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Tertiary Minerals PLC - Macclesfield, England-based mineral exploration and development company - Halts Pyramid silver-gold project in Nevada after review of drill results, released on April 13. The company says termination will result in cash savings of over $33,000 in lease and claim fees for the remainder of 2022 and over $75,000 in 2023. It says accumulated costs to be impaired are at £361,379 as at March 31.
Chief Executive Chair Patrick Cheetham says: ‘We are continuing to focus on exploration for copper, the most widely used battery metal. The decision to terminate the Pyramid project in Nevada was made in light of the impressive and recently reported drill results from our Jacks Copper project in Zambia, the reporting of negative drill results from the Pyramid project earlier this year and following a recent review of the company's priorities for expenditure in Nevada and Zambia.’
Tertiary Minerals adds its Brunton Pass copper project's trenching programme will start around July 20.
Current stock price: 0.13 pence, down 0.4%
12-month change: down 57%
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