TIDMTYM
RNS Number : 1020A
Tertiary Minerals PLC
18 December 2014
Tertiary Minerals plc ("Tertiary" or "Company")
18 December 2014
MB Fluorspar Project
Higher Grades and Multiple Thick Fluorspar Mineralised Intervals
Confirmed in Deep Step-Out Hole
Tertiary Minerals plc, the AIM traded company building a
strategic position in the fluorspar sector, is pleased to release
analytical results from the first drill hole in its Phase 3
drilling programme at the MB fluorspar project in Nevada, USA.
Highlights (Hole 14TMBRC027):
-- Multiple thick intersections of significant(1) fluorspar
(CaF(2) ) mineralisation intersected increasing in grade down
hole.
-- 307.85m grading 8.42% CaF(2) from 59.44m depth, including:
Ø 141.73m grading 11.55% CaF(2) of continuous mineralisation
from 225.55m depth
Ø 70.10m grading 16.63% CaF(2) from 59.44m, total of several
higher grade intersections above 15% CaF(2)
-- Mineralisation continuing at end of hole (516m).
-- The results indicate the potential of the MB Project to be much larger than anticipated.
Commenting today, Managing Director, Richard Clemmey said: "We
are very pleased to be reporting significant results from this
important deep step-out hole. Multiple thick intersections at
higher grades than previously encountered confirms our belief that
we are only just starting to see the real potential of the MB
Project. We look forward to reporting results from the remaining 8
drill holes in due course."
A map showing the location of the completed Phase 3 drill holes
is available on the Company's website:
http://www.tertiaryminerals.com/projects/fluorspar-projects/mb-fluorspar-nevada-usa
More detailed information and a complete tabulation of
significant drilling results for drill hole 14TMBRC027 are given
below. Reported thicknesses are believed to be approximate true
thicknesses based on flat lying mineralisation.
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
Saif Janjua +44 (0)20 7382 8300
Yellow Jersey PR Limited
Dominic Barretto
Kelsey Traynor +44 (0)7768 537 739
Detailed Information
Project Background
The MB Project claims are located in an area of good
infrastructure 19km southwest of the County town of Eureka in
central Nevada, USA. Nevada is long recognised as one of the most
attractive mining jurisdictions in the world.
Since acquiring the project in late 2012, the Company has moved
quickly to progress the following project milestones completed to
date:
-- February 2013 - Independent Tonnage Grade Estimate
-- August 2013 - Phase 1 drilling programme
-- November 2013 - Phase 2 drilling programme
-- April 2014 - Maiden JORC (2012 Edition) compliant Mineral Resource Estimate
-- November 2014 - Phase 3 drilling programme
Full details of the completed work programmes and results from
Phase 1 & 2 drilling have previously been reported by the
Company.
Phase 3 Drilling, Hole 14TMBRC027
This vertical hole, is located more than 700m to the west of the
existing Mineral Resource boundary and, at 516m, is the deepest
hole the Company has drilled on the MB project to date. The hole
was drilled using the reverse circulation percussion method with
samples being collected for analysis at 5 foot intervals.
The key objectives for drilling this hole were to:
1. Test the lateral extent of fluorspar mineralisation to the
west of the existing Mineral Resource
2. Test the depth of fluorspar mineralisation
3. Target potential higher grade fluorspar closer to the interpreted source of mineralisation
The results have confirmed that all of these objectives have
been achieved and indicate that significant fluorspar
mineralisation is continuing 700m to the west of the known Mineral
Resource.
The grade of fluorspar encountered in this hole is increasing at
depth with thick intersections grading more than 15% CaF(2) (2) ,
previously unseen in the Company's Phase 1 and 2 drilling
campaigns. The multiple thick intersections of significant
fluorspar mineralisation from 59.44m depth to more than 367m
indicate that further significant and possibly higher grade
mineralisation might also underlie the current defined Mineral
Resource where existing holes extend no deeper than 150m below
surface and where mineralisation is open at depth and along
strike.
