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LONDON (Alliance News) - Tertiary Minerals PLC Wednesday announced the first JORC-compliant Mineral Resource Estimate for its MB Flourspar project in Nevada, more than doubling its tonnage of contained fluorspar across its three assets.
The AIM-traded fluorspar developer said recent tests have been compiled to create a JORC compliant indicated and inferred Mineral Resource of 38.4 million tonnes graded at 10.4% fluorspar at an 8% calcium flouride cut-off grade.
The company said the resource was made up of 8.9 million tonnes graded at 10.3% fluorspar in the indicated category and 29.5 million tonnes graded at 10.4% fluorspar in the inferred category.
Tertiary Minerals said the Mineral Resource more than doubled its total tonnage of contained fluorspar across its Storuman, Lassedalen and MB project licences to roughly 7.8 million tonnes.
Fluorspar is a key ingredient in propellants and refrigerants, while it is used as a flux in nuclear fuel and steel making.
Tertiary Minerals said early stage metallurgical testwork has already commenced on drill samples at the MB project with the aim of producing acid grade fluorspar.
The company said it believes that further drilling will significantly increase the size of this initial Mineral Resource Estimate as well as upgrading most, if not all, of the Inferred Resource to the Indicated classification.
Tertiary Minerals shares were trading 5.9% lower at 10.00 pence per share Wednesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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