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Exploration Update – Zambia

10 Aug 2023 07:00

RNS Number : 8519I
Tertiary Minerals PLC
10 August 2023
 

10 August 2023

*

Tertiary Minerals plc

("Tertiary" or "the Company")

Exploration Update - Zambia - Soil Sampling Programme Commences

 

Following the receipt of forest permits announced on 31 July 2023, Tertiary Minerals plc (AIM: TYM), is pleased to announce the start of soil sampling and to provide the following update on its Zambian copper exploration projects.

 

Key Point Summary:

 

Konkola West Project

· Interpretation of airborne geophysical data provided by KoBold Metals has now identified areas in the north and northwest of the licence where the target Lower Roan formation - the main host to copper mineralisation on the Zambian Copperbelt - may be shallower and less steeply dipping than on the eastern side of the licence.

 

· Soil sampling is now underway to explore higher up in the sequence with approximately 260 soil samples due to be collected over the next few days. Soil samples will be analysed in the field using a portable XRF ("pXRF") analyser and follow up infill sampling will be carried out as appropriate.

 

· Konkola West lies immediately west of the Konkola-Lubambe-Musoshi copper mining licences and potentially contains downdip extensions of the laterally continuous Lower Roan ore shale horizon on the east side of the licence.

 

Mukai Project

· Soil sampling will commence at Mukai immediately after completion of work at Konkola West.

 

· Mukai adjoins First Quantum Minerals' ("FQM") Trident Project licences which include the large Sentinel copper mine and the recently opened Enterprise nickel mine.

 

· Approximately 310 soil samples will be collected on a 300m x 100m grid with additional infill sampling to test a historic soil anomaly in favourable stratigraphy along strike of FQM's Tirosa Prospect where FQM has drilled up to its licence boundary with Mukai.

 

Mushima North Project

· Mushima North is located east of the high grade Kalengwa Copper Mine and numerous targets have been identified for both iron-oxide-copper-gold ("IOCG") mineralisation and conventional Copperbelt style mineralisation.

 

· Soil sampling at Mushima North is currently scheduled to follow on from that at Mukai. Approximately 1,150 samples will be collected on 200 x 200m grids in three main target areas.

 

Lubuila Project

 

· Further to the announcement of 17 May 2023 the Company has now completed check analysis of soil samples collected earlier in the field season at Lubuila as well as an evaluation of multi-element geochemistry.

 

· Copper results have confirmed the previously reported anomalous copper results from Area C. However, the interpretation of multi-element analytical results suggests that the anomalous results are likely the result of lateritic enrichment rather than indicative of significant in-situ copper mineralisation.

 

 

Commenting today, Executive Director Patrick Cheetham said:

"Our strategy remains unchanged. Following the completion of these soil sampling programmes we will be in a position to prioritise areas for follow up drilling alongside the Jacks Copper Project where we completed extensive soil sampling at the end of the 2022 field season and a preliminary drill programme."

"We believe that our licence portfolio in Zambia is amongst the most prospective held by any listed junior explorer in Zambia and our data-sharing and technical cooperation agreement with FQM on the Mukai and Mushima North Projects is an additional differentiator. Despite this we trade at a significant discount to those peers. Now that we have received the necessary permits and work is once again underway, we expect to see an increase in news flow and look forward to updating shareholders with our progress."

 

 

Further information on the projects discussed in this news release can be found on the Company website www.tertiaryminerals.com

 

Separate project presentations can also be found on the Company website for each of the Konkola West, Mukai and Mushima North Copper Projects.

 

 

 

For more information please contact:

Tertiary Minerals plc:

Patrick Cheetham, Executive Chairman

+44 (0) 1625 838 679

SP Angel Corporate Finance LLP - Nominated Adviser and Broker

Richard Morrison/Harry Davies-Ball

+44 (0) 203 470 0470

Peterhouse Capital Limited - Joint Broker

Lucy Williams/Duncan Vasey

+ 44 (0) 207 469 0930

 

Market Abuse Regulation

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

 

 

Notes

1. A pXRF or portable X-ray fluorescence analyser is a hand-held instrument which provides multi‑element analytical results outside of a laboratory setting. XRF analysis operates by bombarding the sample with X-rays which induces the emission of secondary X-rays exhibiting the energy characteristics of the constituent elements within the sample. pXRF analysers provide real-time analysis and allows immediate follow-up sampling therefore increasing productivity and reducing cost associated with additional mobilisation. pXRF analysers cannot be used as a direct replacement for traditional laboratory-based analysis as the sample is not subjected to rigorous sample preparation and is therefore considered indicative.

 

2. The information in this release has been compiled and reviewed by Mr. Patrick Cheetham (MIMMM, MAusIMM) who is a qualified person for the purposes of the AIM Note for Mining and Oil & Gas Companies. Mr. Cheetham is a Member of the Institute of Materials, Minerals & Mining and also a member of the Australasian Institute of Mining & Metallurgy.

 

3. The news release may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company's proposed strategy, plans and objectives or to the expectations or intentions of the Company's directors. Such forward-looking statements involve known and unknown risks, uncertainties, and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. 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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UPDFLFLRTTIAIIV
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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