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Tertiary Minerals #TYM – Lab Results Confirm Prospectivity of Jacks Copper Project, Zambia
Further to its announcement of 8 November 2022, Tertiary Minerals plc is pleased to advise that laboratory check analytical results on soil samples from the Jacks Copper Project in Zambia have confirmed and enhanced the provisional results previously reported based on portable XRF (“pXRF”) analyses taken in the field.
Key Points:
- Laboratory check multielement analytical results now received for 107 soil samples from 4 sample grids.
- Laboratory results show excellent correlation with previously reported field pXRF results.
- New scandium analyses (not available with pXRF analysis) allows evaluation of key copper:scandium (“Cu:Sc”) ratios. High Cu:Sc ratios are considered indicative of hydrothermal copper sulphide mineralisation elsewhere in Zambia.
- The high Cu:Sc ratios obtained from the soil samples taken over copper sulphide mineralisation intersected in Company’s 2022 drill programme at Area D validate the application of the Cu:Sc ratio and both enhance and extend the Area D soil anomaly beyond the area drilled.
- Laboratory analyses for 27 contiguous soil samples along a check profile in Area C exhibit high Cu:Sc ratios for a strike length of approximately 1 km and make Area C another priority for drill testing.
Commenting today, Executive Chairman Patrick Cheetham said:
“These check analyses, and the scandium results in particular, have materially enhanced the previously reported results and confirm the prospectivity of the priority copper soil anomalies outlined to date at the Jacks Project.”
“These results build on a number of recent positive announcements for our Zambian copper projects that highlight the prospectivity of the portfolio we have built over the past 18 months. We are looking forward to an exciting field season 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 (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.
Detailed information
Background
The Jacks Copper Prospect lies within Exploration Licence 27069-HQ-LEL which covers 141.4 km2 and is located 85 km south of Luanshya in Zambia. Tertiary has earned a 90% interest in the licence from local company Mwashia Resources Limited (“Mwashia”) and recently signed a joint venture and shareholder agreement with Mwashia, details of which are given in the Company’s announcement of 4 November 2022.
Following a successful drilling programme at the main Jacks Prospect in 2022, the Company conducted a sampling programme in October 2022 where a total of 1,807 soil samples were collected over four separate areas covering 11.5 km². Samples were analysed in the field using a portable x-ray fluorescence (“pXRF”) analyser on a near real-time basis, allowing daily definition of soil anomalies which were then sampled in more detail on infill lines.
Multiple soil anomalies were defined by pXRF analysis and results compared favourably with soil anomalies in the vicinity of various ore zones at current and past producing mines on the Copperbelt. An anomaly threshold of 80ppm copper was reported.
Field pXRF analytical results are considered semi-quantitative, while scandium cannot be analysed by pXRF but is considered to be an important reference element in discriminating soil anomalies due to copper sulphide mineralisation.
Check samples from key soil lines on all four grids (Areas A-D) were sent to the ALS Laboratory in Johannesburg for multielement analysis by ICP-MS (Method code: ME‑MS61). A total of 107 samples were analysed.
Analytical Results
The laboratory results for copper in soil samples show an excellent correlation (correlation coefficient of 0.98) with field pXRF results and when samples above the 80ppm anomaly threshold are considered, the average difference between ICP-MS copper results and pXRF copper results is just 4%.
The new analytical results therefore substantiate the details of the copper soil anomalies discussed in the Company’s news release of 8 November 2022. Furthermore, the results of scandium analysis have allowed further discrimination of the anomalies and enhanced the priority anomalies as discussed below.
Copper:Scandium Ratios
Published data (2Halley et. al., 2016) from soil sampling by first Quantum Minerals (“FQM”) at the Sentinel Copper Mine in Zambia shows that a soil copper:scandium (Cu:Sc) ratio greater than 8 successfully delineated the now operating giant Sentinel Copper Deposit and suggested that high Cu:Sc ratios are indicative of hydrothermal copper mineralisation of economic interest rather than high background copper levels of no economic interest. This threshold has been used in evaluating the Company’s new analytical results. A map showing the location of soil grids Areas A-D can be found on the Jacks Project page of the Company’s website.
A total of 34 samples were analysed by ICP-MS at Area D along a profile which covered the soil anomaly associated with the original Jacks Copper Prospect which was successfully drilled by Tertiary during the Phase 1 Drill Programme in 2022. The purpose of this work was to obtain the geochemical footprint over known mineralisation. Above threshold anomalous Cu:Sc ratios were obtained across the full width of the Area D soil anomaly, confirming the relevance of the Cu:Sc ratio to mineralisation in the wider Jacks Copper Project.
Area C was originally targeted by FQM based on regional soil sampling which identified samples with high copper and above threshold Cu:Sc ratios. Tertiary’s more detailed follow-up field pXRF analysis had defined a 1,100m long and 400m wide north-northeast striking copper anomaly. A total of 31 samples from one soil profile along the anomaly have now been analysed by ICP-MS and 27 contiguous samples show above threshold Cu:Sc ratios indicating a possible mineralised strike length of approximately 1km. Area C is now a target for immediate follow‑up work.
At Area B a 600m long x 600m wide copper-in-soil anomaly was defined by pXRF analysis during the soil sampling programme with peak copper values higher than in Area C. However, of 22 samples now analysed by ICP-MS only 2 samples had anomalous Cu:Sc ratios. This downgrades the copper anomaly in Area B and illustrates the value of scandium analysis in discriminating and prioritising copper anomalies. A new map illustrating the differences between Area B and C anomalies can be found on the Jacks Project page of the Company website.
A total of 20 samples were analysed from Area A and were selected as a baseline due to the relatively low-level and narrow width of the copper-in-soil anomalism compared to areas B, C and D. The majority of samples had a Cu:Sc ratio below threshold confirming that this area remains a low priority.
