Tertiary Minerals plc said it had terminated its Pyramid silver-gold project in Nevada, USA.
PRIORITIES
The move comes after drilling earlier in the year, which failed to show significant results at the North Ruth target.
Executive chairman Patrick Cheetham added that decision followed positive results from Jacks copper project in Zambia and a company review of priorities for expenditure in Nevada and Zambia.
The company said it also had other project priorities.
FINANCES
Termination of the project will result in cash savings of more than US$33,000 in lease and claim fees for the remainder of 2022 and more than $75,000 in 2023.
Accumulated costs to be impaired were £361,379 as at 31 March 2022.