REG - Tertiary Minerals - Positive Lab Results, Jacks Copper Project, Zambia

Tertiary MineralsAnnouncement

18/01/2023 07:00

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RNS Number : 0355N  Tertiary Minerals PLC  18 January 2023

18 January 2023

 

Tertiary Minerals plc ("Tertiary" or "the Company")

 

LAB RESULTS CONFIRM PROSPECTIVITY

OF JACKS COPPER PROJECT, ZAMBIA

Further to its announcement of 8 November 2022, Tertiary Minerals plc is
pleased to advise that laboratory check analytical results on soil samples
from the Jacks Copper Project in Zambia have confirmed and enhanced the
provisional results previously reported based on portable XRF ("pXRF")
analyses taken in the field.

Key Points:

·  Laboratory check multielement analytical results now received for 107
soil samples from 4 sample grids.

 

·   Laboratory results show excellent correlation with previously reported
field pXRF results.

 

· New scandium analyses (not available with pXRF analysis) allows evaluation
of key copper:scandium ("Cu:Sc") ratios. High Cu:Sc ratios are considered
indicative of hydrothermal copper sulphide mineralisation elsewhere in Zambia.

 

·  The high Cu:Sc ratios obtained from the soil samples taken over copper
sulphide mineralisation intersected in Company's 2022 drill programme at Area
D validate the application of the Cu:Sc ratio and both enhance and extend the
Area D soil anomaly beyond the area drilled.

 

·   Laboratory analyses for 27 contiguous soil samples along a check
profile in Area C exhibit high Cu:Sc ratios for a strike length of
approximately 1 km and make Area C another priority for drill testing.

 

Commenting today, Executive Chairman Patrick Cheetham said:

"These check analyses, and the scandium results in particular, have materially
enhanced the previously reported results and confirm the prospectivity of the
priority copper soil anomalies outlined to date at the Jacks Project."

"These results build on a number of recent positive announcements for our
Zambian copper projects that highlight the prospectivity of the portfolio we
have built over the past 18 months. We are looking forward to an exciting
field season in 2023."

 

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.

 

Detailed information

Background

The Jacks Copper Prospect lies within Exploration Licence 27069-HQ-LEL which
covers 141.4 km(2) and is located 85 km south of Luanshya in Zambia. Tertiary
has earned a 90% interest in the licence from local company Mwashia Resources
Limited ("Mwashia") and recently signed a joint venture and shareholder
agreement with Mwashia, details of which are given in the Company's
announcement of 4 November 2022.

Following a successful drilling programme at the main Jacks Prospect in 2022,
the Company conducted a sampling programme in October 2022 where a total of
1,807 soil samples were collected over four separate areas covering 11.5 km².
Samples were analysed in the field using a portable x-ray fluorescence
("pXRF") analyser on a near real-time basis, allowing daily definition of soil
anomalies which were then sampled in more detail on infill lines.

 

Multiple soil anomalies were defined by pXRF analysis and results compared
favourably with soil anomalies in the vicinity of various ore zones at current
and past producing mines on the Copperbelt. An anomaly threshold of 80ppm
copper was reported.

 

Field pXRF analytical results are considered semi-quantitative, while scandium
cannot be analysed by pXRF but is considered to be an important reference
element in discriminating soil anomalies due to copper sulphide
mineralisation.

 

Check samples from key soil lines on all four grids (Areas A-D) were sent to
the ALS Laboratory in Johannesburg for multielement analysis by ICP-MS (Method
code: ME‑MS61). A total of 107 samples were analysed.

 

 

 

Analytical Results

 

The laboratory results for copper in soil samples show an excellent
correlation (correlation coefficient of 0.98) with field pXRF results and when
samples above the 80ppm anomaly threshold are considered, the average
difference between ICP-MS copper results and pXRF copper results is just 4%.

