REG - Tertiary Minerals - Exploration Update - Konkola West, Zambia

Tertiary MineralsAnnouncement

06/06/2023 07:00

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RNS Number : 7092B  Tertiary Minerals PLC  06 June 2023

 6 June 2023

 

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

 

EXPLORATION UPDATE - KONKOLA WEST, ZAMBIA

The Company is pleased to announce that, via its local partner, Mwashia
Resources, it has been provided with extensive geophysical exploration data
for its Konkola West copper exploration project in Zambia by KoBold Metals.

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,
is investing US$150 million into the evaluation of the Mingomba Copper Deposit
(Lubambe Extension Project) on the mining licence adjoining the Company's
Konkola West exploration licence.

The data now provided comprises airborne gravity, magnetic and radiometric
data for the entire 72 sq.km. licence area and was collected by KoBold in
2021.

This data set was collected as part of a wider regional airborne geophysical
survey incorporating Konkola West and targeting down-dip and along-strike
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 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 tons grading 2-3% copper. Konkola West is located
approximately 2,000 metres southwest of the Mingomba deposit which currently
has a resource of 250 million tonnes with a mean grade of 3.8% copper.

The Company has previously released a "Project Focus" presentation for Konkola
West which is available on the Company's website at:

 https://www.tertiaryminerals.com/presentations
(https://www.tertiaryminerals.com/presentations)

Commenting today, Executive Chairman Patrick Cheetham said:

"This is a significant development for the Konkola West Project and we are
grateful to KoBold for sharing this data at no cost to Tertiary. The data has
an estimated replacement value of several tens of thousands of dollars and
will add significantly to our knowledge of the Konkola West Project. Most
importantly the data set provides valuable insights for our next stage of
exploration targeting for Konkola West."

"Through judicious agreements, we have been fortunate to have acquired large
data sets for a number of our projects in Zambia which have significantly
advanced our exploration targeting as highlighted in our recent announcement
for our Mushima North project, and before that at Mukai where our data sharing
and technical cooperation agreement with First Quantum Minerals has been
highly productive."

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

 

Market Abuse Regulation (MAR) Disclosure

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 which forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this
announcement via a Regulatory Information Service ('RIS'), this inside
information is now considered to be in the public domain.

 

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. Further
details of the Agreement can be found in in the Company's news release of 15
September 2022.

The Mingomba (Lubambe Extension) Deposit is being evaluated by KoBold Metals
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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