TIDMTYM

RNS Number : 3268Q

Tertiary Minerals PLC

17 June 2015

("Tertiary" or "Company")

17 June 2015

JORC Compliant Mineral Resource Estimate Increase at MB Project

67% Increase in the Company's Total Fluorspar Mineral Resource

Tertiary Minerals plc, the AIM traded company building a strategic position in the fluorspar sector, is delighted to announce a substantial increase in the JORC(2) (2012) compliant Mineral Resource Estimate for its MB Fluorspar Project in Nevada, USA.

Highlights:

Applying a 9% fluorspar (CaF(2) ) Cut-Off Grade:

-- JORC compliant Indicated and Inferred Mineral Resource Estimate - 86.4 million tonnes grading 10.7% CaF(2)

-- JORC compliant Indicated Mineral Resource Estimate - 6.1 million tonnes grading 10.8% CaF(2)

-- JORC compliant Inferred Mineral Resource Estimate - 80.3 million tonnes grading 10.7% CaF(2)

-- Contained fluorspar more than doubled for the MB Project and a 67% increase in the Company's total fluorspar Mineral Resource asset base - JORC(2) compliant

   --     The MB Fluorspar Deposit remains open at depth and in all lateral directions 

Commenting on today's announcement Managing Director, Richard Clemmey said: "We are delighted the detailed planning that has gone into the Phase 3 drilling programme has resulted in a significant increase in the Mineral Resource Estimate, thereby achieving the overall objective of the programme. Within a relatively short time frame the Company has transformed the original Tonnage-Grade Estimate into JORC(2) compliant Mineral Resources."

"The MB Deposit remains open at depth and laterally in all directions and therefore we are very excited about the sheer size potential of the MB Deposit and believe that, eventually, the deposit size will far exceed the current estimates."

"The higher fluorspar grades and thick intersections which have been encountered in the newly defined Western Area during Phase 3 leads the Directors to believe that this area is closer to the core of the mineralised system where higher grade fluorspar mineralisation might be expected. We believe that a programme of geophysical work on the deposit will improve the Company's understanding of the geology and structural controls and therefore lead to improved planning for the next phase of drilling with the aim of targeting higher grades of fluorspar and increasing the already large Mineral Resource Estimate. Details of the geophysical programme and future drilling will be announced in due course."

 
 Enquiries 
 
  Tertiary Minerals plc 
  Patrick Cheetham, Executive 
  Chairman 
  Richard Clemmey, Managing 
  Director                         +44 (0)845 868 4580 
 SP Angel Corporate Finance 
  LLP 
  Nominated Adviser & Joint 
  Broker 
  Ewan Leggat 
  Katy Birkin                      +44 (0) 20 3470 0470 
 Beaufort Securities Ltd 
  Joint Broker 
  Elliot Hance                     +44 (0)20 7382 8300 
 Yellow Jersey PR Limited 
  Dominic Barretto 
  Kelsey Traynor                 +44 (0)7768 537 739 
 

Detailed Information

The MB Fluorspar Deposit is located 19km south-west of the town of Eureka in central Nevada, USA. Eureka is located on US Highway 50 and the main railroad is located 165 km to the north of the deposit providing bulk freight distribution to the east and west of the USA.

The Mineral Resource being reported today for the MB fluorspar Project has been prepared by Wardell Armstrong(1) International Limited (WAI) following the guidelines of the JORC(2) Code (2012).

The MB Deposit is a large fluorine rich skarn hosted by Ordovician age carbonate sedimentary rocks. The mineralised zone extends for more than a kilometre from the postulated position of an unexposed granite.

A series of drilling campaigns between the 1960s and the 1980s were completed by various owners, and outlined the potential of the deposit. Assays and geological information from this historical drilling is available but there is limited information on assay procedure and the core has not been located. In 2013 the Company completed a two phase drilling programme comprising of 26 holes and totalling 3,223m across three areas of the deposit and in 2014 completed a third phase of drilling of 9 holes totalling 2,516m. Information from these programmes forms the basis for the current Mineral Resource Estimate. Significant drilling results from the 2013 and 2014 campaign have been included in previous announcements made by the Company and a map showing the location of the 2013 and 2014 drill programmes and the Mineral Resource outline is available on the Company's website at:

http://www.tertiaryminerals.com/projects/fluorspar-projects/mb-fluorspar-nevada-usa

The Company adopted rigorous QAQC procedures for its sample analysis including field, preparation, internal and external pulp duplicates, blank samples and series of standard samples in line with best international practice. Results were generally satisfactory.

