RCS - Tertiary Minerals - Project Focus - Konkola West, Zambia

Tertiary MineralsAnnouncement

12/01/2023 07:00

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RNS Number : 4532M  Tertiary Minerals PLC  12 January 2023

 12 January 2023

 

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

 

PROJECT FOCUS - KONKOLA WEST, ZAMBIA

The Company's Konkola West Copper Project in Zambia has been brought into
sharp focus by the recent $150 million investment in the adjacent Mingomba
Copper Deposit (Lubambe Extension Project) by KoBold Metals, whose
shareholders include Breakthrough Energy Ventures, a climate and technology
fund founded by Microsoft's Bill Gates and backed by Amazon's Jeff Bezos, and
Virgin's Sir Richard Branson, and mining giant BHP (announced at the Biden
Administration's 2022 African Leader's Summit).

The Company is therefore releasing a separate "Project Focus" presentation
which can now be found on the Company's website at
https://www.tertiaryminerals.com/presentations
(https://www.tertiaryminerals.com/presentations)

Konkola West, one of five copper projects in Zambia where Tertiary has an
interest, 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
and concentrators in Zambia. Together these deposits define a continuous zone
of mineralisation over 15km long with a pre-mining endowment of over 775
million tons grading 2-3% copper. Konkola West is located approximately 2,000m
southwest of the Mingomba deposit which currently has a resource of 250
million tons at 3.8% copper.

The Company's interests in Zambia also include the Jacks Copper Project where
the Company completed soil sampling and drilling in 2022 and the Mukai and
Mushima North project areas where the Company is working with First Quantum
Minerals to evaluate historical data and generate new exploration targets for
evaluation in 2023.

The "Project Focus" now released for Konkola West Project is one of a number
of such presentations planned for the Company's key exploration projects over
the coming weeks.

 

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

 

Additional Information

Background

Tertiary Minerals plc is exploring in Zambia through its local subsidiary
Tertiary Minerals (Zambia) Limited ("TMZ") which is 96% owned by Tertiary
Minerals plc. TMZ now holds 90% of the Jacks Copper Project with the remaining
10% held by local company and licence holder Mwashia Resources Ltd
("Mwashia"). TMZ holds an option to purchase Mwashia's 10% interest in the
Jacks exploration licence for US$3.5 million at any time.

TMZ also holds options to earn up to a 90% interest in four other licences
held by Mwashia, namely the Mukai, Mushima North, Lubuila and Konkola West
exploration licences.  Further details of Tertiary's agreements with Mwashia
are given in the Company's news releases of 2 August 2021 and 18 November
2021.

The Mukai and Mushima North licences are covered by a Data Sharing and
Technical Cooperation Agreement with First Quantum Minerals Limited ("FQM").
Further details of the Agreement can be found in in the Company's news release
of 15 September 2022.

KoBold Metals is a private company whose investors include Breakthrough Energy
Ventures, a climate and technology fund founded by Microsoft's Bill Gates and
backed by Amazon's Jeff Bezos and Virgin's Richard Branson, and mining giant
BHP.

The Mingomba (Lubambe Extension) Deposit is being evaluated in conjunction
with property owners EMR Capital/ZCCM which operate the Lubambe Mine and
concentrator. Tertiary does not have any beneficial or economic interest in
the Mingomba Copper Deposit.

 

Notes:

Sources for quoted grade/tonnages:

United States Geological Survey, 2010.  Scientific Investigations Report
2010-5090. Descriptive Models, Grade-Tonnage Relations, and Databases for the
Assessment of Sediment-Hosted Copper Deposits - With Emphasis on Deposits in
the Central African Copperbelt,  Democratic Republic of the Congo and Zambia.

Stacey, J. 2020.  Deep Exploration at the Lubambe Extension, Mwale Symposium.

 

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