 

The new analytical results therefore substantiate the details of the copper
soil anomalies discussed in the Company's news release of 8 November 2022.
Furthermore, the results of scandium analysis have allowed further
discrimination of the anomalies and enhanced the priority anomalies as
discussed below.

 

Copper:Scandium Ratios

 

Published data ((2)Halley et. al., 2016) from soil sampling by first Quantum
Minerals ("FQM") at the Sentinel Copper Mine in Zambia shows that a soil
copper:scandium (Cu:Sc) ratio greater than 8 successfully delineated the now
operating giant Sentinel Copper Deposit and suggested that high Cu:Sc ratios
are indicative of hydrothermal copper mineralisation of economic interest
rather than high background copper levels of no economic interest. This
threshold has been used in evaluating the Company's new analytical results. A
map showing the location of soil grids Areas A-D can be found on the Jacks
Project page of the Company's website.

 

A total of 34 samples were analysed by ICP-MS at Area D along a profile which
covered the soil anomaly associated with the original Jacks Copper Prospect
which was successfully drilled by Tertiary during the Phase 1 Drill Programme
in 2022. The purpose of this work was to obtain the geochemical footprint over
known mineralisation. Above threshold anomalous Cu:Sc ratios were obtained
across the full width of the Area D soil anomaly, confirming the relevance of
the Cu:Sc ratio to mineralisation in the wider Jacks Copper Project.

 

Area C was originally targeted by FQM based on regional soil sampling which
identified samples with high copper and above threshold Cu:Sc ratios.
Tertiary's more detailed follow-up field pXRF analysis had defined a 1,100m
long and 400m wide north-northeast striking copper anomaly. A total of 31
samples from one soil profile along the anomaly have now been analysed by
ICP-MS and 27 contiguous samples show above threshold Cu:Sc ratios indicating
a possible mineralised strike length of approximately 1km. Area C is now a
target for immediate follow‑up work.

 

At Area B a 600m long x 600m wide copper-in-soil anomaly was defined by pXRF
analysis during the soil sampling programme with peak copper values higher
than in Area C. However, of 22 samples now analysed by ICP-MS only 2 samples
had anomalous Cu:Sc ratios. This downgrades the copper anomaly in Area B and
illustrates the value of scandium analysis in discriminating and prioritising
copper anomalies. A new map illustrating the differences between Area B and C
anomalies can be found on the Jacks Project page of the Company website.

 

A total of 20 samples were analysed from Area A and were selected as a
baseline due to the relatively low-level and narrow width of the
copper-in-soil anomalism compared to areas B, C and D. The majority of samples
had a Cu:Sc ratio below threshold confirming that this area remains a low
priority.

 

The Company plans to carry out further drilling at Jacks in 2023 to test the
soil anomaly at Area C and extend the drilling along strike at Area D (the
original Jacks Prospect).

 

 

 

Notes:

 

1.   Samples were analysed by ALS in Johannesburg by method code ME-MS61, a
4-acid digest ICP-MS multielement suite. Internal company and laboratory QA/QC
samples were inserted into the sample run and returned satisfactorily results.

 

2.    Halley, S.W., Wood, D., Stoltze, A., Godfroid, J., Goswell, H. and
Jack, D.,  2016 - Using Multielement Geochemistry to Map Multiple Components
of a Mineral System: Case Study from a Sediment-Hosted Cu-Ni Camp, NW
Province, Zambia: in  SEG Newsletter,   No. 104, January, 2016, pp. 1,
15-21.

 

3.   The information in this release has been reviewed by Mr. Patrick
Cheetham (MIMMM, M.Aus.IMM), Executive Chairman of Tertiary Minerals plc, who
is a qualified person for the purposes of the AIM Note for Mining and Oil
& Gas Companies. Mr. Cheetham is a Member of the Institute of Materials,
Minerals & Mining and also a member of the Australasian Institute of
Mining & Metallurgy.

 

4.   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.

 

 

 

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