Tertiary Minerals PLC Project Focus -- Mushima North Project, Zambia (2268B)
June 01 2023 - 1:00AM
UK Regulatory
TIDMTYM
RNS Number : 2268B
Tertiary Minerals PLC
01 June 2023
1 June 2023
Tertiary Minerals plc ("Tertiary" or "the Company")
PROJECT FOCUS - MUSHIMA NORTH PROJECT, ZAMBIA
Further to the Company's announcement of 28 April 2023, advising
of favourable copper analytical results from sampling of core from
historic drill hole RKN800, the Company is now releasing a separate
"Project Focus" presentation for its Mushima North Project in
Zambia.
This presentation provides additional context for the above
announcement and can be found on the Company's website at:
https://www.tertiaryminerals.com/presentations
Mushima North is one of five projects in Zambia where Tertiary
is exploring for copper, and one of two projects which benefit from
the technical cooperation and data sharing agreement with leading
copper producer First Quantum Minerals ("FQM"). The Project lies to
the east of the high grade Kalengwa mine (past production 4 million
tons grading 5.2% Cu and 40 g/t Ag and pre-mining reserve of
600,000 tons grading 16% copper ) which was discovered by drill
testing a coincident copper soil anomaly and gravity anomaly.
FQM has provided its extensive database for Mushima North which
includes airborne magnetic, electromagnetic and radiometric
geophysical data as well as 500m spaced reconnaissance soil sample
analytical results. Additional historical data for the area was
made available by JAW Consulting LLC ("JAW") of Golden, Colorado
which was commissioned by the Company to compile historical data
and provide a detailed interpretation and targeting report.
The JAW targeting report has drawn on historical exploration
from the 1970s onwards by Roan Consolidated Mines, African
Minerals, Zamanglo Prospecting Ltd and BHP Billiton. The latter was
exploring for iron-oxide-copper-gold ("IOCG") deposits, a class of
mineral deposit that includes some of the largest in the world,
including Olympic Dam in South Australia.
The Mushima North Project Focus presentation highlights several
targets that have been identified for further exploration. The two
highest priority targets are:
Ø Target C1 - A prominent gravity high defined by BHP Billiton's
Falcon airborne gravity survey with a coincident copper soil
anomaly. The wide, low-grade, intersection of copper mineralisation
recently announced from resampling core from drill hole RKN800 sits
on the margin of the gravity anomaly making this an exciting target
for follow up. Drill hole RKN800 pre-dates BHP Billiton's gravity
survey. The C1 gravity anomaly was designated as an IOCG drill
target by BHP Billiton, but never tested.
Ø Target A1 - A 1.7km long copper soil anomaly with values up to
350ppm copper (in portable x-ray fluorescence analysis) defined by
500m spaced samples and supported by coincident arsenic and zinc
anomalies. This is a target for more conventional Copperbelt style
mineralisation.
The Company has designed a programme of follow up exploration
which will start with soil sampling to infill the FQM 500m spaced
soil data and define drill targets.
The "Project Focus" now released for Mushima North is the third
in a series of presentations on the Company's key exploration
projects and follows the release of the Konkola West Project Focus
(12 January 2023) and Mukai Project Focus (5 April 2023), also
available on the Company website.
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.
Background Information
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. Further details of the Agreement can be found in
in the Company's news release of 15 September 2022.
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END
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