RE: Mkt Cap Versus potential9 Sep 2025 13:00
Exactly, great article for TYM in the Daily Mail today, pasted below:
"There is more to Tertiary Minerals than meets the eye. Certainly, far more than its current, bargain-basement valuation would suggest.
There is the investment currently committed by joint venture partners, which is worth several multiples of that market capitalisation. And the jurisdiction of some of its most promising assets: the heart of Zambia’s copper belt. There is also the spread of projects, with potential ‘sleepers’ in Nevada and Sweden. Small it might be. Boring, it certainly isn’t, with plenty of news flow expected before Zambia’s rainy season sets in towards the tail end of the year.
When I caught up with managing director Richard Belcher he describes Tertiary as a ‘project generator’, a nod to former employer Altus Strategies, which specialised in finding, exploring and developing virgin ground before leaving mining to specialists. You get a whiff of that approach with the Mukai and Konkola West projects, both in the Zambian copper belt and joint-ventured with First Quantum Minerals and KoBold Metals.
The likely near-term driver will be Mushima North, around 20 kilometres from the Kalengwa Mine, now being brought back into production by Moxico Resources. That proximity could prove useful later in Mushima’s life, particularly if it is developed as a low-cost open pit with ore shipped for toll milling. For now, Mushima, and the A1 target in particular, must deliver on early promise. Initial drilling, less than 1,500 metres, already uncovered exciting results: one hole hit 66 metres grading 26 grams per tonne of silver, with 0.13 per cent copper and 0.26 per cent zinc starting just 13 metres down. Many holes ended still in mineralisation at around 100 metres deep, with the zone stretching over 250 metres wide.
Last month, Tertiary completed a second pass on A1. And the first results have been more than encouraging. Included in a data batch released last week were the project’s highest grades to date, with one hole yielding 73 metres at 32 grams per tonne silver, peaking at 223 g/t, alongside copper grades of just over 1 per cent Crucially, geologists were able to determine that A1’s mineralisation now extends 225 metres further north than previously mapped.
While the company has yet to determine the precise geometry of the mineralisation, Belcher said the width and grades are comparable with silver deposits that are mined using open-pit methods elsewhere in the world. Follow-up lab results and metallurgical tests are expected in the coming weeks.
The latest drilling data will help define an exploration target at A1, with further drilling needed for a maiden resource estimate. The speed at which samples are reviewed and the onset of the rainy season will decide when the next campaign begins. Alongside this, Tertiary can draw on historic data from First Quantum and BHP"...
Good luck, Brighty
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