The Mineral Resource Estimate and classification has been prepared in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves JORC Code (2012). Sample data was imported and verified before mineralised zones were defined to a cut-off grade of 2.0% CaF(2) . Samples were composited and subsequently used to produce a Mineral Resource Estimate of the CaF(2) mineralisation at the MB Project using ordinary kriging as the principal estimation method.

The fundamental consideration to classify a Mineral Resource in accordance with guidelines of the JORC Code (2012) is that it has a "reasonable prospect for eventual economic extraction". Mineral Resources are classified, in order of increasing geological confidence, into Inferred, Indicated and Measured categories.

An 'Indicated Mineral Resource' is that part of a Mineral Resource for which continuity, grade (or quality), densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes and is sufficient to assume geological and grade (or quality) continuity between points of observation where data and samples are gathered.

An 'Inferred Mineral Resource' is the part of a Mineral Resource for which quantity and grade (or quality) are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade (or quality) continuity. It is based on the exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.

WAI considers that the MB Project has been sufficiently explored to estimate Indicated and Inferred Mineral Resources as defined by JORC Code (2012).

WAI has classified the area of the southern part of the MB Project where the 2013 drilling has been completed roughly on an 80m x 80m grid and at least three north-south profile lines have been completed as Indicated Resources. WAI has classified the remainder of the deposit as Inferred Resources generally where estimated blocks are within 120m of a 2013 or 2014 drill hole.

The Mineral Resource is restricted to all material falling within an optimised pit shell created in NPV Scheduler and above a cut-off grade of 9% CaF(2) . The base of the pit has a maximum depth of approximately 300m from current surface. The Mineral Resource Estimate for the MB Project is shown below.

 
    MB Deposit Mineral Resource Estimate, 
               16(th) June 2015 
            Cut Off Grade 9% CaF(2) 
      (in accordance with the guidelines 
            of the JORC Code (2012) 
============================================= 
                 Density    Tonnes    CaF(2) 
                 (t/m(3)      (Mt)      (%) 
                     ) 
-------------  ----------  --------  -------- 
   Measured         -          -         - 
-------------  ----------  --------  -------- 
  Indicated        2.6        6.1      10.8 
-------------  ----------  --------  -------- 
 
   Inferred        2.6       80.3      10.7 
=============  ==========  ========  ======== 
 

The overall grade of the Mineral Resource can be increased by applying a different cut-off grade, for example changing the applied cut-off grade to 10% increases the total Mineral Resource grade to 11.5% CaF(2) .

 
    MB Deposit Mineral Resource Estimate, 
               16(th) June 2015 
           Cut Off Grade 10% CaF(2) 
      (in accordance with the guidelines 
            of the JORC Code (2012) 
============================================= 
                 Density    Tonnes    CaF(2) 
                 (t/m(3)      (Mt)      (%) 
                     ) 
-------------  ----------  --------  -------- 
   Measured         -          -         - 
-------------  ----------  --------  -------- 
  Indicated        2.6        4.2      11.4 
-------------  ----------  --------  -------- 
 
   Inferred        2.6       46.2      11.5 
=============  ==========  ========  ======== 
 

Further Work

The higher fluorspar grades and thick intersections which have been encountered in the Western Area during Phase 3 leads the Company to believe that this area is closer to the core of the mineralising system where the Directors believe that higher grade fluorspar mineralisation may be found. A programme of geophysical work on the deposit is planned to improve the Company's understanding of the geology and structural controls and therefore lead to improved planning for the next phase of drilling with the dual aims of targeting higher grades of fluorspar and increasing the already large Mineral Resource. Details of the geophysical programme and future drilling will be announced in due course.

