TIDMTYM
RNS Number : 4154S
Tertiary Minerals PLC
06 November 2023
6 November 2023
Tertiary Minerals plc ("Tertiary" or "the Company")
PROJECT UPDATE, ZAMBIA
Tertiary Minerals plc, which is exploring for copper and
precious metals in Zambia and Nevada, USA, is pleased to advise
that it has today published an updated Company presentation on its
website.
The presentation has been updated to reflect the results
obtained from the Company's 2023 summer exploration programmes in
Zambia as notified to the market in various news releases
referenced below.
The Company is also pleased to provide guidance on the
prioritisation of projects in Zambia going forward following a
Board review of projects, exploration results and management
recommendations.
_________________________________________________________________________
Key Points
-- Focus on Copper - the No 1 metal in the clean energy
transition. Essential in EVs, wind and solar technologies and
energy storage.
-- Long-term copper shortages are forecast on dwindling supply
from existing mines and limitations on new mine supply.
-- The Government of Zambia has ambitious plans to increase
copper production from less than 800,000tpy to 3,000,000tpy by 2032
and is improving its fiscal regime to attract investment.
-- The mining industry is responding - multiple US$1 billion+
investments have recently been announced for mine expansions and
new mine developments in Zambia.
-- Tertiary has completed exploration work on all of the
Company's copper projects in Zambia in the past 12 months.
-- The Company's objective to complete soil sampling on all its
Zambian projects has been met, defining a series of high-grade
copper-in-soil anomalies.
-- Priority drill targets are now defined at three copper
projects - Jacks, Mukai and Mushima North (see project summary
information following).
-- A term sheet for an earn-in and joint venture agreement has
been signed for deep drilling at the Konkola West Project to test
for projected extensions of the world class Konkola-Musoshi copper
deposit. Definitive agreements are being produced and drill sites
are being identified.
-- The Company's option on Lubuila Copper Project will not be exercised.
-- New 100% owned exploration licence granted at Mupala
adjoining Anglo American/Arc Minerals US$88.5 million joint venture
project.
________________________________________________________________________
"Our focus is on copper. Copper forms the veins and arteries
that move electricity, the lifeblood of the green energy
transition. The fundamentals for future copper demand are strong
and the existing mine supply is on a downward trajectory. This
creates a huge opportunity for copper explorers and miners that, I
believe, has been overlooked by the junior and mid-tier market in
the rush for the new generation of energy metals such as lithium
and rare-earths. In contrast, this supply problem has been
recognised by all the major mining companies and Zambia has been
the beneficiary of substantial new investment in exploration, mine
expansion and redevelopment, encouraged by new government fiscal
policies."
"It has been a busy summer for the Company in Zambia, and I am
pleased to reflect this in the updated presentation now available
on the Company's website. At a Board meeting last week, the
directors conducted a review of the Company's progress and the
forward work programmes proposed by management. We have reported
exciting soil sampling results from both the Mukai and Mushima
North copper projects in Zambia this summer and similarly at the
Jacks Project at the back end of 2022, following an initial drill
programme. Management has proposed drilling programmes for all
three projects which the Board considers to be justified. The
foundations we have laid in 2023 will stand us in good stead as we
progress to the exciting drill-discovery stage and has generated
joint venture interest in a number of our projects, the first of
which we hope to finalise soon at Konkola West."
Patrick Cheetham, Executive Chairman, Tertiary Minerals plc
_________________________________________________________________________
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.
PROJECT SUMMARIES & PRIORITIES
The Company, through its 96% held subsidiary, Tertiary Minerals
(Zambia) Limited ("TMZ") holds options and interests in five
projects held by local partner Mwashia Resources Limited, details
of which can be found in the Company's news releases of 2 August
2021 and 18 November 2021. It also holds a 100% interest in the
newly granted Mupala project licence.
