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Project Focus - Konkola West, Zambia

12 Jan 2023 07:00

RNS Number : 4532M
Tertiary Minerals PLC
12 January 2023
 

 12 January 2023

 

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

 

PROJECT FOCUS - KONKOLA WEST, ZAMBIA

The Company's Konkola West Copper Project in Zambia has been brought into sharp focus by the recent $150 million investment in the adjacent Mingomba Copper Deposit (Lubambe Extension Project) by KoBold Metals, whose shareholders include Breakthrough Energy Ventures, a climate and technology fund founded by Microsoft's Bill Gates and backed by Amazon's Jeff Bezos, and Virgin's Sir Richard Branson, and mining giant BHP (announced at the Biden Administration's 2022 African Leader's Summit).

The Company is therefore releasing a separate "Project Focus" presentation which can now be found on the Company's website at https://www.tertiaryminerals.com/presentations

Konkola West, one of five copper projects in Zambia where Tertiary has an interest, is targeting deep down-dip extensions of the contiguous Musoshi-Lubambe-Mingomba-Konkola copper deposits which host the Musoshi Mine in the Democratic Republic of the Congo and the Lubambe Mine and Konkola mines and concentrators in Zambia. Together these deposits define a continuous zone of mineralisation over 15km long with a pre-mining endowment of over 775 million tons grading 2-3% copper. Konkola West is located approximately 2,000m southwest of the Mingomba deposit which currently has a resource of 250 million tons at 3.8% copper.

The Company's interests in Zambia also include the Jacks Copper Project where the Company completed soil sampling and drilling in 2022 and the Mukai and Mushima North project areas where the Company is working with First Quantum Minerals to evaluate historical data and generate new exploration targets for evaluation in 2023.

The "Project Focus" now released for Konkola West Project is one of a number of such presentations planned for the Company's key exploration projects over the coming weeks.

 

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

+44 (0) 203 470 0470

Harry Davies-Ball

Peterhouse Capital Limited

Joint Broker

Lucy Williams

+ 44 (0) 207 469 0930

Duncan Vasey

 

Additional Information

Background

Tertiary Minerals plc is exploring in Zambia through its local subsidiary Tertiary Minerals (Zambia) Limited ("TMZ") which is 96% owned by Tertiary Minerals plc. TMZ now holds 90% of the Jacks Copper Project with the remaining 10% held by local company and licence holder Mwashia Resources Ltd ("Mwashia"). TMZ holds an option to purchase Mwashia's 10% interest in the Jacks exploration licence for US$3.5 million at any time.

TMZ also holds options to earn up to a 90% interest in four other licences held by Mwashia, namely the Mukai, Mushima North, Lubuila and Konkola West exploration licences. Further details of Tertiary's agreements with Mwashia are given in the Company's news releases of 2 August 2021 and 18 November 2021.

The Mukai and Mushima North licences are covered by a Data Sharing and Technical Cooperation Agreement with First Quantum Minerals Limited ("FQM"). Further details of the Agreement can be found in in the Company's news release of 15 September 2022.

KoBold Metals is a private company whose investors include Breakthrough Energy Ventures, a climate and technology fund founded by Microsoft's Bill Gates and backed by Amazon's Jeff Bezos and Virgin's Richard Branson, and mining giant BHP.

The Mingomba (Lubambe Extension) Deposit is being evaluated in conjunction with property owners EMR Capital/ZCCM which operate the Lubambe Mine and concentrator. Tertiary does not have any beneficial or economic interest in the Mingomba Copper Deposit.

 

Notes:

Sources for quoted grade/tonnages:

United States Geological Survey, 2010. Scientific Investigations Report 2010-5090. Descriptive Models, Grade-Tonnage Relations, and Databases for the Assessment of Sediment-Hosted Copper Deposits - With Emphasis on Deposits in the Central African Copperbelt, Democratic Republic of the Congo and Zambia.

Stacey, J. 2020. Deep Exploration at the Lubambe Extension, Mwale Symposium.

 

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.Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained within this announcement is of a non-regulatory nature. Reach announcements are identified with an orange label and the word “Reach” in the source column of the News Explorer pages of London Stock Exchange’s website so that they are distinguished from the RNS UK regulatory service. Other vendors subscribing for Reach press releases may use a different method to distinguish Reach announcements from UK regulatory news.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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NRASFSFWFEDSEIF
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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