Tertiary Minerals reports 'encouraging' results from Lucky project

The AIM-traded firm said two magnetic gossan zones were intersected, containing low-grade copper and gold mineralisation.

A total of 4.57 metres was intersected, grading 0.12% copper and 0.12 grams of gold per tonne from 15.24 metres down hole, and another 3.05 metres grading 0.4% copper was intersected from 33.53 metres.

It said there was “highly anomalous” copper, averaging 325 parts per million, over 24.38 metres, from 83.82 metres to the base of the hole.

Geological evaluation of drill samples was ongoing, with a follow-up magnetic survey planned.

“This maiden drill hole has confirmed the occurrence of copper mineralisation in magnetic gossan zones at shallow depth,” said executive chairman Patrick Cheetham.

“The geological setting of the mineralisation is not yet defined but trace element geochemistry suggests the gossans are developed from skarn-style mineralisation, a class of deposit containing a number of large economic copper deposits in Nevada and the adjoining states.

“Detailed evaluation of the drill samples is underway to define the host rock stratigraphy and a magnetic survey is planned to define additional drill targets.”

At 0904 GMT, shares in Tertiary Minerals were down 1.23% at 0.4p.