TIDMTYM
RNS Number : 6390A
Tertiary Minerals PLC
03 June 2021
3 June 2021
Tertiary Minerals plc ("Tertiary" or "the Company")
Pyramid Silver-Gold Project
Wide Silver Zone Discovered
Further to its announcement on 10 March 2021, Tertiary Minerals
plc is pleased to report that assay results from a recent trenching
programme show a thick zone of open-ended silver mineralisation in
Trench No.1 at the North Ruth soil anomaly on the Pyramid
Gold-Silver Project in Nevada, USA.
Highlights:
Ø 6 trenches completed for a combined length of 360m of
trenching.
Ø Trench No.1 through northern portion of the North Ruth soil
anomaly cut a continuous width of 45.72m grading 61 g/t silver
(1.78 ounces/ton).
Ø including 9.14m grading 146 g/t silver (4.26 ounces/ton).
Ø Silver mineralisation continues to end of Trench No. 1 and is
open ended.
Ø Trench No.2, 460m along strike, includes 3m grading 260 g/t
Silver (7.58 ounces/ton).
Ø Narrower zones of lower grade mineralisation found in 3 other
trenches on the Western Line soil anomaly.
Ø Infill soil sample results awaited for southern part of the
project area.
Commenting today, Executive Chairman, Patrick Cheetham said:
"This is a very exciting discovery, and the result of systematic
exploration undertaken over the past 12 months. It is now clear
that the North Ruth soil anomaly reflects the presence of a wide
zone of good grade in situ silver mineralisation which is at
surface and within which there may be significant widths of higher
grade. The mineralisation intersected in Trench No.1 is not closed
off and while the true width of this zone remains to be determined,
we will move as quickly as possible to carry out further definition
and drill-testing to establish this and also the continuity of the
higher-grade zones. I also look forward to reporting the results of
the additional soil-sampling on the public lands portion of the
property."
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
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ('MAR'). Upon the publication of this announcement via
Regulatory Information Service ('RIS'), this inside information is
now considered to be in the public domain.
Detailed Information
Pyramid Gold-Silver Project
Background
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 new gold and silver-in-soil anomalies were identified
and named the North Ruth, Western Line and Western Splay
anomalies.
In late January 2021, follow up rock chip sampling highlighted
the potential for in situ mineralisation and in particular at the
800m long North Ruth soil anomaly where grab sampling 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.
Trenching Programme
Follow-up trenching has so far been restricted to the North Ruth
and Western Line soil anomalies where they fall within the private
land portion of the Pyramid Property under lease to the Company.
Six trenches were dug in April 2021 to expose bedrock over
continuous sections of these two anomalies.
Two trenches, Nos. I and 2, were located over the north and
south ends of the North Ruth anomaly respectively. Assay results
from Trench No.1 revealed a 45.7m continuous width of
mineralisation grading 61ppm silver (1.78 ounces/ton) and 0.09ppm
gold starting 42.67m from the east end of the trench and continuing
up to the western end where it ended in mineralisation.
This 45.7m section contained two separate higher-grade zones of
9.14m grading 146 g/t silver (4.27 ounces/ton) and 0.10 g/t gold
and 3.05m grading 99 g/t silver (2.88 ounces/ton) and 0.15 g/t
gold. The silver bearing zone is flanked on the eastern side by a
9.14m wide zone with higher gold values averaging 0.54 g/t gold and
11 g./t silver.
The next nearest trench, Trench No.2, some 460m along strike,
cut 3.05 m grading 260 g/t silver (7.58 ounces/ton) and 0.27 g/t
gold.
A summary of significant results is shown in the table
below.
Four other trenches were cut at spacings of between 95m to 250m
over a 470m strike length of the Western Line soil anomaly and cut
through a number of narrow zones of low-grade gold and silver
mineralisation as shown in the table below. Further work on the
Western Line soil anomaly, at least within the private land
portions of the property, is not currently a priority.
The silver mineralisation in Trench No.1 occurs within a quartz
latite tuff showing varying levels of epithermal argillic
alteration and silicification. Additional infill soil sampling has
been completed on the south end of the project area, on public
lands secured by mining claims, and results are awaited.
The Company will move to better define and drill test the North
Ruth silver mineralisation as soon as possible and will consider
additional trenching once the additional soil sample results become
available.
Table of significant(1) trench results.
Thickness Silver Gold From To
-----------------
(m) (g/t) (oz/ton) (g/t) (m) (m)
Trench No.1 9.14 11 0.32 0.54 33.53 42.67
and 45.72 61 1.78 0.09 42.67 88.39
includes 3.05 99 2.88 0.15 50.60 53.64
includes 9.14 146 4.27 0.10 56.69 65.84
Trench No.2 3.05 260 7.58 0.27 15.24 18.29
and 3.05 49 1.44 0.06 36.58 39.62
Trench No.3 7.01 3 0.09 0.26 15.54 22.56
Trench No.4 9.14 9 0.27 0.28 24.38 33.53
Trench No.5 4.88 2 0.07 0.26 8.84 13.72
------
A map illustrating the features described in this news release
will be available on the Company website at:
https://www.tertiaryminerals.com/pyramid-gold-project-nevada-usa
Notes:
1. Significant is defined as a minimum 2m width grading a
minimum of 15 g/t silver or 0.25 g/t gold. Narrower and/or lower
grade material may be included where they are internal to the
reported intervals. Reported widths are widths along a trench and
may not represent true widths of mineralisation if the
mineralisation is not striking perpendicular to the trench and/or
dipping and/or the ground surface is not horizontal.
2. 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
3. Trench samples were collected by consulting Geologist Ivan
Johnson as continuous chip samples over a maximum of 10 feet per
sample. Samples were transported under chain of custody to Paragon
Geochemical facilities in Reno, Nevada, for sample preparation.
Samples were crushed to 85% passing 200mesh using method 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. Ag overrange analysis was performed
using method Ag-Gr50, a 30g fire assay with gravimetric finish.
Paragon carries out duplicate, standard and blank materials
analysis as part of its internal QA/QC procedures. Grades reported
above are weighted average grades of samples taken over varying
widths from within the reported intervals.
4. 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.
5. 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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