Last checked at 17 Jan 2011 07:00
www.tertiaryminerals.com
("Tertiary" or "the Company")
17 January 2010
DRILL PROGRAMME TO START AT FINLAND GOLD PROJECT
Programme aims to test gold bearing zone at Kiekerömaa
Tertiary Minerals plc, a diversified mineral explorer and developer building a significant strategic position in the fluorspar sector, is pleased to announce that a drill rig is being mobilised this week to its 100% owned Kiekerömaa gold project in the Lappland Greenstone Belt in Northern Finland.
Key points:
·; Drilling will test the Kiekerömaa gold mineralised zone previously discovered by Finnish company Outokumpu in 1997.
·; 1997 Reverse Circulation drill intersections include 5m grading 6g/t gold and 2m grading 7g/t gold at shallow depth.
·; Eight holes planned over 300m strike length, subject to initial drill holes achieving acceptable core recovery.
The drill programme is expected to start this week and will be carried out by the Geological Survey of Finland (GTK). Drilling is expected to last for 4 weeks with assay results becoming available approximately 8 weeks after the completion of drilling.
The Kiekerömaa project is part of the wider gold interests of the Company which include the Kaaresselkå gold project, 20km to the east. They are located within the Lappland Greenstone Belt which hosts a number of advanced gold projects and two operating gold mines including the six million ounce* Kittila Gold mine operated by Canadian major, Agnico Eagle Mines.
The Kiekerömaa prospect was drilled in 1997 by Outokumpu when six shallow reverse circulation drill holes were completed to follow up an area of gold-anomalous soils found during regional soil sampling. Encouraging gold-bearing drill intersections were made by Outokumpu but were not followed up in that period of low and declining gold prices. The bedrock near surface is quite strongly weathered and so the new programme will commence with two test holes to see if acceptable core recovery can be achieved with the proposed drilling system.
Commenting on today's news, Patrick Cheetham, Executive Chairman, said: "Whilst our key focus is on the objective of becoming a major European supplier of fluorspar, a portion of the funds recently raised has been reserved for drilling on the Company's gold projects. The gold mineralised zone at Kiekerömaa has not been tested by diamond drilling until now and the swampy ground requires that it be drilled in winter when the ground is frozen. We are keen to get this drilling programme underway to allow time this winter for a follow-up round of drilling if initial results are favourable."
The information in this release has been compiled and reviewed by Mr. Patrick Cheetham (MIMMM, MAusIMM) who is a qualified person for the purposes of the AIM Guidance Note for Mining Oil & Gas Companies issued on March 16, 2006. Mr Cheetham is a Member of the Institute of Materials, Minerals & Mining and also a member of the Australasian Institute of Mining & Metallurgy.
*Includes 2009 reported Proven and Probable Reserves, Measured, Indicated and Inferred Resources. Source: AEM website.
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ENQUIRIES
Tertiary Minerals plc Tel: +44 (0)1625 626203
Patrick Cheetham, Executive Chairman www.tertiaryminerals.com
Seymour Pierce Limited Tel: +44 (0)20 7107 8000
Stewart Dickson (Corporate Finance)
Jeremy Stephenson (Corporate Broking)
Yellow Jersey PR Limited Tel: +44 (0)20 8980 3545
Dominic Barretto
NOTES TO EDITORS
Background to the Company
Tertiary Minerals is an AIM-quoted mineral exploration and development company building a significant strategic position in the fluorspar sector. Fluorspar is an essential raw material in the chemical, steel and aluminium industries and Tertiary controls an estimated four million tonnes of fluorspar across its two Scandinavian projects (Storuman in Sweden and Lassedalen in Norway).
A European Commission report recently named fluorspar as one of its 14 'critical mineral raw materials' for which a possible supply shortage would represent a substantial economic threat.
The Company also has interests in exploration and development of Gold, Iron, Tantalum, Niobium and Rare-earths in Finland and Saudi Arabia. Shares in the Company trade on AIM and also on PLUS Markets (ticker symbol 'TYM').
For further information: www.tertiaryminerals.com