Tertiary Minerals plc (LON:TYM) has revealed it is in advanced discussions regarding acquisition opportunities in the fluorspar and industrial minerals sector in a corporate and operational update today.
In the statement, Tertiary’s managing director, Richard Clemmey said: “Management is also focused on acquisition opportunities in the fluorspar and industrial minerals sector. Advanced discussions and technical due diligence are in progress and we look forward to releasing further news in due course."
Commenting on current operations, Clemmey added: “Metallurgical testwork at the MB project in Nevada is progressing and is aimed at producing a commercial grade mica product alongside commercial grade acid-spar.”
The AIM-listed company is developing its three key fluorspar assets - in Sweden, Norway, and Nevada in the US - where more than 13mln tonnes of contained fluorspar (CaF2 %) has been defined, JORC classified Indicated and Inferred.
Looking at its operations, the group said re-assessment process of its Exploitation (Mine) Permit by the Swedish Mining Inspectorate is progressing, while in Norway the seasonal environmental testwork required as part of the due diligence for the purchase of land and old fluorspar mine workings from Hydro has been completed by Niva and data review now underway.
Tertiary also noted that the 83,072 shares the company received as part consideration for its sale of a stake in the Aurion Resources Finnish gold project have increased in value from £85,000 to more than £140,000, based on current mid-market price and exchange rates.