Foot Notes

(1) The information in this document that relates to the MB Project Mineral Resource is based on information compiled by Mr Alan Clarke, a Competent Person who is a Fellow and Chartered Geologist of the Geological Society of London. Alan Clarke is employed by Wardell Armstrong International and has no interest in, and is entirely independent of Tertiary Minerals. Alan Clarke has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in JORC 2012. Alan Clarke consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

(2) JORC is the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves prepared by the Joint Ores Reserves Committee (JORC) of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and the Minerals Council of Australia.

JORC Mineral Resource Accompanying Statements:

1. Mineral Resources are not reserves until they have demonstrated economic viability based on a Feasibility study or pre-feasibility study.

2. Mineral Resources are reported inclusive of any reserves.

3. The effective date of the Mineral Resource is 16(th) June 2015.

4. All figures are rounded to reflect the relative accuracy of the estimate.

5. Mineral resources are limited to an optimised open pit shell based on appropriate economic and mining parameters.

6. Mineral Resources for the MB Project have been classified following the guidelines of the JORC Code (2012) by Alan Clarke, an independent Competent Person as defined by JORC.

7. The Mineral Resource estimate has not been affected by any known environmental, permitting, legal, title, taxation, socio-political, marketing or any other relevant issues.

The information in this release has been compiled and reviewed by Mr. Richard Clemmey (BSc, CEng, MIQ, MIMMM, ARSM) who is a qualified person for the purposes of the AIM Note for Mining and Oil & Gas Companies dated June 2009. Mr Clemmey is a Chartered Engineer and a Member of the Institute of Materials, Minerals & Mining.

Cautionary Note: Traditional analytical methods measure fluorine content and fluorite (CaF(2 -) fluorspar) contents are calculated on the assumption that all fluorine is present as fluorite. Metallurgical testwork reviewed by the Company suggests this is likely although small amounts of fluorine can occur in mica and other minerals commonly present in skarn mineralised systems.

Notes to Editors

Tertiary Minerals plc (ticker symbol 'TYM') is an AIM-traded mineral exploration and development company building a significant strategic position in the fluorspar sector. Fluorspar is an essential raw material in the chemical, steel and aluminium industries. Tertiary controls two significant Scandinavian projects (Storuman in Sweden and Lassedalen in Norway) and a large deposit of strategic significance in Nevada USA (MB Project).

JORC Code, 2012 Table 1 - Technical Summary

Section 1: Sampling Techniques and Data

 
 Criteria              Commentary 
--------------------  ------------------------------------------------------------------ 
 Sampling techniques 
                              *    Sampling was carried out using a mix of diamond and 
                                   RC drill holes drilled under contract by Boart 
                                   Longyear. In total 2 x diamond and 33 x RC holes were 
                                   drilled. 
 
 
                              *    Holes were sampled and assayed at 5 foot intervals. 
 
 
                              *    Sample preparation was carried out at American Assay 
                                   Labs, Reno, USA with the phase 2 sample analysis 
                                   being carried out at PANalytical, UK and the phase 3 
                                   sample analysis being carried out at Bureau Veritas, 
                                   Perth, Australia. All laboratories hold ISO/IEC 17025 
                                   accreditation. 
 
 
                              *    Phase 2 samples were analysed using Pressed Pellet 
                                   X-Ray Fluorescence (PPXRF) spectrometry with a subset 
                                   being subject to check analysis using Fused Bead 
                                   X-Ray Fluorescence (FBXRF). Phase 3 samples were 
                                   analysed by FBXRF by Bureau Veritas, Perth and 
                                   external check analysis by FBXRF at PANalytical, UK 
                                   with a sub-set being subject to check analysis with 
                                   Fluorine Ion Specific Electrode. 
--------------------  ------------------------------------------------------------------ 
 Drilling techniques 
                              *    The 2 x diamond drill holes were drilled using a 
                                   Boart Longyear LF70 track mounted rig, drilling at HQ 
                                   diameter. 
 
