Tertiary Minerals invests in promising Pyramid Mining District of Nevada

Tertiary Minerals has secured exploration rights and an option to purchase a group of claims in the Pyramid Mining District of Nevada, it announced on Tuesday.

The AIM-traded firm said the project was located 25 miles north west of the city of Reno, and was “easily accessible” by sealed highway.

It said a 20-year lease had been secured over group of nine patented claims, with option to purchase subject to underlying royalties.

An additional 25 mining claims had been staked to cover additional targets along the strike.

The acquisition was located in the “productive” Walker Lane porphyry copper and epithermal gold belt, with limited historical exploration between 1989 and 1990 having defined a priority epithermal vein drill target.

Drill hole PYR 9 had intersected visible gold, and assayed 1.52m grading at 17.8 grams per tonne of gold from 94.5m down hole.

That hole ended in 1.52m grading at 2.6 grams per tonne of gold at 115.8m depth, and was the only drill hole to effectively test a cohesive 750m long open-ended gold-mercury-arsenic soil geochemical anomaly.

Tertiary said the claims contained a number of untested epithermal veins and stockwork target zones, with 43 widespread surface samples assayed up to 7.27 grams per tonne of gold, and averaged 1.3 grams per tonne of gold.

The board noted that the state of Nevada was the fifth largest gold producer in world, with 5.6 million ounces of gold produced in 2017, and 169.1 million ounces gold produced between 1835 and 2018.

It was ranked the number one most desirable mining jurisdiction in the world by The Fraser Institute.

“We are delighted to have acquired an interest in the Pyramid Project,” said Tertiary Minerals managing director Richard Clemmey.

“Projects with high-grade gold results in drilling that have not already been followed up are hard to find in Nevada.

“This acquisition follows the staking of the Paymaster Project earlier this year and is in line with our strategy to build a new project portfolio which will enable the company to reduce its future geographical, technical, permitting and commodity risk exposure and provide long-term shareholder value.”