REG - Tertiary Minerals - New Exploration Licence – Zambia

Tertiary MineralsAnnouncement

13/06/2023 07:00

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RNS Number : 4719C  Tertiary Minerals PLC  13 June 2023

 

13 June 2023

 

Tertiary Minerals plc

("Tertiary" or "the Company")

 

NEW EXPLORATION LICENCE - ZAMBIA

 

The Company is pleased to announce that it's 96% owned Zambian subsidiary,
Tertiary Minerals (Zambia) Limited, has applied for, and had approved for
grant, a new mineral exploration licence at Mupala in Zambia.

Key Points:

The Mupala Project mineral exploration Licence application 32139-HQ-LEL is
located 12 km west of the Company's Mukai Project and has been approved for
grant by the Mining Licensing Committee of the Ministry of Mines and Minerals
Development. The licence application:

·    is located adjacent to and immediately east of the Anglo American/Arc
Minerals joint venture licence block where Anglo American has the right to
earn a 70% interest through expenditure of $88.5 million.

 

·    sits on the west side of the Kabompo Dome in the prospective Domes
Region of northwest Zambia, host to multiple producing copper and nickel mines
including First Quantum Mineral's Sentinel mining complex which adjoins the
Company's Mukai Project.

 

·    covers 41.2 km² and contains a 15 km strike length of prospective
Lower Roan stratigraphy.

 

·    is for an initial period of four years from the date of grant.

 

·    has been approved for grant on a first come first served basis ahead
of competing applications made by several companies including Anglo American.

 

 

Commenting today, Executive Chairman Patrick Cheetham said:

"We are delighted to have secured the approval for this new licence
application in such a highly prospective copper producing region and in the
face of stiff competition.  The licence will be granted following payment of
the requisite fees which we expect to do later this week.  We will then move
to submit an Environmental Project Brief to allow a start to exploration and
have begun compiling historical exploration data for the licence which will
then inform our exploration plans going forward."

 

A plan showing the location of the Mupala licence application can be found on
the Company's website at:

https://www.tertiaryminerals.com/filemanager/RNS/Mupala_Licence_Application_Plan.jpg

 

 

 

 

 

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 currently holds 90% of the Jacks Copper Project with the
remaining 10% held by local company and licence holder Mwashia Resources Ltd
("Mwashia"). TMZ also 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 Company has previously released project specific presentations in its
"Project Focus" series for Konkola West, Mukai and, most recently, Mushima
North. These are available on the Company's website at:

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

 

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