Home » Posts tagged 'Luangwa Minerals Limited'

Tag Archives: Luangwa Minerals Limited

Tertiary Minerals #TYM Strategic Update – MD Patrick Cullen talks to Alan Green

Tertiary Minerals #TYM Strategic Update – MD Patrick Cullen talks to Alan Green

  • Nevada projects – Pyramid has been the focus with the silver discovery, with drilling planned. Progress at Brunton Pass Copper project.
  • Zambia Copper belt – Progress with 4x Mwashia licenses.
  • PC’s view on the resource sector
  • Q1 2022 activity schedule, investor event diary

 

Tertiary Minerals #TYM – Alan Green talks to MD Patrick Cullen

Tertiary Minerals #TYM – Alan Green talks to MD Patrick Cullen at the AfricaSME Conference in #Zambia

~ Pyramid #Silver #Gold latest developments

~ Brunton Pass #Copper

~ Zambia copper prospects

~ Value inflection points

 

Tertiary Minerals #TYM – Alan Green talks to newly appointed MD Patrick Cullen

Tertiary Minerals #TYM – Alan Green talks to newly appointed MD Patrick Cullen. The former Arkle Resources #ARK CEO discusses the demand for #copper & why he came to Tertiary. Patrick also looks at  the new opportunities at ‘investor darling’ Zambia, and talks about his near term plans.

Tertiary Minerals #TYM – Option Agreement – Zambian Copper Prospects

Following the incorporation of Luangwa Minerals Limited (“Luangwa”) as a 96% owned Zambian subsidiary, announced on 18 May 2021, the Company is pleased to advise that Luangwa has entered into an Option Agreement with Mwashia Resources Ltd (“Mwashia”) to acquire up to a 90% joint venture interest in five Large Exploration Licences in Zambia considered prospective for copper.

Highlights

  • The agreement covers Exploration licence 27069-HQ-LEL (“Jack’s Licence”) and rights to option four additional and separate licences on the same terms.
  • Jack’s Licence is underlain by Lower Roan Group rocks which are known to host the major copper mines (>2 Mt contained copper) in the Central African Copperbelt. 
  • Copper mineralisation reported from historical drill testing of an 18km long open-ended soil geochemical anomaly on Jack’s Licence. Drill intersections included:
    • 0m at 1.04% copper from 113m depth in RC drill hole KJ14
    • 8m at 0.96% copper from 112m depth in diamond drillhole KJD1
    • 0m grading 1.56% copper from 322m depth in diamond drill hole KJD7

Commenting today, Executive Chairman Patrick Cheetham said:

“We are delighted to have secured this option agreement with Mwashia over five large exploration licences covering over 1,500 sq.km. This agreement is primarily aimed at the Jack’s Licence but gives us an exclusive six-month investigation period and the right to enter into option agreements on the same fixed terms over a further four licences that were selected by Mwashia on the basis of their prospective geology and historical exploration results”.

“The results of historic exploration and drilling on the Jack’s Licence Copper Prospect suggest a multi-kilometre copper mineralised trend that warrants further exploration”.

“As a director of African Mining Consultants, Mwashia’s principal is well connected in the Zambian mining industry and has enjoyed recent success as consultant to Ivanhoe Mines during their discovery of the giant Kamoa-Kakula copper deposit in the Democratic Republic of Congo. We are very much looking forward to working with Mwashia on these copper projects.” 

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 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

Option Agreement

The Company’s 96% owned subsidiary, Luangwa Minerals Limited, has entered into an option agreement (“the Agreement”) with Mwashia Resources Limited, a privately held Zambian registered company controlled by Mr. Geoffrey Siame, a director of Zambian exploration, mining & environmental engineering consultancy firm, African Mining Consultants Limited (AMC).

