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#TYM Tertiary Minerals PLC – Placing to raise £300,000
Tertiary Minerals plc (AIM: TYM), the London listed explorer focussed on energy transition and precious metals in Zambia and Nevada, USA, is pleased to announce it has raised £300,000 before expenses through a placing of 250,000,000 new ordinary shares of 0.01 pence each (the “Placing Shares”) and 125,000,000 attached warrants (the “Placing Warrants”) in the Company at a price of 0.12 pence per share (the “Placing Price”) as detailed below (the “Placing”).
The Placing was arranged through the Company’s joint broker, Peterhouse Capital Limited (“Peterhouse”).
Commenting today, Executive Director Patrick Cheetham said:
The proceeds of the Placing will allow the Company to continue the evaluation of its exciting portfolio of copper exploration projects in Zambia and Nevada, with field programmes scheduled to commence in Spring in Zambia as soon as the wet season ends. We are taking full advantage of the data being supplied under our data sharing and technical cooperation agreement with major Zambia copper producer First Quantum Minerals to shortcut the exploration process with drilling anticipated this year on a number of projects.“
Placing Details
The Company has placed 250,000,000 new ordinary shares at 0.12 pence to raise proceeds of £300,000 before expenses.
The Placing Price represents a discount of approximately 7.7% to the closing bid-price for Tertiary shares on 2 February 2023.
The Company will issue one warrant for every two Placing Shares (the “Placing Warrants”) entitling the holder to subscribe for a one new ordinary share at a price of 0.24 pence at any time within 12 months from the date of admission of the Placing Shares and the Broker Fee Shares to trading on AIM (“Admission”). A total of 125,000,000 Placing Warrants will be issued.
Broker Warrants
In settlement of commission payable in connection with the Placing and its quarterly Joint Broker fees for the period 1 January 2023 to 31 March 2023, Peterhouse will be issued with 16,250,000 new ordinary shares and 8,125,000 warrants on the same terms as those issued in the Placing (the “Broker Fee Shares and Broker Fee Warrants”).
Under the terms of its engagement Peterhouse will also be issued with 12,500,000 warrants (“Broker Engagement Warrants”) to subscribe for further new ordinary shares at the Placing Price at any time before one year from the date of Admission.
The Placing Shares, the Broker Fee Shares, the Placing Warrants, the Broker Fee Warrants and the Broker Engagement Warrants (together “the Warrants”) are being issued under the Company’s existing share issue authorities. The Warrants are non-transferable and will not be admitted to trading on any exchange.
Related Party Transaction
Subscribers to the placing include Sanderson Capital Ltd (“Sanderson”) which currently holds 7.36% of the existing issued ordinary shares. As Sanderson held more than 10% of the Company’s issued share capital within the past 12 months it is a “related party” of the Company under the AIM Rules for Companies (the “AIM Rules”). As a result, their participation in the Placing is deemed to be a related party transaction pursuant to Rule 13 of the AIM Rules.
Accordingly, the Directors of the Company, consider, having consulted with the Company’s Nominated Adviser, SP Angel Corporate Finance LLP, that the terms of Sanderson’s participation in the Placing are fair and reasonable in so far as the Company’s shareholders are concerned.
Sanderson is subscribing for 25,000,000 Placing Shares and following the issue of the Placing Shares and the Broker Fee Shares will hold 138,056,670 shares representing 7.66% of the issued shares following Admission.
Use of Proceeds
The net funds raised will be applied to exploration activities at the Company’s projects in Nevada and Zambia and working capital.
Admission
The Placing Shares and the Broker Fee Shares will rank pari passu with the Company’s existing ordinary shares.
An application has been made to the London Stock Exchange for admission of the Placing Shares and the Broker Fee Shares to trading on AIM (“Admission”). Admission is expected to occur at 8.00 a.m. on or around 8 February 2023.
Total Voting Rights
Following Admission of the Placing Shares and the Broker Shares the Company’s enlarged issued share capital will be 1,802,513,621 ordinary shares.
