REG - Tertiary Minerals - Copper-Zinc Mineralisation found at Mushima North

Tertiary MineralsAnnouncement

28/10/2024 07:00

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RNS Number : 7627J  Tertiary Minerals PLC  28 October 2024

 

28 October 2024

 

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

 

Copper-Zinc Mineralisation discovered at Mushima North

Further to its announcement of 16 October 2024, the Company is pleased to
advise that drilling on its Mushima North Copper Project in Zambia has
intersected widespread copper and zinc mineralisation with multiple holes
ending in mineralisation.

 

Highlights:

 

·    Twenty-five holes drilled to a maximum depth of 112m on three
traverses at Target A1 and one traverse at Target C1.

 

·    Field portable X-Ray Fluorescence ("pXRF") analysis of drill samples
now completed.

 

·    Wide downhole intervals of largely coincident copper and zinc
mineralisation found on and around Traverse 1 at Target A1 in in drill holes
spanning an open ended 350m (east-west) x 170m (north-south) area, e.g.:

 

o  Hole 24TMN024: 33m grading 0.21% copper from 22m

§ inc.          6m downhole grading 0.58% copper from 47m

§ inc.          1m downhole grading 1.04% copper from 49m

 

o  Hole 24TMN003:  8m grading 0.10% copper from 33m

§ And         28m grading 0.30% zinc from 41m to end of hole

 

o  Hole 24TMN004:  55m grading 0.18% copper from 14m to end of hole

§ and           26m grading 0.27% zinc from 45m to end of hole

 

o  Hole 24TMN005:  43m grading 0.14% copper from 31m to end of hole

§ and           58m grading 0.27% zinc from 16m to end of hole

 

o  Hole 24MN008P:  11m grading 0.14% copper from 65m

§ and            62m grading 0.41% zinc from 19m

 

·    Narrower intervals of similar copper mineralisation intersected drill
holes on Traverses 2 and 3 at Target A1, and on the traverse at Target C1.

 

·    Ground magnetic survey now in progress at Target A1 to assist
structural and stratigraphic interpretation.

 

·    Selected samples to be submitted for laboratory check analysis and
for precious metal analysis.

 

Detailed information and a table of significant drill results follows,
together with a drill hole location plan and other images.

 

Patrick Cheetham, Executive Chairman of Tertiary Minerals plc said:

"Our first drill programme at Mushima North has delivered exciting results and
demonstrates that the large copper-in-soil anomaly at Target A1 is rooted in
thick intervals of copper and zinc mineralisation over a wide area. The
aircore drill rig used for this programme allowed us to complete a meaningful
number of widely spaced drill-holes, but the depth limitations of this
reconnaissance drilling method meant that many holes ended in mineralisation.

"Use of pXRF analysis in near real-time allowed us to modify the drill
programme as it progressed with the result that  the last hole in the
programme hit the highest grades - grades similar to those being mined
elsewhere in northwest Zambia. So far we have only scratched the surface at
Mushima North and work is now in progress to help us plan follow-up work for
the 2025 field season."

 

Cautionary Statement

pXRF analytical results form the basis of this announcement. It should be
noted that pXRF analytical results are generally considered to be less
accurate than analytical results generated by an accredited analytical
laboratory. The Company has carried out a comprehensive QA/QC programme with
the pXRF where sample duplicates and certified reference materials with
certified metal values were inserted into the sequence of drill samples being
analysed. In addition, the values being reported are based on five pXRF
readings averaged for each sample. The QA/QC of the pXRF results was
satisfactory.  As a result, the Company is satisfied that the results being
reported are a reliable indication of the occurrence of copper and zinc
mineralisation of interest for further exploration. The Company will submit a
series of drill samples for check analysis using an accredited analytical
laboratory and the resulting analytical results will be released in due
course.

 

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                      +44 (0) 203 470 0470
 Caroline Rowe
 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.

