REG - Tertiary Minerals - Project Focus – Mushima North Project, Zambia

Tertiary MineralsAnnouncement

01/06/2023 07:00

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RNS Number : 2268B  Tertiary Minerals PLC  01 June 2023

 1 June 2023

 

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

 

PROJECT FOCUS - MUSHIMA NORTH PROJECT, ZAMBIA

Further to the Company's announcement of 28 April 2023, advising of favourable
copper analytical results from sampling of core from historic drill hole
RKN800, the Company is now releasing a separate "Project Focus" presentation
for its Mushima North Project in Zambia.

This presentation provides additional context for the above announcement and
can be found on the Company's website at:
https://www.tertiaryminerals.com/presentations
(https://www.tertiaryminerals.com/presentations)

Mushima North is one of five projects in Zambia where Tertiary is exploring
for copper, and one of two projects which benefit from the technical
cooperation and data sharing agreement with leading copper producer First
Quantum Minerals ("FQM"). The Project lies to the east of the high grade
Kalengwa mine (past production 4 million tons grading 5.2% Cu and 40 g/t Ag
and pre-mining reserve of 600,000 tons grading 16% copper) which was
discovered by drill testing a coincident copper soil anomaly and gravity
anomaly.

FQM has provided its extensive database for Mushima North which includes
airborne magnetic, electromagnetic and radiometric geophysical data as well as
500m spaced reconnaissance soil sample analytical results. Additional
historical data for the area was made available by JAW Consulting LLC ("JAW")
of Golden, Colorado which was commissioned by the Company to compile
historical data and provide a detailed interpretation and targeting report.

The JAW targeting report has drawn on historical exploration from the 1970s
onwards by Roan Consolidated Mines, African Minerals, Zamanglo Prospecting Ltd
and BHP Billiton. The latter was exploring for iron-oxide-copper-gold ("IOCG")
deposits, a class of mineral deposit that includes some of the largest in the
world, including Olympic Dam in South Australia.

The Mushima North Project Focus presentation highlights several targets that
have been identified for further exploration. The two highest priority targets
are:

Ø Target C1 - A prominent gravity high defined by BHP Billiton's Falcon
airborne gravity survey with a coincident copper soil anomaly. The wide,
low-grade, intersection of copper mineralisation recently announced from
resampling core from drill hole RKN800 sits on the margin of the gravity
anomaly making this an exciting target for follow up. Drill hole RKN800
pre-dates BHP Billiton's gravity survey. The C1 gravity anomaly was designated
as an IOCG drill target by BHP Billiton, but never tested.

 

Ø Target A1 - A 1.7km long copper soil anomaly with values up to 350ppm
copper (in portable x-ray fluorescence analysis) defined by 500m spaced
samples and supported by coincident arsenic and zinc anomalies. This is a
target for more conventional Copperbelt style mineralisation.

The Company has designed a programme of follow up exploration which will start
with soil sampling to infill the FQM 500m spaced soil data and define drill
targets.

The "Project Focus" now released for Mushima North is the third in a series of
presentations on the Company's key exploration projects and follows the
release of the Konkola West Project Focus (12 January 2023) and Mukai Project
Focus (5 April 2023), also available on the Company website.

 

 

 

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.

 

Background Information

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.

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.

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