The Company holds no ordinary shares in treasury. Following Admission, the total number of voting rights in the Company will therefore be 1,802,513,621 and this figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.
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 |
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Richard Morrison |
+44 (0) 203 470 0470 |
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Harry Davies-Ball |
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Peterhouse Capital Limited – Joint Broker |
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Lucy Williams |
+ 44 (0) 207 469 0930 |
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Duncan Vasey |
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Market Abuse Regulation
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’). Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.
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 – EPB Approved for Mushima North Copper Project, Zambia
Tertiary Minerals plc is pleased to announce that its local partner and licence holder Mwashia Resources Ltd (“Mwashia”) has now received approval of the Environmental Project Brief (“EPB”) from the Zambian Environmental Management Agency (“ZEMA”) for its Mushima North Copper Projects where the Company is earning up to a 90% interest.
The Mushima North Project, together with the Mukai Project in Zambia benefits from a data sharing and technical agreement with global copper producer First Quantum Minerals Ltd (“FQM”), details for which were announced on 15 September 2022.
Key Points:
- ZEMA has now approved the EPB for the Mushima North Project.
- This follows approval of EPBs for Konkola West & Lubuila Projects announced on 24 November 2022.
- The approval process for the EPB for the Mukai Copper Project, our final outstanding EPB, is at an advanced stage.
- EPB approval is a key approval required before field exploration programmes can proceed.
Commenting today, Executive Chairman Patrick Cheetham said:
“I am delighted to report that we have received EPB approval for the Mushima North Copper Project where we are currently working through the shared FQM data in preparation for the coming field exploration season.
On a recent visit to Zambia in December our Exploration Manager recovered sulphide mineralised drill core from a drill hole completed in the 1960’s at Mushima North which reportedly tested an extensive copper-in-soil anomaly and intersected wide zones of low-grade copper mineralisation. We will be assaying this core shortly to validate this early target. I look forward to reporting back to shareholders as soon as we have the results.”
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 |
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| Richard Morrison | +44 (0) 203 470 0470 | |
| Harry Davies-Ball | ||
| Peterhouse Capital Limited
Joint Broker |
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| 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 – Project Focus, Konkola West, Zambia
The Company’s Konkola West Copper Project in Zambia has been brought into sharp focus by the recent $150 million investment in the adjacent Mingomba Copper Deposit (Lubambe Extension Project) by KoBold Metals, whose shareholders include Breakthrough Energy Ventures, a climate and technology fund founded by Microsoft’s Bill Gates and backed by Amazon’s Jeff Bezos, and Virgin’s Sir Richard Branson, and mining giant BHP (announced at the Biden Administration’s 2022 African Leader’s Summit).
The Company is therefore releasing a separate “Project Focus” presentation which can now be found on the Company’s website at https://www.tertiaryminerals.com/presentations
Konkola West, one of five copper projects in Zambia where Tertiary has an interest, is targeting deep down-dip extensions of the contiguous Musoshi-Lubambe-Mingomba-Konkola copper deposits which host the Musoshi Mine in the Democratic Republic of the Congo and the Lubambe Mine and Konkola mines and concentrators in Zambia. Together these deposits define a continuous zone of mineralisation over 15km long with a pre-mining endowment of over 775 million tons grading 2-3% copper. Konkola West is located approximately 2,000m southwest of the Mingomba deposit which currently has a resource of 250 million tons at 3.8% copper.
The Company’s interests in Zambia also include the Jacks Copper Project where the Company completed soil sampling and drilling in 2022 and the Mukai and Mushima North project areas where the Company is working with First Quantum Minerals to evaluate historical data and generate new exploration targets for evaluation in 2023.
The “Project Focus” now released for Konkola West Project is one of a number of such presentations planned for the Company’s key exploration projects over the coming weeks.
