REG - Tertiary Minerals - Project Focus - Mukai Project, Zambia

Tertiary MineralsAnnouncement

05/04/2023 10:30

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RNS Number : 4722V  Tertiary Minerals PLC  05 April 2023

 5 April 2023

 

 

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

 

PROJECT FOCUS - MUKAI COPPER-NICKEL PROJECT, ZAMBIA

 

The Company's Mukai Copper-Nickel Project is located in the Domes region of
the Zambian  Copperbelt, a region home to three major copper mines - Sentinel
and Kansanshi (both owned by First Quantum Minerals "FQM") and Lumwana (owned
by Barrick) which together have reserves and resources of over 2.7 billion
tonnes averaging 0.55% copper and annual production of over 550,000 tonnes of
refined copper.

Mukai is strategically located, adjoining FQM's Trident Project which
incorporates the Sentinel copper mine complex and the recently opened
Enterprise nickel mine. It is also west of Arc Minerals' Zambian Copper
Project where Anglo-American has the right to invest up to US$88.5 million to
earn a 70% joint venture interest.

Mukai is one of two projects held by Tertiary which benefit from the technical
cooperation and data sharing agreement with FQM and an extensive database has
now been made available by FQM to the Company. The database includes airborne
magnetic, electromagnetic and radiometric data, geological interpretations
over the licence area, as well as proprietary soil sampling and drilling data
from areas contiguous to FQM's own licences. This data led to FQM's discovery
of copper and nickel mineralisation at the Tirosa Prospect immediately
adjacent to the Mukai property boundary and historical soil sample anomalies
suggest that this mineralisation may continue into the Mukai licence.

Having completed its data acquisition, evaluation and exploration planning for
the upcoming 2023 dry season, the Company is releasing a separate "Project
Focus" presentation on the Mukai Project which can now be found on the
Company's website at https://www.tertiaryminerals.com/presentations
(https://www.tertiaryminerals.com/presentations)

FQM's data suggests exploration potential for both copper and nickel at Mukai.
Tertiary's 2023 exploration programme will commence with a property wide soil
sampling programme with real-time field analysis and field follow-up of
anomalous areas as well as more detailed work adjoining the Tirosa Prospect.
The Company is awaiting approval of its Environmental Project Brief from the
Zambian Environment Management Authority and the issue of a Forest Permit to
allow exploration to commence.

The "Project Focus" now released for Mukai is the second in a number of such
presentations planned for the Company's key exploration projects and follows
the Konkola West Project Focus which was released on 12 January 2023.

The Company's interests in Zambia also include the Jacks Copper Project where
the Company completed soil sampling and drilling in 2022 and the Mushima North
project areas where the Company is evaluating historical data from FQM with
the aim of generating new exploration targets for evaluation 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

 

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.

 

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 now holds 90% of the Jacks Copper Project with the remaining
10% held by local company and licence holder Mwashia Resources Ltd
("Mwashia"). TMZ 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.

 

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