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Tertiary Minerals #TYM – Jacks Copper Project, Zambia – Joint Venture Agreement
Tertiary Minerals plc (LON: TYM), the AIM traded mineral exploration and development company, is pleased to announce that its 96% owned Zambian subsidiary, Tertiary Minerals (Zambia) Limited (“TMZ””), has now executed a full Joint Venture and Shareholders’ Agreement (the “JV Agreement”) with Mwashia Resources Limited (“Mwashia”) to govern their future relationship for the Jacks Copper Project Exploration Licence 27069-HQ-LEL (the “Jacks Licence”).
The JV Agreement has been made pursuant to the option agreement between TMZ (formerly Luangwa Minerals Limited) and Mwashia detailed in the Company’s news release dated 2 August 2021 (the “Option Agreement”).
The JV Agreement provides that a new Zambian company (“Newco”) will be formed to be owned 90% by TMZ and 10% by Mwashia to own and operate the Jacks Project. Mwashia will then transfer the Jacks Licence to Newco. Newco will be funded by TMZ and/or Tertiary and TMZ will hold an option, exercisable at any time, to purchase Mwashia’s 10% interest for the amount of US$3.5 million. A payment of US$30,000 is now being made by Tertiary to Mwashia as required by the Option Agreement.
Commenting today, Executive Chairman Patrick Cheetham said:
“We are pleased to be announcing this agreement which cements our relationship with Mwashia and provides a mechanism for TMZ to move to 100% ownership of the Jacks Licence in future. Since signing the Option Agreement, we have worked closely with Mwashia as our local partner. Mwashia has been instrumental in the tribal and stakeholder engagement process that has allowed for the smooth running of our drilling programme at Jacks earlier this year and more recently for the soil sampling programme where we expect to release provisional results shortly.
In addition to Jacks we also hold options over four further licences held by Mwashia in Zambia and we anticipate this new agreement will form a template for those licences should TMZ complete its expenditure requirements under the terms of those options.”
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.
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
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Tertiary Minerals plc: |
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Patrick Cheetham, Executive Chairman |
+44 (0) 1625 838 679 |
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SP Angel Corporate Finance LLP – Nominated Adviser and Broker |
||
|
Richard Morrison |
+44 (0) 203 470 0470 |
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|
Caroline Rowe |
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|
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Peterhouse Capital Limited – Joint Broker |
||
|
Lucy Williams |
+ 44 (0) 207 469 0930 |
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|
Duncan Vasey |
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|
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.