TIDMTYM
RNS Number : 7684Z
Tertiary Minerals PLC
17 May 2023
17 May 2023
Tertiary Minerals plc
("Tertiary" or "the Company")
Exploration Update - Lubuila Copper Project
Tertiary Minerals plc (AIM: TYM), the London listed explorer
focussed on energy transition and precious metals in Zambia and
Nevada, USA, is pleased to announce the completion of its recently
announced soil sampling programme at the Lubuila Copper
Project.
Highlights - Lubuila Copper Project
-- Planned soil sampling programme completed inclusive of
additional follow-up sampling based on in-field portable X-Ray
Fluorescence (pXRF(1) ) analytical results.
-- 425 soil samples collected across three separate grids
targeting two untested areas of interpreted Lower Roan Group
sediments (Areas A and B) and a historical copper-in-soil anomaly
at Area C in Upper Roan Group sediments.
-- Preliminary results indicate a large open-ended
copper-in-soil anomaly defined over an area of approximately 1,000m
x 680m at Area C with a peak copper value of 306 ppm and an average
value of 125ppm Cu.
-- Sample subset to be sent for traditional wet geochemical ICP analysis for data validation and interpretation.
Commenting today, Executive Chairman Patrick Cheetham said:
"I am pleased to announce that the first soil sampling programme
of the 2023 exploration season was completed efficiently whilst
also producing anomalous results in preliminary analysis.
The copper-in-soil anomaly identified in Area C is large and
remains open in all directions. However, this needs to be validated
with traditional laboratory wet geochemical analysis that can also
provide analysis for a wider range of metallic elements and a
better geochemical context. We are submitting a subset of samples
for laboratory-based analysis and eagerly await the results."
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.
Detailed Information
Background
Exploration Licence 27065-HQ-LEL covers 334km(2) and is located
90km west of Luanshya in the Zambian Copperbelt. The licence is
underlain by prospective Lower Roan Group lithologies, which hosts
the majority of copper deposits in the Copperbelt, and Upper Roan
Group sediments. It lies approximately 70km southeast of the
currently producing Chambishi Southeast copper-cobalt mine.
During the first quarter of 2023, Tertiary engaged the
Geological Survey of Zambia and exploration contractors involved in
historical exploration at the Lubuila Project to acquire pertinent
exploration data and build the exploration record. The majority of
documented historical exploration was conducted by Mukuba Resources
which, between 2008--2011, carried out a series of airborne
geophysical surveys, including magnetics and radiometrics, and
extensive soil sampling traverses based on regional geological
mapping. Mukuba's exploration programmes were conducted over a
wider area than Tertiary's Lubuila licence and follow-up
exploration programmes mainly targeted areas outside the Lubuila
licence.
An interpretation of Mukuba's aeromagnetic data suggests that
large areas of prospective Lower Roan Group lithologies within the
Lubuila licence area were not sampled in previous exploration
campaigns and these areas were targeted by Tertiary for further
exploration.
Soil Sampling Programme
The soil sampling programme targeted three separate areas, two
of which (Area A and Area B) were interpreted to be underlain by
the Lower Roan Group sediments based on aeromagnetic data. The
third sampling grid (Area C) targeted a copper in soil anomaly
identified by Mukuba at the "Misenga" Prospect which is interpreted
to be underlain by the Upper Roan Group. The Company believes that
this target was not adequately evaluated by Mukuba due to target
prioritisation elsewhere in their larger land holding.
Exploration contractor Geo-Junction Consulting Limited collected
a total of 425 soil samples which were dry-sieved to minus 180
microns and analysed in the field by portable X-Ray Fluorescence
("pXRF"). Samples in Area A and Area B were collected on a 400m by
400m offset grid and samples in Area C were collected on a 50m x
85m grid to tie in with Mukuba's historical soil sample grid.
Preliminary analytical results from Area A and Area B identified
several isolated soil samples with elevated copper and nickel.
However, it is considered that these are the result of hydromorphic
concentration and so unlikely to be related to mineralisation.
In first pass sampling in Area C, a total of 39 soil samples
were collected as infill to the core of the historical Misenga soil
anomaly. In-field pXRF analysis showed that all samples were
anomalous in copper and therefore an additional 140 samples were
collected prior to demobilisation.
Preliminary results indicate that nearly all of the samples
collected from the 1000m x 680m area sampled on the Misenga
Prospect are anomalous in copper, with peak value of 306ppm Cu and
averaging 125ppm Cu across the 179 samples collected.
Based on the provisional pXRF results, the Misenga anomaly is
large and open-ended. A subset of samples will be sent for
laboratory-based ICP analysis to provide verification of the pXRF
results and a larger element suite for geochemical
interpretation.
Results of the ICP check analysis will be reported in due
course.
A plan showing the location of the soil sampling grids and
provisional analytical results is available on the Company
website.
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.
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