Tertiary Minerals PLC Forest Permits Received - Mukai & Mushima North (6447H)
July 31 2023 - 1:00AM
UK Regulatory
TIDMTYM
RNS Number : 6447H
Tertiary Minerals PLC
31 July 2023
31 July 2023
Tertiary Minerals plc ("Tertiary" or "the Company")
FOREST PERMITS RECEIVED - MUKAI & MUSHIMA NORTH COPPER
PROJECTS, ZAMBIA
Tertiary Minerals plc is pleased to advise that the necessary
permissions have now been received from the Forest Department in
Zambia to carry out the Company's proposed soil sampling programmes
in the forest areas within the Mukai and Mushima North project
licences.
Highlights:
-- Mukai & Mushima North are two of five projects in Zambia
where Tertiary is exploring for copper.
-- Both projects benefit from the technical cooperation and data
sharing agreement with leading Zambian and global copper producer
First Quantum Minerals ("FQM").
Ø Mushima North
-- The two highest priority targets to be covered by soil sampling 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.
Ø Mukai
-- Mukai is strategically located:
Ø adjoining FQM's Trident Project which incorporates the
Sentinel copper mine complex and the recently opened Enterprise
nickel mine.
Ø 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.
-- Extensive data compilation and review has highlighted 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.
Commenting today, Executive Chairman Patrick Cheetham said:
"We know that our shareholders have been waiting patiently for
these permits to be granted but we are now clear to start the
Company's 2023 exploration projects on these two exciting copper
projects.
Mineral exploration and mining are not excluded from forest
areas and historically permits to explore in these have been
readily obtained. From my recent visit to Zambia it is clear that
that the Zambian Government is serious about its objective to
increase copper production three-fold and is taking the necessary
actions to ensure that all Ministries and Government Departments
are fully onboard with this objective. The delays we experienced
seem to reflect departmental reorganisations at the relatively new
Ministry for the Green Economy which oversees the Forest Department
and a number of companies have reported similar delays. We are
delighted that this is now resolved.
Our objective is to now complete soil sampling over the exciting
targets we have developed at Mushima North and Mukai as well as at
our Konkola West Project. This will enable us to prioritise our
Zambian Projects for follow up drilling having already completed
similar programmes at our Lubuila and Jacks Projects."
PRESENTATIONS
Further information on the projects mentioned in this release
can be found in the company and individual project presentations on
the Company's website:
https://www.tertiaryminerals.com/presentations
CONTACTS:
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 (MAR) Disclosure
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 which forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ('MAR'). Upon the publication of this announcement via a
Regulatory Information Service ('RIS'), this inside information is
now considered to be in the public domain.
Notes:
1. The information in this release has been reviewed by Mr.
Patrick Cheetham (MIMMM, M.Aus.IMM), Executive Chairman of Tertiary
Minerals plc, 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.
2. 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
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by law, the Company does not accept any obligation to disseminate
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END
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