TIDMTYM
RNS Number : 1375Q
Tertiary Minerals PLC
16 October 2023
16 October 2023
Tertiary Minerals plc ("Tertiary" or "the Company")
NEW SOIL SAMPLING RESULTS
MUSHIMA NORTH COPPER PROJECT, ZAMBIA
Following the recent release of soil sampling results from the
C1 target area at its Mushima North Copper Project in Zambia, the
Company is now pleased to report further positive portable X-Ray
fluorescence ("pXRF") analytical results from targets A1 and
A2.
Key Points:
-- Areas A1 & A2 are targets for traditional Copperbelt
sediment-hosted mineralisation where known deposits in Zambia and
the DRC range in size up to supergiant size (>25mt contained
copper).
-- 248 soil samples were initially collected on a 200m x 200m
spaced grid at the A1 and A2 targets. A further 311 samples were
taken as an infill of the A1 grid at 100m x100m spacing and at 50m
spacing along three east-west lines.
-- pXRF analytical results at target A1 have outlined a
significant open-ended copper anomaly with soil samples above 80ppm
covering an area of 3 km long by up to 1.5 km wide, peaking at
280ppm copper.
-- A high-grade area within the A1 copper-in-soil anomaly with
values above 200ppm and averaging 231ppm copper has dimensions of
400m x 150m.
-- pXRF results at target A2 show very high copper values, up to
1,239ppm copper in organic-rich samples from the perimeter of a
marsh (dambo). The copper in this hydromorphic anomaly is likely
transported and may be linked to the source of the A1
copper-in-soil anomaly.
-- A new copper prospect was discovered during field evaluation
of a historic electromagnetic target to the west of target A1.
Values up to 0.43% (4,300ppm) copper were returned from average
pXRF analysis of surface rocks showing visible oxide copper
mineralisation.
Commenting today, Executive Chairman Patrick Cheetham said:
"I am delighted to be announcing the delineation of a second
large soil anomaly at Mushima North. This is another compelling
drill target. The discovery of outcropping copper mineralisation
elsewhere on the project highlights the potential for new
discoveries that may not necessarily give a soil response.
The completion of soil sampling at Mushima North means we have
now met a key objective to complete soil sampling on all five of
the projects where we hold an interest with our local partner,
Mwashia Resources. All five projects are now at a stage where
drilling priorities can be developed. One of these, Konkola West,
is now subject to a term sheet for a joint venture and other
projects have been subject to unsolicited joint venture interest
from major companies.
Nearly US$10 billion of investment into new copper mine
development in Zambia has been announced in recent times as a
direct result of the Hitchilema government's more mining-friendly
policies. This is generating a high level of interest in copper
exploration in Zambia and we are well placed to benefit from
this."
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 Company's technical cooperation and data sharing agreement with
leading copper producer First Quantum Minerals ("FQM").
The Project lies 20 km 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 other mines in the Copperbelt. Kalengwa was discovered
by drill testing a coincident copper-in-soil anomaly and gravity
anomaly and has characteristics of the Iron-Oxide-Copper-Gold
("IOCG") class of deposits.
Mushima North Project
FQM has provided Tertiary with an extensive exploration 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 in 2012 without drilling the planned
holes.
Further details of the targets generated by this report can be
found in the Company's news release of 1 June 2023.
Targets A1 and A2 were identified from wide spaced
reconnaissance soil sampling carried out by FQM.
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. Positive results from
target C1 were released on 5 October 2023. This release details the
pXRF analytical results from targets A1 and A2.
A total of 184 samples were collected on or around target A1
with a sample spacing of 200m. Soil samples were collected from the
B-horizon(1) , dried and sieved to -180 micron. The sieved soil
samples were placed into a sample cup and analysed using a pXRF
instrument. Based on preliminary field pXRF analysis infill
sampling was then carried out on 100mx 100m spacing with three 400m
spaced lines sampled at 50m spacing.
pXRF results from target A1 indicate a broad northeast striking
copper-in-soil anomaly which, at a 80ppm copper cut off, covers an
area approximately 3km long by up to 1.5 km wide. Within this area
soil samples average 148ppm and peak at 280ppm copper. The A1 soil
anomaly has a high-grade core at its north end where all soil
values are in excess of 200pppm copper over an area 400m x 150m and
average 231ppm copper.
pXRF results from target A2 show very high copper-in-soil values
of up to 1,239ppm. However, the high values are confined to organic
rich sediments at the edge of a dambo (an area of shallow wetland).
It is most likely that copper in these sediments is a result of
hydromorphic concentration of copper in groundwater sourced from a
copper-rich area, possibly the sources of the A1 copper anomaly
some 3km distant.
The A1 and A2 copper-in-soil anomalies have a favourable
structural setting for mineralisation and the A1 anomaly is a
further high priority for follow up drilling.
During the field work at targets A1 and A2, samples containing
visible spotty copper minerals malachite and chrysocolla were found
when field checking an area 2 km west of target A1 where an
electrical conductor had been identified by a previous explorer in
an area underlain by iron-rich conglomerates. These conglomerates
stretch over a 6 km strike length and are coincident with a
low-level gravity anomaly. Surface samples contained up to 0.43%
copper (average of three pXRF readings per sample). Soil samples
around this new occurrence were not anomalous but the new find
warrants further follow-up mapping and sampling.
A map illustrating the features of the A1 and A2 targets is
available on the Mushima North Project page on the Company's
website:
https://www.tertiaryminerals.com
Notes:
1. 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.
2. 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.
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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