REG - Tertiary Minerals - Exploration Update – Zambia

Tertiary MineralsAnnouncement

10/08/2023 07:00

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RNS Number : 8519I  Tertiary Minerals PLC  10 August 2023

10 August 2023

*

Tertiary Minerals plc

("Tertiary" or "the Company")

Exploration Update - Zambia - Soil Sampling Programme Commences

 

Following the receipt of forest permits announced on 31 July 2023, Tertiary
Minerals plc (AIM: TYM), is pleased to announce the start of soil sampling and
to provide the following update on its Zambian copper exploration projects.

 

Key Point Summary:

 

Konkola West Project

·    Interpretation of airborne geophysical data provided by KoBold Metals
has now identified areas in the north and northwest of the licence where the
target Lower Roan formation - the main host to copper mineralisation on the
Zambian Copperbelt - may be shallower and less steeply dipping than on the
eastern side of the licence.

 

·    Soil sampling is now underway to explore higher up in the sequence
with approximately 260 soil samples due to be collected over the next few
days. Soil samples will be analysed in the field using a portable XRF ("pXRF")
analyser and follow up infill sampling will be carried out as appropriate.

 

·    Konkola West lies immediately west of the Konkola-Lubambe-Musoshi
copper mining licences and potentially contains downdip extensions of the
laterally continuous Lower Roan ore shale horizon on the east side of the
licence.

 

Mukai Project

·    Soil sampling will commence at Mukai immediately after completion of
work at Konkola West.

 

·    Mukai adjoins First Quantum Minerals' ("FQM") Trident Project
licences which include the large Sentinel copper mine and the recently opened
Enterprise nickel mine.

 

·    Approximately 310 soil samples will be collected on a 300m x 100m
grid with additional infill sampling to test a historic soil anomaly in
favourable stratigraphy along strike of FQM's Tirosa Prospect where FQM has
drilled up to its licence boundary with Mukai.

 

Mushima North Project

·    Mushima North is located east of the high grade Kalengwa Copper Mine
and numerous targets have been identified for both iron-oxide-copper-gold
("IOCG") mineralisation and conventional Copperbelt style mineralisation.

 

·    Soil sampling at Mushima North is currently scheduled to follow on
from that at Mukai. Approximately 1,150 samples will be collected on 200 x
200m grids in three main target areas.

 

Lubuila Project

 

·    Further to the announcement of 17 May 2023 the Company has now
completed check analysis of soil samples collected earlier in the field season
at Lubuila as well as an evaluation of multi-element geochemistry.

 

·    Copper results have confirmed the previously reported anomalous
copper results from Area C. However, the interpretation of multi-element
analytical results suggests that the anomalous results are likely the result
of lateritic enrichment rather than indicative of significant in-situ copper
mineralisation.

 

 

Commenting today, Executive Director Patrick Cheetham said:

"Our strategy remains unchanged. Following the completion of these soil
sampling programmes we will be in a position to prioritise areas for follow up
drilling alongside the Jacks Copper Project where we completed extensive soil
sampling at the end of the 2022 field season and a preliminary drill
programme."

"We believe that our licence portfolio in Zambia is amongst the most
prospective held by any listed junior explorer in Zambia and our data-sharing
and technical cooperation agreement with FQM on the Mukai and Mushima North
Projects is an additional differentiator. Despite this we trade at a
significant discount to those peers. Now that we have received the necessary
permits and work is once again underway, we expect to see an increase in news
flow and look forward to updating shareholders with our progress."

 

 

Further information on the projects discussed in this news release can be
found on the Company website www.tertiaryminerals.com
(http://www.tertiaryminerals.com)

 

Separate project presentations can also be found on the Company website for
each of the Konkola West, Mukai and Mushima North Copper Projects.

 

 

 

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/Harry Davies-Ball               +44 (0) 203 470 0470
 Peterhouse Capital Limited - Joint Broker
 Lucy Williams/Duncan Vasey  + 44 (0) 207 469 0930

 

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.

 

 

Notes

1.   A pXRF or portable X-ray fluorescence analyser is a hand-held
instrument which provides multi‑element analytical results outside of a
laboratory setting. XRF analysis operates by bombarding the sample with X-rays
which induces the emission of secondary X-rays exhibiting the energy
characteristics of the constituent elements within the sample. pXRF analysers
provide real-time analysis and allows immediate follow-up sampling therefore
increasing productivity and reducing cost associated with additional
mobilisation. pXRF analysers cannot be used as a direct replacement for
traditional laboratory-based analysis as the sample is not subjected to
rigorous sample preparation and is therefore considered indicative.

 

2.   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.

 

3.   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.

 

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