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 |
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| Lucy Williams | + 44 (0) 207 469 0930 | |
| Duncan Vasey | ||
Additional Information
Background
Tertiary Minerals plc is exploring in Zambia through its local subsidiary Tertiary Minerals (Zambia) Limited (“TMZ”) which is 96% owned by Tertiary Minerals plc. TMZ now holds 90% of the Jacks Copper Project with the remaining 10% held by local company and licence holder Mwashia Resources Ltd (“Mwashia”). TMZ holds an option to purchase Mwashia’s 10% interest in the Jacks exploration licence for US$3.5 million at any time.
TMZ also holds options to earn up to a 90% interest in four other licences held by Mwashia, namely the Mukai, Mushima North, Lubuila and Konkola West exploration licences. Further details of Tertiary’s agreements with Mwashia are given in the Company’s news releases of 2 August 2021 and 18 November 2021.
The Mukai and Mushima North licences are covered by a Data Sharing and Technical Cooperation Agreement with First Quantum Minerals Limited (“FQM”). Further details of the Agreement can be found in in the Company’s news release of 15 September 2022.
KoBold Metals is a private company whose investors include Breakthrough Energy Ventures, a climate and technology fund founded by Microsoft’s Bill Gates and backed by Amazon’s Jeff Bezos and Virgin’s Richard Branson, and mining giant BHP.
The Mingomba (Lubambe Extension) Deposit is being evaluated in conjunction with property owners EMR Capital/ZCCM which operate the Lubambe Mine and concentrator. Tertiary does not have any beneficial or economic interest in the Mingomba Copper Deposit.
Notes:
Sources for quoted grade/tonnages:
United States Geological Survey, 2010. Scientific Investigations Report 2010–5090. Descriptive Models, Grade-Tonnage Relations, and Databases for the Assessment of Sediment-Hosted Copper Deposits – With Emphasis on Deposits in the Central African Copperbelt, Democratic Republic of the Congo and Zambia.
Stacey, J. 2020. Deep Exploration at the Lubambe Extension, Mwale Symposium.
#TYM Tertiary Minerals PLC – Annual Report & Notice of Annual General Meeting
Tertiary Minerals plc (AIM: TYM) is pleased to advise that a full version of the Annual Report, for the year ended 30 September 2022 and the Notice of the 2023 Annual General Meeting (“AGM”) has now been published on the Company’s website at:
https://www.tertiaryminerals.com/shareholder-documents
A letter or email, depending on individual preference, is being sent to registered shareholders today to notify them of the publication of the Annual Report and Notice.
The AGM has been convened for 10.00 a.m. on Thursday 16 February 2023 at Arundel House, 6 Temple Place, London WC2R 2PG.
Proxy Voting will be available from 5.00 p.m. and instructions can be found on page 53 of the Annual Report at the link above.
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 |
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Richard Morrison |
+44 (0) 203 470 0470 |
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Harry Davies-Ball |
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Peterhouse Capital Limited Joint Broker |
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Lucy Williams |
+ 44 (0) 207 469 0930 |
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Duncan Vasey |
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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
Vox Markets Podcast – Alan Green discusses HARL, TMOR and TYM
Brand Comms CEO Alan Green appears on today’s Vox Markets podcast with Justin Waite to discuss:
- Harland & Wolff #HARL
- More Acquisitions (Megasteel) #TMOR
- Tertiary Minerals #TYM
Link here:
#TYM Tertiary Minerals plc -Update -Copper Projects, Zambia
Tertiary Minerals plc is pleased to announce that it’s local partner and licence holder Mwashia Resources Ltd (“Mwashia”) has now received approval of Environmental Project Briefs (“EPBs”) from the Zambian Environmental Management Agency (“ZEMA”) for the Konkola West and Lubuila Copper Projects where the Company is earning up to a 90% interest.
The Company is also providing a project update for the Mukai and Mushima North Projects following a preliminary data review and first meetings with global copper producer First Quantum Minerals Ltd (“FQM”) with whom the Company has a data sharing and technical cooperation agreement (the “Data Sharing and Technical Cooperation Agreement”) .
Key Points:
EPB Approvals
· ZEMA has now approved EPBs for the Konkola West & Lubuila Licences.
