REG - Tertiary Minerals - Konkola West Copper Project - Drilling Update

Tertiary MineralsAnnouncement

31/03/2025 14:45

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250331:nRSe9708Ca&default-theme=true

RNS Number : 9708C  Tertiary Minerals PLC  31 March 2025

 

 

31 March 2025

 

Tertiary Minerals plc

 ("Tertiary" or the "Company")

 

Drilling update, Konkola West Copper Project

 

Tertiary Minerals plc (AIM: TYM) is pleased to provide the following update on
the current drill programme being undertaken by a subsidiary of KoBold Metals
("KoBold") at its Konkola West Copper Project ("Konkola West" or the
"Project"), Zambia. KoBold has the right to earn into the project by drilling
two drill holes for a minimum of 2,000m (for further details see below and the
Company's news release dated 19 December 2023).

KoBold is targeting the potential continuations of mineralisation being mined
at the world-class Musoshi, Lubambe and Konkola Mines, which had a pre-mining
combined endowment of over 775Mt grading 2-3% copper. KoBold's Mingomba copper
project is located approximately 5km to the northeast of the Project.

 

Hole KWDD001

Drilling of hole KWDD001 has now been concluded after continued technical
difficulties and limited advancement of the hole since the last update (20
February 2025) and having reached a down-hole depth of 2,711.1m. While the
hole did not reach the targeted horizon (Ore Shale, Copperbelt Orebody
Member), the geological data collected as part of the drilling has been
instrumental in better understanding the previously unknown, geological
architecture of the basin and has been used to update KoBold's proprietary
geological models. As such, the hole has significant geological value and data
generated from this hole will continue to be processed and analysed to inform
future drilling at Konkola West.

Two zones of low-grade copper sulphide mineralisation were intersected in this
hole. Trace bornite and chalcopyrite mineralisation was observed from
2,670m-2,682.83m (12.83m with a true thickness of 9.93m) and additional
bornite and chalcopyrite trace mineralisation was observed from 2693.1m over a
true thickness of 2.19m.  The mineralisation is dominantly disseminated,
patchy and fracture/vein controlled. Whilst not of economic interest at these
depths it is considered encouraging that copper-bearing fluids have moved
through the sediments in this basin close to the expected depth of the target
horizons.

The drill core from this entire hole is being analysed at an independent
laboratory and any significant results will be released in due course. In
addition, a wireline downhole geophysical survey has been completed collecting
magnetic, induced polarisation, resistivity and gamma-ray data as well as
mapping fracture density.

KWDD001 is believed to be the deepest mineral exploration drill hole to ever
be drilled in the Zambian Copperbelt and marks a significant milestone within
the industry.

 

Hole KWDD002

Despite stopping short of the target horizon in hole KWDD001, the results were
sufficiently encouraging for KoBold to drill a second hole. Drilling of this
hole (KWDD002) started on 26 March 2025. The location, orientation and
expected length is based on KoBold's updated model for the basin, based on
their extensive regional dataset and understanding, with data from KWDD001
being crucial to this. The expected hole depth is planned to approximately
2,000m.

 

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

"While we are naturally disappointed the target horizon was not reached by the
final hole depth, the drilling of such a deep borehole along with the
geological data collected as part of KoBold's comprehensive, data-driven
approach has been truly impressive.

"It is incredibly exciting for Tertiary to be involved in such a
ground-breaking project and we remain extremely positive on the potential
future outcomes.

"We eagerly await the progress of the second drill hole, and I look forward to
updating shareholders as the hole advances."

 

Mfikeyi Makayi, Chief Executive Officer, KoBold Metals Africa, commented:

"We learned a lot from our first drill hole, and we look forward to drilling
our next hole together with our partners in Tertiary and Mwashia. We remain
excited to continue to explore Konkola West."

 

Konkola West Drill Programme

Konkola West (Licence 27067-HQ-LEL) is located approximately 5km to the SW of
KoBold's Mingomba deposit, which forms part of the Lubambe-Mingomba-Konkola
copper deposits of the Zambian Copperbelt. The aim of the drill programme is
to test the potential continuations of mineralisation being mined and the
World-Class Musoshi, Lubambe and Konkola Mines (combined pre-mining endowment
of over 775Mt grading 2-3% copper). KoBold's Mingomba project, is reported by
KoBold to be one of the largest undeveloped copper deposits in the world.
KoBold is using its propriety AI-driven models of the regional geology to
support its mineral exploration targeting.

 

Earn-In Agreements

The Earn-In Agreement is between Tertiary Minerals (Zambia) Limited, its local
partner, Mwashia Resources Limited, and KoBold Metals.

Under the initial Earn-in Agreement, KoBold is required to drill two holes and
a minimum 2,000m of drilling within 14 months of signing the Earn-in
Agreement. This period has now been extended by 4 months to allow the drill
the second hole, which is expected to be approximately 2000m.

In addition, a provision of the Earn-In Agreement has been made to ensure that
KoBold's newly granted adjacent Large Exploration Licence, 38615-HQ-LEL, will
also be held under the terms of the Earn-in Agreement for the benefit of all
the parties.

 

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 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.

 

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 charted 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.

 

 

Figure 1. Location map of the Konkola West Project

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DRLPKDBBNBKDONN