Business
Drilling Commences
Drilling Commences.
About this update from Tertiary Minerals Plc
[{"type":"text","content":"\n RNS Number : 3794T Tertiary Minerals PLC 28 September 2010 \n\n \n \n \nTertiary Minerals plc\nwww.tertiaryminerals.com\n(\"Tertiary\" or \"the Company\")\n \n28 September 2010\n \n DRILL PROGRAMME TO START AT STORUMAN PROJECT\nProgramme aims to define JORC Indicated and Inferred Mineral Resources\n \nTertiary Minerals plc, a diversified mineral explorer and developer building a significant strategic position in the fluorspar sector, is pleased to announce that it has signed a contract for a major resource definition drilling programme at its 100% owned Storuman fluorspar project in Sweden. \n \nKey points:\n \n· Two drill rigs to be mobilised for six week programme\n \n· 44 diamond holes to be drilled over area of 1.8 square kilometres including step out holes to test for extensions of open pittable fluorspar mineralisation \n \n· Primary objective to define JORC classified Indicated and Inferred Mineral Resources \n \n· Drilling will also generate samples for further metallurgical development, and\n \n· Fluorspar supply shortages predicted by European Commission.\n \n \nToday's announcement follows the release in July of the positive results of a technical and economic scoping study for the development of the 100% owned Storuman fluorspar project and the subsequent announcement of the acquisition of a second fluorspar project at Lassedalen in Norway. Fluorspar is an essential raw material in the chemical, steel and aluminium industries. The European Commission has named fluorspar as one of its 14 'critical mineral raw materials' as fears over supply grow.\n \nThe Storuman scoping study generated a base-case project producing over 100,000 tonnes of fluorspar/year over an 18 year open-pit mine life with a capital payback of less than three years and pre-tax NPV's in the range US$33-104 million.\n \nThe resource definition drill programme will start next week and will be carried out by Protek Norr AB using two diamond drill rigs. It is expected to last for six weeks and assay results will become available in batches over the next 12 weeks. A total of 44 holes are planned, the majority of which will be drilled on a...