The principal terms of the agreement relate to the Jack’s Exploration Licence number 27069-HQ-LEL and are as follows:

  1. Mwashia will prepare an Environmental Project Brief (“EPB”) for 27069-HQ-LEL (an approved EPB is a pre-requisite for conducting exploration) and submit the EPB to Zambian Environmental Management Agency (“ZEMA”) for approval.
  2. Luangwa will pay US$1,500 towards the costs of preparing the EPB and US$10,000 to Mwashia on approval of the EPB by ZEMA.
  3. Luangwa may earn, and has the right to take up, an initial 51% joint venture interest in 27069-HQ-LEL by spending US$50,000 on exploration in the 12-month period following approval of the EPB by ZEMA.
  4. On taking up a 51% interest in 27069-HQ-LEL, Luangwa and Mwashia will enter into a Joint Venture Agreement (“JVA”) and on signing the JVA Luangwa will pay US$30,000 to Mwashia.
  5. Luangwa may earn a further 39% interest (total 90% interest) in the licence by spending a further US$100,000 over 18 months from the date of signing the JVA.

The agreement provides an exclusive option to Luangwa to enter into option agreements on the same terms as set out above on four additional licences held by Mwashia, being licence numbers 27065-27068-HQ-LEL.

Preparation and approval of the EPB is expected to take up to 60 days.

A small area (0.13 sq. km.) is excised from 27069-HQ-LEL and is under application by an artisanal mining group.

The location of these licences can be seen on a map which will shortly be available on the Company’s websitewww.tertiaryminerals.com/jacks-project-zambia.

Exploration Licence  27069-HQ-LEL – Jack’s Hill Project

The Central African Copperbelt is the world’s largest sediment-hosted stratiform copper province. It includes at least 14 giant deposits (>2 Mt contained copper) within a 400-km arcuate trend of Neoproterozoic rocks that spans the border of Zambia and the Democratic Republic of Congo (DRC).

Exploration Licence 27069-HQ-LEL covers 141.4 sq. km. and is located 85km south of Luanshya in the Central African Copperbelt. The licence is underlain by rocks of the Lower Roan Group, the main copper mineralised rock sequence in the Copperbelt.

The Company cautions that the record of exploration available to the Company is incomplete but indicates that the licence area was first explored by Roan Selection Trust Ltd. (“RST”) in the 1960s after copper flower was observed in the vicinity of Jack’s Hill.

RST drilled a series of diamond drill 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 but the collar positions and drillhole logs for these holes have not yet been located.

The area was subject to further exploration in the 1990s by Caledonia Mining Corporation (“CMC”) which conducted aeromagnetic surveys and geochemical sampling (conventional and Mobile Metal Ion). The surveys reportedly highlighted an intermittent geochemical anomaly that extends for over 18 kilometres. After delineation of prospective areas, CMC entered into a joint venture earn-in agreement with Cyprus AMAX Minerals (“Cyprus”), a major US-based mineral exploration and mining company.

The 1997 exploration programme included infill geochemical sampling, ground based magnetics and a 19-hole reverse circulation (RC) percussion drill programme.

A further programme of six diamond drill holes totalling 1,378 metres was completed in 1998 to test along strike and down dip extensions to the previously intersected mineralisation as well as the most anomalous soil geochemistry on both limbs and within the closure of the fold structure.

Highlights are presented in the following table:

The drilling results suggest the presence of two separate zones of copper mineralisation with significant depth potential. Notably diamond hole KJD1 confirmed the upper zone mineralisation intersected in reverse circulation hole KJ14 intersecting partly leached copper oxide and chalcocite over a 13.8m drill interval from 112m depth whilst KJD7 collared “north” of KJD1 reportedly intersected the same mineralisation horizon at 322m depth within the chalcocite zone grading 1.56% copper over 7m. The lower zone mineralisation in each hole reportedly gave typical grades of around 0.5% to 0.7% copper.

Additional geochemical sampling and geophysical surveys were conducted in 1999 to further delineate the Jack’s Hill anomaly for further drill testing. However, shortly after, the joint-venture agreement was terminated following the acquisition of Cyprus by Phelps Dodge and the subsequent corporate restructure and the project area was subsequently relinquished by CMC.

