TIDMTYM
RNS Number : 7270O
Tertiary Minerals PLC
05 October 2023
5 October 2023
Tertiary Minerals plc ("Tertiary" or "the Company")
FIRST SOIL SAMPLING RESULTS
MUSHIMA NORTH COPPER PROJECT, ZAMBIA
The Company is pleased to announce positive follow-up results
from portable XRF ("pXRF") analysis of soil samples at the C1
target area at its Mushima North Copper Project in Zambia, one of a
number of targets covered in a recent soil sampling campaign.
Key Points:
-- Target C1 is permissive for Iron-Oxide-Copper-Gold ("IOCG"(1)
) style and traditional Copperbelt sediment-hosted
mineralisation.
-- Includes a lone 1970s drill hole, RKN800, which, in
resampling by Tertiary, contains 33m grading 0.24% copper from 122m
to the end of hole in association with highly anomalous
arsenic.
-- 572 soil samples collected on 200m x 200m grid have defined a
significant open-ended copper anomaly above 60ppm over 4km x
1.25km, with peak value of 211ppm copper proximal to RKN800.
-- The highest copper-in-soil values are coincident with highest
arsenic values in pXRF soil results; consistent with strongly
anomalous arsenic in hole RKN800.
-- A subset of samples will now be submitted for laboratory-based check analysis.
-- pXRF results from additional target areas A1 and A2 are awaited and expected shortly.
Commenting today, Executive Chairman Patrick Cheetham said:
"I am very pleased to announce further positive results from our
summer exploration programmes in Zambia. This follows the recently
announced exciting results from the Mukai Copper Project in Zambia
and the signing of a term sheet in respect of an earn-in and joint
venture for Konkola West.
"Target C1 contains intriguing gravity and magnetic anomalies,
key geophysical targets for buried IOCG mineralisation, as well as
known mineralisation of traditional Copperbelt style in hole
RKN800. It's encouraging to see the geochemical signature of the
mineralisation in RKN800 replicated in the soil pXRF results,
further enhancing the possibility that mineralisation of this style
is present over a wider area These new soil results confirm and
highlight the prospectivity of target C1 and drill optimisation
planning will now take place.
We are eagerly awaiting the results from soil sampling on
priority target A1 and nearby target A2."
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
The Mushima North Copper Project ("Mushima North" or the
"Project") comprises Exploration Licence 27068-HQ-LEL. It covers
701 km(2) and is located in Zambia's Northwest Province. Tertiary
Minerals plc's 96% owned subsidiary, Tertiary Minerals (Zambia)
Limited, is currently earning up to a 90% interest in the Project
from local partner Mwashia Resources Limited.
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 20km to the east of the Kalengwa copper 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) believed to
be one of the highest-grade copper deposits ever to be mined in
Zambia. In the 1970s high grade ore in excess of 26% copper, making
up approximately 20% of the orebody, was trucked for direct
smelting at Copperbelt mines. Kalengwa was discovered by drill
testing a coincident copper-in-soil anomaly and gravity
anomaly.
Mushima North Project
FQM has provided Tertiary with an extensive database for Mushima
North which includes airborne magnetic and electromagnetic
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 IOCG
deposits, a class of mineral deposit that includes some of the
largest in the world, including Olympic Dam in South Australia. BHP
planned two holes to test for IOCG mineralisation at target C1 but
terminated all exploration in Zambia without drilling these planned
holes.
Further details of the targets generated by this report can be
found in the Company's news release of 1 June 2023.
Target C1 contains gravity and magnetic anomalies,
characteristic geophysical targets for IOCG mineralisation. It also
contains conventional sediment hosted copper (Copperbelt style)
mineralisation as seen in a lone 1970s diamond drill hole, RKN800,
which, in resampling by Tertiary, contains 33m grading 0.24% copper
from 122m-155m downhole, including: 9m grading 0.43% copper from
140m-149m, and 1m grading 1.14% copper from 147-148m. Hole RKN800
ended in mineralisation grading 0.19% copper. Drill core samples
were also highly anomalous in arsenic.
Soil Sampling Programme
In September 2023, the Company contracted Geo-Junction
Consulting Limited to perform a soil sampling programme at Mushima
North to cover the C1, A1 and A2 targets. This release details the
pXRF analytical results from target C1 which was sampled first and
for which results have now been received and evaluated.
A total of 572 samples were collected on or around target C1
with a sample spacing of 200m. Soil samples were collected from the
B-horizon(2) , dried and sieved to -180 micron. The sieved soil
samples were placed into a sample cup and analysed using a pXRF
instrument.
pXRF results from target C1 indicate a broad west-northwest
striking anomaly which, at a 60ppm copper cut off, covers an area
approximately 4 km long by 1.25km wide. The peak copper value in
soils is 216ppm at the western end of the anomaly, in the area of
hole RKN800. This area also contains the highest arsenic-in-soil
values consistent with the geochemical signature of copper
mineralisation in drill hole RKN800. This enhances the possibility
that mineralisation of this style in is present over a wider area.
The soil anomaly also appears to sit within a zone of
demagnetisation which may be indicative of magnetite destructive
alteration due to hydrothermal alteration.
Drill planning will now follow and may include a prior programme
of ground geophysics as the sulphide mineralisation in RKN800 is
expected to be amenable to certain geophysical detection
methods.
The Company will also send a subset of samples for traditional
laboratory-based analysis as a check on these pXRF results.
A map illustrating the features of the C1 target is available on
the Mushima North Project page on the Company's website:
https://www.tertiaryminerals.com
Notes:
1. Iron-Oxide-Copper-Gold ("IOCG") deposits are characterised by
accumulations of iron oxides with associated copper and gold +/-
uranium and may exhibit a range of geological characteristics. They
are usually associated with granitic rocks and breccias and the
large volumes of dense iron oxides often manifest as gravity
anomalies which present a means of detection, as exemplified by
BHP's supergiant Olympic Dam deposit in South Australia.
2. Soil samples were collected from the B-horizon (at an
approximate depth of 25-30cm) at each sample site. Samples were dry
sieved to minus 180 micron with approx. 100 grammes retained and
placed in a plastic sample pot and analysed using a Drawell
DW-EX7000 portable x-ray fluorescence analyser ("pXRF"). A
certified reference material (AMIS0592) was analysed once between
every 10 soil samples to monitor for instrument drift.
3. 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.
4. 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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