· The approval process for the Mukai & Mushima North Project EPBs is at an advanced stage.
· EPB approval is required before exploration can take place.
Project Updates
· Initial prospectivity reviews completed by consultant Remote Exploration Services (RES) of South Africa, based on historical data.
· First meetings held with FQM under the Data Sharing and Technical Cooperation Agreement. Data transfer from FQM to the Company is currently in progress.
· Exploration targeting underway with initial priority areas already defined by RES at:
Ø Mukai, where the host stratigraphy for FQMs nearby Enterprise Nickel Mine and giant Sentinel Copper Mine can be traced into the Mukai Licence where there are both copper and nickel geochemical anomalies.
Ø Mushima North, where historical drilling in the 1960s encountered wide zones of low-grade copper-sulphide mineralisation and which is prospective for iron-oxide-copper-gold (“IOCG”) deposits.
Commenting today, Executive Chairman Patrick Cheetham said:
“I am delighted to report that, following a recent series of positive updates for the Jacks Copper Project in Zambia where we have now earned a 90% interest, the necessary EPBs are now starting to be issued for the other Zambian projects where we have similar earn-in rights.
I am also pleased and excited to be reporting progress in our data sharing and technical cooperation agreement with FQM along with the definition of several exploration targets from a desktop study of historical exploration results commissioned with RES prior to our agreement with FQM.“
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 |
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Richard Morrison |
+44 (0) 203 470 0470 |
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Caroline Rowe |
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Peterhouse Capital Limited Joint Broker |
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Lucy Williams |
+ 44 (0) 207 469 0930 |
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Duncan Vasey |
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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.
Additional Information
Background
Tertiary is exploring in Zambia through its local subsidiary Tertiary Minerals (Zambia) Limited (“TMZ”) which is 96% owned by Tertiary Minerals plc. TMZ now holds 90% of the Jacks Copper Project with the remaining 10% held by local company and licence holder Mwashia Resources Ltd (“Mwashia”). TMZ holds an option to purchase Mwashia’s 10% interest in the Jacks exploration licence for US$3.5 million at any time.
TMZ also holds options to earn up to a 90% interest in four other licences held by Mwashia, namely the Mukai, Mushima North, Lubuila and Konkola West exploration licences. Further details of Tertiary’s agreements with Mwashia are given in the Company’s news releases of 2 August 2021 and 18 November 2021.
The Mukai and Mushima North licences are covered by a Data Sharing and Technical Cooperation Agreement with First Quantum Minerals Limited (“FQM”). Further details of the Agreement can be found in in the Company’s news release of 15 September 2022.
EPB Approvals
Before exploration can be carried out on a licence in Zambia, an Environmental Project Brief (“EPB”) must be submitted for approval by the Zambian Environmental Management Agency (“ZEMA”).
An approved EPB is already in place for the Jacks Copper Project and Mwashia has now advised that EPBs have been approved for the Lubuila and Konkola West Licences and that the process for EPB approvals for Mukai and Mushima North is at an advanced stage within ZEMA.
Project Updates
The Company and FQM have now held their first meeting and data transfer is underway from FQM’s proprietary regional exploration programmes that included the Mukai and Mushima North project areas. This includes extensive geological, geophysical and geochemical data.
Prior to reaching its agreement with FQM the Company had commissioned South African company Remote Exploration Services (“RES”) to conduct a desktop study on the exploration history and prospectivity of the four Mwashia licences held under option.
The following information is intended as a preliminary update of the prospectivity of the two licences that are covered by the FQM agreement and is based on the earlier RES project review which has already defined priority targets. Target generation is ongoing and will incorporate the FQM data. The Company aims to be in a position to commence field exploration as soon as possible.
Mukai Copper Project, 27066-HQ-LEL
Exploration Licence 27066-HQ-LEL covers 55.4 sq. km. and is located 125km west of Solwezi in the north-western Province of Zambia. Geologically it is in the Domes Region of the Central African Copperbelt and it encompasses Lower Roan Group rocks on the southern flank of the highly prospective Kabompo Dome.
