MB Fluorspar Project Update

RNS Number : 6275N

Tertiary Minerals PLC

11 September 2013

 



Tertiary Minerals plc

("the Company")           

  11 September 2013

MB FLUORSPAR PROJECT - PHASE 1 DRILLING RESULTS

Tertiary Minerals plc, the AIM traded company building a strategic position in the fluorspar sector, is pleased to announce the results of analysis from Phase 1 of the current drilling programme and the start of Phase 2 for the Company's MB Fluorspar Project in Nevada, USA.

Highlights:

·    Southern (Base) Area:  Hole 13MBRC001

42.67m grading 12.4% ¹Fluorspar (CaF₂) from 4.57m depth including:

4.57m grading 26.1% CaF₂ from 6.10m depth, and

12.19m grading 16.5% CaF₂ from 25.91m depth.

·    Central Area:  Hole 13MBRC002

      28.96m grading 10.5% CaF₂ from 28.96m depth including:

9.14m grading 14.56% CaF₂ from 30.48m depth.

·    Drill holes also contain intersections of zinc, tungsten and beryllium mineralisation of possible economic interest.

Commenting today, Operations Director Richard Clemmey said: "It is very pleasing to be able to report that the Phase 1 RC drilling results are in line with expectations based on historical work on the project and we look forward to reporting the results of Phase 2 as they become available."

For further information please contact:

Tertiary Minerals plc	Tel: [phone]
Patrick Cheetham, Executive Chairman
Richard Clemmey, Operations Director
Cantor Fitzgerald Europe	Tel: [phone]
Stewart Dickson/Julian Erleigh (Corporate Finance)
Jeremy Stephenson (Corporate Broking)
Beaufort Securities Limited	Tel: [phone]
Christopher Rourke (Corporate Finance)
Guy Wheatley (Corporate Broking)
Yellow Jersey PR Limited	Tel: [phone]
Dominic Barretto/Anna Legge

Detailed Information

The objective of Phase 1 of the drilling programme was to evaluate the most cost-effective drilling technique for the MB Project, test suitable analytical techniques for fluorine, and to collect diamond drill core for use in preliminary metallurgical testing.

The Phase 1 drilling programme comprised a short drilling programme twinning a diamond drill (DD) hole and a lower-cost Reverse Circulation (RC) percussion drill hole at two separate locations.

Holes 13TMBRC001 and 13TMBDD003 were drilled in the southern part of the known area of mineralisation whilst holes 13TMBRC002 and 13TMBDD004 were drilled in the west-central area.

Samples were collected at 5 foot intervals in all holes with samples being analysed for ¹fluorine by the Ion Specific Electrode method (ISE). A rigorous programme of quality control and sample type evaluation was carried out including check assays at a second laboratory using an alternative analytical technique.

RC drilling appears to have been successful with no notable loss of fluorspar fines to the circulation water. Such loss was a theoretical concern prior to the start of drilling. Diamond drilling, however, suffered from unacceptable core recovery (average 84% recovery) and returned lower analytical values for fluorine. This is interpreted as due to breakage of core along fluorspar bearing veins and loss of fluorite to the drilling mud.

Significant intervals of zinc (Zn) tungsten (reported as oxide WO₃) and beryllium (reported as oxide BeO) mineralisation were encountered during the drilling with a best result  from diamond drill hole 13TMBDD004:

3.05m from 55 m depth grading 7.8% Zinc, 0.40% WO₃ and .22% BeO and 16.6%CaF₂.

It should be noted that, in this case, the corresponding interval in the twin RC hole returned lower, but still highly significant metal values, and consequently the above result needs to be viewed with some caution. It does, however, highlight the multi-element potential of the large MB mineralised system and a large surface zinc geochemical anomaly delineated by Union Carbide in the 1960s, 500m to the east of hole 13TMBDD004, now warrants testing.

The Company has now committed to Phase 2 of the drilling programme which will be carried out using the more cost effective RC drilling method. The RC drill rig will mobilise back to site in the next two weeks.

The objectives of Phase 2 drilling will be to:

1.   Define, on the south side of the ¹known fluorspar deposit, a ²JORC compliant Mineral Resource of sufficient size to support planning of a mine-starter pit for up to the first ten years of production.

2.   Indicate the extent of potentially higher grade areas in the centre of the known deposit.

3.   Test, on the north side of the known deposit, an alternative site for a mine-starter pit.

The Phase 2 drill programme is expected to last for two months.

Notes to Editors:

Tertiary Minerals plc (AIM - EPIC: '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 the strategically significant MB project in Nevada USA  where it recently announced a ³tonnage-grade estimate of 85-105 million tonnes grading 9-11% fluorspar (CaF₂) at an 8% CaF₂ cut-off (12 February 2013).

Foot Notes

1.   Values being reported for fluorspar (reported by its chemical composition CaF₂) are calculated from the elemental analysis of fluorine and by making the assumption that all fluorine in the sample is present in the form of fluorspar. This is considered a valid assumption based on the current knowledge of the deposit.

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 nature and extent of the known mineralisation on the MB Project has been described in previous announcements and its estimated tonnage-grade range  is  classified as an Exploration Target under the JORC Code as more particularly set out in the announcement dated 12 February 2013. 

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 dated June 2009. Mr Cheetham is a Member of the Institute of Materials, Minerals & Mining and also a member of the Australasian Institute of Mining & Metallurgy.

 

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