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(Sharecast News) - Tertiary Minerals announced on Tuesday that its Zambian subsidiary has successfully applied for and been granted a new mineral exploration licence in the Mupala region of the country.
The AIM-traded firm said the licence application, identified as '32139-HQ-LEL', was approved by the Mining Licensing Committee of the Ministry of Mines and Minerals Development.
It said the Mupala Project, located 12 kilometres west of its Mukai Project, holds significant promise for the company.
The newly-approved licence is situated adjacent to and directly east of the joint venture licence block between Anglo American and Arc Minerals, under which Anglo American had the opportunity to earn a 70% interest by investing $88.5m.
Tertiary said the Mupala Project was strategically positioned on the western side of the Kabompo Dome - an area renowned for its potential in the Domes Region of northwest Zambia.
The region had already yielded several productive copper and nickel mines, including the prominent Sentinel mining complex operated by First Quantum Minerals.
Notably, the Mupala Project adjoined Tertiary Minerals' existing Mukai Project, offering additional synergy and potential opportunities.
Covering an area of 41.2 square kilometres, the newly-granted licence encompasses an impressive 15-kilometre strike length of the prospective Lower Roan stratigraphy.
The board said that geological formation had been highly fruitful for the discovery of valuable mineral deposits, further highlighting the significance of the project.
It said the initial term of the exploration licence would span four years, starting from the date of grant.
Tertiary Minerals Zambia's application was accepted on a first-come, first-served basis, surpassing competing applications submitted by various companies, including industry heavyweight Anglo American.
"We are delighted to have secured the approval for this new licence application in such a highly prospective copper producing region and in the face of stiff competition," said executive chairman Patrick Cheetham.
"The licence will be granted following payment of the requisite fees which we expect to do later this week.
"We will then move to submit an environmental project brief to allow a start to exploration and have begun compiling historical exploration data for the licence which will then inform our exploration plans going forward."
At 1243 BST, shares in Tertiary Minerals were up 4% at 0.12p.
Reporting by Josh White for Sharecast.com.