Additional licences

The Additional Licences have all been selected by Mwashia based on geological prospectivity. No further information is currently available.

Notes:

  1. The information in this release has been compiled and reviewed by Mr. Patrick Cheetham (MIMMM, MAusIMM) 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.

This 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 – Half Yearly Report 2021

Tertiary Minerals plc, the AIM-traded company building a multi-commodity project portfolio, announces its unaudited interim results for the six months ended 31 March 2021.

OPERATIONAL HIGHLIGHTS:

NEVADA, USA

Pyramid Gold-Silver Project, Nevada (Lease held 100% by Tertiary)

· Soil sampling and follow-up prospecting completed.

· Rock chip samples from the North Ruth and Western Line soil anomalies returned high grade silver values.

· Additional soil sampling completed over possible strike extension to the Western Line Anomaly. Results awaited.

· Phase 1 trenching and mapping completed on the North Ruth and Western Line anomalies. Results awaited.

Paymaster Zinc-Silver Project, Nevada (100% owned by Tertiary)

· Infill soil sampling completed over East Slope Prospect – Zinc-silver soil anomalies defined over 450m, open to the east.

· Magnetic Vector Inversion modelling has defined magnetic anomalies associated with the East Slope and Valley Prospects and provided additional targets for exploration.

· Field mapping and trenching proposed for spring/summer 2021.

Brunton Pass Copper Project, Nevada (100% owned by Tertiary)

· New project staked with copper mineralisation spread over a 1km x 0.6km target area.

· Samples collected by United States Bureau of Mines contain up to 6.91% copper. Follow up sampling by the Company confirmed widespread copper mineralisation and included an 8ft channel sample grading 4.66% copper over 2.44m (8ft).

· Drone magnetic survey and soil sampling completed. Results awaited. 

Mt Tobin Silver Prospect,   Nevada (100% owned by Tertiary)

· Associated silver-in-soil and magnetic anomalies defined over a strike length of 1,200m and widths of 75-200m.

· Anomalies are open along strike. Field evaluation planned for summer 2021.

Lucky Copper Project, Nevada (100% owned by Tertiary)

· Hole 21TLRC001 was drilled to a depth of 108.24m 

· Two magnetic gossan zones intersected containing low-grade copper (+/-gold) mineralisation.

· Follow up magnetic survey completed to target replacement style mineralisation. Results awaited.

ZAMBIA

· New subsidiary, Luangwa Minerals Limited, formed after period-end to acquire copper exploration and development projects in Zambia.

FINANCIAL SUMMARY FOR THE SIX MONTHS ENDED 31 MARCH 2021:

· Operating Loss of £223,690 comprises:

Revenue of £81,495; less Administration costs of £243,851 (which includes non-cash share-based payments of £11,608).

Pre-licence and reconnaissance exploration costs totalling £48,449.

Impairment of deferred exploration asset of £12,885.

· Total Group Loss of £223,663 is after crediting interest income of £27.

· Project expenditure of £112,494 was capitalised during the 6-month period.

Funding and Cash Position:

· The Company completed a fundraising in the period with Peterhouse Capital Limited raising £450,000 before expenses.

· Warrants were exercised providing £13,750 of funds.

· Precious Metal Capital Group LLC (PMCG) subscribed for shares during the six months period in the amount of £420,000, which was prepaid in April 2020. No further share issues are due to PMCG.

· The closing cash (and cash equivalent) position at the end of the period was £743,497.

For more information please contact:

Enquiries

Tertiary Minerals plc

Patrick Cheetham, Executive Chairman

 

 

 

+44 (0)1625 838 679

SP Angel Corporate Finance LLP

Nominated Adviser & Joint Broker

Richard Morrison/Caroline Rowe

 

 

+44 (0) 20 3470 0470

Peterhouse Capital Limited

Joint Broker

Lucy Williams/Duncan Vasey

+44 (0) 207 469 0930

COVID-19 

The Company has applied all government guidelines in its day-to-day operations and administration. The restrictions on international travel have impacted the ability of the Company to supervise local operations. Fortunately, this has caused only minor delays and setbacks in the advancement of corporate objectives. Management and staff have carried out their duties diligently and efficiently in the circumstances of the “work-from-home” rules and social distancing. The Company is pleased to report that, to date, it has not incurred any positive cases of Coronavirus amongst its staff.

