Last checked at 16 Apr 2024 14:00
16 April 2024
Tertiary Minerals plc ("Tertiary" or "the Company")
DRILLING - KONKOLA WEST COPPER PROJECT, ZAMBIA
Further to its announcement of 9 April 2024 regarding the receipt of various consents for its earn-in agreement with a subsidiary of KoBold Metals Company ("KoBold") and local partner Mwashia Resources Ltd, the Company is pleased to announce that drilling is now underway at the Konkola West Copper Project in Zambia.
Further Information:
Tertiary Minerals plc: | |
Patrick Cheetham, Executive Chairman | +44 (0) 1625 838 679 |
SP Angel Corporate Finance LLP Nominated Adviser and Broker | |
Richard Morrison | +44 (0) 203 470 0470 |
Caroline Rowe | |
Peterhouse Capital Limited Joint Broker | |
Lucy Williams | + 44 (0) 207 469 0930 |
Duncan Vasey | |
Background Information
The Konkola West Project comprises Exploration Licence 27067-HQ-LEL which covers 71.9 sq. km. and is located 18km northwest of Chingola in the Central African Copperbelt.
The Konkola West Project is targeting projected deep down-dip and along-strike extensions of the contiguous Lubambe-Mingomba-Konkola copper deposits to the east of the Licence and which extend north into the Musoshi mining complex in the Democratic Republic of the Congo. Together these deposits comprise a 15 kilometres long continuous zone of mineralisation that contained a pre-mining endowment of over 775 million tonnes grading 2-3% copper. Konkola West, is located approximately 2,000 metres southwest of the Mingomba deposit, which lies between the Konkola and Lubambe mines, and has historic resource estimates with around 9 million tonnes of contained copper.
The Company's other interests in Zambia include the Jacks Copper Project, where the Company completed soil sampling and drilling in 2022 and where further drilling is now warranted, and also the Mukai and Mushima North project areas which are subject to a data sharing and technical cooperation with First Quantum Minerals. Recent soil sampling at Mukai and Mushima North has recently defined a number of large copper-in-soil anomalies.
The Company also owns a portfolio of base metal and precious metal projects in Nevada, USA and a fluorspar deposit in Sweden.
Mwashia Resources is a private Zambian company and the Company's partner in the Konkola West, Jacks, Mukai and Mushima North Projects (see announcement dated 26 February 2024).
KoBold Metals is a US-based, privately held, mineral exploration company that couples geoscience, data science, machine learning, and artificial intelligence to search for the critical minerals needed for the clean energy transition and to accelerate growth in electric vehicles. KoBold is backed by technology investors including Breakthrough Energy Ventures (initiated by Bill Gates) and Silicon Valley venture capital firm Andreessen Horowitz, as well as institutional investors such as T. Rowe Price and Canadian Pension Plan Investment Board.
For further information on KoBold and its activities in Zambia see
https://koboldmetals.com/