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Alan Green covers First Class Metals #FCM & Tertiary Minerals #TYM on this week’s Stockbox Research Talks

Alan Green covers First Class Metals #FCM & Tertiary Minerals #TYM on this week’s Stockbox Research Talks

Tertiary Minerals #TYM – Closing – Sale of Royalty Interests

TYMFurther to its announcement of 8 August 2022, Tertiary Minerals plc is pleased to announce that it has now successfully closed the sale of its royalty interests in the Kaaresselkä and Kiekerömaa properties in Finland to Aurion Resources Ltd (“Aurion”).

Definitive sale agreements have been signed and the transaction is now closed.

Aurion assigned all of its rights in the sale agreement to B2Fingold Oy (“B2 Fingold”, a Finnish company in which Aurion holds an interest) in so far as they relate to the Kiekerömaa Property and consequently separate agreements have been executed with Aurion in respect of the Kaaresselkä royalty interest and with B2Fingold Oy in respect of the Kiekerömaa royalty interest.

Notwithstanding the separate agreements, the aggregate consideration from Aurion and B2 Fingold, now received by the  Company, is the same as that advised in the Company’s  announcement of 8 August 2022, being:

  • CAD$200,000, paid in cash, and
  • The issue to Tertiary of 83,333 common shares in Aurion Resources Ltd (the “Consideration Shares”).

The Consideration Shares are subject to a hold period and cannot be sold before 25 December 2022, being four months and one day after the date of issue.

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

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

Tertiary Minerals #TYM – Exploration Update – Jacks Copper Project, Zambia

 

Tertiary Minerals plc (LON: TYM), the AIM traded mineral exploration and development company is pleased to announce the start of a detailed soil sampling programme at the Jacks Copper Project (“Jacks”) in Zambia, where Tertiary has now earned a 90% joint venture interest from local Company Mwashia Resources Ltd. 

Highlights

 · Detailed soil sampling planned for four separate areas to include: 

Ø A 5.3 sq.km. area surrounding the copper mineralisation recently intersected in drilling at the Jacks Copper Prospect (announced 29 June 2022). 

Ø Infill sampling in key areas of a 15km long soil anomaly defined by Cyprus

Amax.  

Ø Infill sampling of Copper:Scandium (“Cu:Sc”) soil anomalies in two areas defined in wide-spaced soil sampling by First Quantum Minerals (“FQM”). 

· Tribal & Stakeholder engagement successfully completed. 

· Up to approx. 1,600 samples to be collected on a 200m x 40m grid with initial field analysis of samples using portable XRF analyser (“pXRF”) delivering results in real time. 

Commenting today, Executive Chairman Patrick Cheetham said:

“The announcement of this programme highlights the growing momentum of our exploration programmes in Zambia following the successful drilling programme at Jacks this summer and the recent announcement of our collaborative agreement with First Quantum Minerals.

The soil sampling programme at Jacks is targeting extensions to the known copper mineralisation as well as areas defined during wide-spaced soil sampling by FQM as having high Cu:Sc ratios which can indicate the presence of copper sulphide minerals in potentially economic concentrations.”

 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

Vox Markets Podcast – Alan Green covers the following companies: Team17 #TM17  Tekcapital #TEK and Tertiary Minerals #TYM 

vox podcast

Alan Green CEO of Brand Communications talks about being in Snowdonia this weekend, taking the sensible option of being on a motorbike, rather than hiking like me. Plus Alan also covers news from the following companies:

Team17 #TM17 

Tekcapital #TEK 

Tertiary Minerals #TYM

https://www.voxmarkets.co.uk/articles/alan-green-covers-team17-tekcapital-tertiary-minerals-f019d8c/

UK Investor Magazine Podcast – Moonpig, B&M European, and oil with Alan Green

investor

 

Moonpig, B&M European, and oil with Alan Green

We discuss Moonpig #MOON, B&M European #BME, Tertiary Minerals #TYM and Botswana Diamonds #BOD

Moonpig, B&M European, and oil with Alan Green

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.

Alan Green covers Botswana Diamonds #BODS & Tertiary Minerals #TYM on this week’s Stockbox Research Talks

Alan Green covers Botswana Diamonds #BODS & Tertiary Minerals #TYM on this week’s Stockbox Research Talks

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:

  1. 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. 
  2. 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 – Resignation of Managing Director

TYMTertiary Minerals plc (LON: TYM), the AIM traded mineral exploration and development company, whose strategic focus is on energy transition metals, advises that it has received and accepted a letter of resignation from its Managing Director, Mr. Patrick Cullen, effective 20 June 2022.

The Company will seek to recruit a replacement Managing Director, with Mr. Cullen’s responsibilities being assumed by other members of the Board in the meantime.

