REG - Tertiary Minerals - Update on Konkola West Copper Project

Tertiary MineralsAnnouncement

20/02/2025 08:30

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RNS Number : 8591X  Tertiary Minerals PLC  20 February 2025

 

20 February 2025

 

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

 

UPDATE, KONKOLA WEST COPPER PROJECT

The Company is pleased to provide the following update on its Konkola West
Copper Project in Zambia where KoBold Metals Company ("KoBold") has the right
to earn into Large Exploration Licence 27067-HQ-LEL. Details of the Earn-In
Agreement were outlined in the Company's news release dated 19 December 2023.

Drilling Update - Hole KWDD001

Drilling of hole KWDD001 has advanced past 2,600m down-hole depth and is now
drilling ahead in the Kitwe Formation which forms the upper part of the Lower
Roan Subgroup and which, at its base, is host to the Ore Shale (Copperbelt
Orebody Member) of the Zambian Copperbelt.

The drill hole is currently in the Shale with Grit unit of the Kitwe
Formation, the base of which is typically between 25-225m above the Ore Shale
in the Konkola area(1). If conditions and equipment allow, the planned
completion depth for KWDD001 is 3,000m.

Drilling has taken substantially longer than expected and KWDD001 has drilled
deeper than originally planned. This is due to folding, possibly along an
extension of the major Fitwaola fault system. Drilling also becomes
progressively slower with depth due to the incremental time required to
recover drill core from the drill face.

Second Drill Hole

KoBold has advised the Company that it plans to start drilling a second deep
hole at Konkola West shortly after the completion of the first hole. A number
of possible locations have been selected where the Lower Roan is now projected
to be closer to the surface with a final location decision contingent on
further geological interpretation of hole KWDD001.

Further Agreements

Under the Earn-in Agreement, KoBold is required to complete two holes and a
minimum 2,000m of drilling within 14 months of signing the Earn-in Agreement.

In the circumstances, Tertiary Minerals (Zambia) Limited and its local
partner, Mwashia Resources Limited, have agreed with KoBold to extend this
14-month period by four months to allow time to start and progress drilling of
the second hole.

The parties have also signed a second agreement to give effect to a provision
of the Earn-In Agreement to ensure that KoBold's newly granted adjacent Large
Exploration Licence, 38615-HQ-LEL, will be also be held under the terms of the
Earn-in Agreement for the benefit of all the parties.

"We continue to be excited about our involvement in this ground-breaking
project. The hole is close to its target and KoBold is gathering a large
amount of data which, together with its regional data sets and AI models, will
inform its choice of the drilling location for the second hole at Konkola
West.

"KoBold is committing substantial funds to the project with expenditure of
over US$2 million already reported through to the end of December 2024."

Patrick Cheetham, Executive Chairman Tertiary Minerals plc

 

"Konkola West is a property that - prior to the efforts of KoBold, Tertiary,
and Mwashia - has not seen systematic work to locate and explore the
Copperbelt Orebody Member and other strata that are mineral bearing in the
region. KWDD001 is, to our knowledge, the deepest hole ever drilled on the
Zambian Copperbelt and has been crucial to understanding regional structure
and stratigraphy.

"We are using the data collected from this hole to update our regional models
and predictions, and design our next hole at Konkola West. We are proud to
have pushed the boundaries of exploration in Zambia in general, and at Konkola
West in particular; we look forward to starting our second hole at Konkola
West shortly."

Mfikeyi Makayi, Chief Executive Officer, KoBold Metals Africa

 

(1) Source: https://portergeo.com.au/database/mineinfo.asp?mineid=mn012

Further Information:

 Tertiary Minerals plc:
 Patrick Cheetham, Executive Chairman  +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.

Qualified Person Information:

The information in this release has been compiled and reviewed by Mr. Patrick
Cheetham (MIMMM, MAusIMM) 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.

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