REG - Tertiary Minerals - Exploration Update – Brunton Pass Project, Nevada

Tertiary MineralsAnnouncement

02/05/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240502:nRSB9012Ma&default-theme=true

RNS Number : 9012M  Tertiary Minerals PLC  02 May 2024

2 May 2024

 

Tertiary Minerals plc ("Tertiary" or "the Company")

 

Exploration Update - Brunton Pass Project, Nevada, USA

Tertiary Minerals plc is pleased to announce positive results from a recently
completed geophysical survey at its Brunton Pass Copper-Gold Project in
Nevada, USA.

Highlights

Ø Induced Polarisation ("IP") and Resistivity geophysical survey completed
over 7.2 line-km on four lines over total target strike length of 700m.

 

Ø Coherent electrical chargeability anomaly, typical of sulphide
mineralisation prospective for copper and/or gold, extends through all IP
survey lines.

 

Ø Chargeability anomaly is spatially related to previously identified:

 

·    copper-mercury-arsenic soil anomalies;

 

·    a surface alteration zone in trench T11 where pathfinder elements
arsenic and mercury are at 1,000 times background; and

 

·    a gold-bearing zone in trench T2 where sampling yielded values up to
2.7g/t gold.

 

Ø Resistivity variations are conformable with surface geology and help map
out sub-surface geology.

 

Ø Chargeability anomaly is a high priority drill target for epithermal gold
and/or porphyry copper mineralisation.

 

Ø Drilling to be scheduled when budgets allow and to fit in with Company's
exciting exploration plans in Zambia.

 

Patrick Cheetham, Executive Chairman of Tertiary Minerals plc said:

"The IP anomaly defined by this survey is large and present over the full 700m
length tested by the survey. The results from our previous rock, soil and
trench sampling all vector towards this anomaly which is now a compelling
drill target for the discovery of an epithermal gold and/or porphyry deposit.

"Much attention has been focussed on our copper exploration projects in
Zambia, particularly on the Konkola West Project where drilling is in progress
that has the potential to deliver transformational results for the Company.
However, we continue to advance our key projects in Nevada, so I am pleased to
be reporting these new results."

 

 

Further Information:

 Tertiary Minerals plc:
 Patrick Cheetham, Executive Chairman  +44 (0) 1625 838 679
 SP Angel Corporate Finance LLP

 Nominated Adviser and Broker
 Richard Morrison                      +44 (0) 203 470 0470
 Caroline Rowe
 Peterhouse Capital Limited

 Joint Broker
 Lucy Williams                         + 44 (0) 207 469 0930
 Duncan Vasey

 

Market Abuse Regulation

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this inside
information is now considered to be in the public domain.

 

Detailed Information

Background

The Brunton Pass Project is located in central Nevada and was acquired in 2021
after sampling of prospector small-scale surface workings revealed high copper
values. Reconnaissance rock chip sampling and mapping were subsequently
carried out throughout the claim block returning values up to 6.84% copper and
1.75 g/t gold in separate samples as well as anomalous silver values.

Mineralisation at Brunton Pass is closely associated with hornfels and skarn
alteration of a mixed sequence of Triassic aged carbonate and clastic
sediments that form a 1.8km x 0.75km, uplifted "window" (horst block) in fault
contact with younger Tertiary-age volcanic rocks.

Following initial prospecting, several copper-in-soil anomalies with
individual grades of up to 53ppm copper were delineated in areas where rock
grab samples contain percent-level copper values in small prospecting pits.

In addition, two large mercury and arsenic in soil anomalies were also defined
in the eastern half of the property in a north trending zone with values up to
52 ppm mercury with the largest of these extending over an area approximately
500m x 500m. These anomalies are centred on a north trending zone of
structural dislocation with a strike length of at least 1.2km entirely within
the project area (see Figure 1 below).

In late July 2022, six trenches were excavated for a total of 386.2 metres
over the zones of anomalous copper, arsenic and mercury anomalies. Trenches
T1, T2 and T11 were excavated in the eastern half of the project area in the
area of the mercury-arsenic anomalies, whilst trenches T7, T8 and T10 targeted
the copper soil anomalies in the southwest quadrant of the project.

Further details of the results from trenching can be found in the Company's
news release of 1 November 2022 and are illustrated in Figure 1 below).

 

IP Geophysical Survey

The Induced Polarisation ("IP") and resistivity surveys now being reported
were carried out by contractor Zonge International using a dipole-dipole
electrode configuration and a 100m dipole spacing.

The survey was carried out on three 200m spaced lines in the southern part of
the property to cut across copper soil anomalies previously tested by trenches
T7, T8 and T10 as well as the southern mercury-arsenic-copper soil anomaly
tested by trench T11. A fourth line was surveyed 500m to the north across the
northern part of the mercury-arsenic-copper anomaly tested by trenches T1 and
T2.

The survey measured both Chargeability and Resistivity. Chargeability is a
measure of the potential to induce electric charge in conductive particles in
the rock (e.g. iron and copper sulphide minerals). Chargeability anomalies are
generated when the conductive particles are disseminated in the rock, as is
typical in many epithermal and porphyry copper deposits. Resistivity is a
measure of the extent to which the larger rock mass resists the passage of
electricity. It is the opposite of conductivity and can be used to map
different rock types having different electrical properties.

The IP and Resistivity field data was "inverted" in order to generate the
subsurface distribution of electrical properties in 2D along each survey line.

The Resistivity survey has successfully delineated areas of Tertiary volcanics
from the older skarn altered limestones that host the mineralisation at
Brunton Pass.

In addition, a substantial Chargeability anomaly was defined. This anomaly
directly underlies, and is likely related to, previously defined
copper-mercury-arsenic soil anomalies, the intense rock alteration seen in
trench T11 where pathfinder elements arsenic and mercury are at 1,000 times
background, (see Figure 2 below) and, on the northern line, beneath the
gold‑bearing zone in trench T2 where sampling has yielded gold values up to
2.7g/t gold. The Chargeability anomaly extends through all of the surveyed
lines, over a minimum strike length of 700m and a width of up to 460m (see
Figure 3 below).

All the results from previous exploration work vector towards the newly
defined Chargeability anomaly, a large sub-surface target that warrants drill
testing for the discovery of an epithermal gold and/or porphyry deposit.
Drilling will be scheduled when budgets allow and to fit in with the Company's
exploration plans in Zambia where drilling is currently in progress at the
Konkola West Copper Project.

 

Notes:

1.         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. Mr. Cheetham
is a Member of the Institute of Materials, Minerals & Mining and also a
member of the Australasian Institute of Mining & Metallurgy.

 

2.         The news release may contain certain statements and expressions
of belief, expectation or opinion which are forward looking statements, and
which relate, inter alia, to the Company's proposed strategy, plans and
objectives or to the expectations or intentions of the Company's directors.
Such forward-looking statements involve known and unknown risks,
uncertainties, and other important factors beyond the control of the Company
that could cause the actual performance or achievements of the Company to be
materially different from such forward-looking statements. Accordingly, you
should not rely on any forward-looking statements and save as required by the
AIM Rules for Companies or by law, the Company does not accept any obligation
to disseminate any updates or revisions to such forward-looking statements.

 

Figure 1. Map showing surface projection of Chargeability anomaly, soil
anomalies and trench locations.

 

Figure 2. Chargeability Section 3950N, 2D inversion

Figure 3. Brunton Pass Chargeability Stacked Sections

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DRLBLGDUGSGDGSB