Last checked at 16 Sep 2014 07:00
www.tertiaryminerals.com
("the Company")
16 September 2014
MB Fluorspar Project
Drilling Programme awarded for Phase 3 Drilling
Tertiary Minerals plc, the AIM traded company building a strategic position in the fluorspar sector, is pleased to advise the following update for the MB fluorspar project in Nevada, USA.
Highlights
· Permitting for Phase 3 drilling at the MB fluorspar project in Nevada has been approved
· The contract for the drilling programme has been awarded and the equipment will be mobilised to site this week
The Company announced on the 16 April a substantial maiden JORC1 compliant Mineral Resource estimate for the MB fluorspar project of 38.4 million tonnes grading 10.4% fluorspar (CaF2) at 8% CaF2 cut-off. The deposit remains open at depth and in all lateral directions and the Phase 3 drilling programme has been planned with the following key objectives:
1. Increase the size of the Inferred Mineral Resource by extending the drilling to the North and West of the defined Mineral Resource.
2. Targeting potential higher grade fluorspar closer to the source of mineralisation by drilling to the West of defined Mineral Resource.
A map showing the location of the provisional drill hole locations for Phase 3 is available on the Company's website at:
http://www.tertiaryminerals.com/projects/fluorspar-projects/mb-fluorspar-nevada-usa
The programme has been approved under a Notice to Conduct Exploration Drilling by the US Bureau of Land Management ("BLM") and a Reclamation Bond has been lodged and accepted by the BLM. The drilling contract has been awarded to Boart Longyear which is the world's leading provider of drilling services with 120 years in the business.
The drilling is expected to be completed by the end of November followed by analytical results which will be reported periodically as they become available, commencing in the 4th Quarter of 2014.
Commenting today, Managing Director, Richard Clemmey said: "We are delighted to have completed the planning and have all the necessary approvals in place to start our Phase 3 drilling programme on the MB Project. This is an exciting phase where we expect to increase the size of the already significant JORC compliant Mineral Resource and target potential higher grade fluorspar."
ENQUIRIES | |
For further information please contact: | |
Tertiary Minerals plc | Tel: +44 (0)845 868 4580 |
Patrick Cheetham, Executive Chairman | |
Richard Clemmey, Managing Director | |
Cantor Fitzgerald Europe | Tel: +44 (0)20 7894 7000 |
Stewart Dickson/Carrie Lun (Corporate Finance) Jeremy Stephenson (Corporate Broking) | |
Beaufort Securities Limited | Tel: +44 (0)20 7382 8300 |
Saif Janjua | |
Yellow Jersey PR Limited | Tel: +44 (0)7768 537 739 |
Dominic Barretto/Kelsey Traynor |
Foot Notes
1. JORC is the Australian Code for the reporting of exploration results, Mineral Resources and Ore Reserves prepared by the Joint Ores Reserves Committee (JORC) of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and the Minerals Council of Australia.
2. The information in this release has been compiled and reviewed by Mr. Richard Clemmey (BSc, CEng, MIQ, MIMMM, ARSM) who is a qualified person for the purposes of the AIM Note for Mining and Oil & Gas Companies dated June 2009. Mr Clemmey is a Chartered Engineer and a Member of the Institute of Materials, Minerals & Mining.
Notes to Editors
Tertiary Minerals plc (ticker symbol 'TYM') 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. Tertiary controls two significant Scandinavian projects (Storuman in Sweden and Lassedalen in Norway) and a large deposit of strategic significance in Nevada USA (MB Project).