Fluorspar explorer Tertiary Minerals has produced a significant fluorspar resource from limited drilling at its MB project in Nevada.
The grade is relatively low but there is scope for a much larger resource. The JORC compliant indicated and inferred mineral resource of 38.4m tonnes grading 10.4% fluorspar at an 8% cut-off. Metallurgical test work has started on the samples.
The contained fluorspar in all three of Tertiary’s projects has more than doubled to 7.8m tonnes. Further drilling should increase the size of the resource in all directions and could discover higher grade fluorspar closer to the source of mineralisation.
At 9.38p a share, down 1.25p, Tertiary is valued at £15.5m.
Tertiary has a £10m equity finance facility with Darwin Strategic and in April it has raised £167,000 from Darwin at 12p a share. This is the third draw down from the facility - £150,000 was raised at 7.5p a share in February 2014 and £158,000 at 6.0783p a share in December 2012.
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