Tertiary Minerals PLC - mineral exploration and development in the US state of Nevada and in northern Europe - Says it has entered into an option agreement with Mwashia Resources Ltd to acquire up to a 90% interest in five copper exploration licenses in Zambia.
Tertiary said its 96%-owned subsidiary Luangwa Minerals Ltd may earn an initial 51% stake in the 27069-HQ-LEL copper license by spending USD50,000 on exploration in the year after environmental permits are approved, and will pay USD30,000 to the license owner Mwashia on signing of the joint venture agreement.
Further, Luangwa may earn a total 90% interest by spending a further USD100,000 over 18 months from signing the joint venture agreement. Luangwa will initially pay USD1,500 towards the costs of the environmental project brief, and USD10,000 to Mwashia on approval of the permit.
Chair Patrick Cheetham said: "We are delighted to have secured this option agreement with Mwashia over five large exploration licences covering over 1,500 square km. This agreement is primarily aimed at the Jack's Licence but gives us an exclusive six-month investigation period and the right to enter into option agreements on the same fixed terms over a further four licences that were selected by Mwashia on the basis of their prospective geology and historical exploration results.
"The results of historic exploration and drilling on the Jack's Licence Copper Prospect suggest a multi-kilometre copper mineralised trend that warrants further exploration".
Current stock price: 0.29 pence
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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Tertiary Minerals (TYM)