Tertiary Minerals PLC Exploration Update - Konkola West, Zambia (7092B)
June 06 2023 - 2:00AM
UK Regulatory
TIDMTYM
RNS Number : 7092B
Tertiary Minerals PLC
06 June 2023
6 June 2023
Tertiary Minerals plc ("Tertiary" or "the Company")
EXPLORATION UPDATE - KONKOLA WEST, ZAMBIA
The Company is pleased to announce that, via its local partner,
Mwashia Resources, it has been provided with extensive geophysical
exploration data for its Konkola West copper exploration project in
Zambia by KoBold Metals.
KoBold Metals, whose shareholders include Breakthrough Energy
Ventures, a climate and technology fund founded by Microsoft's Bill
Gates, and backed by Amazon's Jeff Bezos and Virgin's Sir Richard
Branson, and mining giant BHP, is investing US$150 million into the
evaluation of the Mingomba Copper Deposit (Lubambe Extension
Project) on the mining licence adjoining the Company's Konkola West
exploration licence.
The data now provided comprises airborne gravity, magnetic and
radiometric data for the entire 72 sq.km. licence area and was
collected by KoBold in 2021.
This data set was collected as part of a wider regional airborne
geophysical survey incorporating Konkola West and targeting
down-dip and along-strike extensions of the contiguous
Musoshi-Lubambe-Mingomba-Konkola copper deposits which host the
Musoshi Mine in the Democratic Republic of the Congo and the
Lubambe and Konkola mines in Zambia. Together these deposits define
a continuous zone of mineralisation over 15km long with a
pre-mining endowment of over 775 million tons grading 2-3% copper.
Konkola West is located approximately 2,000 metres southwest of the
Mingomba deposit which currently has a resource of 250 million
tonnes with a mean grade of 3.8% copper.
The Company has previously released a "Project Focus"
presentation for Konkola West which is available on the Company's
website at:
https://www.tertiaryminerals.com/presentations
Commenting today, Executive Chairman Patrick Cheetham said:
"This is a significant development for the Konkola West Project
and we are grateful to KoBold for sharing this data at no cost to
Tertiary. The data has an estimated replacement value of several
tens of thousands of dollars and will add significantly to our
knowledge of the Konkola West Project. Most importantly the data
set provides valuable insights for our next stage of exploration
targeting for Konkola West."
"Through judicious agreements, we have been fortunate to have
acquired large data sets for a number of our projects in Zambia
which have significantly advanced our exploration targeting as
highlighted in our recent announcement for our Mushima North
project, and before that at Mukai where our data sharing and
technical cooperation agreement with First Quantum Minerals has
been highly productive."
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.
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.
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.
The Mingomba (Lubambe Extension) Deposit is being evaluated by
KoBold Metals in conjunction with property owners EMR Capital/ZCCM
which operate the Lubambe Mine and concentrator. Tertiary does not
have any beneficial or economic interest in the Mingomba Copper
Deposit.
Notes:
Sources for quoted grade/tonnages:
United States Geological Survey, 2010 . Scientific
Investigations Report 2010-5090. Descriptive Models, Grade-Tonnage
Relations, and Databases for the Assessment of Sediment-Hosted
Copper Deposits - With Emphasis on Deposits in the Central African
Copperbelt, Democratic Republic of the Congo and Zambia.
Stacey, J. 2020. Deep Exploration at the Lubambe Extension,
Mwale Symposium.
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