REG - Tertiary Minerals - Highest grade Ag-Cu at Target A1, Mushima North

Tertiary MineralsAnnouncement

01/10/2025 07:30

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RNS Number : 5839B  Tertiary Minerals PLC  01 October 2025

 

01 October 2025

Tertiary Minerals plc

 ("Tertiary" or the "Company")

 

Highest grade silver-copper intersection to date at Target A1, Mushima North:
58m at 72 g/t silver equivalent

 

Tertiary Minerals plc (AIM: TYM) is pleased to announce drilling results for a
further three holes from the Phase 2 follow-up drill programme at Target A1 at
its Mushima North Project in Zambia ("Mushima North" or the "Project").

The new laboratory analytical results reveal the highest-grade silver and
copper drill intersection to date and extend the mineralisation further to the
north by approximately 100m. The thick near surface mineralisation now extends
over an area 450m long and up to 400m wide, and remains open to the
north/northwest, south/southeast and at depth.

Mushima North is located in the prospective Iron-Oxide-Copper-Gold region of
Zambia. Target A1 is a polymetallic, silver-copper-zinc prospect located 28km
to the east of the historic Kalengwa copper-silver mine which is currently
under redevelopment.

 

Highlights:

 

Ø Highest-grade silver/copper mineralisation intersection to date on the
project:

·        58m at 49 g/t Ag, 0.26% Cu and 0.16% Zn (72 g/t Ag equivalent
or 0.94% copper equivalent) from 8m downhole (hole 25TMNAC-038).

§ Including: 20m at 86 g/t Ag, 0.44% Cu and 0.24% Zn from 46m downhole.

§ And: 9m at 124 g/t Ag, 0.73% Cu and 0.25% Zn (185 g/t Ag equivalent or
2.40% copper equivalent) from 57m downhole. The hole ended in mineralisation.

Ø Results include high-grade copper mineralisation (9m at 2.40% copper
equivalent) and suggest the presence of a previously unknown zone of
high-grade copper mineralisation, which is open to the north.

Ø Mineralisation footprint extended by a further 100m to the north, now over
a 450 by up to 400m area, and remains open to the north/northwest,
south/southeast and at depth.

 

 

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

"We are thrilled to report not only our best intersection of silver
mineralisation so far on this project, but also higher-grade copper
mineralisation with individual metre samples returning grades of up to 1.68%
copper. Hole 25TMNAC-038 returned 58m at 72 g/t silver equivalent (or 0.94%
copper equivalent) from near surface. This hole also included our best copper
intersection so far at 9m at 2.40% copper equivalent (185 g/t Ag silver
equivalent) from 57m downhole, with the hole ending in mineralisation.
Significantly, the high copper and silver values are from the northern most
drill line, so the mineralisation remains open to the north and at depth.

"These additional results have also extended the surface footprint of the
mineralisation to the north by approximately 100m. The mineralisation
footprint is now approximately 450m by 400m within a northwest-southeast
orientation and remains open to the north/northwest, south/southeast and at
depth. These results further support our bulk tonnage, open pit silver
exploration model as well as the additional potential for copper and adds
further credence to the significance of this discovery for the Company."

 

Phase 2 Drill Programme

As previously reported, the Phase 2 drill programme consisted of 1,116m of
combined Air Core ("AC") and Reverse Circulation ("RC") drilling along a
series of east-west drill lines spaced between 100m and 250m apart,
north-south. Holes were collared approximately 100m apart along the east-west
lines and drilled to the maximum depth possible at the time based on the drill
rig capabilities and geological ground conditions (the bit refusal depth). The
deepest drill hole in this programme was 99m and the average hole depth 70m.
Combined Phase 1 and 2 drilling covers a surface footprint of approximately
1,680m by 550m.

The three drill holes now being reported, and described below, are located on
two east-west drill lines, 8507275N and 8507150N. Drill Line 8507275N
represents the most northern drill traverse drilled to date.

·    25TMNAC-038: Located on a two drill hole line with 25TMNAC-039. The
drill hole was drilled to the east (inclined -60°) to a downhole depth of
66m. The hole was designed to test the continuation of the mineralisation to
the north from drill line 8507150N.

·    25TMNAC-039: Located approximately 100m west of 25TMNAC-038 and
drilled to the east (inclined -60°) to a downhole depth of 62m. The hole was
designed to test the continuation of the mineralisation to the north from
drill line 85072150N.

·    25TMNAC-040: Located approximately 100m west of 25TMNAC-026 and
drilled to the vertically (inclined -90°) to a downhole depth of 61m. The
hole was designed to test the continuation of the mineralisation to the east
on drill line from drill line 8507150N.

 

To date, all significant silver values have been associated with copper and/or
zinc. mineralisation. Analytical results are still awaited for a number of
reconnaissance drill holes but, as these holes do not contain significant
copper or zinc values by pXRF analysis and appear not to be on the interpreted
trend of the mineralisation, significant silver results are not anticipated
from these analyses.

 

 

 

Table 1. Phase 2 (Target A1) analytical results (three holes only, other
analytical results from remainder of the drilling programme awaited).
Equivalent grades ("Eq") are for illustrative purposes only.

 

Note to Table 1 and 2:

·    Reported intersections (downhole, true widths unknown) are based on a
cut-off grade of 10 g/t Ag. Intervals start and end with ≥10 g/t Ag and up
to 3m consecutive of internal dilution has been allowed. All grades are
averages weighted by sample length.

·    Silver values are rounded to whole numbers.

·    EOH means End of Hole.