 

Detailed Information

The Mushima North Copper Project (Licence 27068-HQ-LEL) is held through Group
company Copernicus Minerals Limited ("Copernicus") which is 90% owned by
Tertiary Minerals (Zambia) Limited. Copernicus is in the process of taking a
transfer of the licence through its agreement with licence holder and
Copernicus 10% shareholder, Mwashia Resources Limited ("Mwashia") (see
announcement dated 26 February 2024).

The project lies 20km to the east of the Kalengwa copper mine which is now
being reopened and is expected to produce 15,000 tonnes of copper annually.
Kalengwa was 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.

Kalengwa was discovered by drill testing a coincident copper-in-soil anomaly
and gravity anomaly and has characteristics of the Iron-Oxide-Copper-Gold
("IOCG") class of deposits.

In 2023, following a detailed targeting project, Tertiary carried out soil
sampling over the A1, A2 and C1 targets, defining significant copper in soil
anomalies in all three areas (see announcements dated 5 October and 16
October 2023).

A1 Target Drill Testing

The A1 target, a copper-in-soil anomaly, covers an area of up to approximately
3km north-south by 1.5km east-west.

In the recently completed drill programme, 17 shallow holes were drilled on
three traverses using a combination of aircore and reverse circulation methods
as an initial test of the A1 soil anomaly.

Drill Traverse 1 was completed west-east over the northern part of the anomaly
and initially comprised 5 holes drilled at 100m intervals an angle of -60
degrees to the east. Samples were collected at 1m intervals and analysed using
a pXRF. Additional holes were sited to infill the hole spacing at 50m
intervals on the eastern half of the traverse and the traverse was extended to
the east. Wide zones of copper and zinc were intersected over the majority of
holes on Traverse 1.

A full tabulation of drill results is given in Table 1 below and details of
the reporting grade cut-offs is given in the accompanying notes.

The final hole in the whole programme (24TMN024) was drilled vertically 170m
south of Traverse 1 and intersected the highest grades of the whole programme
- up to 1% copper - grades similar to those being mined at major mining
operations elsewhere in northwest Zambia. Unfortunately, there was
insufficient time to drill further holes in the current programme.

Preliminary logging of drill samples indicates that the geological sequence
intersected at A1 on Traverse 1 is a series of altered ferruginous sandstones,
siltstones and conglomerates with mineralisation hosted primarily in
ferruginous and graphitic conglomerates. Many of the clasts are highly
weathered or leached out (vuggy) suggesting the possibility that leaching of
copper may have occurred. This is a permissive lithological setting for
economic copper deposits in northwest Zambia and is similar to that hosting
copper mineralisation at the Kalengwa mine.

The association of zinc and copper mineralisation at Mushima North requires
further evaluation. Arsenic is also highly anomalous in some holes (up to
0.4%) and samples need to be analysed for precious metals.

The mineralisation intersected on Traverse 1 is best developed on the western
side of the soil anomaly and continues beyond the soil anomaly to the east
where it is open ended.

Drill Traverse 2 comprised five 100m spaced holes (24TMN006 to 24TMN010) in
the western part of the A1 soil anomaly, approximately 500m south of Traverse
1.  A similar sedimentary sequence was intersected as in Traverse 1 and
whilst copper values on this traverse were lower, all holes were consistently
anomalous in copper in the low -mid 100s of parts per million copper
throughout.  It is believed that these holes were placed too far to the west
and this traverse should be extended to the east in future.

Drill Traverse 3 is located approximately 750m further south from Traverse 2.
and comprised four 100m spaced aircore holes (24TMN011 to 24TMN014). The pXRF
results on Traverse 3 are similar to those on Traverse 2 and this traverse
also needs to be extended to the east in future programmes.

C1 Target Area

The principal target at C1 is for IOCG style mineralisation associated with
coincident magnetic and gravity anomalies defined by BHP in an earlier phase
of exploration. This target is deep and testing was beyond the depth
capability of the drill rig used at Mushima North during the recent programme.

