Last checked at 10 Jul 2013 07:00
Tertiary Minerals plc
www.tertiaryminerals.com
("the Company")
10 July 2013
MB Fluorspar Project - Update
Tertiary Minerals plc, the AIM traded company building a strategic position in the fluorspar sector, is pleased to advise that:
·; The proposed drilling programme for the MB fluorspar project in Nevada is now permitted
·; The contract for the drilling programme has been awarded and will start by mid-July
The programme has been approved under a Notice to conduct exploration drilling by the US Bureau of Land Management (BLM) and a Reclamation Bond in the amount of US$18,841 has been lodged and accepted by the BLM.
The drilling contract has been awarded to Boart Longyear following a competitive tender process. Boart Longyear is the world's leading provider of drilling services with 120 years in the business.
Details of the proposed drilling programme were set out in the Company's announcement of 9 May 2013. Phase 1 of the drilling programme will evaluate the most cost-effective drilling technique for the MB Project and drilling is expected to be completed by the end of July, with analytical results expected by late August.
Phase 2 of the drilling programme aims to define an initial 1JORC compliant Mineral Resource and to indicate the extent of higher grade areas in the centre of the known deposit. This phase will commence when results from Phase 1 are known and the duration of the drilling campaign will depend on the drilling method. Further information will be provided on the completion of Phase 1.
Commenting today, Operations Director, Richard Clemmey said: "We are delighted that we now have the necessary approvals to start our drilling on the MB Project."
ENQUIRIES
Tertiary Minerals plc Tel: +44 (0)845 868 4580
Patrick Cheetham, Executive Chairman
Richard Clemmey, Operations Director
Cantor Fitzgerald Europe Tel: +44 (0)20 7894 7000
Stewart Dickson/Julian Erleigh (Corporate Finance)
Jeremy Stephenson (Corporate Broking)
VSA Capital Limited Tel: +44 (0)20 3005 5000
Peter Damouni (Corporate Finance)
Andrew Monk (Corporate Broking)
Yellow Jersey PR Limited Tel: +44 (0)20 3664 4087
Dominic Barretto/Anna Legge
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. Patrick Cheetham (MIMMM, MAusIMM) who is a qualified person for the purposes of the AIM Note for Mining and Oil & Gas Companies dated June 2009. Mr Cheetham is a Member of the Institute of Materials, Minerals & Mining and also a member of the Australasian Institute of Mining & Metallurgy.
3. The nature and extent of the known mineralisation on the MB Project has been described in previous announcements and its estimated tonnage-grade range is classified as an Exploration Target under the JORC Code as more particularly set out in the announcement dated 12 February 2013.
Notes to Editors
Tertiary Minerals plc (AIM - EPIC: '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 the strategically significant MB project in Nevada USA where it recently announced a tonnage-grade estimate3 of 85-105 million tonnes grading 9-11% fluorspar (CaF2) at an 8% CaF2 cut-off (12 February 2013).