·    CuEq (%) and AgEq (g/t) are the copper and silver equivalent grades,
respectively, and were calculated assuming commodity prices of Cu: US$4.5 lb,
Ag: US$40 oz, Zn: US$1.2 lb and 100% recovery. No information on beneficiation
recoveries is available at this stage. The metal equivalent values se are for
illustrative purposes only.

·    Gramme metres for silver are the silver values (g/t) multiplied by
the intervals (m).

 

Target A1

Target A1 is a large copper-in-soil anomaly (3.1km by 1.7km) with copper
values up to 302ppm (per Portable X-Ray Fluorescence, "pXRF") associated with
a 1.7km by 0.5km zinc- and coincidental 1.3km by 0.3km silver-in-soil anomaly.

Phase 1 drilling in 2024 targeted the copper-in-soil anomaly and returned
broad but generally low-grade copper mineralisation as reported in the news
release dated 28 October 2024 (e.g. 57m at 0.2o% Cu from 14m downhole, hole
24TMNAC-004). Higher grade copper mineralisation within these broader zones
was also returned (e.g. 6m at 0.58% Cu within 35m at 0.21% Cu, from 22m
downhole, hole 24TMNAC-024). Drilling over the silver- and zinc-in-soil
anomaly (drill line: 8506925N) identified wide and thick, near surface silver
mineralisation associated with low-grade copper and/or zinc mineralisation.

The Phase 2 drill programme (1,116m), as discussed above, targeted the silver-
and zinc-in soil anomaly. The silver mineralisation has now been confirmed to
extend approximately 450m northwest-southeast and by 400m northeast-southwest
and to a depth from near surface to 84m and it remains open-ended both to the
north/northwest, south/southeast and at depth. The mineralisation at Target A1
is associated with a massive, haematitic and carbonaceous silty-sandy
conglomerate. Where visible, copper mineralisation is in the form of secondary
copper minerals malachite and chrysocolla. The mineralogical speciation of
silver and zinc is yet to be determined. Elevated bismuth (up to 991 g/t), and
the critical metals antimony (up to 0.21%) and gallium (up to 40 g/t) are also
associated with the mineralisation in places.

Drilling results (previously reported) from the Phase 1 and 2 drilling
programmes are presented in Table 2 below.

 

Table 2. Selected silver intersections from Phase 1 and 2 drilling from Target
A1. Equivalent grades ("Eq") are for illustrative purposes only. See Table 1
for notes.

 

 

Mushima North Project

The Mushima North (silver-copper-zinc) Project (Licence 27068-HQ-LEL) is held
through Group company Copernicus Minerals Limited, which is 90% owned by
Tertiary Minerals (Zambia) Limited and 10% owned by local partner, Mwashia
Resources Limited.

The Project's western boundary lies 20km to the east of the Kalengwa
copper-silver mine in northwest Zambia, one of the highest-grade copper
deposits ever to be mined in Zambia (approximately 4 million tonnes at 5.2%
copper and 40-80 g/t silver). In the 1970s, high-grade ore, reportedly
averaging approximately 11% copper, was trucked for direct smelting at other
mines in the Copperbelt. The Kalengwa mine is currently under redevelopment
and is expected to produce 15,000 tonnes of copper annually.

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 (Targets A1, A2, B1, B2,
B3 and C1). At the end of the summer 2024, Tertiary completed an initial
(Phase 1) 25 AC drill hole programme (1,274m) to test parts of geochemical
(copper-in-soil) anomalies at Targets A1 and C1. This limited and shallow
drilling indicated wide downhole intervals of largely coincidental copper,
zinc and silver mineralisation at Target A1. The other geochemical and/or
geophysical targets (A2, B1, B2 and B3) are yet to be drill tested.

The Project is held 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.

 

Sampling, Analysis and QAQC

Sampling from the drilling programme was undertaken at 1m intervals and two
subsamples were collected from each interval using a riffle splitter: one for
potential laboratory analysis, the other for future reference.

Samples were initially analysed on site using a pXRF analyser for zinc and
copper. Analysis protocol included multiple point (three) analyses per sample
(unprepared sample analysed through a thin plastic sample bag) and the
inclusion of Certified Reference Material, blanks and duplicate samples as
part of an internal Quality Assurance ("QA") procedure. Given the nature of
the unprepared sample and point analysis, this method was used as a
preliminary exploration technique to provide an approximate quantitative
measure of copper and zinc mineralisation only.

Samples from selected drill holes based on the initial pXRF results were then
sent to the independent laboratory ALS Global in South Africa for analysis for
a range of elements using a four-acid digest, method code ME-ICP61 (including
silver, copper, zinc, bismuth, antimony and gallium). QA samples (Certified
Reference Material, duplicates, blanks) were inserted and monitored as part of
the Quality Assurance Quality Control ("QAQC") protocol.

Reported drill hole intersection thicknesses are downhole 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 consecutive internal dilution
and intervals starting and ending with ≥10 g/t Ag.

 

 

 

Figure 1. Location map of Target A1 showing soil sample results for copper and
zinc and the collar locations for the 2024 and 2025 drill programme.

 

 

 

 

Figure 2. Drill cross-section 8507275N (location on Figure 1) showing
analytical results for silver and selected copper values for drill holes
25TMNAC-038 and 25TMNAC-039. See Table 1 notes for further information.

 

 

 

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

 

 

Market Abuse Regulation

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(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.

 

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 chartered fellow of the Geological Society of London and holds the
European Geologist title with the European Federation of Geologists.

 

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.

 

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