RCS - Tertiary Minerals - Project Focus: Mushima North, Zambia

Tertiary MineralsAnnouncement

14/05/2025 09:45

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RNS Number : 6270I  Tertiary Minerals PLC  14 May 2025

 

14 May 2025

Tertiary Minerals plc

 ("Tertiary" or the "Company")

 

Project Focus: Mushima North copper-zinc-silver Project, Zambia

 

Tertiary Minerals plc (AIM: TYM) is pleased to provide the following project
summary highlighting its Mushima North Project ("Mushima North" or the
"Project"), one of five prospective projects Tertiary currently holds within
key locations in Zambia and targeting copper and associated metals (silver,
zinc, cobalt).

 

Highlights:

 

·   Large licence located in the Iron-Oxide-Copper-Gold ("IOCG") region of
northwestern Zambia. Highly prospective for IOCG and sedimentary copper and
polymetallic replacement occurrences.

·   Located only 20km east of the historic Kalengwa copper-silver mine,
currently being re-developed by Moxico Resources plc.

·   Extensive, historic regional datasets including exploration undertaken
by BHP Billiton and First Quantum Minerals ("FQM") from the 2000s onwards.

·   The Project is part of a technical cooperation agreement with FQM
allowing Tertiary access to FQM's extensive dataset and technical expertise.

·   Multiple targets identified based on re-interpretation of historic
geochemistry and geophysical datasets and confirmed by recent exploration work
undertaken by Tertiary.

·   Promising initial drilling confirms Tertiary's approach and exploration
model. Current priority, targeting near surface, polymetallic
silver-copper-zinc at the A1 target.

 

Richard Belcher, Managing Director of Tertiary Minerals plc, commented:

"The Mushima North Project hosts several drill-ready exploration targets
defined by a combination of regional geochemical and geophysical surveys.
Initial, low-cost exploration by Tertiary has returned promising results,
including the identification of polymetallic silver-copper-zinc mineralisation
at the A1 target. This mineralisation remains open-ended, both along strike
and down dip, and has several geological similarities to the nearby Kalengwa
copper-silver deposit, located approximately 20km to the west.

"This Project is clearly highly prospective and will form the focus of our
planned exploration for the upcoming field season, in addition to our projects
being advanced by our joint venture partners.

"Mushima North forms one of several prospective exploration projects within
our pipeline which are at the drill-ready stage and have the potential to
generate near-term positive catalysts for our share price."

 

Project Summary

The Project (Licence 27068-HQ-LEL) is approximately 350km(2) in size and is
located within northwest Zambia. It is held through Group company Copernicus
Minerals Limited ("Copernicus"), which is 90% owned by Tertiary Minerals
(Zambia) Limited (which in turn is 96% owned by Tertiary Minerals plc) and 10%
by local partner, Mwashia Resources Limited.

The Project is under a technical cooperation agreement with First Quantum
Minerals Limited ("FQM"), which allows Tertiary to benefit from FQM's historic
exploration data in the area, as well as FQM's geological team's extensive
experience and understanding of the area's geology. The agreement is
non-binding to any further agreement and there are no commercial restrictions
for Tertiary, nor does FQM have a right of first refusal over the Project.
Further details can be found in the news release of 15 September 2022.

 

Geological Setting

The licence is underlain by early Palaeozoic metasediments (sandstones,
shales, carbonate rocks) of the Nguba Group (Katanga Supergroup). These rocks
were subject to regional metamorphism and deformation during the Lufilian
Orogeny and intruded by the Musondweji granite, part of the wider
Pan-African-aged, syn- to post-tectonic Hook Granite intrusive complex (Figure
1). Localised ferruginous alteration (magnetite-haematite) is present in the
conglomerates and ironstones that outcrop around the granite margin,
particularly in the south and southeast.

The Project lies within a broad region considered prospective for IOCG-style
mineralisation. However, sedimentary-hosted copper occurrences and also
polymetallic massive sulphide, carbonate-hosted/replacement occurrences have
also been identified regionally. For example, the Project lies 20km to the
east of the Kalengwa copper mine (historic, non-compliant resource estimated
at approximately 4Mt @ 5.2% Cu and 40-80 g/t Ag), one of the highest-grade
copper deposits ever to be mined in Zambia. In the 1970s, high-grade ore, in
excess of 26% copper, was trucked for direct smelting at other mines in the
Copperbelt. The Kalengwa mine is currently under redevelopment by Moxico
Resources plc and is expected to produce 15,000 tonnes of copper annually.

 

Exploration Undertaken To-date

The Project benefits from extensive historic, regional datasets, including:

·    Historic soil geochemistry and 2 boreholes (1960-70s), regional
airborne magnetic & radiometric surveys by African Minerals Ltd/Ivanhoe
(1990s).

