17th Jun 2015 08:01
LONDON (Alliance News) - Tertiary Minerals PLC saw its shares rise early Wednesday after it announced a 67% increase in its total mineral resource estimate for its MB Flourspar project in Nevada following a drilling programme at the site and said it thinks the deposit size will far exceed current estimates.
The mineral developer said that applying a 9% flourspar cut-off grade gave a JORC compliant indicated and inferred mineral resource estimate of 86.4 million tonnes grading 10.7% flourspar, an indicated mineral resource estimate of 6.1 million tonnes grading 10.8% flourspar, and an inferred mineral resource estimate of 80.3 million tonnes grading 10.7% flourspar.
That means the contained flourspar at the MB project is more than doubled and the company's total JORC compliant flourspar mineral resources asset base is up 67%. It said the MB Flourspar deposit remains open at depth and in all lateral directions.
"We are delighted the detailed planning that has gone into the Phase 3 drilling programme has resulted in a significant increase in the Mineral Resource Estimate, thereby achieving the overall objective of the programme. Within a relatively short time frame the company has transformed the original Tonnage-Grade Estimate into JORC compliant Mineral Resources," Managing Director Richard Clemmey said.
"The MB Deposit remains open at depth and laterally in all directions and therefore we are very excited about the sheer size potential of the MB Deposit and believe that, eventually, the deposit size will far exceed the current estimates," he added.
Tertiary Minerals will announce details of a geophysical programme in due course, and hopes that work will give it a better understanding of the geology and structural controls leading to improved planning for the next phase of drilling with the aim of targeting higher grades of fluorspar and increasing the "already large" mineral resource estimate.
"The higher fluorspar grades and thick intersections which have been encountered in the newly defined Western Area during Phase 3 leads the directors to believe that this area is closer to the core of the mineralised system where higher grade fluorspar mineralisation might be expected," Clemmey said.
JORC is the Australasian code for reporting of exploration results, mineral resources and ore reserves prepared by the Joint Ores Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and the Minerals Council of Australia.
Flourspar is an industrial mineral made up of calcium and flourine that's used primarily in the metallurgical, ceramics and chemical industries.
Tertiary Minerals shares were up 11.0% at 3.05 pence in London early Wednesday, making it one of the best-performing stock on the AIM All-Share index.
By Steve McGrath; [email protected]; @stevemcgrath1
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Tertiary Minerals