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Pin to quick picksTertiary Minerals Regulatory News (TYM)

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Project Focus - Mukai Project, Zambia

5 Apr 2023 10:30

RNS Number : 4722V
Tertiary Minerals PLC
05 April 2023
 

 5 April 2023

 

 

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

 

PROJECT FOCUS - MUKAI COPPER-NICKEL PROJECT, ZAMBIA

 

The Company's Mukai Copper-Nickel Project is located in the Domes region of the Zambian Copperbelt, a region home to three major copper mines - Sentinel and Kansanshi (both owned by First Quantum Minerals "FQM") and Lumwana (owned by Barrick) which together have reserves and resources of over 2.7 billion tonnes averaging 0.55% copper and annual production of over 550,000 tonnes of refined copper.

Mukai is strategically located, adjoining FQM's Trident Project which incorporates the Sentinel copper mine complex and the recently opened Enterprise nickel mine. It is also west of Arc Minerals' Zambian Copper Project where Anglo-American has the right to invest up to US$88.5 million to earn a 70% joint venture interest.

Mukai is one of two projects held by Tertiary which benefit from the technical cooperation and data sharing agreement with FQM and an extensive database has now been made available by FQM to the Company. The database includes airborne magnetic, electromagnetic and radiometric data, geological interpretations over the licence area, as well as proprietary soil sampling and drilling data from areas contiguous to FQM's own licences. This data led to FQM's discovery of copper and nickel mineralisation at the Tirosa Prospect immediately adjacent to the Mukai property boundary and historical soil sample anomalies suggest that this mineralisation may continue into the Mukai licence.

Having completed its data acquisition, evaluation and exploration planning for the upcoming 2023 dry season, the Company is releasing a separate "Project Focus" presentation on the Mukai Project which can now be found on the Company's website at https://www.tertiaryminerals.com/presentations

FQM's data suggests exploration potential for both copper and nickel at Mukai. Tertiary's 2023 exploration programme will commence with a property wide soil sampling programme with real-time field analysis and field follow-up of anomalous areas as well as more detailed work adjoining the Tirosa Prospect. The Company is awaiting approval of its Environmental Project Brief from the Zambian Environment Management Authority and the issue of a Forest Permit to allow exploration to commence.

The "Project Focus" now released for Mukai is the second in a number of such presentations planned for the Company's key exploration projects and follows the Konkola West Project Focus which was released on 12 January 2023.

The Company's interests in Zambia also include the Jacks Copper Project where the Company completed soil sampling and drilling in 2022 and the Mushima North project areas where the Company is evaluating historical data from FQM with the aim of generating new exploration targets for evaluation in 2023.

 

 

 

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

 

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.

 

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.

 

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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Date   Source Headline
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
12th Jan 20237:00 amRNSProject Focus - Konkola West, Zambia
22nd Dec 20227:00 amRNSAnnual Report & Notice of Annual General Meeting
12th Dec 20227:00 amRNSAudited Results for Year Ended 30 September 2022
25th Nov 20227:00 amRNSUpdate - Copper Projects, Zambia

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