·    Regional exploration by BHP Billiton: airborne magnetics and gravity
(2000-early 2010s).

·    Regional exploration by FQM: airborne VTEM & magnetic survey,
regional soil geochemistry (2010s).

Tertiary re-assayed the historic hole (RKN800) to confirm copper
mineralisation, returning values of: 33m grading 0.24% copper from 122m-155m
downhole. The hole ended in mineralisation grading 0.19% copper from 154-155m
(EOH).

Soil sampling over the initial highest priority targets (A1, A2, C1) was
conducted by Tertiary to confirm the historic copper-in-soil anomalies
(further information is provided below).

An initial drilling programme was undertaken by Tertiary in late 2024 with the
aim being to test two of the high priority areas (A1 and C1 targets). Drilling
was primarily undertaken using the Air Core ("AC") method and, where the
desired hole depth could not be reached (blade refusal at depth), the hole was
completed using Reverse Circulation ("RC") drilling.

A total of 24 holes for a total of 1,486m were drilled using a 4.5-inch bit.
The maximum hole length was 112m. Drilling was primarily focused on target A1
with limited drilling at C1 and both cases primarily targeted the
copper-in-soil anomalies.

Sampling, Analysis and QAQC Sampling was on 1m intervals and two subsamples
were collected using a riffle splitter: one for potential laboratory analysis,
the other for future reference, these were stored at the company's storage
facility. Samples were initially analysed on site using a portable X-Ray
Fluorescence ("pXRF") analyser. Analysis protocol included multiple point
analyses per sample and the inclusion of Certified Reference Material and
duplicate samples. No significant issues were identified with the QAQC data.
Selected check samples for the pXRF analysis were sent to ALS Global in South
Africa for analysis for a range of elements using an aqua regia digestion and
mass spectrometry finish (method code: ME-MS41). Additional assaying was
completed using a four-acid digest, method code ME-ICP61.

QAQC samples (Certified Reference Material, duplicates, blanks) were inserted
as part of the protocol. All standard, blanks and duplicates have been
reviewed and no significant issues with the data have been identified.
Reported drill hole intersection thicknesses are down-hole thicknesses and
true thicknesses are unknown. Intersections are weighted averages based on
silver, using a cut-off grade of 10 g/t Ag with up to 3m internal dilution.

 

Exploration Target Summary

Several prospective targets have been defined thus far within the Project
based on reviews of historic geochemical and geophysical survey data against
the current exploration model developed by Tertiary. These include:

 

A1 & A2 Targets:

These targets are located along the southeastern margin of the intrusion
within metasediments and are spatially associated with a regional NE-SW
structure. Iron alteration is prevalent within the area seen as
magnetite-haematite enrichment of the host rocks. The A1 target is associated
with a copper-in-soil anomaly some 3.1km by 1.7km in size (copper values up to
350ppm via pXRF analyser). This anomaly is also associated with a 1.7km by
0.5km zinc- and a 1.3km by 0.36km silver-in-soil anomaly (Figure 2). Target A2
is associated with a 1km by 1km copper-in-soil anomaly and is situated to the
southwest of A1 target. Several electromagnetic conductor anomalies are
identified from the airborne survey and are spatially associated with the
fault near the A1 target.

Initial shallow drilling of the soil anomaly at the A1 target intersected near
surface, wide (over 250m) and thick (40-60m intersects) of low-grade
polymetallic mineralisation, with many of the holes ending in mineralisation.
Results include:

·    65m at 23 g/t Ag, 0.14% Cu, 0.27% Zn from 9m downhole (24TMNAC-005).

o  Including: 5m at 73 g/t Ag, 0.16% Cu, 0.31% Zn from 69m downhole.

·    66m at 26 g/t Ag, 0.13% Cu, 0.26% Zn from 13m downhole
(24TMNAC-006P).

o  Including: 20m at 40 g/t Ag, 0.21% Cu, 0.40% Zn from 23m downhole.

·    57m at 25 g/t Ag, 0.2% Cu, 0.16% Zn from 14m downhole (24TMNAC-004).

o  Including: 26m at 36 g/t Ag, 0.20% Cu, 0.20% Zn from 45m downhole.

Elevated bismuth (up to 991 g/t), antimony (up to 824 g/t) and gallium (up to
40 g/t) are also recorded from the drilling.

Only one drill line has been completed so far over the silver-in-soil anomaly
and approximately 1km of strike is untested and drilling is only to a depth of
less than 100m vertically. Copper and silver equivalent grades, while only
illustrative at this stage, hold the potential for an open-cast, low-grade
polymetallic target model. In addition, the electromagnetic anomalies at depth
to the west, could represent additional, proximal drill targets.

