10 June
2024
Tertiary Minerals plc
("Tertiary" or the "Company")
MUPALA COPPER PROJECT,
ZAMBIA
COMMENCEMENT OF WORK
PROGRAMMES
Further to the news release dated 9
May 2024, the Company is pleased to announce the commencement of
exploration operations at its Mupala Copper Project in the highly
prospective Kabompo Dome of the Northwestern Province,
Zambia.
Key
Points
· The Mupala Copper
Project is located adjacent to the Anglo American/Arc Minerals
joint venture project, where Anglo American has a right to earn a
70% interest through expenditure of $88.5 million, and 12 km west
of the Company's Mukai Project.
· Located on the
west side of the Kabompo Dome in the prospective Domes Region of
northwest Zambia which is host to multiple producing copper and
nickel mines, including First Quantum Mineral's Sentinel mining
complex which adjoins the Company's Mukai Project.
· Initial soil
sampling programme designed to collect 460 samples on a 300x300m
offset grid with in-field sample preparation and real-time
reporting of portable X-ray Fluorescence ("pXRF") analytical
results to allow for immediate infill sampling of areas of
anomalous soil geochemistry.
· Immediate focus on
copper-in-soil anomalies identified during review of historical
exploration data.
· Work expected to
commence this week with reporting of provisional pXRF results upon
completion and QA/QC review.
Patrick Cheetham, Executive
Chairman of Tertiary Minerals plc said:
"Following on from the grant of environmental approvals one
month ago, we are delighted to announce the initiation of
exploration at the Mupala Copper Project. We were fortunate to
acquire the Mupala licence against stiff competition and we hope
that the soil sampling programme at Mupala will confirm the
historically identified copper-in-soil anomalies and form a solid
base for future exploration activities in that
licence.
"Momentum is now building for our current exploration season.
Drilling is in progress at Konkola West with KoBold Metals and
Mwashia Resources and we announced last week the consolidation of
three additional projects into our new subsidiary, Copernicus
Minerals, where drilling plans are also being
advanced."
Further Information:
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Tertiary Minerals plc:
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Patrick Cheetham, Executive
Chairman
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+44 (0) 1625 838
679
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SP
Angel Corporate Finance LLP
Nominated Adviser and Broker
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Richard Morrison
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+44 (0) 203 470 0470
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Caroline Rowe
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Peterhouse Capital Limited
Joint Broker
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Lucy Williams
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+ 44 (0) 207 469 0930
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Duncan Vasey
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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.
Detailed Information
The Mupala Exploration Licence
32139-HQ-LEL (the "Licence") covers 41.2 km2 and is
located in the Kabompo Dome region in the Northwest Province of
Zambia. It is held 100% by the Company's 96% owned subsidiary,
Tertiary Minerals (Zambia) Limited.
The Licence is underlain by the
prospective Lower Roan Subgroup and lies directly adjacent to the
Anglo American/Arc Minerals joint venture area where Anglo American
has the right to earn a 70% interest through expenditure of $88.5
million. Approximately 12 km to the east lies the Company's Mukai
Copper Project and First Quantum Minerals' Trident Project which is
host to the Enterprise Copper and Sentinel Nickel Mines.
Existing geological maps indicate
that the licence covers some 16 km strike length of the main copper
mineralised horizon in Zambia (Lower Roan Subgroup). A review of
historical exploration data provides an overview of the exploration
history, albeit incomplete. Mwinilunga Mines Ltd conducted
soil and stream sediment sampling in the area in the 1960s and
identified a number of copper-in-soil anomalies which provide an
initial focus for the Company's exploration of the Licence
area.
The Company received approval of the
Project Environmental Project Brief ("EPB") from the Zambia
Environmental Management Agency in May 2024 and has completed all
other exploration prerequisites including pegging of the Licence
area and receipt of a Letter of Consent from the Sailunga
Chiefdom.
Geological and exploration
contractor, Geo-Junction Consulting Limited, has now been engaged
and soil sampling will begin this week. The initial soil sampling
programme is designed to collect 460 samples on a 300x300m offset
grid with in-field sample preparation and real-time reporting of
pXRF instrument analytical results to allow for immediate infill
grid sampling of areas of anomalous soil geochemistry.
