RCS - Tertiary Minerals - Chairman’s AGM Statement

Tertiary MineralsAnnouncement

16/02/2023 07:00

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RNS Number : 9092P  Tertiary Minerals PLC  16 February 2023

 16 February 2023

 

Tertiary Minerals plc ("Tertiary" or "the Company")

 

Chairman's AGM Statement

I look forward to welcoming shareholders at our AGM today where, after the
close of formal  business, I will be giving a presentation on the Company's
projects. This presentation is now live on the Company's website.

Our focus is fixed firmly on copper exploration in Zambia and Nevada, USA.
Copper is the number one energy transition metal, yet, being an established
industrial metal, it is often overlooked in the scramble for other battery
metals such as lithium. Copper is the workhorse of the energy transition where
its properties of high conductivity, ductility, efficiency and recyclability
are essential in wind turbines, solar energy installations, energy storage
and, of course, electric vehicles. It is our view that copper is most likely
to survive the evolution of battery technologies which may be at the expense
of some of the more novel commodities.

To underline this view, we were pleased to see late last year the Gates, Bezos
and Branson backed Breakthrough Energy Ventures company Kobald Metals announce
a £150m investment at the end of 2022 into the development of the Mingomba
copper deposit adjacent to our Konkola West Project in Zambia.

Konkola West is one of five copper projects in Zambia where Tertiary has an
interest and is targeting deep down-dip extensions of the contiguous
Musoshi-Lubambe-Mingomba-Konkola copper deposits which host the Musoshi Mine
in the Democratic Republic of the Congo and the Lubambe Mine and Konkola mines
in Zambia. Together these deposits define a continuous zone of mineralisation
over 15km long with a pre-mining endowment of over 775 million tonnes grading
2-3% copper.

The Company's interests in Zambia have been acquired in an agreement with
local Zambian company, Mwashia Resources Ltd. The portfolio includes the Jacks
Copper Project where the Company completed soil sampling and drilling in 2022
and where further drilling is planned in 2023. It also includes the Mukai and
Mushima North project areas where the Company has a Data Sharing and Technical
Cooperation Agreement with major Zambian and global copper producer First
Quantum Minerals ("FQM").

FQM has now completed the transfer to the Company of its extensive and
valuable historical data for these two projects and we are set to benefit from
FQM's extensive and in-depth country experience, gained over many years of
exploration and mine development in Zambia.

The Mukai Project Exploration Licence is located in Zambia's North-Western
Province and is directly adjacent to FQM's Trident Project, which includes the
large Sentinel Copper Mine and the recently opened Enterprise Nickel Mine. The
Mushima North Exploration Licence, in the Kasempa District, is also in an
active FQM exploration area and is prospective primarily for
iron-oxide-copper-gold (IOCG) mineralisation.

Now that we have started work to evaluate the FQM datasets, a number of
exciting exploration targets are emerging. We hope to reveal more about this
in the near future and in the meantime we are busy planning field programmes
to start within the next couple of months  as soon as the wet season ends.

 

The Zambian government has big ambitions for its copper industry and is
instigating a more attractive fiscal regime to promote these ambitions. As a
result, a number of other major mining companies, such as Anglo-American and
Rio Tinto, are once again exploring in Zambia.

In Nevada our focus in 2023 is on our drill-ready Brunton Pass Project. Here
low-grade copper values occur over substantial widths together with gold
indicator elements and define a target for copper skarn and porphyry copper
mineralisation, as well as epithermal gold.

We believe that companies exploring for copper offer excellent value in the
market compared with companies involved in other battery metals and with
multiple drill programmes budgeted for 2023 we anticipate strong news flow.

We also believe that the Company is well positioned to achieve a substantial
rerating for shareholders, and we look forward to seeing shareholders at the
AGM and to reporting on further progress.

 

Patrick Cheetham

Executive Chairman

 

For more information:

Website: www.tertiaryminerals.com

Contacts:

 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

 

 

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