 
                              *    The first two RC holes were drilled using a Foremost 
                                   Explorer 1500 rig with a 
 
 
                             5 3/4 " hammer bit (146mm). 
                              *    The remaining RC drilling (31 holes), across phase 2 
                                   and phase 3 drilling, was carried out by Boart 
                                   Longyear using a Foremost MPD 1500 tracked rig with a 
 
 
                              *    5 1/2 " centre return hammer apart from one hole, 
                                   14TMBRC027, where a conventional RC hammer was used 
                                   for the majority of the hole. 
--------------------  ------------------------------------------------------------------ 
 Drill sample 
  recovery                    *    Drill core sample recovery was logged and recorded by 
                                   field technicians and subsequently entered into the 
                                   drill hole database. 
 
 
                              *    Core recovery was generally good and improved with 
                                   depth. 
--------------------  ------------------------------------------------------------------ 
 Logging 
                              *    Core and RC chips were logged into an Excel 
                                   spreadsheet logging system recording lithology, 
                                   structure and alteration. 
 
 
                              *    Every metre of drilling at the MB Project has been 
                                   logged to the same criteria. 
 
 
                              *    Core and RC chips were photographed as standard 
                                   during the logging procedure. 
 
 
                              *    Core is stored at American Assay Labs in Reno. 
--------------------  ------------------------------------------------------------------ 
 Sub-sampling 
  techniques             *    Core samples were sawn using a diamond core saw or 
  and sample                  split using a v-splitter with half core being sent 
  preparation                 for sample preparation. 
 
 
                         *    RC samples were drilled wet and collected from a rig 
                              mounted rotary splitter. 
 
 
                         *    Core and RC samples were crushed to 90% passing 10 
                              mesh (2mm) before being passed through a Jones riffle 
                              splitter to provide a 250g sub-sample pulverized to 
                              95% passing 150 mesh (105 micron) from which 20g was 
                              selected for assay for phase 1 and phase 2 and 50g 
                              for phase 3. 
 
 
                         *    183 field duplicate samples were taken at a rate of 
                              1:20 from a random point within a set of 20 during 
                              the standard field sampling procedure. Broad 
                              agreement was seen in the analysis of the field 
                              duplicate analysis results. 
--------------------  ------------------------------------------------------------------ 
 Quality of 
  assay data             *    Samples were crushed and pulverized to produce a 250g 
  and laboratory              sub-sample passing 105um from which 20g (phase 1 and 
  tests                       2) or 50g (phase 3) was selected for assay. 
 
 
                         *    For the majority of samples for phase 1 and 2 CaF(2) 
                              grade was determined using Pressed Pellet X-Ray 
                              Fluorescence (PPXRF). For phase 3 primary analysis 
                              was by Fused Bead X-Ray fluorescence (FBXRF). 
 
 
                         *    Assay data quality was determined through submission 
                              of standards, blanks and duplicates. 
 
 
                         *    For the first phase of drilling (2 x diamond and 2 x 
                              RC holes) QAQC protocol consisted of 3 blanks, 13 
                              laboratory duplicates and 16 standards per 100 
                              samples. 
 
 
                         *    For the second and third phase of drilling (31 RC 
                              holes) QAQC protocol consisted of 2 x pulp duplicates, 
                              2 x blanks, 6 x standards with 2 each of F=8.99% 
                              (AMIS250), F=3.00% (diluted AMIS250) and F=15.80% 
                              (diluted SARM15). 
 
 
                         *    In addition field duplicates and preparation 
                              duplicates were also analysed as part of the QAQC 
                              procedures. 
 
 
                         *    In addition 5% of samples were also analysed using 
                              Fused Bead XRF for phase 2 drilling and for phase 3 
                              drilling 5% of samples were also analysed by Fluorine 
                              Ion Specific Electrode. These same check samples 
                              across all phases of drilling were also analysed at 
                              an external laboratory. 
 
 
                         *    Field duplicates performed well demonstrating 
                              consistent distribution of mineralisation across 
                              samples. 
 
 
                         *    Preparation duplicates performed well demonstrating 
                              appropriateness of preparation procedure. 
 
 
                         *    Pulp duplicates performed well demonstrating 
                              precision of the assaying method. 
 
 
                         *    Analysis between method duplicates indicated a bias 
                              towards PPXRF analysis returning higher grades when 
                              compared to FBXRF pointing to a potential inaccuracy 
                              in the assaying method. 
 
