16th Feb 2016 09:19
LONDON (Alliance News) - Tertiary Minerals PLC saw its shares drop on Tuesday morning after releasing the analytical results from the phase 4 drilling programme at its MB fluorspar project in the US state of Nevada.
The 1,553 metre drilling programme conducted by the fluorspar-focused company comprised of four holes, and Tertiary said it encountered "thick intersections" of fluorspar mineralisation in step-out drilling, and that mineralisation remains open at depth and along strike, the company said.
However, the market didn't seem impressed, with Tertiary shares trading down 22% to 1.03 pence per share on Tuesday morning and setting a new 52-week low of 0.94p earlier.
"Results from the Phase 4 drilling programme continue to grow the known size of the MB deposit, proving both lateral and depth extension of significant fluorspar mineralisation in the Western Area which still remain open in all directions," said Managing Director Richard Clemmey.
The intersections reported by the company include:
- 89.9 metres graded at 12.02% calcium fluoride from 120.4 metres depth, including 31.99 metres graded at 16.74% calcium fluoride from 150.88 metres depth;
- 22.86 metres graded at 11.47% calcium fluoride from 74.68 metres depth; and
- 137.16 metres graded at 11.54% calcium fluoride from 53.34 metres depth, including 32 metres graded at 15.81% calcium fluoride from 185.93 metres depth.
In addition, Tertiary said it encountered ore-grade molybdenum in the base of one of the holes, which it said will provide a future exploration target.
"We now look forward to incorporating these results into our economic evaluation of the project and progressing with the next phases of development this year," said Clemmey.
Fluorspar, otherwise known as fluorite, is the mineral form of calcium fluoride, which is used for a variety of uses including as a flux for smelting, in the production of glasses and enamels and some other niche uses.
Molybdenum is mainly used to make types of steel alloys, including high-strength alloys and superalloys.
By Joshua Warner; [email protected]; @JoshAlliance
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