RCS - Tertiary Minerals - Drilling Update, Konkola West Copper Project

Tertiary MineralsAnnouncement

21/05/2024 07:00

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RNS Number : 1646P  Tertiary Minerals PLC  21 May 2024

 

21 May 2024

 

Tertiary Minerals plc ("Tertiary" or the "Company")

 

DRILLING UPDATE, KONKOLA WEST COPPER PROJECT

The Company is pleased to provide the following drilling update for the
Konkola West Copper Project in Zambia.

The first hole at the Konkola West Copper Project, hole number KWDD001, being
drilled as  part of an earn-in agreement with a subsidiary of KoBold Metals
Company ("KoBold") and local partner Mwashia Resources Ltd, was recently
reported by KoBold to be at a depth of 1,023m down-hole and continuing.

The target of this drillhole is the ore-shale which hosts the copper
mineralisation at the  Konkola-Lubambe copper mines and the nearby Mingomba
deposit. KoBold has reported that a number of expected key marker horizons
have been intersected in the hole that are consistently seen in the
stratigraphy above the ore-shale in these deposits.

Given the known lateral variations in the thickness of individual
stratigraphic units in this area it is not yet possible to predict with any
certainty the depth at which the ore-shale might be encountered, though the
Company estimates that drilling of KWDD001 will continue until mid-June 2024
with assay results to follow after that. However, drilling could take longer,
or be completed sooner, depending on the thickness of the stratigraphic units
yet to be drilled, as well as drilling conditions.

Patrick Cheetham, Executive Chairman of Tertiary Minerals plc said:

"We are delighted with the level of technical detail being provided to the
Company by KoBold on an ongoing basis and we are encouraged to see the known
mine stratigraphy marker horizons present in this hole. I was fortunate to be
on site in the early stages of this drillhole. KoBold is investing heavily in
new facilities in the area for its Mingomba Project and is dedicating
substantial financial and technical resources to make the drilling of the
Konkola West Copper Project a success."

 

Further Information:

 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

 

 

Glossary of Technical Terms

Marker horizon - a stratigraphic unit commonly found over a wider geographical
area than other stratigraphic units and which, despite its presence in
separate and otherwise unconnected geographic locations, has common and
distinctive characteristics that define an equivalent age and common origin
for that stratigraphic unit at each location.

Stratigraphic unit - a layer of rock
(https://en.wikipedia.org/wiki/Rock_(geology))  of identifiable origin and
relative age range that is defined and mapped by the dominant features that
characterise it.

Stratigraphy - a branch of geology concerned with the study of rock layers
(strata) and layering (stratification). It is primarily used in the study of
sedimentary and layered volcanic rocks. Also a term, used loosely as in this
case, to describe a grouping of successive stratigraphic units.

 

Background Information

The Konkola West Project comprises Exploration Licence 27067-HQ-LEL which
covers 71.9 sq. km. and is located 18km northwest of Chingola in the Central
African Copperbelt.

The Konkola West Project is targeting projected deep down-dip and along-strike
extensions of the contiguous Lubambe-Mingomba-Konkola copper deposits to the
east of the Licence and which extend north into the Musoshi mining complex in
the Democratic Republic of the Congo. Together these deposits comprise a
15-kilometre long continuous zone of mineralisation that contained a
pre-mining endowment of over 775 million tonnes grading 2-3% copper. Konkola
West, is located approximately 2,000 metres southwest of the Mingomba deposit,
which lies between the Konkola and Lubambe mines, and has historic resource
estimates with around 9 million tonnes of contained copper.

The Company's other interests in Zambia include the Jacks Copper Project,
where the Company completed soil sampling and drilling in 2022 and where
further drilling is now planned, and also the Mukai and Mushima North project
areas which are subject to a data sharing and technical cooperation with First
Quantum Minerals. Recent soil sampling at Mukai and Mushima North has defined
a number of large copper-in-soil anomalies.

The Company also owns a portfolio of base metal and precious metal projects in
Nevada, USA, and a fluorspar deposit in Sweden.

Mwashia Resources is a private Zambian company and the Company's partner in
the Konkola West, Jacks, Mukai and Mushima North Projects (see announcement
dated 26 February 2024).

KoBold Metals is a US-based, privately held, mineral exploration company that
couples geoscience, data science, machine learning, and artificial
intelligence to search for the critical minerals needed for the clean energy
transition and to accelerate growth in electric vehicles. KoBold is backed by
technology investors including Breakthrough Energy Ventures (initiated by Bill
Gates) and Silicon Valley venture capital firm Andreessen Horowitz, as well as
institutional investors such as T. Rowe Price and Canadian Pension Plan
Investment Board.

 

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