 
                         *    Blank samples performed well indicating little 
                              contamination. 
 
 
                         *    The between laboratory duplicates performed 
                              satisfactorily demonstrating no bias between 
                              laboratories. 
 
 
                         *    The AMIS 250 standard performed well using PPXRF and 
                              FBXRF. 
 
 
                         *    Diluted standards performed well using FBXRF but over 
                              reported using PPXRF. This is likely due to particle 
                              size effects or mineralogical effects as a result of 
                              the dilution using silica flour. 
--------------------  ------------------------------------------------------------------ 
 Verification 
  of sampling            *    WAI inspected two diamond core drill holes in their 
  and assaying                entirety to compare logged lithology with drill core. 
                              WAI also inspected RC samples for comparison against 
                              logging. No issues were found. 
 
 
                         *    Twin holes were drilled to compare results of RC and 
                              diamond core holes. 
 
 
                         *    No twin holes were drilled for verification purposes 
                              against historical data but this historical data has 
                              not been used in the Mineral Resource Estimate. 
 
 
                         *    No adjustments to assay data have been made. 
--------------------  ------------------------------------------------------------------ 
 Location of 
  data points            *    32 of 35 holes were surveyed downhole using a 
                              multi-shot Reflex MEMS Gyro tool at intervals of 50 
                              feet. 
 
 
                         *    Two holes were not surveyed downhole as they were 
                              plugged before the arrival of the survey technician. 
                              One hole was not surveyed downhole after rods had to 
                              be blasted free after sticking during drilling. 
 
 
                         *    Downhole surveys were checked mathematically and 
                              visually for excessive deviation. No problems were 
                              identified. 
 
 
                         *    Drill hole collars were surveyed in co-ordinate 
                              system NAD83 Zone 11 using a Differential Global 
                              Positioning System DGPS. One hole was not surveyed 
                              with DGPS due to heavy snow cover. This hole was one 
                              of the twinned pairs and the collar co-ordinates for 
                              the twinned DC hole were used for its location during 
                              Mineral Resource Estimation. 
 
 
                         *    Topographic data was downloaded from the USGS 
                              National Map Website and forms part of the NED 
                              dataset (National Elevation Database). Data was 
                              provided in raster format and converted to XYZ ASCII 
                              by taking the midpoint of the cells. Accuracy of data 
                              is stated at 1/3 arc second. 
--------------------  ------------------------------------------------------------------ 
 Data spacing 
  and distribution       *    Drilling of 16 holes in the south area of the MB 
                              Project has been completed on a grid at 80-120m 
                              spacing with 3 roughly N-S profiles with 4-6 holes on 
                              each with one set of twin holes. 
 
 
                         *    Across the rest of the deposit drilling has generally 
                              been completed on a spacing of 200-250m with one set 
                              of twin holes. 
 
 
                         *    Drilling was roughly vertical with little downhole 
                              variation in inclination and samples were taken at 
                              5ft intervals. 
--------------------  ------------------------------------------------------------------ 
 Orientation 
  of data in             *    The majority of the drilling (that covering the 
  relation to                 southern part of the project) has been completed on a 
  geological                  grid at approximately 80m centres. 
  structure 
 
                         *    Drilling was carried out roughly vertically from 
                              surface. 
 
 
                         *    There is no expected bias due to the orientation of 
                              the drilling with respect to the orientation of the 
                              mineralisation. 
--------------------  ------------------------------------------------------------------ 
 Sample security 
                         *    Samples were transported directly from site to the 
                              preparation laboratory by the supervising geologist 
                              during Phase 1 and Phase 2 drilling. For Phase 3 
                              drilling samples were collected from the field by AAL, 
                              the laboratory conducting sample preparation. 
 
 
                         *    Samples are logged into a laboratory information 
                              management system. 
 
 
                         *    Whilst in storage samples were kept in a secure area. 
 
