TIDMTYM
RNS Number : 8519I
Tertiary Minerals PLC
10 August 2023
10 August 2023
*
Tertiary Minerals plc
("Tertiary" or "the Company")
Exploration Update - Zambia - Soil Sampling Programme
Commences
Following the receipt of forest permits announced on 31 July
2023, Tertiary Minerals plc (AIM: TYM), is pleased to announce the
start of soil sampling and to provide the following update on its
Zambian copper exploration projects.
Key Point Summary:
Konkola West Project
-- Interpretation of airborne geophysical data provided by
KoBold Metals has now identified areas in the north and northwest
of the licence where the target Lower Roan formation - the main
host to copper mineralisation on the Zambian Copperbelt - may be
shallower and less steeply dipping than on the eastern side of the
licence.
-- Soil sampling is now underway to explore higher up in the
sequence with approximately 260 soil samples due to be collected
over the next few days. Soil samples will be analysed in the field
using a portable XRF ("pXRF") analyser and follow up infill
sampling will be carried out as appropriate.
-- Konkola West lies immediately west of the
Konkola-Lubambe-Musoshi copper mining licences and potentially
contains downdip extensions of the laterally continuous Lower Roan
ore shale horizon on the east side of the licence.
Mukai Project
-- Soil sampling will commence at Mukai immediately after completion of work at Konkola West.
-- Mukai adjoins First Quantum Minerals' ("FQM") Trident Project
licences which include the large Sentinel copper mine and the
recently opened Enterprise nickel mine.
-- Approximately 310 soil samples will be collected on a 300m x
100m grid with additional infill sampling to test a historic soil
anomaly in favourable stratigraphy along strike of FQM's Tirosa
Prospect where FQM has drilled up to its licence boundary with
Mukai.
Mushima North Project
-- Mushima North is located east of the high grade Kalengwa
Copper Mine and numerous targets have been identified for both
iron-oxide-copper-gold ("IOCG") mineralisation and conventional
Copperbelt style mineralisation.
-- Soil sampling at Mushima North is currently scheduled to
follow on from that at Mukai. Approximately 1,150 samples will be
collected on 200 x 200m grids in three main target areas.
Lubuila Project
-- Further to the announcement of 17 May 2023 the Company has
now completed check analysis of soil samples collected earlier in
the field season at Lubuila as well as an evaluation of
multi-element geochemistry.
-- Copper results have confirmed the previously reported
anomalous copper results from Area C. However, the interpretation
of multi-element analytical results suggests that the anomalous
results are likely the result of lateritic enrichment rather than
indicative of significant in-situ copper mineralisation.
Commenting today, Executive Director Patrick Cheetham said:
"Our strategy remains unchanged. Following the completion of
these soil sampling programmes we will be in a position to
prioritise areas for follow up drilling alongside the Jacks Copper
Project where we completed extensive soil sampling at the end of
the 2022 field season and a preliminary drill programme."
"We believe that our licence portfolio in Zambia is amongst the
most prospective held by any listed junior explorer in Zambia and
our data-sharing and technical cooperation agreement with FQM on
the Mukai and Mushima North Projects is an additional
differentiator. Despite this we trade at a significant discount to
those peers. Now that we have received the necessary permits and
work is once again underway, we expect to see an increase in news
flow and look forward to updating shareholders with our
progress."
Further information on the projects discussed in this news
release can be found on the Company website
www.tertiaryminerals.com
Separate project presentations can also be found on the Company
website for each of the Konkola West, Mukai and Mushima North
Copper Projects.
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.
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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END
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