The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksTertiary Minerals Regulatory News (TYM)

Share Price Information for Tertiary Minerals (TYM)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 0.125
Bid: 0.12
Ask: 0.13
Change: 0.00 (0.00%)
Spread: 0.01 (8.333%)
Open: 0.125
High: 0.125
Low: 0.125
Prev. Close: 0.125
TYM Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Project Update

8 Jul 2008 07:00

RNS Number : 5134Y
Tertiary Minerals PLC
08 July 2008
 



 

 

TERTIARY MINERALS PLC

 

 

8 July 2008

CONTRACT AWARDED FOR MINERAL PROCESSING TESTWORK ON STORUMAN FLUORSPAR PROJECT

Work Forms Major Component Of Economic And Technical Scoping Study

Drill Assays Delayed By Laboratory Problems; Fluorspar Prices Continue To Climb

Separation Tests Underway On Sample Of Kolari Magnetite Iron Ore 

_________________________________________________________________

Storuman Fluorspar Project Sweden

Tertiary Minerals plc ("Tertiary" or "the Company") is pleased to report that it has awarded a contract to

SGS Lakefield (Canadato complete an extensive programme of mineral processing testwork to evaluate

the production of acid grade fluorspar concentrates from the Company's Storuman fluorspar project. The

testwork is a major component of an Economic and Technical Scoping Study to evaluate development of

the project that is planned to be completed later this year.

The Storuman mineral processing testwork will be based on a scope of work put together by the

Company's consulting engineer, a specialist in Fluorspar flotation separation, and will be undertaken on

samples collected from the Company's recent drill programme. The programme will take about 16 weeks

and is scheduled to start in about 6 weeks time.

The preparation of the Economic and Technical Scoping Study will run in parallel with, and make use of

the results from, the mineral processing testwork. The contract for this study will be awarded shortly, and

is expected to be completed by the end of the year.

Meanwhile the price of fluorspar continues to climb on world markets, driven by contraction of supplies

from China. The latest price is US$380-400/tonne (dry-basis, delivered Gulf) and this is forecast to

increase further.

A previous mine design made for Storuman by Granges International in the 1970s captured some 1.7

million tonnes of fluorspar in a combined open pit and underground mine based on resources delineated at

that time. The mineralisation is not yet closed off by the existing drilling and there is believed to be potential

for substantial extensions to the known mineralisation.

The receipt of assay results from recent drilling at Storuman, initially expected by the end of June, will now

be delayed for a period of approximately 6 weeks following technical problems at the independent

analytical laboratory identified by the Company's rigorous quality control procedures. Use of this laboratory

has been suspended and a new set of samples have been sent to an alternative laboratory for analysis.

Kolari Iron Project

In Finland, at the Kolari iron project, where the Company is targeting a large deposit of disseminated

magnetite iron-ore, a number of samples have been submitted  for separation testwork to assess the

recovery and characteristics of the contained magnetite. The testwork is being conducted at SGS

Lakefield in Cornwall

The Kolari iron deposit sits at the heart of the Kolari iron province where Northland Resources has recently

announced positive scoping study for development of a number of iron deposits in the area.

The iron ore market also continues to strengthen. A 96% price rise was recently agreed between Rio Tinto

and Chinese consumers for iron ore from its Pilbara mines in Western Australia. 

Further info:

Patrick Cheetham, Executive Chairman, Tertiary Minerals plc. Tel: +44 (0)1625-626203

Ron Marshman/John Greenhalgh, City of London PR Limited. Tel: +44(0)20-7628-5518 

Jonathan Wright, Seymour Pierce Limited. Tel: +44(0)20-7107-8000

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.

Background - Storuman

Tertiary was awarded the Storuman exploration licence in January this year. The Storuman fluorite deposit is located in an area with well established infrastructure. It is located adjacent to a sealed highway 20km from the regional town of Storuman which is connected by road and rail to the city and port of Umeå on the Gulf of Bothnia. In the other direction the highway leads to the port city of Mo-i-Rana in Norway.

Fluorspar is the commercial name for the industrial mineral fluorite (calcium fluoride - chemical formula CaF2). It is the main industrial source of fluorine for the manufacture of hydrofluoric acid and derivative fluorine chemicals including refrigerants, PTFE (Teflon) and aluminium hydrofluoride, a flux used in the reduction of alumina to aluminium. It is also used as a flux in steel making, in the ceramics industry and in the manufacture of nuclear fuel (uranium hexafluoride).