Jacks Copper Project
The Jacks Exploration Licence covers 141.4 sq.km. and is located
85km south of Luanshya in the Central Province of Zambia. It is
underlain by synclinally folded basal Katangan Supergroup sediments
which include the Lower Roan Subgroup, the most important copper
mineralised rock sequence in the Central African Copperbelt.
The Company's first drill programme at Jacks confirmed and
relocated copper mineralisation originally discovered in the 1960s.
Four holes were completed for a total of 746m of drilling, two each
on two separate traverses spaced approximately 150m apart. This
yielded significant intersections including 13.5m grading 0.9%
copper (22JKDD01) and 6.0m grading 1.8% copper (22JKDD03).
Copper mineralisation has now been drilled over a 350m strike
length and to depths up to 230m vertically below surface. This
mineralised zone is open along strike and may be thickening closer
to the fold nose, as evidenced by historical drillhole KJD10 which
intersected 24.0m grading 1.3% copper (see news release dated 29
June 2022).
A follow up soil sampling programme was conducted in late 2022
and over 2,000 samples were collected on four separate grids (A-D).
Preliminary analysis was performed using a portable X-ray
Fluorescence instrument(1) ("pXRF") in the field. Several
significant copper-in-soil anomalies were identified. The highest
priority soil anomaly, at Area C, is approximately 1,100m long and
400m wide and contains a peak value of 257ppm copper (see news
release dated 8 November 2022).
Follow up drilling is now planned to test for extensions to the
known copper mineralisation and the priority soil anomaly at Area
C.
Mukai Project
The Mukai Project covers 55.4 sq.km. and is located 125km west
of Solwezi in the Northwestern Province of Zambia. Situated in the
Domes Region of the Central African Copperbelt, the project
encompasses Lower Roan Subgroup rocks on the southern flank of the
Kabompo Dome.
The project is directly adjacent to First Quantum Minerals'
("FQM") Trident Project which includes the recently opened
Enterprise nickel mine and the large producing Sentinel (Kalumbila)
copper mine. The Mukai Project is subject to a Technical
Cooperation and Data Sharing Agreement between the Company and
FQM.
In late August 2023, the Company conducted a soil sampling
programme to define the extent of a copper-in-soil anomaly
identified during review of historical exploration data. A total of
526 samples were collected and pXRF analysis defined a large
high-grade copper-in-soil anomaly with values in excess of a 160ppm
copper over an area of approximately 1,300m by 400m with a peak
soil value of 1,660ppm copper (0.16%). This soil anomaly indicates
a continuation of copper mineralisation from FQM's adjacent Tirosa
prospect (see news release dated 12 September 2023).
Drill testing of the soil anomaly is warranted, and the Company
has received expressions of joint venture interest for the Mukai
Project which are now being considered.
Mushima North Project
The Mushima North Project covers 701.3 sq.km. and is located
100km east of Manyinga in the North-Western Province of Zambia. It
is also subject to the Technical Cooperation and Data Sharing
Agreement between the Company and FQM.
A compilation and review of historical exploration data resulted
in the identification of several exploration targets and in
September 2023 the Company conducted a soil sampling programme
encompassing three of the most prospective targets, namely C1, A1
and A2.
Area C1 contains a single historical drill hole, RKN800, which
was resampled by the Company and returned 33m grading 0.24% copper
from 122m-155m downhole, including 9m grading 0.43% copper from
140m-149m. It is also spatially related to a large gravity anomaly
that was identified during an airborne Falcon gravity survey
carried out by BHP (see news release dated 28 April 2023) in the
search for IOCG(2) deposits.
Soil sample pXRF results from target C1 indicate a broad
west-northwest striking anomaly which, at a 60ppm copper cut off,
covers an area approximately 4km long by 1.25km wide. The peak
copper value in soils of 216ppm is at the western end of the
anomaly in the area of copper bearing drill hole RKN800 (see news
release dated 4 October 2023).
