TERTIARY MINERALS – MINERAL RESOURCE ESTIMATE – LASSEDALEN FLUORSPAR PROJECT
Tertiary Minerals plc, a diversified mineral explorer and developer building a significant strategic position in the fluorspar sector, is pleased to announce a substantial maiden, JORC compliant, Mineral Resource Estimate for its Lassedalen fluorspar project in Norway.
- JORC Inferred Mineral Resource - 4 million tonnes grading 25% Fluorite (CaF2) containing 1 million tonnes of Fluorite.
- Company's total JORC Mineral Resources increased by 34% to 3.8 million tonnes contained Fluorite (CaF2) across its two fluorspar projects (Storuman, Sweden & Lassedalen).
- Resource Estimate cut-off grade based on mine-gate fluorspar price of US$350/tonne fluorspar - some US$200 below current prices.
- Lassedalen fluorspar deposit remains open to expansion at depth and along strike.
Commenting on today's news, Patrick Cheetham, Executive Chairman, said "We are very pleased to announce this significant increase to the Company's JORC classified Mineral Resource base. The definition of a robust maiden Mineral Resource at Lassedalen gives Tertiary a firm basis to progress scoping and feasibility studies for this, the Company's second European fluorspar project, and further supports our ambition to become a major supplier of fluorspar in Europe."
Fluorspar is the name given to a commercial concentrate of the mineral fluorite (CaF2). It is an essential raw material in the chemical, steel and aluminium industries. Tertiary now controls JORC Minerals Resources totalling nearly four million tonnes of fluorspar across its two Scandinavian projects.