CAUTIONARY NOTICE

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.

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 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.

Chairman’s Statement

I am pleased to present our Interim Report for the six-month period ended 31 March 2021 and to be reporting further progress in the Company’s transition from a fluorspar focused company to a broader based company exploring for copper, gold, and silver. We now hold five active projects in Nevada, USA, with exploration programmes in progress across the portfolio.

We have maintained our position in the Storuman fluorspar development project in Sweden where the Company’s mining concession application remains under government review, although, it seems, with little prospect of an imminent decision.

At the Pyramid Gold-Silver Project near Reno, Nevada, which we hold under lease, we are awaiting assay results from a trenching programme completed to test mineralisation found at surface in a follow-up of an earlier soil sampling programme. Infill soil sampling has also been completed, analytical results are awaited and are expected to generate targets for a second phase of trenching.

The Brunton Pass Copper-Gold Project is a newly acquired project which we staked to follow up widespread occurrences of copper oxide minerals at surface and where our own sampling included a 2.44m channel sample grading 4.66% copper. We have moved quickly to carry out a drone magnetic survey and a project-wide soil sampling programme where results are awaited.

An initial drill hole was recently completed at the Lucky Copper Project intersecting narrow zones of gossan containing low copper values. The mineralisation has a magnetic response and is of a replacement type that can include large copper deposits and a drone magnetic survey is now underway to identify larger  targets for drilling.

Further work is also scheduled for the Paymaster base metal and Mt Tobin silver projects where there is a strong association of magnetic and geochemical anomalies which present exciting exploration targets and where follow up field evaluation is now planned for the summer.

Copper is increasingly a focus for the Company. It is a key metal in electric vehicles, prices are at record levels and the long-term market outlook is very favourable. After reviewing data on a number of projects around the world, the Company has formed a Zambian subsidiary, Luangwa Minerals Limited, which will target copper exploration and development opportunities in Zambia, one of the world’s top 10 copper producing countries with nearly 900,000 tonnes of copper produced in 2020. Tertiary’s Board has many years of experience with Zambian mining projects and has put together a small team with a successful background in exploring and developing copper projects in Zambia.

We continue to hold our pre-production and production royalties on the Kaaresselkä and Kiekerömaa gold projects in Finland which are being explored by Aurion Resources and an Aurion/B2B Gold joint venture company respectively. These project areas are close to Rupert Resources’ Ikkari gold discovery which is attracting strong investor interest.

Our activities during the period have been funded through existing cash resources, a share placing with joint broker Peterhouse Capital Limited that raised £450,000 (before expenses), and also an exercise of warrants which raised £13,750.  Precious Metals Capital Group (PMCG) was issued with shares during the reporting period to the value of £420,000 and the £600,000 placing & prepayment agreement signed in April 2020 is now settled in full. No further share issues are due to PMCG.

The Net Current Assets of the Group at the period end were £761,220 including cash and cash equivalents of £743,497.

On the corporate front we were pleased that Dr Mike Armitage has joined the Board as an independent non-executive director during the reporting period and we expect Mike’s wide global experience with SRK Consulting will be a valuable asset for the Company going forward.

We anticipate regular news flow over the remainder of the financial year and look forward to advising shareholders of our progress.

Patrick L Cheetham

Executive Chairman

26 May 2021

Link here for financial statements

I would like to receive Brand Communications updates and news...
Free Stock Updates & News
I agree to have my personal information transfered to MailChimp ( more information )
Join over 3.000 visitors who are receiving our newsletter and learn how to optimize your blog for search engines, find free traffic, and monetize your website.
We hate spam. Your email address will not be sold or shared with anyone else.