The Company plans to carry out further drilling at Jacks in 2023 to test the soil anomaly at Area C and extend the drilling along strike at Area D (the original Jacks Prospect).
Notes:
- Samples were analysed by ALS in Johannesburg by method code ME-MS61, a 4-acid digest ICP-MS multielement suite. Internal company and laboratory QA/QC samples were inserted into the sample run and returned satisfactorily results.
- Halley, S.W., Wood, D., Stoltze, A., Godfroid, J., Goswell, H. and Jack, D., 2016 – Using Multielement Geochemistry to Map Multiple Components of a Mineral System: Case Study from a Sediment-Hosted Cu-Ni Camp, NW Province, Zambia: in SEG Newsletter, No. 104, January, 2016, pp. 1, 15-21.
- The information in this release has been reviewed by Mr. Patrick Cheetham (MIMMM, M.Aus.IMM), Executive Chairman of Tertiary Minerals plc, 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.
The news release may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company’s proposed strategy, plans and objectives or to the expectations or intentions of the Company’s directors. Such forward-looking statements involve known and unknown risks, uncertainties, and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements
Tertiary Minerals #TYM – Alan Green talks to Chairman Patrick Cheetham
Alan Green talks to Tertiary Minerals #TYM Chairman about the full year results and progress to date. Patrick looks at the group’s Zambia operations, including the Jacks Copper Project, and looks at the collaboration with multi billion dollar copper giant First Quantum Minerals #FQM in regard to Tertiary’s Mukai and Mushima North projects. We then look at Lubiula and Konkola West projects, before moving onto the group’s Brunton Pass Copper project in Nevada, USA. Patrick then looks at potential trigger points for the Tertiary share price and valuation ahead of a busy 2023.
Tertiary Minerals #TYM – Audited Results for the Year Ended 30 September 2022
The Board of Tertiary Minerals plc (AIM: TYM) is pleased to announce audited results for the year ended 30 September 2022.
Operational Summary:
ZAMBIA
- Completed first full year of exploration in Zambia targeting copper, the key energy transition metal.
- Data sharing and technical cooperation agreement signed with First Quantum Minerals (“FQM”) covering Tertiary’s Mukai and Mushima North Project Interests.
- Earned 90% interest in Jacks Copper Project from local partner Mwashia Resources Ltd (“Mwashia”); holding option to earn 90% in four other licence areas from Mwashia.
- Planning underway for the 2023 exploration and drill programmes.
Jacks Copper Project, Zambia
- Four diamond drill holes completed at original Jacks prospect; significant copper mineralisation intersected in all four diamond drillholes.
- Copper mineralisation has now been intersected over a strike length of 350m and remains open along strike and at depth.
- Over 2,000 soil samples collected on four grids; multiple soil anomalies defined by provisional portable XRF field analysis; results compare favourably with soil anomalies in the vicinity of various ore zones at current and past producing mines on the Copperbelt.
Other Projects, Zambia
- Initial prospectivity reviews completed by consultant Remote Exploration Services (RES) of South Africa, based on historical data; exploration planning underway with initial priority targets defined at:
- The Mukai Project. Directly adjacent to FQM’s Trident Project which includes the large Sentinel Copper Mine and the recently opened Enterprise Nickel Mine. Mine host stratigraphy can be traced into the Mukai Licence where there are both copper and nickel geochemical anomalies.
- The Mushima North Project. Prospective primarily for iron-oxide-copper-gold (IOCG) mineralisation. 1960s historical drilling encountered wide zones of low-grade copper-sulphide mineralisation.
NEVADA
Brunton Pass Copper Project
- Programmes of trenching, sampling, geochemical analysis, petrological evaluation and field follow up completed.
- Wide intervals of low-grade copper observed in trenches in association with widespread garnet-pyroxene skarn alteration adjacent to diorite intrusives.
- Trenching of 1.2km long zone of mercury-arsenic soil anomalies intersected substantial widths of hydrothermally altered rock with approximately 1,000 times background content of the gold indicator elements, arsenic and mercury.
- Drilling now planned to test targets for copper skarn and epithermal precious metal mineralisation.
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 Regulatory Information Service (“RIS”), this inside information is now considered to be in the public domain.
Notes:
- The information in this release has been reviewed by Mr. Patrick Cheetham (MIMMM, M.Aus.IMM), Executive Chairman of Tertiary Minerals plc, 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.
- The news release may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company’s proposed strategy, plans and objectives or to the expectations or intentions of the Company’s directors. Such forward-looking statements involve known and unknown risks, uncertainties, and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.
Chairman’s Statement
Dear Shareholder,
It is with great pleasure that I present the Annual Report for the year ended 30 September 2022. This has been our first full year of exploration for copper in Zambia and a year of very pleasing progress on a number of fronts.
We continue to pursue a strategic focus on copper, a key energy transition metal in the new green economy, and on precious metals. We remain bullish on the outlook for the copper price and the associated market sentiment that has supported our exploration efforts, and which we expect will reward exploration success. This view is based on increasing long-term demand for copper and projections of a future supply deficit, albeit that demand has been tempered in the short term by weaker Chinese demand due to restrictive Covid policies. Precious metal prices have been subdued this year, in US Dollar terms, due to the strength of the US Dollar and following aggressive interest rate rises imposed by the US Federal Reserve. That said, years of inflationary money printing around the world supports a view that the gold price is set for a rerating.
In Zambia we work through our 96% owned Zambian subsidiary, Tertiary Minerals (Zambia) Limited (“TMZ”) and have interests in five projects through various agreements with our local partner, Mwashia Resources Ltd (“Mwashia”). Mwashia has been instrumental in the tribal and stakeholder engagement process that has allowed for the smooth running of our exploration in Zambia to date.
