TIDMTYM
RNS Number : 5571T
Tertiary Minerals PLC
26 March 2021
26 March 2021
Tertiary Minerals plc ("Tertiary" or "the Company")
Lucky Project Drill Results
Tertiary Minerals plc is pleased to announce encouraging
analytical results from its maiden drill hole at the Lucky Copper
Project in Nevada, USA.
Highlights:
Ø Hole 21TLRC001 was drilled to a depth of 108.24m.
Ø Two magnetic gossan zones intersected containing low-grade
copper (+/-gold) mineralisation:
o 4.57m grading 0.12% copper and 0.12 g/t gold from 15.24m down
hole.
o 3.05m grading 0.40% copper from 33.53m down hole.
Ø Highly anomalous copper (average 325ppm copper) over 24.38m
from 83.82m to the base of hole.
Ø Geological evaluation of drill samples ongoing.
Ø Follow up magnetic survey planned.
Commenting today, Executive Chairman Patrick Cheetham said:
"This maiden drill hole has confirmed the occurrence of copper
mineralisation in magnetic gossan zones at shallow depth. The
geological setting of the mineralisation is not yet defined but
trace element geochemistry suggests the gossans are developed from
skarn-style mineralisation, a class of deposit containing a number
of large economic copper deposits in Nevada and the adjoining
States. Detailed evaluation of the drill samples is underway to
define the host rock stratigraphy and a magnetic survey is planned
to define additional drill targets."
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
The Lucky Copper Project was staked by the Company in 2020 and
is located on the east side of the old Aurum mining centre, 96km
northeast of the major porphyry copper mining town of Ely in
north-east Nevada.
The project is targeting disseminated copper mineralisation
first identified during exploration carried out in the 1950s.
The Company's drill hole 21TLRC001 was drilled vertically using
the reverse circulation percussion method and samples were
collected at 5ft (1.52m) intervals down hole.
The holes passed through 6.1m of overburden and a mixed sequence
of sedimentary rocks down to the end of the hole at 108.20m.
Two zones of gossan were intersected at 15.24m and 33.53m down
hole as shown in the table below. In addition, a wide zone of
anomalous copper was intersected from 83.82m to the base of hole at
108.20m. Extensive faulting was encountered from 38m down to the
bottom of the hole. The strike and dip of the mineralisation
intersected is not yet known.
Table 1 Drilling results: Hole 21TLRC001
Down Hole
interval From to Copper Gold Silver
m m m % g/t g/t
---------- ------ ------- ------- ----- -------
4.57 15.24 19.81 0.12 0.12 3.23
3.05 33.53 36.58 0.40 0.00 8.75
24.38 83.82 108.20 0.03 0.00 0.91
---------- ------ ------- ------- ----- -------
Gossans are typically produced by surface and near surface
weathering of metallic deposits and any contained copper sulphide
minerals originally contained in such deposits are oxidised and the
contained copper can be either leached out or enriched.
Consequently, the grade of the mineralisation in gossans is not
necessarily a reliable indicator of the grade of the mineralisation
from which it is derived.
A nearby percussion hole drilled in 1951 was reported to have
intersected a 20.4m cumulative thickness of mineralisation which
assayed 0.65% copper to the bottom of the hole at 77.7m depth. That
hole also ended in mineralisation .
These early drill results are considered to be encouraging. The
gossan zones contain magnetic material which may be remnant
magnetic sulphides such a pyrrhotite, or magnetic oxide minerals
such as magnetite or maghemite, and it is likely that the original
mineralisation will be magnetic and responsive to magnetic
surveying. A drone magnetic survey is therefore planned to define
additional drill targets.
A programme of petrological work is also planned to better
define the host rock lithologies and the geological setting of this
mineralisation and assist further exploration targeting.
Notes:
1. All drill samples were submitted to Paragon Geochemical, Reno
for sample preparation and analysis. Analysis was performed using
method 34MA OES, a 34 element multi-acid ICP/OES and aqua regia
ICP/MS package (Hg), and Au AA30, 30g fire assay with aqua regia
digest and AAS finish. Quality control samples were inserted into
the sample run by the Company and standards and blanks were 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 building a
multi-commodity project portfolio.
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