The licence is directly adjacent to FQM’s Trident Project licences which includes the recently opened Enterprise Nickel Mine and the giant producing Sentinel (Kalumbila) Copper Mine, located 8km south and 18km southeast of the licence, respectively. FQM has invested US$2.1 billion in the Sentinel copper mine where the plant has the capacity to treat 55 million tonnes of ore per annum.
Enterprise is a sediment-hosted nickel-sulphide deposit with a total measured and indicated resource of 40 million tonnes of ore containing 431,000 tonnes of nickel from which FQM envisages processing some 4 million tonnes per year of nickel ore making Enterprise the largest nickel mine in Africa.
Just west of Mukai is Arc Minerals Ltd.’s Zambia Copper-Cobalt Project where Anglo American plc has the option to earn a 70% interest from Arc Minerals through expenditure of US$88.5 million including US$14.5 million in cash payments to Arc Minerals.
Historic exploration in the Mukai licence area has been carried out for copper by Roan Selection Trust (“RST”) in the 1960s, for uranium by Agip in the 1980s, and by an Equinox- Anglo American JV (“Zamanglo”) in the early 2000s. Most of this work was of a regional nature comprising stream sediment sampling and soil sampling.
To date, FQM has provided Tertiary with licence-wide geophysical data including magnetic data, radiometric data and electromagnetic data. FQM’s mapping, in part based on this data, has traced the Enterprise and Sentinel host rocks into the Mukai Licence where they occur in similar proximity to the deep seated Kalumbia Fault Zone.
A copper soil anomaly was identified within the Mukai licence by RST in the 1960s close to the boundary with FQM’s licences and is seen to continue into FQM’s adjacent licence as a copper and copper:scandium anomaly (high copper:scandium ratios are seen as an indicator of copper sulphide mineralisation as opposed to enhanced background level of copper in the rock). This is a high priority target for follow-up exploration.
Nickel anomalies have also been identified in the licence area, in soils by Zamanglo and in stream sediments by the Zambian Geological Survey. Data interpretation and targeting is ongoing.
The Mukai Licence contains an area of designated forest, which, although affording a higher level of environmental protection, does not exclude exploration or mining.
Mushima North Copper Project, 27068-HQ-LEL
Exploration Licence 27068-HQ-LEL covers 701.3 sq. km. and is located 100km east of Manyinga.
The licence encompasses basement rocks outside of the traditional Copper Belt and the region is a focus of exploration for copper-gold in so called Iron-Oxide-Copper-Gold (“IOCG”) deposits, best exemplified by the giant Olympic Dam copper-gold-uranium deposit in South Australia.
The past producing Kalengwa Copper Mine is situated approximately 20km west of the licence and is believed to be one of the highest-grade copper deposits ever mined in Zambia. In the 1970s high grade ore in excess of 26% copper, making up approximately 20% of the orebody, was trucked for direct smelting at Copper Belt mines.
Historical exploration at Mushima North has been carried out by RST in the 1960s, African Minerals Corporation in the early 2000s and by BHP Group Limited later in the 2000s. BHP flew their proprietary Falcon gravity gradiometer over the licence area, defining geological structures and targets for further exploration.
Historical exploration has focused on the eastern margin of a series of syenitic-granitic intrusives. A number of historic copper prospects occur within the licence and soil anomalies have been identified in RST soil sampling programmes in the 1960’s. One of these anomalies was followed up with a 154m deep drill hole, RKN 800, which intersected pyritic siltstone and sandstone containing chalcopyrite (copper sulphide) in association with calcite veins. Sampling of drill cores was very rudimentary with random samples taken at the end of each core run. Nevertheless, copper values were anomalous throughout with many samples grading more than 0.3% copper (0.3% being the upper limit on the graphical scale of analytical results presented with the drill log). This is an immediate target for follow-up exploration.
FQM has so far provided the Company with airborne magnetic and VTEM electromagnetic survey data for the Mushima North licence. This data will be processed with a view to additional target generation and data compilation and reviews are ongoing.
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