Targets A1 & A2 are prospective for traditional Copperbelt
sediment-hosted mineralisation. Soil sample pXRF results from
target A1 outlined a broad northeast striking copper-in-soil
anomaly which covers an area approximately 3km long by up to 1.5km
wide at an 80ppm copper cut off. Results from Target A2 include
some very high copper-in-soil values, up to 1,239ppm, but the high
values are confined to organic rich sediments at the edge of a
dambo (an area of shallow wetland) and it is most likely that
copper in these sediments is a result of hydromorphic concentration
of copper in groundwater. (see news release dated 16 October
2023).
Drill testing is now planned for targets C1 and A1
Konkola West Project
The Konkola West Project covers 71.9 sq.km. and is located 18km
northwest of Chingola in the Copperbelt Province. The project
licence adjoins the west side of mining leases for the Konkola
copper mine where Vedanta has recently committed to invest US$1
billion in mine redevelopment. The Company is targeting deep down
dip extensions of the Lower Roan ore shale, one of the world's
great orebodies where it extends through the Konkola mine, the
Mingomba Project which is under evaluation by Bill Gates backed
KoBold Metals, and the Lubambe mine as well as the Musoshi mine in
the DRC.
In June 2023, the Company acquired airborne gravity, magnetic
and radiometric data for the entire licence area. Interpretation of
this geophysical data identified areas in the north and northwest
of the licence where the target Lower Roan ore shale may be
shallower and less steeply dipping than on the eastern side of the
licence (see new release dated 10 August 2023).
A small soil sampling programme was conducted in August 2023 to
test for, or rule out, any significant occurrence of copper
mineralisation at stratigraphically higher levels, above the target
Lower Roan ore shale, and to provide analytical results for
geochemical regolith mapping. Only minor levels of copper were
detected in the soil samples.
In September 2023, the Company signed a Term Sheet for an
earn-in and joint venture agreement with a well-funded third-party
whereby that party will commit to a deep drilling programme to test
the Lower Roan ore shale on the Konkola West Project (see news
release dated 25 September 2023). Definitive agreements are in
progress and drill hole locations are being evaluated.
Lubuila Project
The Lubuila Project is located approximately 90km west of
Luanshya in the Copperbelt Province. It covers 334.8 sq.km. and is
partially underlain by prospective Lower Roan stratigraphy.
In April 2023, the Company conducted a soil sampling programme
which targeted two areas interpreted to be underlain by the Lower
Roan sediments based on aeromagnetic data as well as a third area
underlain by Upper Roan sediments where a copper soil anomaly was
identified by a previous explorer.
A total of 425 soil samples were collected and analysed in the
field by pXRF. Only isolated areas of weakly elevated copper values
were found within the Lower Roan and a broader anomaly was found
within the Upper Roan sediments (see news release dated 10 August
2023). Subsequent laboratory based ICP check analysis suggested
this anomaly to be the result of laterite enrichment and of no
further interest.
Following a review of project data and project priorities, the
Company's option to acquire an interest in the Lubuila Project will
not be exercised.
Mupala Project
The Company was recently awarded Exploration Licence
32139-HQ-LEL covering 41.2 sq.km. in the Domes Region in the
Northwestern Province of Zambia. It is located approximately 15km
to the east of the Company's Mukai Copper Project and FQM's Trident
Project.
The licence is underlain by the prospective Lower Roan Subgroup
stratigraphy and lies directly adjacent the Anglo American/Arc
Minerals joint venture licence block where Anglo American has the
right to earn a 70% interest through expenditure of US$88.5
million
The Company has recently completed pegging of the exploration
licence and will shortly submit the first draft of the
Environmental Project Brief to the Zambia Environmental Management
Agency. Both tasks are prerequisites to field exploration.
The company is currently sourcing and compiling technical data
for the project and anticipates that exploration will commence with
a licence-wide soil sampling programme.
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. 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.
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 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
UPDEAFFSEEDDFAA
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