 

B1, B2, B3 Targets:

The B1 and B2 targets are similar to the A1 and A2 targets being located along
the eastern margin of the intrusion and are defined by a series of
copper-in-soil and electromagnetic anomalies. Target B3 is associated with a
regional E-W fault and an electromagnetic anomaly towards the north of the
Project.

No further exploration has been undertaken on these targets yet.

 

C1 Target:

The C1 target is located along the northeast margin of the intrusion
associated with a larger copper-in-soil anomalies some 4km by 1.25km. This is
also associated with a large gravity anomaly and was previously identified by
BHP Billiton as a potential IOCG target.  A borehole was drilled in the 1960s
(RKN800) targeting part of the copper-in-soil soil anomaly (but located off
the gravity anomaly). Stringer sulphide mineralisation (pyrite, chalcopyrite)
hosted in metamorphosed shales was observed in the core and resampling and
assaying of the core by Tertiary returned:

·    33m grading 0.24% copper from 122m-155m downhole. The hole also ended
in mineralisation (0.19% copper from 154-155m).

Limited shallow drilling (7 holes, maximum hole length was 50m) confirmed the
copper-in-soil anomaly but was too shallow to test the gravity anomaly or
mineralisation intersection in the historic hole. Drill results include (down
hole, not true widths):

·    3m @ 0.11% Cu from 29m (24TMNAC-016)

·    3m @ 0.12% Cu from 28m (24TMNAC-017)

·    2m @ 0.10% Cu from 28m (24TMNAC-018)

This target remains a prospective IOCG target with the historic drilling
intersecting the upper boundary of the gravity anomaly (interpreted to be from
approximately 150m below surface to a depth exceeding 1.5km).

Table 1. Summary of assay results from the initial drilling programme at the
A1 and C1 targets. Equivalent grades are for illustrative purposes only.

Note:

·    Calculated intersections (down hole, true width unknown) are weighted
averages based on silver, using a cut-off grade of 10 g/t Ag with up to 3m
internal dilution.

·    Silver values rounded to whole numbers.

·    "gramme metres" is the silver grade (g/t) multiplied by the interval
(m).

·    CuEq(%) and AgEq(g/t) are the copper and silver equivalent grades,
respectively. These are for illustrative purposes only. Calculations are based
on commodity prices of Cu: US$4.5 lb, Ag: US$32 oz, Zn: US$1.23 lb and 100%
recovery. No information on beneficiation recoveries is available at this
stage.

 

 

 

 

 

 

 

 

Further Information:

 Tertiary Minerals plc:
 Richard Belcher, Managing Director  +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

 

Cautionary Note Regarding Forward-Looking Statements

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.

 

Competent Persons Statement

The technical information in this release has been compiled and reviewed by
Dr. Richard Belcher (CGeol, EurGeol) who is a qualified person for the
purposes of the AIM Note for Mining and Oil & Gas Companies. Dr. Belcher
is a charted fellow of the Geological Society of London and holds the European
Geologist title with the European Federation of Geologists.

About Reach Announcements

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About Tertiary Minerals plc

Tertiary Minerals plc (AIM: TYM) is an AIM-traded mineral exploration and
development company whose strategic focus is on energy transition metals. The
Company's projects are all located in stable and democratic, geologically
prospective, mining-friendly jurisdictions. Tertiary's current principal
activities are the discovery and development of copper and precious metal
mineral resources in Nevada and in Zambia.

 

Glossary of Terms

 

 AC                Air Core drilling
 Ag                chemical symbol for silver
 Cu                chemical symbol for copper
 g/t               grammes per tonne
 EOH               End of hole
 IOCG              Iron-Oxide-Copper-Gold style of mineralisation
 km                kilometres
 m                 metres
 ppm               parts per million
 pXRF              portable X-Ray Fluorescence
 QAQC              Quality Assurance and Quality Control
 Qualified Person  person that has the education, skills and professional credentials to act as a
                   qualified person under AIM Note for Mining and Oil and Gas companies
 Zn                chemical symbol for zinc
 %                 symbol for percentage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Figure 1. Geological map of the Mushima North Project showing the locations of
the priority targets within the licence.

 

 

Figure 2. Location map of the A! target showing soil sample results for
copper, zinc and silver (only limited samples were assayed for silver) and the
collar locations for the drilling programme.

 

 

Figure 3. Drill cross-section (Drill Line 1; location on Figure 1) showing
assay results for Silver. See Table 1 Notes for further information.

 

 

Figure 4. Drill cross-section (Drill Line 1; location on Figure 1) showing
assay results for copper and zinc based on the reported silver intersections.
See Table 1 notes for further information.

 

 

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