MB Project - Further Significant Drilling Results

RNS Number : 5723E

Tertiary Minerals PLC

11 February 2015

 



Tertiary Minerals plc ("Tertiary" or "Company")

11 February 2015

MB Fluorspar Project Update

Further Significant Drilling Results in the Western Area

Tertiary Minerals plc, the AIM traded company building a strategic position in the fluorspar sector, is pleased to release analytical results from a further four drill holes in its Phase 3 drilling programme at its MB fluorspar project in Nevada, USA.

Highlights:

·     Hole 14TMBRC030 - Results indicate continuity of mineralisation between the Southern and Central Areas of the Mineral Resource Estimate:

Ø 19.81m grading 10.23% CaF₂ from 97.54m depth, total of several significant⁽¹⁾ fluorspar intersections

·     Western Area - additional multiple thick fluorspar intersections:

·     Hole 14TMBRC032:

Ø 82.30m grading 11.31% CaF₂ from 48.77m depth, total of several significant⁽¹⁾ fluorspar intersections

Ø Including 18.29m grading 16.42% CaF₂ from 51.82m, total of several higher grade intersections above 15% CaF₂

·     Hole 14TMBRC033:

Ø 132.59m grading 12.90% CaF₂ from 91.44m depth, total of several significant⁽¹⁾ fluorspar intersections

Ø Including 71.63m grading 15.69% CaF₂ from 96.01m, total of several higher grade intersections above 15% CaF₂

·     Results demonstrate continuity of mineralisation to the west of the Central Area

·     Results indicate the potential to increase the size of the existing JORC⁽³⁾ (2012 Edition) Mineral Resource Estimate

·     Mineralisation continuing at the end of holes and is open in all directions

Commenting today, Managing Director, Richard Clemmey said: "The results from drill holes 14TMBRC032 and 14TMBRC033 are some of the most promising results encountered to date at the MB fluorspar project. Results from the Western Area, with multiple thick intersections of higher grade mineralisation continuing laterally and at depth, demonstrate its potential to add substantially to the existing Mineral Resource base."

An updated 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 holes 14TMBRC030-33 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	[phone]
SP Angel Corporate Finance LLP Nominated Adviser & Joint Broker Ewan Leggat                                                     Katy Birkin	[phone]
Beaufort Securities Ltd Joint Broker Saif Janjua	[phone]
Yellow Jersey PR Limited Dominic Barretto            Kelsey Traynor	[phone]

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 already completed a number of important milestones. Full details of the completed milestones and results from Phase 1 & 2 drilling have previously been reported by the Company.

Phase 3 Drilling

Following the completion of the maiden JORC⁽³⁾ (2012 Edition) Mineral Resource Estimate the Company moved quickly into planning the next phase of drilling, Phase 3. The Phase 3 Drilling programme was completed in November 2014 and comprised a further 9 holes totalling 2,546 metres using the reverse circulation (percussion) method of drilling.

The results from the first three holes drilled in Phase 3 have been previously reported by the Company, 14TMBRC027, 14TMBRC028 and 14TMBRC029. The results being reported today are from drill holes 14TMBRC030, 14TMBRC031, 14TMBRC032 and 14TMBRC033.

The key objectives for drilling holes 14TMBRC030-33 were to:

A.  Test the lateral extent of fluorspar mineralisation to the west of the existing Mineral Resource

B.  Test the depth of fluorspar mineralisation below the level of the existing Mineral Resource

C.  Test the continuation of fluorspar between the Central and Southern Areas of the existing Mineral Resource

D. Test the continuation of the fluorspar to the north of the Central Area of the existing Mineral Resource

The results have confirmed that these objectives have been achieved.

Drill Hole 14TMBRC030 is located in the eastern part of the zone which lies between the Central and the Southern Area of the existing Mineral Resource, currently not part of the existing JORC⁽³⁾ (2012 Edition) Mineral Resource Estimate. The hole was drilled to a depth of 203m.

Four significant⁽¹⁾ fluorspar intersections were encountered in this hole and, when considered in conjunction with results from previously reported adjacent holes 14TMBRC028 and 29, indicate that mineralisation is continuous between the Central and Southern Areas with fluorspar grades consistent with those encountered in the 2013 Phase 2 drilling programme.