This exploration has focused on the Jacks Copper Project (”Jacks”) where TMZ now holds a 90% joint venture interest and an option to move to 100% ownership. Our inaugural drilling programme at Jacks was successful with all four holes hitting copper mineralisation. When considered alongside historical drilling, this work has so far demonstrated mineralisation over a 350m strike length open in both directions and at depth.
We also carried out a large soil sampling programme at Jacks, collecting over 2,000 samples on four detailed grids to follow up unresolved copper-in-soil anomalies identified in wide spaced sampling by previous explorers. We are delighted with the results obtained to date which, although provisional, have defined multiple soil anomalies, mainly in favourable Lower Roan stratigraphy, that are of the same order of magnitude as those reported to occur in the vicinity of ore-zones at past and currently operating mines elsewhere in the Copperbelt. The results also extend the target area at the original Jacks copper prospect.
During the year we have been assessing data and the exploration priorities for our other project interests in Zambia whilst awaiting the approval of Environmental Project Briefs (“EPBs”) to allow the start of exploration. Two of these EPBs were recently granted and the approval process for the remaining EPBs is at an advanced stage.
Our assessment process was boosted recently when we signed a data sharing and technical cooperation agreement with global copper company First Quantum Minerals Limited (“FQM”) to work collaboratively with respect to advancing exploration and development of the Company’s Mukai and Mushima North projects. As a result, we are set to benefit from FQM’s extensive and in-depth country experience, gained over many years of exploration and mine development in Zambia and, importantly, its site-specific historical exploration data in and around these two exciting projects.
Our Mukai licence, in the Domes region of northwest Zambia, is strategically located, being surrounded by FQM’s Trident Project licences which cover the large producing Sentinel copper mine and the newly developed Enterprise nickel mine. We are also located just east of Arc Minerals’ Zambia Copper-Cobalt Project where Anglo American is set to earn a 70% interest for expenditure of US$88,500,000. At Mushima North our targets are for copper and gold.
Whilst our exploration operations in Nevada have yielded mixed results, we remain enthusiastic about our project portfolio in Nevada and have further drill programmes planned for 2023. This includes drilling at our Brunton Pass Copper-Gold Project where a successful programme of trenching uncovered substantial widths of skarn mineralisation anomalous in copper and hydrothermally altered rock with up to 1,000x background values for gold pathfinder elements, mercury and antimony, at two locations 900m apart and with gold values up to 2.65g/t gold. We are now targeting a high sulphidation epithermal gold deposit which we believe has been overprinted on a copper skarn system which itself may also suggest the presence of a larger porphyry copper target nearby.
A drilling programme earlier this year at our Pyramid Gold-Silver Project in Nevada failed to demonstrate the continuity at depth of widespread silver values found at surface and the decision was made to cut losses, terminate our lease and return the property to the underlying owner.
In August we signed an agreement to sell our royalty interests in the Kaaresselkä and Kiekerömaa Gold Projects in Finland which completes our exit from projects in Finland, but as a result we will retain a small shareholding in Aurion Resources Ltd and follow with interest its progress at the Risti and Helmi gold discoveries in Finland which continue to deliver exciting exploration results close to Rupert Resources’ 4 million ounce Ikkari gold discovery.
A more detailed discussion of our exploration programmes and results can be found in our Operating Review.
Our Annual General Meeting for the year ended 30 September 2022 will be held in London on 16 February 2023. We encourage shareholders who cannot attend to appoint the Chairman as their proxy.
At the AGM I will be standing for re-election and we will be proposing the usual Ordinary Resolution to allow for the issue of shares and a Special Resolution to allow for the issue of shares other than by way of a rights issue. It is very important that these resolutions are passed as the Company is currently reliant on raising funds periodically from the market by placing shares to fund its exploration business and to continue as a going concern.
We are eager to continue our exploration in Nevada and to get back on the ground in Zambia as soon as the wet season is over, and we look forward to reporting back to shareholders on a full programme of exploration in 2023.
Patrick Cheetham
Executive Chairman
8 December 2022
Tertiary Minerals #TYM – Exploration Update – Jacks Copper Project, Zambia
Further to its announcement of 27 September 2022, Tertiary Minerals plc (LON: TYM), the AIM traded mineral exploration and development company, is pleased to announce provisional results from its detailed soil sampling programme at the Jacks Copper Project (“Jacks”) in Zambia and the definition of multiple copper soil anomalies in different areas of the Exploration Licence.
Highlights
- Soil sampling programme completed on schedule and on budget.
- 1,807 samples collected on a 200m x 40m spacing over 4 separate grids.
- pXRF elemental analysis of samples in the field gave real time data, defined soil anomalies and allowed for immediate follow up sampling.
- Follow up sampling was carried out on three of the four grids at 100m x 40m spacing.
- Multiple soil anomalies were defined with a peak value of 535ppm copper and with sufficient ground control to allow for drill testing.
- Results compare favourably with soil anomalies in the vicinity of various ore zones at current and past producing mines on the Copperbelt.
- Results from pXRF analysis are regarded as provisional and check samples are now being sent to South African laboratory for traditional wet chemical analysis.
Commenting today, Executive Chairman Patrick Cheetham said:
“The soil sampling programme went smoothly, thanks to our contractor GeoQuest Ltd and our local partner Mwashia Resources. We are delighted with the results obtained to date, which, although provisional, have defined multiple soil anomalies in favourable Lower Roan stratigraphy that are of the same order of magnitude as those reported to occur in the vicinity of ore-zones at past and currently operating mines elsewhere in the Copperbelt.”
“Jacks is one of five projects in Zambia where we currently have an interest and we expect to issue an update shortly regarding our wider Zambia portfolio.”
