t) silver (6.04
ounces/ton) and 1.63 g/t gold in the same sample.
Follow up prospecting has 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.
Western Line Soil Anomaly
The Western Line Soil Anomaly is an expansion of a soil anomaly
defined in a more limited soil sampling programme carried out in
1980s by Battle Mountain Gold Company. This was tested by their
drill holes PYR-9 (which contained visible gold and intersected
1.52m grading 17.8 g/t gold from 94.5m down hole) and PYR-10 (no
significant intersections) and by Tertiary's 2020 drill hole TPYR1
which sought to twin PYR-9, and which intersected 0.55m grading
2.01 g/t Au from 82.6m down hole.
Seven rock chip samples were taken from within the open ended
900m length of the Western Line soil anomaly, at the northwest and
southeast ends, due to limited outcrop in between. The samples
averaged 1.49 g/t gold and 99 g/t silver (2.89 ounces/ton) with a
maximum value of 6.29 g/t gold and 158 g/t silver (4.61 ounces/ton)
from a select rock chip sample of a narrow vein exposed at the
collar of an old shaft 80m northwest along strike from the collar
of drill hole TPYR1.
Five of the samples were taken at the southeast end of the
anomaly over an anomaly width of approximately 60m. These samples
averaged 0.77 g/t gold and 104.11 g/t silver, with the best sample
returning 1.43 g/t gold and 327 g/t silver from a 0.30m outcrop
channel sample.
An additional 2 samples located approximately 900m further
southeast were taken in what is interpreted to be a potential
extension to the Western Line. Both samples contained anomalous
Au/Ag with Sample PR--29 returning 0.49 g/t Au and 51 g/t Ag.
Numerous prospector pits follow the strike of the anomaly
suggesting a total length of up 1,700m. Only very wide spaced (360m
line spacing) soil sampling is present in this area, so infill soil
sampling is now planned for later this month.
Western Splay Soil Anomaly.
This anomaly is a splay off the Western Line gold-silver soil
anomaly.
Several samples were collected along and around the Western
Splay anomaly and whilst all contained anomalous silver and gold,
the maximum values were 0.35 g/t and 15 g/t, respectively and no
further work is currently planned for this area.
In conclusion, the initial field follow-up of the Pyramid soil
anomalies announced on 11 January 2021 has identified narrow veins
containing high-grade silver and gold mineralisation within broader
zones of altered andesitic volcanic breccias which present targets
for bulk minable low-grade mineralisation in the North Ruth and
Western Line areas.
A programme of mapping and trenching is now being planned to
better expose and sample the outcropping silver and gold
mineralisation.
Notes:
1. 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
2. Rock chip samples were collected by consulting Geologist Ivan
Johnson and 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. 33-MA-OES Ag overrange analysis
OLMA-OES again with 4-acid digest and ICP/OES finish. Paragon
carries out duplicate and standard materials analysis as part of
its internal QA/QC procedures.
3. 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.
4. 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 (ticker symbol 'TYM') is an AIM-traded
mineral exploration and development company building a
multi-commodity project portfolio.
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