Aim-listed Tertiary Minerals on Tuesday announced that it had secured exploration rights and an option to purchase a group of claims in the Pyramid mining district of the US state of Nevada.
The company secured a 20-year lease with an option to purchase a group of nine patented mining claims. In addition, the company has staked a further 25 unpatented mining claims adjoining the patents to cover potential extensions along strike.
Patented mining claims are considered as private property under US law and have the advantage that mineral exploration and surface disturbance below five acres can be carried out without permits and, in general, mine permitting is a more straightforward process.
“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,” said MD Richard Clemmey.
The Pyramid district lies at the north-west end of the Walker Lane mineral belt, a major north-west trending structural deformation zone and a highly productive gold-, silver- and copper-producing region which is host to numerous past and currently producing multimillion-ounce epithermal gold deposits as well porphyry copper and porphyry molybdenum deposits.