However, seven shallow aircore holes (24TMN016 to 24TMN022) were drilled
vertically at 100m intervals on a north-south traverse to test a
copper-in-soil geochemical anomaly for shallow mineralisation.

A number of narrow intersections of copper mineralisation were made as shown
in Table 2 below. Mineralisation occurs in a mixed sequence of dolomitic
siltstones and granite with iron and copper sulphide minerals, pyrite and
chalcopyrite being logged.

The primary IOCG target at C1 remains untested.

 

Table 1: Target A1, Mushima North Significant Aircore/Reverse Circulation
Drilling Results

 

 Hole Number  Interval (m)  % Copper      % Zinc      From (m)  To (m)  Note
 Traverse 1   From West to East
 24TMN003     2m            0.10% copper              28m       30m
              8m            0.10% copper              33m       41m
              28m                         0.30% zinc  41m       69m     Hole ended in mineralisation
 24TMN006P    21m           0.16% copper              22m       43m
              2m            0.10% copper              53m       55m
              46m                         0.27% zinc  22m       68m
 24TMN004     55m           0.18% copper              14m       71m     Hole ended in mineralisation
              2m                          0.28% zinc  21m       23m
              26m                         0.27% zinc  45m       71m     Hole ended in mineralisation
 24TMN008P    2m            0.13% copper              24m       26m
              11m           0.14% copper              65m       76m
              62m                         0.41% zinc  19m       82m
 24TMN005     43m           0.14% copper              31m       74m     Hole ended in mineralisation
              58m                         0.27% zinc  16m       74m     Hole ended in mineralisation
 24TMN015     48m           0.16% copper              22m       70m     Hole ended in mineralisation
 24TMN023     3m            0.11% copper              39m       42m
              55m           0.18% copper              54m       112m    Hole ended in mineralisation
              9m            0.31% copper              79m       88m
              26m                         0.20% zinc  84m       112m    Hole ended in mineralisation
 24TMN024     Located170m due south of 24TMN015
              33m           0.21% copper              22m       57m
              6m            0.58% copper              47m       53m
              1m            1.04% copper              49m       50m
 Traverse 2   From West to East
 24TMN006     9m            0.13% copper              33m       42m
              5m            0.11% copper              80m       85m
 Traverse 3   From West to East
 24TMN011     9m                          0.20% zinc  8m        17m
 24TMN012     4m            0.10% copper              31m       35m

 

 

Table 2: Target C1, Mushima North Significant Aircore/Reverse Circulation
Drilling Results

 

 Hole Number  Interval (m)  % Copper      % Zinc  From(m)  To (m)  Note
 Traverse drilled South to North
 24TMN016     3m            0.11% copper          29m      32m
 24TMN017     3m            0.12% copper          28m      31m     Hole ended in mineralisation
 24TMN019     2m            0.10% copper          28m      30m

 

 

Notes:

1.         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.

2.         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.

3.         Reporting cut-offs:

For copper - a mineralised interval of minimum 2m thickness with a 0.1%
start/finish threshold and having an average grade of >0.1% copper.

For zinc - a mineralised interval of minimum 2m thickness with a 0.2%
start/finish threshold and having an average grade of >0.2% zinc.

Where voids occur within continuous sampled lengths, the average grade
reported is the average grade of the samples actually collected and the
reported sample interval excludes the extent of the voids which are likely due
to washing out of clay or other soft materials, possibly in fault zones. The
following voids were noted:

Hole 24TMN004 drilled through a 2m void from 43-45m.

Hole 24TMN008P drilled through a 1m void from 17-18m and 30-31m downhole.

 

Hole 24TMN023 drilled through voids from 70-71, 88-89m and 95-96m downhole.

Hole 24TMN024 drilled through voids from 46-47m and 54-55m downhole.

REPORTED THICKNESSES ARE DOWNHOLE THICKNESSES AND TRUE THICKNESS ARE UNKNOWN.

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