REG - Tertiary Minerals - Phase 2 Drilling Results: Target A1, Mushima North

Tertiary MineralsAnnouncement

02/09/2025 07:00

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RNS Number : 5534X  Tertiary Minerals PLC  02 September 2025

 

     02 September 2025

Tertiary Minerals plc

 ("Tertiary" or the "Company")

 

 Initial analytical results from Phase 2 drill programme extend the footprint
of thick, near surface silver mineralisation at Target A1, Mushima North

 

Tertiary Minerals plc (AIM: TYM) is pleased to announce the laboratory
analytical results from the first two drill holes in the recent follow-up
drill programme at Target A1 at its Mushima North Project in Zambia ("Mushima
North" or the "Project"). The results extended the previously announced thick,
near surface intervals of silver mineralisation (with lower grade copper and
zinc) for a further 225m to the north.

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:

 

·   Thick intersections of silver mineralisation (along with copper and
zinc) extend the known mineralisation. Silver, zinc and copper mineralisation
extend for a further 225m to the north with mineralisation remaining open to
the north and at depth.

·   Drill intersections comprise (downhole widths, true widths unknown):

·   73m at 32 g/t Ag, 0.16% Cu and 0.24% Zn from 11m downhole
(25TMNAC-025).

§ Including: 21m at 66 g/t Ag, 0.21% Cu and 0.30% Zn from 50m downhole.

§ And: 11m at 94 g/t Ag, 0.28% Cu and 0.34% Zn from 60m downhole.

·   27m at 35 g/t Ag, 0.08% Cu and 0.42% Zn from 48m downhole
(25TMNAC-026).

§ Including: 10m at 49 g/t Ag, 0.07% Cu and 0.48% Zn from 62m downhole.

·   Highest grades of both silver (223 g/t) and copper (1.01%) from
certified laboratory analytical results intersected to date in drilling
results on the Project.

·   Additional analytical results expected in the coming weeks testing
strike and width continuations.

·   Initial mineralogical/metallurgical work to commence.

 

 

 

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

"We are excited to report the first laboratory analytical results from the
recent Phase 2 drill programme, including our highest intercepts for both
silver and copper so far. These results increase the extent of the thick, near
surface intervals of silver mineralisation a further 225m to the north of the
previous drilling. The silver mineralisation remains open and is supported by
the recently announced portable X-Ray Fluorescence results which indicate the
mineralisation footprint is larger, at least approximately 350m by 300m.

"The results, albeit for only the first two drill holes of the programme, are
very encouraging and provide further support for the potential of Target A1 as
a primarily silver target. Wide intervals of near surface silver with
higher-grade intervals, for example 73m at 32 g/t silver, including 11m at 94
g/t silver, support our bulk tonnage, open pit silver exploration model. These
silver grades and widths (supported by copper and zinc values) are comparable
to silver grades and widths from open pit silver deposits elsewhere in the
world. As such we are also now looking at undertaking mineralogical studies as
part of the initial metallurgical testing to better understand the
mineralisation style and metallurgical properties and potential processing
options.

"We eagerly await the additional analytical results in the coming weeks for
the other drill holes and the mineralogical/metallurgical work thereafter."

 

Phase 2 Drill Programme

A programme of 1,116m of combined Air Core ("AC") and Reverse Circulation
("RC") drilling has now been completed, with a series of east-west drill lines
spaced between 100 and 250m apart (north-south). Holes were collared
approximately 100m apart along the east-west lines and drilled to the maximum
depth possible based on the drill rig capabilities and geological ground
conditions (the bit refusal depth). The deepest drill hole in this programme
was 90m and the average hole depth 70m. Combined Phase 1 and 2 drilling covers
a surface footprint of approximately 1,680m by 550m.

The two holes reported here are:

·    25TMNAC-025: Located on drill line 8506925N and collared between
holes 24TMNAC-005 and 25TMNAC-015 (Phase 1 drilling). This hole was drilled
vertically and to a depth of 90m to test the depth of oxide-related
mineralisation in this area and infill between previously reported holes
24MNAC -05 and 24MNAC-15.

·    25TMNAC-026: Located on new drill line 8507150N approximately 225m to
the north of line 8506925N, the most northerly line drilled in Phase 1. Line
8507150N is made up of five holes collared over a width of approximately 400m
and was designed to test the continuation of mineralisation to the north.
Analytical results for the other four holes on this drill line are awaited.

 

Target A1

Target A1 is a large copper-in-soil anomaly (3.1km by 1.7km) with copper
values up to 350ppm (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 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. Elevated bismuth
(up to 991 g/t), and the critical minerals antimony (up to 824 g/t) and
gallium (up to 40 g/t) are also associated with the mineralisation in places.

PXRF analyser results indicate a current extent of mineralisation over a
footprint of approximately 350m by 300m and to a depth from near surface to
84m. However, zinc and copper mineralisation remains open-ended to the north
and at depth, whilst the potential extent of silver mineralisation remains to
be determined from the on-going laboratory analysis.

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.

 

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

Note to Table 1:

·    Calculated intersections (downhole, true widths unknown) are weighted
averages based on silver, using a cut-off grade of 10 g/t Ag. Intervals start
and end with ≥10 g/t Ag and with up to 3m consecutive internal dilution
allowed.

·    Silver values rounded to whole numbers.

·    EOH means End of Hole.

·    CuEq (%) and AgEq (g/t) are the copper and silver equivalent grades,
respectively. Calculations are based on commodity prices of Cu: US$4.5 lb, Ag:
US$41 oz, Zn: US$1.2 lb and 100% recovery. No information on beneficiation
recoveries is available at this stage. These are for illustrative purposes
only.

 

Drilling results from the Phase 1 drilling programme undertaken in late 2024
included:

·    65m at 23 g/t Ag, 0.14% Cu, 0.27% Zn from 9m downhole (24TMNAC-005).

o  Including: 5m at 73 g/t Ag, 0.16% Cu, 0.31% Zn from 69m downhole.

·    66m at 26 g/t Ag, 0.13% Cu, 0.26% Zn from 13m downhole
(24TMNAC-006P).

o  Including: 20m at 40 g/t Ag, 0.21% Cu, 0.40% Zn from 23m downhole.

·    57m at 25 g/t Ag, 0.2% Cu, 0.16% Zn from 14m downhole (24TMNAC-004).

o  Including: 26m at 36 g/t Ag, 0.20% Cu, 0.20% Zn from 45m downhole.

 

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, C1 and C2). 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. Numerous other geochemical and/or
geophysical targets (A2, B1, B2, B3, C2) 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 have been 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 is 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 will now
be 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) will be 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.

 

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.

 

 

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 8506925N (location on Figure 1) showing
analytical results for silver. Drill hole 25TMNAC-025 from Phase 2 drilling,
other holes from Phase 1. Reported weighted average grades from laboratory
analysis from Phase 1 drilling (see press release 25 March 2025). See Table 1
notes for further information.

 

 

Figure 3. Drill cross-section 8507150N (location on Figure 1) showing
analytical results for silver for drill hole 25TMNAC-026. Analytical results
for the other holes awaited. See Table 1 notes for further information.

 

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