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(Alliance News) - Tertiary Minerals PLC on Tuesday said it has picked the preferred contractor for drill testing at the Pyramid gold project located in the US state of Nevada.
Shares in Tertiary Minerals were up 47% at 0.26 pence in London on Tuesday morning.
Having received contract tenders, the AIM-listed mineral exploration and development firm said it has now identified the preferred drill contractor. The name of the contractor has not been disclosed.
A drone photogrammetric survey has also taken place at Pyramid, intended "to control drilling and future exploration". Initial drilling is aimed at confirming the "priority epithermal vein drill target" drill hole PYR 9.
Battle Mountain Exploration Co conducted drilling there in 1989 and its PYR 9 hole intersected visible gold and assayed 1.52 metres grading 17.8 grammes of gold per tonne of ore from 94.5 metres down hole and ended in 1.52 metres grading 2.6 grammes per tonne at a 115.8 metre depth.
Tertiary Minerals Managing Director Richard Clemmey said: "We are pleased to be reporting good progress with the groundwork leading up to the first drill hole on the Pyramid gold project in Nevada where we are looking to confirm and expand upon successful historic exploration results."
"The deposit provides an exciting gold target where our team has recently identified analogies with the high-grade multi-million-ounce gold deposits at the Midas and Fire Creek mines in Nevada. We look forward to updating the market in due-course on the proposed drilling."
By Anna Farley; annafarley@alliancenews.com
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