LONDON (Alliance News) - Tertiary Minerals PLC on Thursday said it has staked claim to the Paymaster polymetallic prospect in the US state of Nevada.
Tertiary Minerals said that grab samples at the Paymaster zinc-copper-silver-cobalt-tellurium prospect assay up to 21% zinc, 6.5% lead, 3.3% copper, and 253 grammes of silver per tonne of ore. Samples also contain high levels of tellurium and cobtalt.
Paymaster mineralisation is intermittently exposed and has been sampled over a 1.7 kilometres strike length. Tertiary Minerals intends to conduct geophysical exploration in order to define drill targets.
Tertiary Minerals also said that the next phase of metallurgical testwork at its MB Fluorspar project, also in Nevada, is due to start by the end of February. The target of this testwork is "to produce acid-grade fluorspar and mica".
Tertiary Minerals Managing Director Richard Clemmey said: "Whilst we continue with our strategy of reviewing project acquisition opportunities potentially capable of generating revenue and profits in a shorter timescale, we have also expanded our scope to include earlier stage projects which can be developed organically.
"We are therefore pleased to have secured the first project in the pipeline of exciting new projects currently being assessed. As well as progressing our MB fluorspar project, building a new project portfolio should enable the company to reduce its future geographical, technical, permitting and commodity risk exposure and provide long term shareholder value."
Shares in Tertiary Minerals were down 1.5% at 0.32 pence on Thursday.
Tertiary Minerals (TYM)