The results from hole 14TMBRC027 confirm the potential to
increase the size of the current defined large JORC(3) (2012
Edition) compliant Mineral Resource Estimate of 38.4 million tonnes
grading 10.4% fluorspar (CaF(2) ).
The Company will report on the results of the remaining 8 holes
in the Phase 3 drilling programme in due course as they become
available.
Fluorine analysis
Samples from hole 14TMBRC027 were originally submitted to a
primary ISO accredited laboratory for analysis whilst selected
duplicate check samples were submitted to a number of other ISO
accredited laboratory as part of the Company's QA/QC procedure in
order to check analytical accuracy of the primary laboratory. The
results received indicated that the fluorine analysis from the
primary laboratory were not sufficiently accurate in comparison to
the check laboratories.
As a result of this process the Company re-submitted all samples
from hole 14TMBRC027 to one of the check laboratories - Bureau
Veritas Minerals Pty Ltd in Australia (ISO-17025 accredited). All
samples were analysed for fluorine using the fused bead X-ray
fluorescence (XRF) method. The samples submitted included various
known standards, blanks and field duplicates as a further QA/QC
check on the results. QA/QC samples were also submitted to
PANalytical Ltd in the UK (UKAS accredited) for analysis using the
same method. The QA/QC checks on the results being reported today
are all within acceptable limits and therefore the Company is able
to release the data.
Foot Notes
1. Significant fluorspar (CaF(2) ) mineralisation is defined by
the Company as a minimum three metre drill intersection above 8%
fluorspar (CaF(2) ) cut-off and containing a maximum three metre
drill intersection below 8% fluorspar (CaF(2) ) cut-off. This cut
off is currently applied for reporting of the drill results from MB
project as this is the cut-off used for the most recent Mineral
Resource estimate. However, in the context of reporting drill
results it does not imply an economic cut off. An economic cut-off
will depend on many factors and will not be determined until
feasibility studies, if warranted, are carried out.
2. Mineralisation having a weighted average grade of composite
sample intervals greater than 15% CaF(2) .
3. JORC is the Australian Code for the 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.
4. 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.
5. 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. 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-quoted
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).
Table of Significant(1) Drilling Results from Hole
14TMBRC027
Down Grade
Hole Fluorspar
Drill Hole Thickness CaF2 From
Number (m) (%) (m) To (m)
14TMBRC027 18.29 13.39 59.44 77.73
------------------- ----------- ----------- ------- -------
and 6.10 10.43 97.54 103.64
------------------ ----------- ----------- ------- -------
and 9.14 10.09 115.82 124.96
------------------ ----------- ----------- ------- -------
and 3.05 10.58 128.02 131.07
------------------ ----------- ----------- ------- -------
and 12.19 9.30 166.12 178.31
------------------ ----------- ----------- ------- -------
and 4.57 10.96 192.02 196.59
------------------ ----------- ----------- ------- -------
and 64.01 12.68 225.55 289.56
------------------ ----------- ----------- ------- -------
and 4.57 10.07 310.90 315.47
------------------ ----------- ----------- ------- -------
and 15.24 12.99 318.52 333.76
------------------ ----------- ----------- ------- -------
and 24.38 18.15 342.90 367.28
------------------ ----------- ----------- ------- -------
and 3.05 11.05 484.63 487.68
------------------ ----------- ----------- ------- -------
Table of Higher Grade Intervals (>15% CaF(2) )(2)
Down Grade
Hole Fluorspar
Drill Hole Thickness CaF2 From
Number (m) (%) (m) To (m)
14TMBRC027 and 12.19 15.45 59.44 71.63
------------ ----- ----------- ----------- ------- -------
and 3.05 17.98 230.12 233.17
------------------ ----------- ----------- ------- -------
and 4.57 16.61 237.74 242.32
------------------ ----------- ----------- ------- -------
and 19.81 15.03 265.18 284.99
------------------ ----------- ----------- ------- -------
and 7.62 15.29 326.14 333.76
------------------ ----------- ----------- ------- -------
and 10.67 19.98 342.90 353.57
------------------ ----------- ----------- ------- -------
and 12.19 17.96 355.09 367.28
------------------ ----------- ----------- ------- -------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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