REG - Tertiary Minerals - New Silver Results - Mushima North, Zambia

Tertiary MineralsAnnouncement

17/03/2025 07:15

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RNS Number : 8945A  Tertiary Minerals PLC  17 March 2025

 

17 March 2025

Tertiary Minerals plc

 ("Tertiary" or the "Company")

 

New Silver Results - Mushima North, Zambia

Further Wide Drill Intersections of Silver Mineralisation

 

Tertiary Minerals plc (AIM: TYM) is pleased to announce additional assay
results from drilling at the Mushima North Project ("Mushima North" or the
"Project") further to its announcement of 20 January 2025. The results
identify a further wide drill intercept of silver mineralisation associated
with previously reported copper-zinc mineralisation.

 

Highlights:

 

·   Results now available from samples from part of hole 24TMNAC006P
(20-56m), located 50m west of previously reported silver mineralised hole
24TMNAC004.

 

·   30 g/t silver, 0.16% copper and 0.34% zinc over 36m, from 20m down
hole.

· Including:

·   54 g/t silver, 0.21% copper and 0.33% zinc over 12m, from 31m downhole.
Including: 1m grading 176 g/t, 0.38% Cu and 0.29% Zn silver from 32m.

·   34 g/t silver and 0.12% copper and 0.3% zinc over 4m, from 52m.

 

·   Analysis result from the remainder of the hole (0-20m and 56-79m
down-hole), along with the mineralised holes 24TMNAC003, 008P, 005, 015 and
023 from the same drill line, are expected soon.

 

The samples now being reported for drill hole 24TMNAC006P had previously been
submitted for check analysis for gold (see announcement of 20 January 2025)
and were already available in final form for analysis at the laboratory,
having already been through the sample preparation stage of analysis.

The remaining samples from this hole (24TMNAC006P) and all samples from holes
24TMNAC003, 008P, 005, 015 and 023 have been submitted for multi-element
analysis, which includes silver. Previously reported analyses for these holes
were for copper and zinc and were based on field portable X-Ray Fluorescence
(pXRF) analysis which is not a suitable method for silver analysis.

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

"We have taken the unusual step to release results from only part of this
drill hole as we believe the results confirm the identification of
polymetallic mineralisation at the A1 Target area. Silver mineralisation is
now intersected in two holes 50 m apart. However, laboratory assay results for
silver (and confirmation for copper and zinc) are still awaited for parts of
both holes in addition to the entire lengths of a further five holes along the
same drill line. The drill line targets part of a silver in-soil geochemical
anomaly that is approximately 1.4km long and up to 300m wide and coincident
with a broader zinc and copper anomaly. Previously released pXRF results for
copper and zinc indicates many of the holes ended in mineralisation.

"We eagerly await the remaining assay results from the drill holes and I look
forward to updating shareholders on the results in due course."

 

Mushima North Project: Background

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

The Project lies 20km to the east of the Kalengwa copper mine in northwest
Zambia, one of the highest-grade copper deposits ever to be mined in Zambia.
In the 1970s, high-grade ore, in excess of 26% copper, was trucked for direct
smelting at other mines in the Copperbelt. The Kalengwa mine is now being
reopened and is expected to produce 15,000 tonnes of copper annually.

The Project is 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. Further details of which
can be found in the news release of 15 September 2022.

At the end of the summer 2024, Tertiary completed an initial 25 Air Core "AC"
drill programme to test parts of geochemical (soil) anomalies at Targets A1
and C1, which have indicated wide downhole intervals of largely coincidental
copper, zinc and silver mineralisation at Target A1.

 

Drilling Programme and QAQC

Drilling was primarily undertaken using AC and where the desired hole depth
could not be reached (blade refusal depth), the hole was completed using RC. A
total of 24 holes for a total of 1486m was drilled using a 4.5 inch bit. The
maximum hole length was 112m.

Sampling was on 1m intervals and two subsamples were collected using a riffle
splitter: one for potential laboratory analysis and the other for future
reference and stored at the company's storage facility. Samples were initially
analysed on site using a pXRF analyser. Analysis protocol included multiple
point analyses per sample and the inclusion of Certified Reference Material
and duplicate samples. No significant issues were identified with the QAQC
data.

Selected check samples were sent ALS Global in South Africa for analysis for a
range of elements using a four-acid digest, method code ME-ICP61. QAQC samples
(Certified Reference Material, duplicates, blanks) were inserted as part of
the protocol. All standard, blanks and duplicates have been reviewed and no
significant issues with the data have been identified.

 

Reported drill hole intersection thicknesses are down-hole thicknesses and
true thickness are unknown. Intersections are weighted averages with no
cut-off.

 

 

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 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.

 

Glossary of Terms

 

 AC                Air Core drilling.
 Ag                chemical symbol for silver
 Cu                chemical symbol for copper
 g/t               grams per tonne
 km                kilometres
 m                 metres
 ppm               parts per million
 pXRF              portable X-Ray Fluorescence
 QAQC              Quality Assurance and Quality Control
 Qualified Person  person that has the education, skills and professional credentials to act as a
                   qualified person under AIM Note for Mining and Oil and Gas companies
 RC                Reverse Circulation drilling
 Zn                chemical symbol for zinc
 %                 symbol for percentage

 

 

 

Figure 1. Location map of Target A1 showing soil sample results for copper and
silver (only limited samples were assayed for silver) and the collar locations
for the drilling programme.

 

 

 

 

Figure 2. Drill cross-section (Drill Line 1; location on Figure 1) showing
assay results so far.

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