Vancouver, BC, Feb. 16, 2022 (GLOBE NEWSWIRE) -- First Tellurium Corp. (CSE: FTEL) (the “Company” or “First Tellurium”), has assembled an impressive roster of geologists to continue exploration of its Deer Horn property in central British Columbia. Multiple senior geologists together with geology graduate students from the University of British Columbia (“UBC”) will participate in the Company’s planned 2022 exploration program.
In 2018, a positive Preliminary Economic Assessment (PEA) of the Deer Horn property was completed on 20% of the known zone in order to gauge the viability of the economics of the property. The professionals who completed the PEA described the property as having robust economic potential.
In fact, the PEA indicated a 1.6 year payback (42% IRR after tax) based on metal prices of $1300/oz Au, $17/oz Ag and $100/Kg Te. Since then, these precious metals values have risen to the point that if current values were applied to this 2018 PEA, the economic feasibility of the property would be even more compelling.
The 2022 exploration will involve a drill program on the high-grade Au/Ag/Te zone to extend the size of the known mineralized zone which was established in prior drill campaigns as being 2.4Kms (1.5 Mi) in length and open in 3 directions.
Current with the planned drill program, our geologists will explore other areas of our polymetallic property in order to analyse their potential.
Leading the team of geology students is Professor Lee A. Groat, Ph.D., P.Geo. Professor Groat graduated from Queen’s University with a B.Sc. (Honours, Geology) in 1982 and from the University of Manitoba with a Ph.D. in 1988. During 1988 -1989 he was a NATO Postdoctoral Fellow at Cambridge University.
In 1999, he was awarded the Young Scientist Medal of the Mineralogical Association of Canada and in 2002 he received a Killam Prize for Excellence in Teaching. He is a past editor of American Mineralogist and a current co-editor of Canadian Mineralogist. In 2009, the new mineral groatite, NaCaMn2+2(PO4)[PO3(OH)] 2, was named in his honour.
Since 2007, Professor Groat has been Director of the Integrated Sciences at UBC, a program for the top students in science that allows them to customize their degrees.
"I have been interested in the Deer Horn property for some time because of the number of elements of economic interest and different mineralization styles in a relatively compact area,” stated Professor Groat. “The opportunity to work on the property along with some of my graduate students presents a unique exploration event for us and First Tellurium.”
Senior geologist Bob Lane, M.Sc., P.Geo., will also participate in site work and guide Professor Groat and his team of students. Bob is familiar with Deer Horn and co-authored the Company’s NI-43-101 technical report on the preliminary economic assessment of the gold-silver-tellurium property in 2018.
The Company’s Chairman Tony Fogarassy will also work the Deer Horn property. He is a senior geologist and was head of his graduating class and gold medalist, geological sciences, at the University of British Columbia. He also graduated with a law degree from UBC and holds an LLM in international law from The London School of Economics and Political Science (LSE). He has 25 years of legal and management experience with energy and natural resources projects globally and in B.C. and Alberta.
Tony’s entire list of achievements, accomplishments and executive positions over the past decades are too numerous to list. Currently, he is Founder and Executive Chairperson of Alpha Helium Inc., the Chief Executive Officer of Cheona Metals Inc., the Chairperson of Stuhini Exploration Ltd., and Principle at the Dunbar Law Corporation in Vancouver, to mention a few. He is also heavily involved in working with First Nations to achieve social and economic independence through the exercise of their inherent rights and title to mineral resources on their ancestral lands.
Both Bob Lane and Tony Fogarassy will help direct Professor Groat and his team toward meeting the planned geology work schedule on the property for 2022.
“We anticipate a large body of work to be completed on the Deer Horn property in 2022 with the assistance of many seasoned and new geologists,” explained Tyrone Docherty, CEO of First Tellurium. “The unique polymetallic structure of the property is a geologists playground. We are pleased to have such keen interest from multiple industry veterans and UBC graduate students. The work this year should re-confirm the historic high grade mineralization of the main Au/Ag/Te zone and expand the size of target areas. This information is expected to provide additional confidence in the economic potential of the Deer Horn property.”
What is Tellurium (Te)
Tellurium is a naturally occurring element found in the earth's crust, but is extremely rare.
The largest use of tellurium (Te) in the past decade or more has been in the manufacture of thin-film photovoltaic solar panels. Tellurium, along with cadmium, is an essential component of the thin photovoltaic layer which generates the electricity from solar radiation.
Increasingly used in thermoelectric devices, including solar panels. Tellurium is also used in vulcanization of rubber, percussion caps, battery plate protectors and electrical resistors.
About First Tellurium Corp.
First Tellurium’s unique business model is to generate revenue and value through mineral discovery, project development, project generation and cooperative access to untapped mineral regions in Indigenous territory with sustainable exploration.
Our polymetallic (tellurium, gold, silver copper, tungsten) Deer Horn Project in British Columbia and Klondike tellurium-gold property in Colorado anchor a diversified search for metals, working in alliance with Indigenous peoples, NGOs, governments and leading metals buyers. This is the future of mineral exploration: generating revenue by exploring responsibly and leveraging diverse partnerships.
First Tellurium proudly adheres to and supports the principles and rights set out in the United Nations Declaration on the Rights of Indigenous Peoples and in particular the fundamental proposition of free, prior and informed consent.
On behalf of the board of directors of First Tellurium Corp. “Tyrone Docherty” Tyrone Docherty President and CEO | For further information please contact: Tyrone Docherty 604.789.5653 tyrone@firsttellurium.com |
Neither the Canadian Securities Exchange nor its regulations services accept responsibility for the adequacy or accuracy of this release.
Forward-looking information
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company’s control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated event.
