20 February 2025
Tertiary Minerals plc
("Tertiary" or the "Company")
UPDATE, KONKOLA WEST COPPER
PROJECT
The Company is pleased to provide
the following update on its Konkola West Copper Project in Zambia
where KoBold Metals Company ("KoBold") has the right to earn into
Large Exploration Licence 27067-HQ-LEL. Details of the Earn-In
Agreement were outlined in the Company's news release dated 19
December 2023.
Drilling Update - Hole KWDD001
Drilling of hole KWDD001 has
advanced past 2,600m down-hole depth and is now drilling ahead in
the Kitwe Formation which forms the upper part of the Lower Roan
Subgroup and which, at its base, is host to the Ore Shale
(Copperbelt Orebody Member) of the Zambian Copperbelt.
The drill hole is currently in the
Shale with Grit unit of the Kitwe Formation, the base of which is
typically between 25-225m above the Ore Shale in the Konkola
area1. If conditions and equipment allow, the planned
completion depth for KWDD001 is 3,000m.
Drilling has taken substantially
longer than expected and KWDD001 has drilled deeper than originally
planned. This is due to folding, possibly along an extension of the
major Fitwaola fault system. Drilling also becomes progressively
slower with depth due to the incremental time required to recover
drill core from the drill face.
Second Drill Hole
KoBold has advised the Company that
it plans to start drilling a second deep hole at Konkola West
shortly after the completion of the first hole. A number of
possible locations have been selected where the Lower Roan is now
projected to be closer to the surface with a final location
decision contingent on further geological interpretation of hole
KWDD001.
Further Agreements
Under the Earn-in Agreement, KoBold
is required to complete two holes and a minimum 2,000m of drilling
within 14 months of signing the Earn-in Agreement.
In the circumstances, Tertiary
Minerals (Zambia) Limited and its local partner, Mwashia Resources
Limited, have agreed with KoBold to extend this 14-month period by
four months to allow time to start and progress drilling of the
second hole.
The parties have also signed a
second agreement to give effect to a provision of the Earn-In
Agreement to ensure that KoBold's newly granted adjacent Large
Exploration Licence, 38615-HQ-LEL, will be also be held under the
terms of the Earn-in Agreement for the benefit of all the
parties.
"We continue to be excited
about our involvement in this ground-breaking
project. The hole is close to its target and KoBold is gathering a
large amount of data which, together with its regional data sets
and AI models, will inform its choice of the drilling location for
the second hole at Konkola West.
"KoBold is committing substantial funds to the project with
expenditure of over US$2 million already reported through to the
end of December 2024."
Patrick Cheetham, Executive Chairman Tertiary Minerals
plc
"Konkola West is a property
that - prior to the efforts of KoBold, Tertiary, and Mwashia -
has not seen systematic work to locate and explore the Copperbelt
Orebody Member and other strata that are mineral bearing in the
region. KWDD001 is, to our knowledge, the deepest hole ever drilled
on the Zambian Copperbelt and has been crucial to understanding
regional structure and stratigraphy.
"We are using the data collected from this hole to update our
regional models and predictions, and design our next hole at
Konkola West. We are proud to have pushed the boundaries of
exploration in Zambia in general, and at Konkola West in
particular; we look forward to starting our second hole at Konkola
West shortly."
Mfikeyi Makayi, Chief Executive Officer, KoBold Metals
Africa
1 Source:
https://portergeo.com.au/database/mineinfo.asp?mineid=mn012
Further Information:
|
Tertiary Minerals plc:
|
|
Patrick Cheetham, Executive
Chairman
|
+44 (0) 1625 838
679
|
|
SP
Angel Corporate Finance LLP
Nominated Adviser and Broker
|
|
Richard Morrison/Jen
Clarke
|
+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.
Qualified Person
Information:
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.