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 | |
| Caroline Rowe | ||
| Peterhouse Capital Limited – Joint Broker | ||
| Lucy Williams | + 44 (0) 207 469 0930 | |
| Duncan Vasey | ||
Note to Editors
Tertiary Minerals plc (LON: TYM) is an AIM traded mineral exploration and development company whose strategic focus is on energy transition metals. The Company’s projects are located in stable and democratic, geologically prospective, mining-friendly jurisdictions. Tertiary’s current principal activities are the discovery and development of mineral resources in Nevada, USA, and in Zambia.
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
Background Information
The Jacks Copper Prospect lies within Exploration Licence 27069-HQ-LEL which covers 141.4 km2 and is located 85 km south of Luanshya in Zambia. Tertiary has earned a 90% interest in the licence from local company Mwashia Resources Limited (“Mwashia”) and recently signed a joint venture and shareholder agreement with Mwashia, details of which are given in the Company’s announcement of 4 November 2022.
The geological setting of the exploration licence area is a synclinal embayment of Lower Roan Group sedimentary rocks which unconformably overlies basement rocks of the Muva Formation. The Lower Roan Group is highly prospective and hosts the majority of significant copper deposits in the Zambian portion of the Central African Copperbelt.
In May 2022, Tertiary completed four diamond drill holes as an initial test of the Jacks Copper Prospect. All holes intersected copper mineralisation including 6.0m grading 1.8% copper from 105.0m in hole 22JKDD03. Historic drilling results included 24.0m grading 1.3% copper in drillhole KJD10.
Copper mineralisation has now been intersected in drilling at the Jacks Prospect over a strike length of 350m and remains open along strike and at depth.
For more information on Tertiary’s Phase 1 Drill Programme see the news release dated 29 June 2022.
Soil Sampling Programme
The soil sampling programme for which provisional results are now being reported was designed to follow up unresolved copper-in-soil anomalies defined during wide spaced soil sampling by previous operators including Cyprus-Amax and First Quantum Minerals, as well as to guide follow-up drilling on the Jacks main prospect.
The Company’s soil sampling programme was contracted to GeoQuest Limited and a total of 1,807 B horizon soil samples were initially collected over four separate areas covering 11.5 sq.km. Samples were collected at 40m intervals on lines spaced 200m apart and preliminary elemental analysis of the samples was carried out in the field using a portable x-ray fluorescence (pXRF) analyser. Sampling and pXRF analytical protocols are described in
Note 1 below.
Field pXRF results were received on a real-time basis, allowing daily definition of soil anomalies which were then sampled in more detail on infill 100m spaced lines. A total of 196 additional soil samples were collected by infill sampling.
Results
Field pXRF analysis is considered to be a less accurate and less precise method of analysis compared to traditional wet-chemical laboratory analysis and so the following results should be considered as provisional. A range of samples are now being prepared for laboratory check analysis.
As a guide to the significance of soil sampling results, the Company notes2 that B horizon soil anomalies for freely drained soils in the vicinity of various ore zones at current and past producing mines on the Copperbelt have thresholds in the range 50 to 150ppm copper, averaging 80ppm copper and peak values in the range 100-450ppm copper and averaging 210ppm copper. In addition, published data3 for the giant Sentinel copper deposit (>1 billion tonnes grading 0.51% copper, located close the Company’s Mukai Project in northwest Zambia) shows that the median copper value for soil samples collected over the sub-cropping expression of the orebody was 120ppm and only one soil sample exceeded 500ppm copper.
The Area A soil grid at Jacks is located in prospective Lower Roan sediments on the southern limb of the syncline southwest of the Jacks drill area. A total of 271 samples were collected with a peak copper-in-soil value of 132ppm. No infill sampling was carried out in Area A during this programme but it may be targeted for infill sampling in future.
Areas B & C were selected to test areas where wide-spaced sampling by FQM defined areas containing anomalous concentrations of copper as well as samples containing high copper: scandium ratios which can indicate the presence of copper sulphide minerals.
The Area B soil grid was located in the northwest part of the licence in Upper Roan Group and younger rocks. A total of 290 samples were collected of which 89 were infill samples. A 600m long x 600m wide copper‑in‑soil anomaly was defined with a peak of 325ppm copper and 197ppm nickel in different samples. The trace element signature of the anomaly is atypical for Copperbelt style mineralisation and further evaluation of this is required to determine its significance.
The Area C grid, in prospective Lower Roan Group sediments, was targeted to follow up a Cu-Sc anomaly defined by FQM . A total of 464 soil samples were collected of which 89 were infill samples. A north-northeast striking copper anomaly approx.1,100m long and 400m wide was identified with a peak value of 257ppm copper.
Area D covers an approx. 4 km strike length centred on the area of the Company’s recently reported drilling at the original Jack’s Prospect and aimed to find extensions to the mineralisation intersected by this drilling. A total of 782 soil samples were collected in Area D with 66 being infill soil samples. A peak value of 525ppm copper was observed in the area of the drilling within an 600m x 400m anomaly. Further to the southwest a second anomaly was defined with dimensions 600m x 500m and a peak value of 173ppm copper.
Further information on the anomalies and the company’s priorities for further drill testing on the Jacks Licence will be given once the results of laboratory analysis are available.
A plan showing the location for the soil grids and provisional soil anomalies is available on the Company website at : https://www.tertiaryminerals.com/filemanager/Jacks_Project/Soil_Sampling_Copper_Anomalies.jpg
Notes:
- Soil samples were collected from the B horizon at an approximate depth of 25-30cm at each sample site. Samples were dry sieved to minus 180 micron with approx. 100 grammes retained and placed in a plastic sample bag for analysis. Samples were then analysed through the sample bag using a Delta Classis pXRF machine with DCC6000 tube. The pXRF was calibrated at the start of each day using a Certified reference Material tablet and again intermittently throughout the sampling runs. Repeat pXRF analysis was performed on a subset of samples to check the repeatability of the pXRF analysis. Additionally, two CRMs were placed in plastic sample bags and analysed throughout the repeat analysis to test the performance of the pXRF using the same conditions. The Company is currently undertaking further interpretation of the geochemical results to select samples for conventional wet chemical analysis.
