REG - Tertiary Minerals - Forest Permits Received - Mukai & Mushima North

Tertiary MineralsAnnouncement

31/07/2023 07:00

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RNS Number : 6447H  Tertiary Minerals PLC  31 July 2023

 31 July 2023

 

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

 

FOREST PERMITS RECEIVED - MUKAI & MUSHIMA NORTH COPPER PROJECTS, ZAMBIA

 

Tertiary Minerals plc is pleased to advise that the necessary permissions have
now been received from the Forest Department in Zambia to carry out the
Company's proposed soil sampling programmes in the forest areas within the
Mukai and Mushima North project licences.

Highlights:

·    Mukai & Mushima North are two of five projects in Zambia where
Tertiary is exploring for copper.

 

·    Both projects benefit from the technical cooperation and data sharing
agreement with leading Zambian and global copper producer First Quantum
Minerals ("FQM").

 

Ø Mushima North

 

·    The two highest priority targets to be covered by soil sampling are:

Ø Target C1 - A prominent gravity high defined by BHP Billiton's Falcon
airborne gravity survey with a coincident copper soil anomaly. The wide,
low-grade, intersection of copper mineralisation recently announced from
resampling core from drill hole RKN800 sits on the margin of the gravity
anomaly making this an exciting target for follow up. Drill hole RKN800
pre-dates BHP Billiton's gravity survey. The C1 gravity anomaly was designated
as an IOCG drill target by BHP Billiton, but never tested.

Ø Target A1 - A 1.7km long copper soil anomaly with values up to 350ppm
copper (in portable x-ray fluorescence analysis) defined by 500m spaced
samples and supported by coincident arsenic and zinc anomalies. This is a
target for more conventional Copperbelt style mineralisation.

·    The Company has designed a programme of follow up exploration which
will start with soil sampling to infill the FQM 500m spaced soil data and
define drill targets.

 

Ø Mukai

 

·    Mukai is strategically located:

 

Ø adjoining FQM's Trident Project which incorporates the Sentinel copper mine
complex and the recently opened Enterprise nickel mine.

 

Ø west of Arc Minerals' Zambian Copper Project where Anglo-American has the
right to invest up to US$88.5 million to earn a 70% joint venture interest.

 

·    Extensive data compilation and review has highlighted FQM's discovery
of copper and nickel mineralisation at the Tirosa Prospect immediately
adjacent to the Mukai property boundary and historical soil sample anomalies
suggest that this mineralisation may continue into the Mukai licence.

 

Commenting today, Executive Chairman Patrick Cheetham said:

"We know that our shareholders have been waiting patiently for these permits
to be granted but we are now clear to start the Company's 2023 exploration
projects on these two exciting copper projects.

Mineral exploration and mining are not excluded from forest areas and
historically permits to explore in these have been readily obtained.  From my
recent visit to Zambia it is clear that that the Zambian Government is serious
about its objective to increase copper production three-fold and is taking the
necessary actions to ensure that all Ministries and Government Departments are
fully onboard with this objective. The delays we experienced seem to reflect
departmental reorganisations at the relatively new Ministry for the Green
Economy which oversees the Forest Department and a number of companies have
reported similar delays. We are delighted that this is now resolved.

Our objective is to now complete soil sampling over the exciting targets we
have developed at Mushima North and Mukai as well as at our Konkola West
Project. This will enable us to prioritise our Zambian Projects for follow up
drilling having already completed similar programmes at our Lubuila and Jacks
Projects."

 

PRESENTATIONS

Further information on the projects mentioned in this release can be found in
the company and individual project presentations on the Company's website:
https://www.tertiaryminerals.com/presentations
(https://www.tertiaryminerals.com/presentations)

 

CONTACTS:

 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.

 

Notes:

1.   The information in this release has been reviewed by Mr. Patrick
Cheetham (MIMMM, M.Aus.IMM), Executive Chairman of Tertiary Minerals plc, 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.

 

 

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