 
                         *    Chain of custody between laboratories is managed by 
                              Tertiary. 
--------------------  ------------------------------------------------------------------ 
 Audits or 
  reviews                     *    Internal audits are conducted by all of the 
                                   analytical laboratories used. 
--------------------  ------------------------------------------------------------------ 
 

Section 3: Estimation and Reporting of Mineral Resources

 
 Criteria             Commentary 
-------------------  ------------------------------------------------------------------- 
 Database integrity 
                             *    The project database is held in Excel spreadsheets. 
 
 
                             *    Data held includes; collar location, downhole surveys, 
                                  assay information, duplicate sample, standards and 
                                  blank sample results and geological logging. 
 
 
                             *    Geological logging was initially completed on paper 
                                  but a standard logging template was subsequently set 
                                  up and used in excel format. 
 
 
                             *    Validation of the database was carried out during 
                                  import of the data in to CAE Mining Studio 3 for 
                                  production of the Mineral Resource Estimate, no major 
                                  issues were found. 
-------------------  ------------------------------------------------------------------- 
 Site visits 
                             *    The Competent Person visited site between 11(th) and 
                                  12(th) March 2014. The site visit included a general 
                                  walkover of the project area, a field inspection of 
                                  regional geology, inspecting drill hole markers and a 
                                  visit to the sample preparation laboratory to view 
                                  drill core and RC samples. No site visit was carried 
                                  out subsequent to the 2014 drilling as no material 
                                  changes were deemed to have occurred. 
-------------------  ------------------------------------------------------------------- 
 Geological 
  interpretation             *    The confidence in the geological formation is 
                                  considered reasonable. 
 
 
                             *    The geological setting is thought to be a skarn type 
                                  deposit with fluorine mineralisation developed in a 
                                  series of Ordovician marine sediments, primarily 
                                  limestone of the Pogonip Group with some developed in 
                                  the Copenhagen formation in the overlying Eureka 
                                  Quartzite, a calcareous unit possibly formed as the 
                                  result of the formation of dissolution cavities. 
 
 
                             *    Garnet alteration has been logged in holes in the 
                                  west of the central zone of drilling usually 
                                  associated with higher temperature alteration and 
                                  possibly indicating proximity to the source of the 
                                  fluorspar mineralisation assumed to be a Cretaceous 
                                  age granite. 
 
 
                             *    Geological logging has been carried out from drill 
                                  core and RC samples. 
 
 
                             *    Geological logging was used to define sub-domains 
                                  within the overall model. 
-------------------  ------------------------------------------------------------------- 
 Dimensions 
                             *    The Mineral Resource defined by the Tertiary drilling 
                                  modelled as a single continuous area. The dimensions 
                                  of the modelled mineralisation are from 500m to 
                                  1,400m east-west and 1,600m maximum north-south. 
 
 
                             *    Mineralisation is currently defined to approximately 
                                  550-580m below current surface levels. 
 
 
                             *    Mineralisation is open in all directions from the 
                                  limit of the Mineral Resource model. 
-------------------  ------------------------------------------------------------------- 
 Estimation 
  and modelling              *    Ordinary kriging was used for estimation of CaF(2) % 
  techniques                      using CAE Mining Studio 3 software. 
 
 
                             *    Domains: A single domain was created as a result of 
                                  infill drilling defining mineralisation between the 
                                  previously modelled southern and central areas. 
 
 
                             *    Grade capping: No grade capping was applied as no 
                                  outlier values were found after assessment of the 
                                  assay database. 
 
 
                             *    Composites: 5 foot composites were created using 
                                  lithological wireframes as a control. 
 
 
                             *    Variography: A variographic study resulted in 
                                  reasonably robustly structured directional variograms 
                                  but these are likely influenced by the relatively 
                                  wide drill hole spacing and drill grid orientation. 
 
 
                             *    Estimation: Estimation was carried out using Ordinary 
                                  kriging as the primary method. Inverse distance 
                                  (squared) and Nearest Neighbour estimates were 
                                  carried out for validation purposes. 
 
 
                             *    Maximum extrapolation distance: Up to 120m from 
                                  nearest 2013 or 2014 drill hole based on knowledge of 
                                  geological continuity from historical drilling. 
 
 
                             *    A block size of 40m (X) x 40m (Y) x 10m (Z) was used 
                                  in this model. This compares to an average drill hole 
                                  spacing of 80m x 80m in the southern part of the 
                                  deposit and an assumed bench height of 10m. 
                                  Estimation was carried out in to parent cells only. 
 
