Last checked at 9 Mar 2009 07:00
www.tertiaryminerals.com
9 March 2009
UPDATE ON VÄHÄJOKI COPPER-GOLD PROJECT, FINLAND
Further Joint Venture Agreement signed with Inmet
Airborne gravity survey to target copper-gold mineralisation this month
Drill testing scheduled for April
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Tertiary Minerals plc ("Tertiary" or "the Company") is pleased to announce that it has executed a further and more detailed option and joint venture agreement with Inmet Mining Corporation subsidiary Pyhäsalmi Mine Oy ("Inmet") for the Vähäjoki copper-gold project in northern Finland.
The new agreement expands the heads of terms contained in the agreement announced on 6 September 2007 and grants Inmet a 6 month extension to its expenditure commitments under that agreement.
Since September 2007 Inmet has completed magnetic and electromagnetic geophysical surveys at Vähäjoki which, when interpreted with previous exploration data, have defined a large target area believed to have high potential for iron-oxide-copper-gold ("IOCG") mineralisation.
Inmet has contracted Bell Geospace Ltd to fly an airborne gravity survey this month at Vähäjoki. This aims to detect gravity anomalies caused by any significant IOCG style mineralisation and to generate drill targets. Drilling is scheduled to commence in April, conditional on the results of the airborne survey.
For further information:
Patrick Cheetham, Tertiary Minerals plc Tel: + 44 (0) 1625 626203
Jonathan Wright, Seymour Pierce Limited Tel: + 44 (0) 207 107 8000
Background
Inmet Mining Corporation is a mid-tier TSX-listed Canadian mining company which owns and operates a number of base metal and gold mines in Turkey, Canada and Europe including the Pyhäsalmi copper-zinc mine in Finland.
| Hole No. | Down Hole From (metres) | Down Hole To (metres) | Down Hole Interval (metres) | Copper (%) | Gold (g/t) | Iron % |
| R29 | 29.7m | 86.9m | 57.2m | 0.43% Cu | 0.46 g/t Au | 25.8% Fe |
| R30 | 103.2m | 121.3m | 18.1m | 0.43% Cu | 0.49 g/t Au | 29.1% Fe |
| R31 | 80.8m | 121.5m | 40.7m | 0.27% Cu | 0.33 g/t Au | 25.8% Fe |
Subsequent studies have confirmed the mineralisation is of the IOCG type, which includes some of the largest copper-gold and uranium deposits in the world, including Olympic Dam in South Australia.
Note:
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.