Tertiary Minerals PLC said it has gained control of high potential palladium-platinum areas in the county of Finnmark in northern Norway after signing a deal with the county council to acquire 12 pre-claims covering the Porsvann and Karenhaugen platinum group metals (PGM) prospects.
Under the deal, Tertiary must pay 14,000 stg and a net smelter returns royalty of 1.25 pct on any production from the 45 pre-claims (Blocks A and B) that cover and surround the Porsvann and Karenhaugen prospects.
The company said it has built up land holdings in the surrounding area, which also contain PGM prospective ultramafic intrusions. In its most recent quarterly report the company announced that it had been granted 179 pre-claims in 10 blocks. Two of these blocks overlap and surround the pre-claims held by Finnmark county council, which will be surrendered to give first priority to the company's pre-claims.
Tertiary said the drilling results at Porsvann and Karenhaugen highlight the potential of the several other ultramafic intrusions which occur within the company's pre-claims, none of which have been evaluated for their PGM potential.