 
                             *    No previous mining has taken place at site and so no 
                                  reconciliation study was possible. 
 
 
                             *    No assumptions were made regarding the recovery of 
                                  by-products. 
 
 
                             *    The block model was verified by comparing drill hole 
                                  assays with modelled values visually and 
                                  statistically by zone. Grade profile plots were also 
                                  constructed to compare modelled grades and input 
                                  composite grades. 
-------------------  ------------------------------------------------------------------- 
 Moisture 
                             *    Tonnage is estimated on a dry basis using a bulk 
                                  in-situ density. No moisture content has been 
                                  measured. 
-------------------  ------------------------------------------------------------------- 
 Cut-off parameters 
                             *    The Mineral Resource is restricted to all material 
                                  falling within an NPV Scheduler pit shell, as 
                                  described below, and above 9% CaF(2) . 
-------------------  ------------------------------------------------------------------- 
 Mining factors 
  or assumptions             *    The project is deemed to be appropriate to being 
                                  mined by standard open pit operations. 
 
 
                             *    Reported Mineral Resources were limited by an 
                                  optimised open pit shell created using appropriate 
                                  technical and economic parameters. These economic 
                                  parameters are not reported here due to their 
                                  sensitive commercial nature. 
-------------------  ------------------------------------------------------------------- 
 Metallurgical 
  factors or                 *    No metallurgical test work is available from the 
  assumptions                     recent drilling by Tertiary. Samples have been 
                                  selected for this analysis but results are not yet 
                                  available. During the creation of an optimized open 
                                  pit shell for limiting the reporting of Mineral 
                                  Resources a processing recovery figure of 80% was 
                                  used based on publicly available reports from 
                                  Fluorspar operations worldwide. 
-------------------  ------------------------------------------------------------------- 
 Environmental 
  factors or                 *    No environmental studies have been conducted to 
  assumptions                     determine impact of mining operations. 
 
 
                             *    It is assumed that the area of the MB Project will 
                                  provide sufficient space for waste and process 
                                  residue. 
-------------------  ------------------------------------------------------------------- 
 Bulk density 
                             *    Tertiary submitted 27 samples from the 2 core drill 
                                  holes for density measurement based on the standard 
                                  Archimedes Principle. 
 
 
                             *    Samples were a mixture of Eureka Quartzite and 
                                  Pogonip Formation. 
 
 
                             *    Density was assigned to the block model using average 
                                  values for each major lithology. Density for 
                                  overburden was assumed. 
-------------------  ------------------------------------------------------------------- 
 Classification 
                             *    Classification was based on sample density and 
                                  confidence in the geological and grade continuity. 
 
 
                             *    A portion of the southern area was classified as 
                                  indicated. The deposit was classified as indicated 
                                  where the sample spacing was approximately 80m x 80m 
                                  and at least 3 complete north-south exploration 
                                  profiles had been completed. 
 
 
                             *    The remainder of the deposit was classified as 
                                  inferred generally up to 120m from the nearest recent 
                                  drilling. 
 
 
                             *    The Mineral Resource estimate reflects the Competent 
                                  Person's views of the MB Deposit. 
-------------------  ------------------------------------------------------------------- 
 Audits or 
  reviews                    *    WAI is not aware of any audits or reviews of this or 
                                  any previous Mineral Resource Estimates. 
-------------------  ------------------------------------------------------------------- 
 Discussion 
  of relative                *    The relative accuracy and confidence in the Mineral 
  accuracy/                       Resource estimate is reflected in the reporting of 
  confidence                      the Mineral Resource as set out in the JORC Code 
                                  (2012). 
 
 
                             *    It is not deemed appropriate at this stage to conduct 
                                  a geostatistical study to quantify the relative 
                                  accuracy of the resource. 
 
 
                             *    The statement relates to global estimates of tonnes 
                                  and grade. 
 
 
                             *    No production data is available for the MB Project as 
                                  it has not previously been mined and hence no 
                                  comparison of production data is possible. 
-------------------  ------------------------------------------------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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