- Mwamba, J., 2018. Exploration Potential for Copperbelt – Style Mineralisation in NW Province, Zambia; Soil Geochemistry as a targeting tool. Sc. Dissertation Rhodes University (Data presented for 20 deposits, 2 deposits excluded as high outliers).
- Halley, S.W. et.al; 2016. Using Multielement Geochemistry to Map Multiple Components of a Mineral System: Case Study from a Sediment-Hosted Cu-Ni Camp, NW Province, Zambia, SEG Newsletter January 2016.
- The information in this release has been reviewed by Mr. Patrick Cheetham (MIMMM, M.Aus.IMM), Executive Chairman of Tertiary Minerals plc, 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.
The news release may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company’s proposed strategy, plans and objectives or to the expectations or intentions of the Company’s directors. Such forward-looking statements involve known and unknown risks, uncertainties, and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements
Tertiary Minerals #TYM – Positive Drilling Results From Jacks Copper Project
Tertiary Minerals plc (LON: TYM), the AIM traded mineral exploration and development company, whose strategic focus is on energy transition metals, is pleased to announce that the Company has received positive laboratory assay results from its first drill programme at the Jacks Copper Project (“Jacks”) in Zambia, where it is earning a 90% joint venture interest.
Highlights:
- Significant copper mineralisation intersected in all four diamond drillholes:
22JKDD01: 13.5m grading 0.9% copper from 77.5m downhole, including
3.0m grading 1.7% copper from 79.5m, and
3.5m grading 1.2% copper from 87.0m
22JKDD02: 7.0m grading 0.6% copper from 54.0m, and
3.0m grading 0.8% copper from 191.0m
22JKDD03: 6.0m grading 1.8% copper from 105.0m, including
4.0m grading 2.4% copper from 106.0m
22JKDD04: 14.0m grading 0.8% copper from 27.0m, including
2.0m grading 1.7% copper from 27.0m and
5.0m grading 1.0% copper from 35.0m.
- Copper mineralisation has now been intersected over a strike length of 350m and remains open along strike and at depth.
- Planning is now underway for further evaluation of the historical copper soil anomaly that extends over a strike length of c16km within the licence area.
- Tertiary has given notice to joint venture partner Mwashia Resources Ltd (“Mwashia”) that it has now earned a 51% interest in the Jacks Project licence, and has duly exercised its option to continue earning up to a 90% joint venture interest.
- Jacks Project is one of five licences areas in Zambia where Tertiary has the right to earn a 90% interest from Mwashia.
Commenting today, Executive Chairman Patrick Cheetham said:
“We are delighted to be reporting these positive results. The impressive copper hits in all four holes in our first drill programme confirms and builds on the historical results from the Jacks Project, and demonstrates continuity of copper mineralisation over an open-ended 350m strike length. Given that the Jacks Prospect lies within a 16km long soil geochemical anomaly, it is clear we are dealing with an exciting target with considerable potential. In the meantime, our local partner, Mwashia Resources Ltd, has made good progress on the environmental permitting required for exploration to start on the four other licences within our Zambian portfolio. We look forward to a busy and productive work programme during this dry season.”
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 |
|
|
Caroline Rowe |
|
|
|
Peterhouse Capital Limited – Joint Broker |
||
|
Lucy Williams |
+ 44 (0) 207 469 0930 |
|
|
Duncan Vasey |
|
|
Note to Editors
Tertiary Minerals plc (LON: TYM) is an AIM traded mineral exploration and development company whose strategic focus is on energy transition metals. The Company’s projects are located in stable and democratic, geologically prospective, mining-friendly jurisdictions. Tertiary’s current principal activities are the discovery and development of mineral resources in Nevada, USA and in Zambia.
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 Jacks Prospect lies within Exploration Licence 27069-HQ-LEL which covers 141.4 km2 and is located 85 km south of Luanshya in Zambia.
The rocks hosting the known copper mineralisation in the licence comprise basal Katangan Supergroup sediments. This Supergroup includes the Lower Roan Subgroup, the main copper mineralised rock sequence in the Central African Copperbelt.
Mineralisation occurs within the southern limb of a large asymmetric synclinal fold structure that has an east-west trending axis and a westerly plunge. The northern limb dips 15°-25° to the south demonstrated by historic drilling as well as from mapped outcrop. Previous work reports that the dips on the southern limb are variable between 60° to the north and vertical with local overturning. The detailed geometry of the syncline and interpreted parasitic folds is poorly understood and further interpretation of orientated drill core is required. Within the licence area past exploration has defined a 15km long soil geochemical anomaly that broadly follows the southern and northern limbs of the syncline. The Jacks Prospect sits close the nose of the syncline at its eastern end.
During drill planning, the Company created a 3D model of the mineralisation based upon interpretation of historical exploration data which suggests that copper occurs in either two separate mineralised horizons which may be discrete mineralise zones or one refolded horizon. The results of drilling broadly confirm this interpretation. The two mineralised zones, now named the North Zone and South Zone, dip steeply north toward the axis of the syncline.
Further detailed information on the exploration history and the background to the current drill programme can be found in the Company news releases dated 16 June 2022.
Phase 1 Drill Programme
In May 2022, Tertiary contracted Ox Drilling to conduct a diamond drilling programme with geological supervision and drill management contracted to Zambian consulting group GeoQuest Limited. The purpose of the Phase 1 drill programme was to confirm the presence of, and assess the continuity of, copper mineralisation reported in the 1990s.