Fluorspar consumers, several of which are based in Europe, are facing critical supply shortages as traditional supplies from China are diverted to meet growing Chinese domestic demand. China has recently imposed export quotas and export taxes to discourage export and thus ensure domestic supplies. 

A conceptual target for the Company is a mining operation producing at least 100,000 tonnes per annum of acid grade fluorspar. The world market for fluorspar is just over 5 million tonnes per annum of which 65% is for acid grade fluorspar.

Background - Kolari

In Finland, at the Kolari iron project, three scout holes and the re-logging of a number of historic drill holes from the Sivakkalehto deposit have validated the potential for a substantial tonnage of near surface bulk-mineable iron mineralisation. Over the 550m strike length so far evaluated drilling has defined a coherent envelope of disseminated magnetite mineralisation over 100m wide with a magnetite content of approximately 30% (equal to approximately 20% Fe). Most historical drill intersections were made in this body at depths of 100-300m but interpretation of ground magnetic surveys and the results from the Company's three shallow drill holes suggests that the body is sub-vertical and sub-crops beneath glacial till cover.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
DRLILFVRDVIDIIT
Date   Source Headline
6th Mar 20137:00 amRNSDraw Down of Funds & Issue of Equity
5th Mar 20137:00 amRNSChange of Adviser
19th Feb 20134:17 pmRNSResult of AGM
12th Feb 20137:00 amRNSMB Project Tonnage Grade Estimate
31st Jan 201311:13 amRNSUpdate - MB Fluorspar Project, Nevada USA
11th Jan 20137:00 amRNSIssue of Warrants / Director Shareholding
21st Dec 201211:37 amRNSDraw Down of Funds and Issue of Equity
14th Dec 20127:00 amRNSContract for Tonnage-Grade Estimate
13th Dec 20127:00 amRNSFinal Results
30th Nov 20127:00 amRNSPublication of Presentation
29th Nov 20127:00 amRNSMB Project Review Defines Fluorspar Deposit
23rd Nov 20129:15 amRNSNon-Core Projects Update
15th Oct 20127:00 amRNSPosting of Corporate Presentation on Website
3rd Sep 20127:00 amRNSNew Fluorspar Project Acquisition
20th Aug 20127:00 amRNSLassedalen Fluorspar Project
23rd Jul 20127:00 amRNSIssue of Equity
11th Jul 20127:00 amRNSProject and Market Update
18th Jun 20127:00 amRNSEquity Finance Facility Secured
18th May 20127:00 amRNSHalf Yearly Report
9th May 20127:00 amRNSDirectorate Change
25th Apr 20123:53 pmRNSPublication of Presentation
4th Apr 20127:00 amRNSLASSEDALEN FLUORSPAR PROJECT
2nd Apr 20127:00 amRNSProgress Update
8th Mar 20127:00 amRNSInvestor Evening
27th Feb 20129:19 amRNSResult of AGM
26th Jan 201210:31 amRNSGrant of Warrants
18th Jan 20127:00 amRNSLassedalen - Mineral Resource Estimate
13th Jan 20127:00 amRNSAnnual Financial Report
15th Dec 20117:00 amRNSFinal Results
31st Oct 20117:00 amRNSPositive Drilling Results
1st Sep 20117:00 amRNSAppointment of Project Manager
20th Jul 20117:00 amRNSDrilling and Testwork Update
21st Jun 20117:00 amRNSStoruman Fluorspar Project Update
23rd May 20117:00 amRNSHalf Yearly Report
16th May 20117:00 amRNSLassedalen Fluorspar Project Update
18th Apr 20117:00 amRNSDrill Update - Finland Gold Project
31st Mar 20117:00 amRNSStoruman - Mineral Resource Estimate
22nd Feb 201112:09 pmRNSDirs Dealings/Ex of Options/Total Voting Rights
15th Feb 20117:00 amRNSDrilling Results - Storuman Fluorspar Project
31st Jan 20115:06 pmRNSResult of AGM
27th Jan 20117:00 amRNSDrilling Update - Storuman Project
17th Jan 20117:00 amRNSDrilling Programme
22nd Dec 201012:29 pmRNSNotice of AGM
20th Dec 20109:16 amRNSGrant of Warrants
16th Dec 20107:00 amRNSPLACING, ISSUE OF EQUITY & TOTAL VOTING RIGHTS
8th Dec 20107:00 amRNSFinal Results
17th Nov 20107:00 amRNSDrilling Update
28th Sep 20107:00 amRNSDrilling Commences
14th Sep 20107:00 amRNSFluorspar Project Update
20th Jul 201012:54 pmRNSIssue of Equity/Director's Dealing

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.