Tertiary Minerals PLC
29 July 2005
Tertiary Minerals plc.
QUARTERLY REPORT ON EXPLORATION ACTIVITIES
FOR THE PERIOD ENDED 30 JUNE 2005
This report gives details of significant corporate developments and the results
of exploration work carried out by Tertiary Minerals plc ("Tertiary Minerals" or
"the Company") during the quarter ended 30 June 2005 and up to the date of this
Sunrise Diamonds plc
As previously reported, in February 2005 Tertiary Minerals plc re-organised its
diamond interests in Finland into a newly incorporated, wholly owned subsidiary,
Sunrise Diamonds plc ("Sunrise Diamonds"). Subsequently Sunrise Diamonds issued
40,000,000 shares at 1p per share through an Entitlement Offer of up to
23,210,547 new Ordinary Shares to eligible Tertiary Minerals shareholders and by
utilising an over-subscription facility.
On 6 June Sunrise Diamonds made a further placing of 15, 375,000 shares at 2p
and all of the issued share capital was admitted to trading on AIM. Since
admission, Sunrise Diamonds has made two announcements advising :
* the commencement of exploration programmes including ground magnetic
surveys and till sampling programmes
* the finding of Kimberlite Indicator Minerals (KIMs) associated with a
number of magnetic anomalies with kimberlite-like signatures
Sunrise Diamonds shares continue to trade at a premium to the last issue price.
Tertiary Minerals currently holds 20,000,000 shares in Sunrise Diamonds (26.53%
of the issued capital) with a market value at close yesterday of #600,000.
BASE METAL PROJECTS
Nottrask Nickel Project
Sweden - Tertiary Minerals 100%
During the quarter a detailed Slingram electromagnetic survey was completed to
follow up results from a large loop transient electromagnetic (TEM) survey
across the Central Zone of the Nottrask mafic intrusive which identified a
total of nine, closely spaced, near-surface conductors and one deeper conductor,
interpreted to indicate massive-sulphide mineralisation. The Slingram
geophysical survey confirmed conductors with individual thickness up to 60m,
possibly comprising multiple stacked massive sulphide lenses, on three distinct
horizons within a strike length of 750m.
Drilling of up to five holes was originally planned. The first drill hole
intersected multiple narrow (10cm and less) bands of massive sulphides,
dominantly pyrrhotite, within a 50m wide zone. Preliminary assays results of
massive sulphide intervals returned low nickel and copper values but elevated
values in platinum and gold and, as a result, a decision was taken to defer the
remainder of the drill programme until more comprehensive assaying of the first
hole could be carried out and the target re-interpreted. Core sampling has been
completed and assays are awaited.
Ghurayyah - Tantalum
Saudi Arabia - Tertiary Minerals 100%
During the quarter a number of meetings were held in Saudi Arabia with parties
interested in funding further feasibility studies on the Company's world-class
Ghurayyah tantalum-niobium project. As a result detailed negotiations are taking
place with a number of parties who have completed, or are completing, due
diligence data reviews.
The Company has an ongoing project generation programme and holds various claims
and claim reservations on targets where reporting is not made until significant
results are obtained, or until expenditure reaches a significant level.
Various prospecting programmes are planned over the summer on these projects,
including at Kalkinnen, a new prospect in Finland, where recent reconnaissance
(grab) sampling on a new prospect has returned assays such as 2.3% copper with
3.4 g/t Pd+Pt+Au, and 0.3% copper with 3.2 g/t Pd+Pt+Au.
Patrick Cheetham 29 July 2005
For further information please contact:
Patrick Cheetham, Executive Chairman, Tertiary Minerals plc.
Tel:+44 (0) 1625-626203
Ron Marshman/John Greenhalgh, City of London PR Limited.
This information is provided by RNS
The company news service from the London Stock Exchange