Four holes were completed for a total of 746m of drilling, two each on two separate traverses spaced approximately 150m apart. During the drill programme core orientation was carried out together with preliminary analysis of core using portable XRF (“pXRF”) to provide real-time interpretation of drill intersections and facilitate the positioning of subsequent holes.
Drill core was cut on-site and 186 samples, along with internal QA/QC samples, were delivered to SGS Laboratories in Kalulushi for independent laboratory-based analysis. Drill core samples were prepared and analysed using methods PRP901 and ICP42S1, respectively.
Analytical Results
Drill hole details and significant SGS assay results are shown in Table 1 and Table 2, respectively.
Hole 22JKDD01 was drilled to intersect the north dipping South Zone mineralisation where historical drillhole KJ12 (see news release dated 2 August 2021) intersected 9.0m grading 0.9% copper. 22KJDD01 was drilled to 164.2m and intersected 13.5m grading 0.9% copper from 77.5m downhole including two higher grade intersections2 of 3.0m grading 1.7% copper from 79.5m and 3.5m grading 1.2% copper from 87m.
Hole 22JKDD02 was drilled approximately 110m north of 22JKDD01 to intersect mineralisation reported in historical drillhole JKD1 which intersected both mineralised zones (13.8m grading 1.0% copper from 112.7m downhole and 2.8m grading 1.0% copper from 229.5m downhole). 22JKDD02 was drilled to 250.9m and intersected 7m grading 0.6% copper from 54m downhole, significantly higher in the hole than expected, however no copper was observed visually or via pXRF where the North Zone had been predicted. The South Zone mineralisation was, however, intersected with 3m grading 0.8% copper from 191.0m downhole in a position that which correlates with the historic drilling.
Hole 22JKDD03 was a step-out hole and was drilled approximately 150m east of 22JKDD02 to a depth of 260.2m. Copper mineralisation was first intersected from 105.0m downhole with 6.0m grading 1.8% copper, including a higher-grade interval of 4.0m grading 2.4% copper from 106m downhole.
22JKDD04 was another step-out hole, drilled approximately 160m east of 22JKDD01 and 170m south of 22JKDD03. It was drilled to test along strike from 22JKDD01 and beneath the copper-in-soil anomaly which, on this traverse, was relocated by infill pXRF soil analysis conducted whilst the drilling programme was ongoing. A broad mineralised zone was intersected with 14.0m grading 0.8% copper from 27m downhole, including two higher grade intersections of 2.0m grading 1.7% copper from 27m downhole and 5.0m grading 1.0% copper from 35.0m downhole.
Drill holes 22JKDD03 and 04, as well as stepping out from 22JKDD01 and 22KJDD02, have demonstrated the presence of mineralisation towards historical drillhole KJD10 which intersected 24.0m grading 1.3% copper and 13.6m grading 0.4% copper in a deeper portion of the mineralised system, some 210m and 230m below surface respectively.
The Company considers that the presence of copper mineralisation has now been demonstrated at Jacks over a 350m strike length and to depths up to 230m vertically below surface, and is open in all directions. Copper mineralisation may be thickening closer to the fold nose, as evidenced by historical drillhole KJD10. To the west a continuous copper-in-soil anomaly extends along the southern limb of the syncline for several kilometres within the licence area and has been tested by only limited very wide spaced drilling with a number of holes intersecting copper mineralisation that remains to be followed up (e.g. 6.5m grading 1.1% copper from 297.5m downhole in 1999 drill hole KJD02).
The Company is currently undertaking a more in-depth review of the drill date with a view to commencing additional fieldwork and drill planning.
Drill Plans and Drill Sections are available to view on the Jacks Project webpage at https://www.tertiaryminerals.com/jacks-project-zambia .
Table 1: Drill Hole Details
|
BHID |
EOH (m) |
Dip |
Azimuth |
Type |
Core |
Avg. Recovery (%) |
|
22JKDD01 |
164.2 |
-55 |
187 |
DD |
HQ/NQ |
82.4 |
|
22JKDD02 |
250.9 |
-55 |
184 |
DD |
HQ/NQ |
95.3 |
|
22JKDD03 |
260.2 |
-55 |
187 |
DD |
HQ/NQ |
99.7 |
|
22JKDD04 |
71.2 |
-55 |
175 |
DD |
HQ/NQ |
90.6 |
Table 2: Analytical Results1&2
|
BHID |
Down Hole Interval (m) |
Copper (%) |
From (m) |
To (m) |
|||
|
22JKDD01 |
13.5 |
0.9 |
77.5 |
91.0 |
|||
|
Including |
22JKDD01 |
3.0 |
1.7 |
79.5 |
82.5 |
||
|
Including |
22JKDD01 |
3.5 |
1.2 |
87.0 |
90.5 |
||
|
22JKDD02 |
7.0 |
0.6 |
54.0 |
61.0 |
|||
|
22JKDD02 |
3.0 |
0.8 |
191.0 |
194.0 |
|||
|
22JKDD03 |
6.0 |
1.8 |
105.0 |
111.0 |
|||
|
Including |
22JKDD03 |
4.0 |
2.4 |
106.0 |
110.0 |
||
|
22JKDD04 |
14.0 |
0.8 |
27.0 |
41.0 |
|||
|
Including |
22JKDD04 |
2.0 |
1.7 |
27.0 |
29.0 |
||
|
Including |
22JKDD04 |
5.0 |
1.0 |
35.0 |
40.0 |
Notes:
1. SGS, Kalulushi – Drill core samples were prepared using method code PRP90, where samples are dried, crushed to 90% passing 2mm and a 250g split pulverized to 85% passing 75µm. Samples were analysed by method code ICP42S, a 26 element multi-acid digest with ICP-AES finish.
2. Drill intervals being reported are thicknesses of mineralisation down-hole at cut-off values of 0.2% copper and 0.5% copper for lower and higher-grade intervals, respectively. Mineralisation is currently interpreted as steeply dipping and true thicknesses are estimated to be approximately 70% of the above reported thicknesses.