Drill Hole 14TMBRC031 is located approximately 70m to the north-west of the Central Area of the existing mineral resource boundary. The hole was drilled to a depth of 251m. Significant⁽¹⁾ fluorspar was limited to a single 3m intersection in this hole which may indicate a thinning of the fluorspar mineralisation to the north-west of the current Mineral Resource.

Drill Holes 14TMBRC032 and 14TMBRC033 are located approximately 140m from the western boundary of the Central Area of the existing Mineral Resource and 420m to the east of the previously reported step-out drill hole 14TMBRC027. The two drill holes were drilled to a depth of 251m.

Multiple thick intersections of significant⁽¹⁾ fluorspar are encountered in both holes. Fluorspar mineralisation is continuing at depth with CaF₂ grading in excess of 10% at the end of hole 14TMBRC033.

Collectively analysing the results from these two holes alongside the previously reported results from hole 14TMBRC027, the area to the west the existing Mineral Resource (Western Area) is displaying very good potential for additional large tonnages of fluorspar with increasing grade and both lateral and depth extension.

The Company will report on the results of the remaining 2 holes in the Phase 3 drilling programme as they become available. These holes are located to the north of the Central Area.

Fluorine analysis

Samples from holes 14TMBRC030, 14TMBRC031, 14TMBRC032 and 14TMBRC033 were submitted to Bureau Veritas Minerals Pty Ltd in Australia (ISO-17025 accredited) for analysis. 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. 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 (CaF₂) mineralisation is defined by the Company as a minimum three metre drill intersection above 8% fluorspar (CaF₂) cut-off and containing a maximum three metre drill intersection below 8% fluorspar (CaF₂) 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% CaF₂.

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 the reported fluorite (CaF₂, fluorspar) contents are calculated on the assumption that all fluorine is present as fluorite. However 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 Holes 14TMBRC030, 14TMBRC031, 14TMBRC032 and 14TMBRC033

Drill Hole Number	Down Hole Thickness (m)	Grade Fluorspar CaF2 (%)	From (m)	To (m)
14TMBRC030	7.62	9.43	97.54	105.16
	6.10	12.28	108.20	114.30
	3.05	9.61	120.40	123.44
	3.05	8.73	132.59	135.64
14TMBRC031	3.05	13.25	94.49	97.54
14TMBRC032	6.10	12.43	48.77	54.86
	6.10	9.30	64.01	70.10
	3.05	10.43	80.77	83.82
	3.05	12.79	134.11	137.16
	9.14	9.42	140.21	149.35
	7.62	10.56	153.92	161.54
	15.24	11.00	164.59	179.83
	16.76	12.70	182.88	199.64
	9.14	13.32	219.46	228.60
	6.10	9.63	243.84	249.94
14TMBRC033	15.24	13.30	91.44	106.68
	30.48	13.47	109.73	140.21
	19.81	12.74	141.73	161.54
	12.19	12.97	166.12	178.31
	30.48	13.27	179.83	210.31
	12.19	11.33	213.36	225.55
	12.19	11.88	239.27	251.46

Table of Higher Grade Intervals (>15% CaF₂)⁽²⁾

Drill Hole Number	Down Hole Thickness (m)	Grade Fluorspar CaF2 (%)	From (m)	To (m)
14TMBRC030	3.05	15.00	111.25	114.30
14TMBRC032	3.05	18.03	51.82	54.86
	3.05	16.95	169.16	172.21
	3.05	16.54	182.88	185.93
	3.05	15.05	192.02	195.07
	6.10	15.98	220.98	227.08
14TMBRC033	10.67	15.38	96.01	106.68
	18.29	15.40	112.78	131.06
	9.14	15.53	141.73	150.88
	3.05	16.29	152.40	155.45
	3.05	22.35	166.12	169.16
	3.05	15.62	184.40	187.45
	10.67	15.02	192.02	202.69
	6.10	15.44	204.22	210.31
	3.05	15.41	239.27	242.32
	4.57	15.14	245.36	249.94

 

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