LONDON (Alliance News) - Tertiary Minerals PLC has secured a long-term lease over nine claims on a "productive" gold belt in the US state of Nevada, the company said Tuesday.
The 20-year lease is on nine areas of the Pyramid mining district, which is 25 miles north-west of the city of Reno.
The claims are on the Walker Lane porphyry copper/epithermal gold belt, Tertiary said, with limited historical drilling in 1989 and 1990 showing visible gold.
Managing Director Richard Clemmey said: "We are delighted to have acquired an interest in the Pyramid project. Projects with high-grade gold results in drilling that have not already been followed up are hard to find in Nevada."
"This acquisition follows the staking of the Paymaster project earlier this year and is in line with our strategy to build a new project portfolio which will enable the company to reduce its future geographical, technical, permitting and commodity risk exposure and provide long-term shareholder value."
Shares were 12% higher on Tuesday morning at a price of 0.36 pence each.