3. The information in this release has been reviewed by Mr. Patrick Cheetham (MIMMM, M.Aus.IMM), Executive Chairman of Tertiary Minerals plc, 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.
4. The news release may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company’s proposed strategy, plans and objectives or to the expectations or intentions of the Company’s directors. Such forward-looking statements involve known and unknown risks, uncertainties, and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.
Tertiary Minerals #TYM – Exploration Update Jacks Copper Project
Tertiary Minerals plc (LON: TYM), the AIM traded mineral exploration and development company, whose strategic focus is on energy transition metals, is pleased to announce that the Company has completed its first drill programme at the Jacks Copper Project (“Jacks”) in Zambia. Jacks lies within exploration licence 27069-HQ-LEL (the “Licence”), held by local partner Mwashia Resources Limited (“Mwashia”). Tertiary has an exclusive option to earn up to a 90% joint venture interest in the licence.
Highlights
- Four diamond core drill holes completed on two separate c. 150m spaced traverses for a total 746 metres of drilling.
- Systematic portable XRF (“pXRF”) analysis of drill core in-field has revealed intersections of copper mineralisation in all four holes that require confirmation and quantification by laboratory analysis.
- Drill holes positioned using pXRF analysis of soil samples which confirmed the historical (1990s) copper soil anomaly in the drill area
- Drill area soil anomaly forms part of a series of anomalies which extend over a 16km long trend within the Licence.
- 186 drill-core samples submitted for laboratory analysis with results expected within a few weeks.
Commenting today, Executive Chairman Patrick Cheetham said:
“We are pleased to be reporting the successful completion of our first drill programme in Zambia and look forward to reporting the analytical results. We anticipate that the expenditures incurred on this programme will satisfy the requirements for the Company to earn an initial 51% interest in the Licence and we look forward to working with our joint venture partner, Mwashia Resources, on this and the other joint venture licences we have with the same partner.”
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 | |
| Caroline Rowe | ||
| Peterhouse Capital Limited – Joint Broker | ||
| Lucy Williams | + 44 (0) 207 469 0930 | |
| Duncan Vasey | ||
Note to Editors
Tertiary Minerals plc (LON: TYM) is an AIM traded mineral exploration and development company whose strategic focus is on energy transition metals. The Company’s projects are located in stable and democratic, geologically prospective, mining-friendly jurisdictions. Tertiary’s current principal activities are the discovery and development of mineral resources in Nevada and in Zambia.
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 Jacks Prospect lies within Exploration Licence 27069-HQ-LEL which covers 141.4 km2 and is located 85 km south of Luanshya in Zambia. This licence is currently owned by local partner Mwashia. Tertiary has an exclusive option to earn up to a 90% joint venture interest in the licence.
The host rocks in the licence comprise synclinally folded basal Katangan Supergroup sediments which include the Lower Roan Subgroup, the main copper mineralised rock sequence in the Central African Copperbelt. The axis of the asymmetric syncline trends approximately east-west. The northern limb dips 15°-25° to the south demonstrated by historic drilling as well as from mapped outcrop. Previous work reports that the dips on the southern limb are variable between 60° to the north and vertical with local overturning. The detailed geometry of the syncline and interpreted parasitic folds is poorly understood and further interpretation of orientated drill core is required.
The area was first explored by Roan Selection Trust Ltd. (“RST”) in the 1960s after copper flower was observed. RST drilled a series of holes in the area of the copper showings which coincides with the nose of a fold structure. Several zones of low-grade copper were reportedly intersected.
In the 1990s, Caledonia Mining Corporation (“CMC”) conducted aeromagnetic surveys and soil geochemical sampling. The geochemical surveys highlighted an intermittent soil anomaly that extends over an 18 km strike length of which 16 km lies within the Jacks Project Licence. After delineation of prospective areas, CMC entered into a joint venture earn-in agreement with Cyprus AMAX Minerals, a major US-based mineral exploration and mining company. The 1997-1999 exploration programme included infill geochemical sampling, ground-based magnetic surveys, 19 reverse circulation drill holes and 10 core drill holes.
Phase 1 Drill Programme
Upon entering into its agreement with Mwashia, Tertiary obtained all available historical exploration data and performed a spatially integrated data review and constructed a preliminary geological model.
This suggested that the Jack’s Project area presented an attractive drill target where historical drilling intersected significant copper mineralisation and which the Company believes justified follow-up exploration.
The historical data had limitations on the positional accuracy of historic drill holes and so to assist with drill targeting the Company conducted field geochemical analysis of soils using a pXRF analyser along and between the profiles of historical drilling. Several strong copper anomalies were identified which, when correlated with historical soil geochemistry, allowed the interpreted geological model to be spatially refined.
In May 2022, Tertiary contracted Ox Drilling to conduct a diamond drilling programme with geological supervision and drill management performed by GeoQuest Limited. Four holes were completed on two traverses spaced approximately 150m apart for a total of 746m of drilling. During the drill programme core orientation was carried out together with preliminary analysis using portable pXRF to provide real-time interpretation of drill intersections and facilitate the positioning of subsequent holes.
All drillhole collars were surveyed via GPS and downhole surveys were completed prior to plugging and marking drill holes in the field.
Systematic drill core analysis using the pXRF has indicated that all four holes intersected copper mineralisation. Whilst pXRF analyses are a good guide to the occurrence of mineralisation, the pXRF results now need to be confirmed and quantified by follow up laboratory based analysis. Consequently 186 samples were cut from the drill core on-site and, along with internal QA/QC samples, were delivered to SGS Laboratories in Kalulushi for analysis. The Company expects the analytical results to be available within a few weeks .
