| April
6, 2004
TERTIARY ENCOURAGED BY WIDE SULPHIDE
INTERSECTIONS AT SWEDISH COPPER-GOLD TARGET
- Disseminated
And Semi-Massive Mineralisation In Initial Holes At Ahmavuoma
- Results Of
First Three Check Drilling Holes At Kaaresselkä
- Further Progress
Towards Securing External Funding For Tantalum Projects
Wide intervals
of disseminated and semi-massive sulphides are reported by AIM-listed
Tertiary Minerals plc from initial drilling at its Ahmavuoma project
in Sweden where known mineralisation has the characteristics of
iron oxide-copper-gold (IOCG) type deposits such as Olympic Dam
in Australia and Kiruna in Sweden.
Reporting
on its winter drilling programme at its Scandinavian projects in
its end-March quarterly, Tertiary says three conducting zones, defined
by ground geophysics within a 3km-long magnetic anomaly, are being
drill-tested at Ahmavuoma. Three diamond drill holes have been completed
in the Discovery zone (the weakest conductor), where previous drilling
returned “economically interesting” levels of copper-cobalt
and gold mineralisation. One hole intersected disseminated sulphides
throughout its 162m length, with semi-massive sulphides in a 56m
section from 33.7m down hole. Although the mineralisation is predominantly
iron sulphides (pyrite), it is accompanied by smaller amounts of
fine-grained copper sulphide (chalcopyrite), says Tertiary.
The second
hole, on the northern limit of previously drilled mineralisation,
intersected an 18m thick zone of similar sulphides from a down-hole
depth of 47.4m. The third also contained sulphide mineralisation
but with a visibly higher proportion of chalcopyrite, and its location
suggests the mineralisation may be more widespread in this zone
than previous work has suggested. Drilling is now in progress at
the Central and Northwest zones which feature strong conductors
extending over 1km and 2km respectively.
Tertiary
says the mineralisation in all three holes in the Discovery zone
shows characteristics which are typical of IOCG-style deposits.
“We are obviously in a large mineralised system which is showing
broad zones of sulphides”, comments the company. Assay results
from this zone are expected towards the end of April together with
those from till and bedrock percussion drilling at the Vehkavarra
copper-gold project, some 70km south of Ahmavuona and also prospective
for IOCG deposits
Meanwhile,
Tertiary says the results of the first three diamond drill holes
of a 10-hole programme at its Kaaresselkä gold project in Finland,
show gold grades which are low in comparison to those reported by
the Geological Survey of Finland (GTK) in previous drilling. The
possibility that the presence of coarse gold has affected the results
(suggested by poor repeatability in one duplicate sample) is being
investigated, but further conclusion cannot be made at this stage.
“The results lie within the bounds of probability when attempting
to duplicate relatively narrow gold intercepts given the geological
setting”, the company adds.
The diamond
drilling has been completed and no further results will be announced
until the assays for the remaining seven holes become available
at the end of April/early May. A programme of shallow bedrock percussion
drilling is continuing, however, with the objective of testing outlying
targets at Kaaresselkä, including targets not previously tested
by GTK.
At the
company’s Finnish diamond project, a ground magnetic survey
has shown that the previously identified airborne magnetic anomaly
is, in fact, coincident with the limited shallow drilling of previous
operators which intersected kimberlite. However, whilst the ground
magnetic anomaly is small, the kimberlite dyke has a high remnant
magnetism and may therefore be more extensive than suggested by
its associated magnetic anomaly.
In addition,
other less-magnetic kimberlite may also be present, and Tertiary
is therefore planning a drilling programme to test the kimberlite
for diamonds and to map out its extent beneath the glacial till.
Tertiary
also reports further progress towards its objective of securing
external funding for its two tantalum projects. In Saudi Arabia,
discussions are continuing with a potential partner for the Ghurayyah
project, believed to be the world’s largest tantalum deposit,
following the completion by that company of “an exhaustive
12-month due diligence review” of the project. In addition,
a European industrial minerals company with an interest in potential
by-product feldspar, has requested a due-diligence review of the
Rosendal project in Finland.
Further info: Patrick
Cheetham, Executive Chairman, Tertiary Minerals plc. Tel: 01625-626203
Ron Marshman/John Greenhalgh, City of London PR Limited. Tel: 020-7628-5518
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