(Alliance News) - Tertiary Minerals PLC on Friday reported a widened loss for the first half of its financial year, as administration costs rose and revenue declined.
Also on Friday, the mineral exploration firm announced that it has staked claims over three additional mineral projects in Nevada, US.
Tertiary has staked four claims in the Peg Leg copper-silver-lead-zinc project, with the main target being the exposed copper-silver mineralisation in limestone adjacent to granite contact.
Four claims have been staked in the Mt Tobin silver prospect, targeting a large silver geochemical anomaly recorded by a previous explorer. Finally, 13 claims have been staked in the Lucky Copper prospect, looking at copper gossan that has been exposed in old workings.
"We have generated these projects at a very low cost to the company in line with our strategy to expand our portfolio of gold, silver and base metal projects in Nevada. We believe they can be advanced quickly to the drill stage and we look forward to reporting further news on our evaluation of these projects in due course," said Executive Chair Patrick Cheetham.
For the six months to the end of March, Tertiary Minerals reported a pretax loss of GBP278,780, widened from GBP182,873 the year before, as administration expenses increased to GBP352,914 from GBP240,163.
Meanwhile, revenue dropped by 11% to GBP94,691 from GBP106,747 the prior year.
During the period, Tertiary completed the first drill hole on the Pyramid gold project in Nevada, and has recommenced metallurgical testwork for the MB Flourspar project.
"The company's financial results for the half-year are in line with expectations and reflect the company's project and administration expenditures. The financial markets have shown remarkable resilience in the face of the Covid-19 pandemic and this has allowed us to continue funding our activities and improve the company's financial position," said Executive Chair Patrick Cheetham.
Shares in Tertiary Minerals were down 7.8% at 0.21 pence on Friday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Tertiary Minerals (TYM)