Notes:
- The information in this release has been reviewed by Mr. Patrick Cheetham (MIMMM, M.Aus.IMM), Executive Chairman of Tertiary Minerals plc, 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.
- The news release may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company’s proposed strategy, plans and objectives or to the expectations or intentions of the Company’s directors. Such forward-looking statements involve known and unknown risks, uncertainties, and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.
Tertiary Minerals #TYM – Exploration Update Jacks Copper Project
Tertiary Minerals plc (LON: TYM), the AIM traded mineral exploration and development company, whose strategic focus is on energy transition metals, is pleased to announce that the Company has commenced its first drill programme at the Jacks Copper Project (“Jacks”) in Zambia. Jacks lies within exploration licence 27069-HQ-LEL, held by local partner Mwashia Resources Limited. Tertiary has an exclusive option to earn up to a 90% joint venture interest in the licence.
Highlights
- Visual observations of core from the first drill hole 22JKDD01 indicate the presence of copper mineralisation which has been confirmed by portable XRF measurements at site.
- Chrysocolla and malachite occur as veins and in fractures and as disseminations over several metres around 90 metres downhole depth (corresponding to a depth of approximately 74 metres below surface).
- This is the first drill hole of a programme designed to accurately locate previously intersected mineralised zones and test their continuity to depths up to 150-180 metres below surface.
- This phase of drilling will comprise approximately 750 to 1,000 metres of HQ and NQ orientated drill core. The core is being analysed on site using portable XRF and mineralised intervals will be sent to the SGS laboratory in Kalalushi for analysis.
- Historic work has established an 16 kilometre open-ended soil geochemical anomaly at Jacks with historic drill logs reporting intersections as wide as 23.95 metres grading at 1.26% total copper (TCu), including intervals as high as 3.19% TCu over 2.15 metres.
Commenting today, Managing Director Patrick Cullen said:
“We are very pleased to have our first drill programme in Zambia up and running and are encouraged by visible copper mineralisation in the first hole drilled. The portable XRF we have on site is proving very useful.
At this early stage, the drilling is focused on demonstrating mineralisation at grades and depths that are practical for open pit operations. It is apparent from historic work that there is significant structural complexity at Jacks. We are collecting core orientation data which we expect will provide improved understanding of the structural geometry and controls on mineralisation and help guide our exploration programme going forward.
We believe that Jacks has the potential to host potential economic mineralisation and we look forward to reporting laboratory results and further updates going ahead.”
For more information please contact
| Tertiary Minerals plc: | ||
| Patrick Cullen, Managing Director | +44 (0) 1625 838 679 | |
| SP Angel Corporate Finance LLP – Nominated Adviser and Broker | ||
| Richard Morrison | +44 (0) 203 470 0470 | |
| Caroline Rowe | ||
| Peterhouse Capital Limited – Joint Broker | ||
| Lucy Williams | + 44 (0) 207 469 0930 | |
| Duncan Vasey | ||
Note to Editors
Tertiary Minerals plc (LON: TYM) is an AIM traded mineral exploration and development company whose strategic focus is on energy transition metals. The Company’s projects are located in stable and democratic, geologically prospective, mining-friendly jurisdictions. Tertiary’s current principal activities are the discovery and development of copper resources in Nevada and in Zambia.
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
Jacks lies within Exploration Licence 27069-HQ-LEL which covers 141.4 sq. km. and is located 85km south of Luanshya.
The host rocks in the licence comprise synclinally folded basal Katangan Supergroup sediments which include the Lower Roan Subgroup, the main copper mineralised rock sequence in the Central African Copperbelt. The axis of the asymmetric syncline trends approximately east-west. The northern limb dips 15°-25° to the south demonstrated by drilling as well as from mapped outcrop. Previous work reports that the dips on the southern limb are variable between 60° to the north and vertical with local overturning. The detailed geometry of the syncline and interpreted parasitic folds is poorly understood and further interpretation of orientated core is required.
The area was first explored by Roan Selection Trust Ltd. (“RST”) in the 1960s after copper flower was observed. RST drilled a series of core holes in the area of the copper showings which coincides with the nose of a fold structure. Several zones of low-grade copper were reportedly intersected.
In the 1990s, Caledonia Mining Corporation (“CMC”) conducted aeromagnetic surveys and geochemical sampling (conventional ICP and mobile metal ion). The geochemical surveys highlighted an intermittent anomaly that extends for over 18 kilometres of which 16 kilometres lies within the Jacks project. After delineation of prospective areas, CMC entered into a joint venture earn-in agreement with Cyprus AMAX Minerals (“Cyprus”), a major US-based mineral exploration and mining company. The 1997-1999 exploration programme included infill geochemical sampling, ground-based magnetics, 19 reverse circulation holes and 10 core holes.
The licence area was held by KPR Investments Ltd between 2013 and 2017. First Quantum Minerals (“FQM”) entered into an option period/joint venture agreement with KPR Investments Ltd and completed significant exploration activities in 2014 and 2015, including lithological and structural mapping, licence wide 500 x 500 metres soil sampling and limited infill soil sampling on a 250 x 250 metres grid.
Tertiary has sourced a significant volume of historic data from public sources including drill logs, assay data as well as a number of geological and surface sampling and drilling plans from previous reports and statutory reports submitted to the Ministry of Mines and Minerals Development. Discrepancies are noted between various records and field visits have confirmed poor accuracy of historic collar locations. Detailed logs exist for the Cyprus drilling and related copper assay data.
Notes:
- The information in this release has been reviewed by Mr. Patrick Cheetham (MIMMM, M.Aus.IMM), Executive Chairman of Tertiary Minerals plc, 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.
- The news release may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company’s proposed strategy, plans and objectives or to the expectations or intentions of the Company’s directors. Such forward-looking statements involve known and unknown risks, uncertainties, and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.