Commenting today, Executive Chairman Patrick Cheetham said:

“The Board does not expect its strategy or ongoing work programmes in Zambia or Nevada to be materially affected by this change and the Board would like to thank Mr. Cullen for his contribution to the Company since joining as Managing Director in September 2021.” 

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 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

Tertiary Minerals #TYM – Half-Year Report

 

HALF-YEARLY REPORT 2022 

Tertiary Minerals plc announces its unaudited interim results for the six-month period ended 31 March 2022.

Operational highlights:

Tertiary continued to develop its project portfolio, focused on copper opportunities in Zambia and Nevada. Most notably activities included:

· Completing environmental permitting for the Jacks Copper Project in Zambia, collecting historic data and completing additional surface geochemical studies in order to bring the project to drill-ready status;

· Planning a first phase of core drilling at Jacks comprising an orientation programme designed to establish copper grades and an improved understanding of the geometry of mineralised zones identified by historic work;

· Expanding Option & JV agreements with local partners covering four further licences which gives the Company access to over 1,200 km2 across the Central African Copperbelt (the “Copperbelt”) and over an area 20 km east of the past-producing high-grade Kalengwa copper mine;

· Continuing to evaluate additional opportunities across the Copperbelt in Zambia and elsewhere; and

· Completing permitting for the next phase of exploration at the Brunton Pass Copper Project in Nevada which will commence in the coming months.

Zambia

Tertiary has begun field operations in Zambia. The Company planned a first phase of core drilling at the Jacks Copper Project during the period and drilling has since commenced. Historic exploration results at Jacks indicate a 16km long open-ended soil geochemical anomaly associated with rocks of the Lower Roan Subgroup. The Lower Roan Subgroup is typically associated with many of the stratiform copper deposits of the Copperbelt in Zambia. At Jacks, a large-scale fold and a series of folding events and faulting/shearing is in evidence from historic work. This first phase of drilling is the first step to gathering improved spatial data on the location and geometry of known mineralisation and an understanding of the associated structural setting.

The historic core and reverse circulation drilling at Jacks targeted just two small areas where soil anomalies were most pronounced. Historic intersections include an interval of 23.95m grading at 1.26% copper (including 1.88m grading at 2.93% copper).

In addition to Jacks, additional agreements are now in place with the Company’s existing Zambian partner, Mwashia Resources Limited, giving the Company the right to earn up to 90% of four other licences located across the Copperbelt and in the North-Western Province. As with Jacks, the Lubuila, Mukai and Konkola West projects all target the Lower Roan Subgroup. The Mushima North project lies westwards of the past-producing Kalengwa copper mine, believed to be one of the highest grade copper deposits to have been mined in Zambia. Work is underway to provide the necessary supporting materials for the submission of environmental project briefs with the Zambia Environmental Management Agency for permitting of exploration activities on these licences. The process is most advanced for the Lubuila project and is expected to be concluded in the coming months with the others to follow later in the year. In the meantime, desktop studies and the acquisition of historic data has begun.

Nevada

A first phase of reverse circulation drilling at the Pyramid Silver-Gold Project in Nevada has not demonstrated mineralisation at depth. The continuity of grade at surface and the evidence of significant underground workings suggested a compelling drill target. The limited reverse circulation programme was conducted on schedule and below budget. Apart from rehabilitation, no further expenditure is planned at Pyramid and cumulative exploration costs of £361,379 have been impaired.

A permit for the next phase of exploration at the Brunton Pass Copper Project was issued in mid-April and the planned trenching programme across the main copper anomaly will commence shortly, alongside further investigation into the potential for gold and silver mineralisation on the property. Initial reconnaissance sampling resulted in multiple samples grading higher than 1% copper as well as a 2.44m channel sample grading 4.66% copper. The trenching programme will test for mineralisation at the primary target in the south of the project which is intrusion-related skarn copper mineralisation overprinted by a later mineralising episode which may represent the high levels of an epithermal system prospective for gold and silver. Trenching is also planned to investigate secondary targets in the northern area of the project.

FINANCIAL SUMMARY FOR THE SIX-MONTH PERIOD ENDED 31 MARCH 2022:

 

· Operating Loss of £604,213 comprises:

 Revenue of £89,906; less Administration costs of £305,933 (which includes non-cash share-based payments of £29,237).

 

 Pre-licence and reconnaissance exploration costs totalling £26,807.

 

 Impairment of deferred exploration asset of £361,379 relating to Pyramid project in Nevada, US. This project was fully impaired following a series of phases of exploration across the property, most recently drilling at North Ruth. 

· Total Group Loss of £604,193 is after crediting interest income of £20.

· Project expenditure of £222,876 was capitalised during the six-month period.

Funding and Cash Position: 

· In January 2022, the Company completed a fundraising with Peterhouse Capital Limited raising £600,000 before expenses. 

· The closing cash (and cash equivalent) position at the end of the period was £620,626.

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