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Tertiary Minerals PLC - mineral exploration and development in the US state of Nevada and in northern Europe - Enters an agreement to sell data rights and intellectual property over the Kalkkinen platinum group metal prospect in Finland to unlisted explorer Element-46 Ltd.
"Tertiary carried out reconnaissance exploration at Kalkkinen in 2004 to 2005 which resulted in the discovery of a zone of outcropping massive sulphide mineralisation where chip sampling returned results which include 2.3% copper with 3.4 grammes per tonne palladium-platinum-gold over 0.75 metre and 0.3% copper with 3.2 grammes per tonne palladium-platinum-gold over 1 metre," company says.
E46 has applied for a licence reservation over the Kalkkinen prospect and as a result of its agreement with E46, Tertiary now holds a 2% net smelter return royalty over the area of the licence reservation. E46 may purchase the NSR royalty interest and all other rights granted to the company for USD1.0 million at any time before commencing construction of a mine on the area of the licence reservation.
In consideration of the transfer of data to E46, Tertiary will be issued with 200,000 shares in E46 at a deemed issue price of 12 pence per share upon the grant of the licence reservation.
Tertiary Executive Chair Patrick Cheetham says: "Tertiary has a long history of exploration in Finland and welcomes this opportunity to realise further value from this work. The palladium price has increased nearly 10-fold since we discovered the Kalkkinen mineralisation and it is now over USD2,000 per ounce.
"We are pleased to become a seed capital shareholder in Element-46 and to add this royalty interest to our Kiekeromaa and Kaaresselka royalties in Finland where gold exploration is being undertaken by underlying tenement holder Aurion Resources Ltd."
Current stock price: 0.35 pence, down 9.0% on Thursday
Year-to-date change: up 40%
By Paul McGowan; paulmcgowan@alliancenews.com
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