TIDMTYM
RNS Number : 1900Y
Tertiary Minerals PLC
27 November 2014
Further to the announcement released at 7.00a.m. today under RNS
Number 1263Y, the announcement incorrectly stated that the
preliminary results of the Phase 3 drilling at Hole 14TMBRC027
indicate that that objectives 2 and 3 had been successfully
achieved. The announcement should have stated that objectives 1 and
2 had been successfully achieved.
The revised announcement is reproduced below:
Tertiary Minerals PLC ("Tertiary" or "Company")
27 November 2014
MB Fluorspar Project
Multiple thick fluorspar mineralised intervals in deep step-out
hole
Tertiary Minerals plc, the AIM traded company building a
strategic position in the fluorspar sector, is pleased to provide
its initial conclusions based on preliminary analytical results
from the first drill hole in its Phase 3 drilling programme at the
MB fluorspar project in Nevada, USA.
Highlights:
-- Hole 14TMBRC027 drilled to 516 metres depth, 700 metres west
from existing Mineral Resource boundary
-- Results indicate multiple thick intersections of
significant(1) fluorspar (CaF(2) ) mineralisation
-- Main fluorspar mineralised intersections ranging from 3
metres to more than 40 metres in thickness - between 60m from
surface to over 360m deep
-- Results indicate the potential to increase the size of the MB fluorspar deposit
-- 57 additional claims, 1,128 acres, have been staked by the Company
The Company concludes that is not appropriate to release the
detailed analytical results at this point as Quality Assurance and
Quality Control checks at a second laboratory have returned results
outside of acceptable limits. Nevertheless, the results, after
factoring for the current analytical uncertainties, are of a
magnitude and of such significance as to support the above,
preliminary, conclusions.
All drill samples from this hole will be re-submitted for check
analysis to a third laboratory and final results will be released
in due course.
Commenting today, Managing Director, Richard Clemmey said: "We
are very pleased to be reporting the preliminary findings from this
important deep step-out hole. The results and observations suggest
that the existing large JORC (2012) compliant Mineral Resource
Estimate can be increased in the future. We look forward to
releasing the final results 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
Saif Janjua +44 (0)20 7382 8300
Yellow Jersey PR Limited
Dominic Barretto
Kelsey Traynor +44 (0)7768 537 739
Detailed Information
Fluorine analysis
Determination of the quantity of fluorite (CaF(2) ) present in a
rock is based on analysis of the contained fluorine. Analysis of
fluorine is considered to be difficult due to its volatility or
tendency to vaporise at relatively low temperatures. For this
reason there are only a limited number of analytical techniques
which can be utilised and less than a handful of laboratories
globally who are competent in fluorine analysis. It is therefore
important that the Company applies strict protocols for the
sampling and analysis of fluorspar samples together with stringent
quality assurance/control checks (QA/QC).
Samples from hole 14TMBRC027 were submitted to a primary ISO
accredited laboratory for analysis whilst selected duplicate check
samples were submitted to a second 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 indicate
that the fluorine analysis from the primary laboratory may be over
reporting in comparison to the secondary check laboratory.
Consequently the Company is not in a position to report these
results until further check analyses have been carried out. All
samples will now be re-submitted along with QA/QC check samples to
a third laboratory.
Notwithstanding the lower reported values reported from the
second laboratory - and taking these into account - the Company
considers the results are highly significant given the multiple
thick intersections of significant(1) fluorspar mineralisation from
hole 14TMBRC027 in a location 700 metres to the west of the known
JORC 2012 defined Mineral Resource.
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 compliant Mineral Resource Estimate
-- November 2014 - Phase 3 drilling programme
Full details of the completed work programmes and results have
been previously reported by the Company.
Phase 3 Drilling, Hole 14TMBRC027
Hole 14TMBRC027, a 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.
A map showing the location of the completed Phase 3 drill holes is
available on the Company's website at:
http://www.tertiaryminerals.com/projects/fluorspar-projects/mb-fluorspar-nevada-usa
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 source of mineralisation
The preliminary results indicate that that objectives 1 and 2
have been successfully achieved. The multiple thick intersections,
continuing at depth, of significant(1) fluorspar mineralisation
700m to the west of the existing Mineral Resource indicates the
potential to increase the size of the current defined large JORC(2)
2012 compliant Mineral Resource Estimate of 38.4 million tonnes
grading 10.4% fluorspar (CaF(2) ). The Company will report on
objective 3 above once the check fluorspar analyses have been
received.
Due to the demonstrated potential of extending the resource to
the west of the existing Mineral Resource the Company has now
staked an additional 57 claims on the project covering a further
1,128 acres.
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. 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. 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.
3. 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.
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).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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