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Drilling Update, Konkola West Copper Project

21 May 2024 07:00

RNS Number : 1646P
Tertiary Minerals PLC
21 May 2024
 

 

21 May 2024

 

Tertiary Minerals plc ("Tertiary" or the "Company")

 

DRILLING UPDATE, KONKOLA WEST COPPER PROJECT

The Company is pleased to provide the following drilling update for the Konkola West Copper Project in Zambia.

The first hole at the Konkola West Copper Project, hole number KWDD001, being drilled as part of an earn-in agreement with a subsidiary of KoBold Metals Company ("KoBold") and local partner Mwashia Resources Ltd, was recently reported by KoBold to be at a depth of 1,023m down-hole and continuing.

The target of this drillhole is the ore-shale which hosts the copper mineralisation at the Konkola-Lubambe copper mines and the nearby Mingomba deposit. KoBold has reported that a number of expected key marker horizons have been intersected in the hole that are consistently seen in the stratigraphy above the ore-shale in these deposits.

Given the known lateral variations in the thickness of individual stratigraphic units in this area it is not yet possible to predict with any certainty the depth at which the ore-shale might be encountered, though the Company estimates that drilling of KWDD001 will continue until mid-June 2024 with assay results to follow after that. However, drilling could take longer, or be completed sooner, depending on the thickness of the stratigraphic units yet to be drilled, as well as drilling conditions.

Patrick Cheetham, Executive Chairman of Tertiary Minerals plc said:

"We are delighted with the level of technical detail being provided to the Company by KoBold on an ongoing basis and we are encouraged to see the known mine stratigraphy marker horizons present in this hole. I was fortunate to be on site in the early stages of this drillhole. KoBold is investing heavily in new facilities in the area for its Mingomba Project and is dedicating substantial financial and technical resources to make the drilling of the Konkola West Copper Project a success."

 

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

 

 

Glossary of Technical Terms

Marker horizon - a stratigraphic unit commonly found over a wider geographical area than other stratigraphic units and which, despite its presence in separate and otherwise unconnected geographic locations, has common and distinctive characteristics that define an equivalent age and common origin for that stratigraphic unit at each location. 

Stratigraphic unit - a layer of rock of identifiable origin and relative age range that is defined and mapped by the dominant features that characterise it.

Stratigraphy - a branch of geology concerned with the study of rock layers (strata) and layering (stratification). It is primarily used in the study of sedimentary and layered volcanic rocks. Also a term, used loosely as in this case, to describe a grouping of successive stratigraphic units.

 

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-kilometre 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 planned, 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 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.

 

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
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Date   Source Headline
21st Jun 20248:53 amRNSDRILLING UPDATE, KONKOLA WEST COPPER PROJECT
10th Jun 20247:00 amRNSMupala Copper Project, Zambia
6th Jun 202410:53 amRNSUpdate – Agreement with Mwashia
29th May 202410:42 amRNSHalf-Yearly Report 2024
21st May 20247:00 amRNSDrilling Update, Konkola West Copper Project
9th May 20247:00 amRNSMupala Copper Project Update
2nd May 20247:00 amRNSExploration Update – Brunton Pass Project, Nevada
16th Apr 20242:00 pmRNSDrilling - Konkola West Copper Project, Zambia
9th Apr 20249:48 amRNSDrill Start - Konkola West Copper Project, Zambia
29th Feb 20247:00 amRNSTotal Voting Rights
26th Feb 20247:00 amRNSAgreement with Mwashia Resources
15th Feb 20242:31 pmRNSGrant of Warrants
15th Feb 20249:41 amRNSComplete Results of AGM
14th Feb 20242:19 pmRNSResult of AGM
6th Feb 20241:58 pmRNSUpdate: KoBold's New Mingomba Copper Discovery
18th Jan 202410:00 amRNSAnnual Report & Notice of Annual General Meeting
15th Jan 202410:15 amRNSAudited Results for Year Ended 30 September 2023
19th Dec 20239:20 amRNSCompany Presentation via Investor Meet Company
19th Dec 20237:00 amRNSEarn-In Agreement - Konkola West Project, Zambia
30th Nov 20237:00 amRNSKonkola West Copper Project, Zambia
6th Nov 20237:00 amRNSProject Update, Zambia
1st Nov 20237:00 amRNSPlacing to raise £150,000
16th Oct 20237:00 amRNSNew Soil Sampling Results - Mushima North, Zambia
5th Oct 20237:00 amRNSFirst Soil Sampling Results - Mushima North
25th Sep 20237:00 amRNSTerm Sheet for Agreement - Konkola West, Zambia
12th Sep 202310:04 amRNSProvisional Soil Sampling Results - Mukai Project
7th Sep 20237:00 amRNSGovernment Decision - Storuman Project, Sweden
6th Sep 20237:00 amRNSGovernment Decision - Storuman Project, Sweden
24th Aug 20237:00 amRNSUpdated Company Presentation
10th Aug 20237:00 amRNSExploration Update – Zambia
3rd Aug 20233:09 pmRNSUK Government Press Release Supports Zambia Growth
31st Jul 20237:00 amRNSForest Permits Received - Mukai & Mushima North
13th Jun 20237:00 amRNSNew Exploration Licence – Zambia
6th Jun 20237:00 amRNSExploration Update - Konkola West, Zambia
1st Jun 20237:00 amRNSProject Focus – Mushima North Project, Zambia
30th May 20232:40 pmRNSHALF-YEARLY REPORT 2023
17th May 20232:02 pmRNSExploration Update – Lubuila Copper Project
28th Apr 20237:00 amRNSAnalytical Results - Mushima North Copper Project
20th Apr 202310:00 amRNSExploration Update – Lubuila Copper Project
13th Apr 20232:45 pmRNSPlacing to raise £250,000
5th Apr 202310:30 amRNSProject Focus - Mukai Project, Zambia
9th Mar 202311:05 amRNSSecond Price Monitoring Extn
9th Mar 202311:00 amRNSPrice Monitoring Extension
17th Feb 20233:52 pmRNSGrant of Warrants
16th Feb 202311:39 amRNSResult of AGM
16th Feb 20237:00 amRNSChairman’s AGM Statement
14th Feb 20233:46 pmRNSHolding(s) in Company
3rd Feb 20238:20 amRNSPlacing to raise £300,000
18th Jan 20237:00 amRNSPositive Lab Results, Jacks Copper Project, Zambia
16th Jan 20237:00 amRNSEPB Approved Mushima North Copper Project, Zambia

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